Common use of Appropriation of Performance Security Clause in Contracts

Appropriation of Performance Security. 9.2.1 Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security, as the case may be, as Damages for such Concessionaire Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with ARTICLE 25.

Appropriation of Performance Security. 9.2.1 Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security, as the case may be, Security as Damages for such Concessionaire Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to its original level of the applicable Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Concessioning Authority shall be entitled to terminate this Agreement in accordance with ARTICLE 25.Article

Appropriation of Performance Security. 9.2.1 Upon occurrence of a Concessionaire Default either during Project execution or during the O & M period, or failure to meet any Condition Precedentconditions precedent, the Authority shall, shall without prejudice to its other rights and remedies hereunder in the Agreement or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security, as the case may be, Security as Damages for such Concessionaire Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, replenish in case of partial appropriation, to its original level the Performance Security, Security and in case of appropriation of the entire Performance Security provide a fresh Performance Security, Security as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this the Agreement in accordance with ARTICLE Article 25.

Appropriation of Performance Security. 9.2.1 Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security, as the case may be, as Damages for such Concessionaire Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with ARTICLE Article – 25.