Appropriation of Performance Security. 9.2.1. Upon the occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Concessionaire Default or failure to meet any Condition Precedent. Upon such encashment and appropriation of the Performance Security, the Authority shall grant a period of 30 (thirty) days to the Concessionaire to provide either a fresh Performance Security or replenish, through another guarantee, the part amount so encashed failing which Authority shall, notwithstanding anything contained in this Agreement relating to Termination, be entitled to Terminate this Agreement in accordance with Article 21.
Appears in 7 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
