Common use of Deemed Performance Security Clause in Contracts

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause 9.5. For avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] ) days prior to release of the Performance Security in accordance with the provisions of Clause Article 9.3, a substitute Performance Security for the same amount shall be deemed to be created under this Clause Article 9.4, as if it is a Performance Security under Clause Article 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 3226, constitute the first and exclusive charge on an equivalent balance in the Escrow Project Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause Article 9.5. For avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Project Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 25.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Authority to the Concessionaire under this Agreement Concessionaire, and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable by it to the Concessionaire in accordance with the provisions of Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 25.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account Account, subject only to the statutory dues and the payments accrued or payments Taxes and on all amounts due and payable subsequently, as by the case may be, Authority to the Concessionaire under this Agreement Concessionaire, and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable by it to the Concessionaire in accordance with the provisions of Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing Securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 32.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to charge and the exclusion of the Senior Lenders, and shall be entitled right to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 32.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to charge and the exclusion of the Senior Lenders, and shall be entitled right to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 26.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, charge and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 30 (fifteen)] thirty) days prior to release of the Construction Performance Security in accordance with the provisions of Clause 9.39.1, a substitute Performance Security performance security for the same amount amount, as is specified in Schedule 9, shall be deemed to be created under this Clause 9.49.2, as if it is a Performance Security performance security under Clause 9.1 for and in respect of the entire remaining Concession Operations Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 3228, constitute the first and exclusive charge on an equivalent balance in the Escrow Revenue Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause 9.59.2. For avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account Accounts for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to release of the Performance Security in accordance with the provisions of Clause Article 9.3, a substitute Performance Security for the same amount shall be deemed to be created under this Clause Article 9.4, as if it is a Performance Security under Clause Article 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 3226, constitute the first and exclusive charge on an equivalent balance in the Escrow Project Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause Article 9.5. For avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Project Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with 6 (six) months from the provisions of Clause 9.3COD, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 9.5.1, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Concessionaire to the Concessionaire under this Agreement Concessioning Authority, and over which the Concessioning Authority 17 Place where the performance guarantee shall have the first be enforced, and exclusive charge, including sums thereunder paid 18 Equivalent to the exclusion “x” % of the Senior Lenders, and sum specified in sr no c) of the definition of Total Project Cost; “x” being determined as per extant Department of Expenditure guidelines shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable to it by the Concessionaire in accordance with the provisions of Clause 9.54.3. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement a Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] ) days prior to release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 3228, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause 9.5. For avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions provision of Clause 9.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 36.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Concessionaire to the Concessionaire under this Agreement Authority, and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable to it by the Concessionaire in accordance with the provisions of Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement a Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. 9.4.1 The Parties expressly agree that at least [15 (fifteen)] 15(fifteen) days prior to release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 3236, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, by the Concessionaire to the Concessionaire under this Agreement Authority, and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable to it by the Concessionaire in accordance with the provisions of Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement a Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with 6 (six) months from the provisions of Clause 9.3COD, a substitute Performance Security for the same an amount of Rs. 17.82 Crores (Rupees Seventeen Crores and Eighty Two Lakhs only) shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, ,notwithstanding anything to the contrary contained in Article 32Clause 9.5, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Concessionaire to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior LendersConcessioning Authority, and the Concessioning Authority shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable to it by the Concessionaire in accordance with the provisions of Clause 9.54.3. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement aConcessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. 15 To be calculated @ approximately 5% (five per cent) of the amount specified in the definition of Total Project Cost. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security performance security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 29.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, charge and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to release of the Performance Security in accordance with the provisions of Clause Article 9.3, a substitute Performance Security for the same amount shall be deemed to be created under this Clause Article 9.4, as if it is a Performance Security under Clause Article 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 3226, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause Article 9.5. For avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with 6 (six) months from the provisions of Clause 9.3COD, a substitute Performance Security for the same an amount of Rs. 7.95 Crores (Rupees Seven Crores and Ninety Five Lakhs only) shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance SecurityPerformanceSecurity”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, ,notwithstanding anything to the contrary contained in Article 32Clause 9.5, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Concessionaire to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior LendersConcessioning Authority, and the Concessioning Authority shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable to it by the Concessionaire in accordance with the provisions of Clause 9.54.3. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement aConcessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. DRAFT The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 36.2.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Concessionaire to the Concessionaire under this Agreement Authority, and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable to it by the Concessionaire in accordance with the provisions of Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement a Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.38.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.48.4, as if it is a Performance Security under Clause 9.1 8.1 for and in respect of the entire remaining Concession Defect Liability Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 20.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Authority to the Concessionaire under this Agreement Concessionaire, and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable by it to the Concessionaire in accordance with the provisions of Clause 9.58.5. For extended Defect Liability Period, as specified in Clause 16.1.2, the value of Deemed Performance Security shall be taken as 2% (two per cent) of the Contract Price. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.38.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.48.4, as if it is a Performance Security under Clause 9.1 8.1 for and in respect performance of the entire remaining obligations by the Concessionaire during the Concession Period, including the Defect Liability Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 20.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Authority to the Concessionaire under this Agreement Concessionaire, and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable by it to the Concessionaire in accordance with the provisions of Clause 9.58.5. For extended Defect Liability Period, as specified in Clause 16.1.2, the value of Deemed Performance Security shall be taken as 2% (two per cent) of the Contract Price. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.38.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.48.4, as if it is a Performance Security under Clause 9.1 8.1 for and in respect of the entire remaining Concession Period Period, (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 20.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments on all amounts due and payable subsequently, as by the case may be, Authority to the Concessionaire under this Agreement Concessionaire, and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from enforce the Deemed Performance Security under through a withdrawal from the Escrow Account or by making a deduction from the amounts due and payable by it to the Concessionaire in accordance with the provisions of Clause 9.58.5. For extended Defect Liability Period, as specified in Clause 16.1.2, the value of Deemed Performance Security shall be taken as 2% (two per cent) of the Contract Price. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.

Deemed Performance Security. The Parties expressly agree that at least [15 (fifteen)] days prior to upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for the same a like amount shall be deemed to be created under this Clause 9.4, as if it is a Performance Security under Clause 9.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Security”). The Deemed Performance Security shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 32Clause 32.3, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, charge and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Security under Clause 9.5. For the avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Authority under and in accordance with the provisions upon occurrence of this Agreement Concessionaire Default shall be liable to appropriation hereunder.