Common use of Deemed Performance Security Clause in Contracts

Deemed Performance Security. The Parties expressly agree that upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for a like amount shall be deemed to be created under this Clause 9.4 for performance of the obligations by the Concessionaire during the Operation Period. The Performance Security created hereunder shall comprise the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the MoR shall have the first and exclusive charge and shall be entitled to appropriate any amount there from as if it is an appropriation from the Performance Security under Clause 9.2. For the avoidance of doubt, the Parties agree that no payments due to the Concessionaire under this Agreement shall be withheld by the MoR on account of the Performance Security created hereunder, save and except the Damages or other amounts which are to be appropriated in accordance with the provisions of this Agreement.

Deemed Performance Security. The Parties expressly agree that upon release of the Performance Security in accordance with the provisions of Clause 9.3, a substitute Performance Security for a like amount shall be deemed to be created under this Clause 9.4 for performance of the obligations by the Concessionaire during the Operation Period. The Performance Security created hereunder shall comprise the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the MoR Authority shall have the first and exclusive charge and shall be entitled to appropriate any amount there from therefrom as if it is an appropriation from the Performance Security under Clause 9.2. For the avoidance of doubt, the Parties agree that no payments due to the Concessionaire under this Agreement shall be withheld by the MoR Authority on account of the Performance Security created hereunder, save and except the Damages or other amounts which are to be appropriated in accordance with the provisions of this Agreement.