Common use of Deemed Termination upon delay Clause in Contracts

Deemed Termination upon delay. Without prejudice to the provisions of Clauses 4.2 and 4.3, and subject to the provisions of Clause 9.2, the Parties expressly agree that in the event the Appointed Date does not occur, for any reason whatsoever, 120 (one hundred twenty) days from the date of this Agreement or the extended period provided in accordance with this Agreement, all rights, privileges, claims and entitlements of the Aggregator under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Aggregator, and the Pilot Agreement for Procurement of Power - II shall be deemed to have been terminated by mutual agreement of the Parties. Provided, however, that in the event the delay in occurrence of the Appointed Date is for reasons attributable to the Aggregator, the Performance Security of the Aggregator shall be encashed and appropriated by the Utility as Damages thereof.

Deemed Termination upon delay. Without prejudice to the provisions of Clauses 4.2 and 4.3, and subject to the provisions of Clause 9.2, the Parties expressly agree that in the event the Appointed Date does not occur, for any reason whatsoever, 120 (one hundred twenty) days from the date of this Agreement or the extended period provided in accordance with this Agreement, all rights, privileges, claims and entitlements of the Aggregator under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Aggregator, and the Pilot Agreement for Procurement of Power - II shall be deemed to have been terminated by mutual agreement of the Parties. Provided, however, that in the event the delay in occurrence of the Appointed Date is for reasons attributable to the Aggregator, the Performance Security of the Aggregator shall be encashed and appropriated by the Utility as Damages thereof.