Common use of Operation Performance Security Clause in Contracts

Operation Performance Security. (a) The Concessionaire shall, for the performance of its obligations hereunder during the Operation Period, provide to the Authority at least 30 (thirty) days prior to the Scheduled Completion Date of Phase-I, an irrevocable and unconditional guarantee from a Bank for an amount as specified in Schedule 9 and in the form set forth in Schedule 9 (the “Operation Performance Security”), which shall be notionally revised on each anniversary of the COD of Phase-I in accordance with the following formula (the “Notional Operation Performance Security”): Notional Operation Performance Security for any year ‘n’ = [Value of the Operation Performance Security in year ‘n-1’] x [Applicable escalation index for year ‘n’ arrived at in accordance with the Inflation Index Formula]

Operation Performance Security. (a) The Concessionaire shall, for the performance of its obligations hereunder during the Operation Period, provide to the Authority at least 30 (thirty) days prior to the Scheduled Completion Date of Phase-I, an irrevocable and unconditional guarantee from a Bank for an amount as specified in Schedule 9 and in the form set forth in Schedule 9 (the “Operation Performance Security”), which shall be notionally revised on each anniversary of the COD of Phase-I in accordance with the following formula (the “Notional Operation Performance Security”): Notional Operation Performance Security for any year ‘n’ = [Value of the Operation Performance Security in year ‘n-1n’] x [Applicable escalation index for year ‘n’ arrived at in accordance with the Inflation Index Formula]

Operation Performance Security. (a) The Concessionaire shall, for the performance of its obligations hereunder during the Operation Period, provide to the Authority at least 30 (thirty) days prior to the Scheduled Completion Date of Phase-I, an irrevocable and unconditional guarantee from a Bank for an amount as specified in Schedule 9 and in the form set forth in Schedule 9 (the “Operation Performance Security”), which shall be notionally revised on each anniversary of the COD of Phase-I in accordance with the following formula (the “Notional Operation Performance Security”): Notional Operation Performance Security for any year ‘n’ = [Value of the Operation Performance Security in year ‘n-1n’n-1’] x [Applicable escalation index for year ‘n’ arrived at in accordance with the Inflation Index Formula]