Common use of Release of Performance Security Clause in Contracts

Release of Performance Security. The Performance Security shall remain in force and effect during the Contract Period and shall returned to the Operator upon Termination of this Agreement upon Authority Default within [120 (one hundred and twenty)] days of the Termination Date, without any interest, 2 Calculated at approximately 3% (three per cent) of the amount specified in the definition of Total Project Cost. subject to any deductions which may be made by the Authority in respect of any outstanding dues under the terms of this Agreement.

Release of Performance Security. The Performance Security shall remain in force and effect during the Contract Period and shall returned to the Operator upon Termination of this Agreement upon Authority Default within [120 (one hundred and twenty)] days of the Termination Date, without any interest, 2 Calculated at approximately 3% (three per cent) of the amount specified in the definition of Total Project Cost. subject to any deductions which may be made by the Authority in respect of any outstanding dues under the terms of this Agreement.

Release of Performance Security. The Performance Security shall remain in force and effect during the Contract Period and shall returned to the Operator upon Termination of this Agreement upon Authority Event of Default within [120 180 (one hundred and twenty)] eighty) days of the Termination Date, without any interest, 2 Calculated at approximately 3% (three per cent) of the amount specified in the definition of Total Project Cost. subject to any deductions which may be made by the Authority in respect of any outstanding dues under the terms of this AgreementAgreement and after of receipt of NOC as specified in clause 3.4. Performance Security is valid for 12½ years.

Release of Performance Security. The Performance Security shall remain in force and effect during the Contract Period and shall returned to the Operator upon Termination of this Agreement upon Authority Event of Default within [120 180 (one hundred and twenty)] eighty) days of the Termination Date, without any interest, 2 Calculated at approximately 3% (three per cent) of the amount specified in the definition of Total Project Cost. subject to any deductions which may be made by the Authority in respect of any outstanding dues under the terms of this AgreementAgreement and after receipt of NOC as specified in clause 3.4.

Release of Performance Security. 9.3.1 The Performance Security shall remain in force and effect during the Contract Concession Period and shall be returned to the Operator within 60 (sixty) days from the date on which the Concession Period Expires or upon Termination of this Agreement upon due to an Authority Default within [120 (one hundred and twenty)] ) days of the Termination Date, without any interest, 2 Calculated at approximately 3% (three per cent) of the amount specified in the definition of Total Project Cost. subject to any deductions which may be made by the Authority in respect of any outstanding dues under amounts due and payable by the Operator to the Authority in accordance with the terms of this Agreement.

Release of Performance Security. The Performance Security shall remain in force and effect during the Contract Period and shall returned to the Operator upon Termination of this Agreement upon Authority Event of Default within [120 180 (one hundred and twenty)] eighty) days of the Termination Date, without any interest, 2 Calculated at approximately 3% (three per cent) of the amount specified in the definition of Total Project Cost. subject to any deductions which may be made by the Authority in respect of any outstanding dues under the terms of this Agreement.