Common use of Appropriation of Performance Security Clause in Contracts

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoA, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire shall within 30 (Thirty) Days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a Concessionaire Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoA, and under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire shall within 30 (Thirtythirty) Days days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a Concessionaire concessionaire Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) 9.3.1. In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALetterof Intent, under Section 3.4 3.3 of this Agreement and during the Construction Period and until the date Term of issue of the Completion Certificate in respect of all the Project Facilities under MDOsthis Agreement, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, ,encash and appropriate the relevant or delinquent amounts from the Performance Security as Securityas damages for such default, dues, demands or claims.; (b) 9.3.2. The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireProspective Tenderer /Concessionaire. The Prospective Tenderer/Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than otherthan the Authority’s written demand as aforesaid.; (c) 9.3.3. In the event of encashment of the Performance Security by the Authority, in full or partorpart, the Concessionaire shall within 30 (Thirtythirty) Days days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the deficit in the existing Performance Security to its original valueSecurity, as the case may be. The provisions Theprovisions of this the Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this the provision shall constitute a Concessionaire Event of Default, Default which shall entitle the Authority to terminate this Agreement thisAgreement in accordance with the provisions of Article 16 Articles 33 hereof.;

Appropriation of Performance Security. (a) In the event of the Concessionaire Authorisee being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALoI, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOsCertificate, as the case may be, or owning any sums whatsoever to Authority Grantor under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority Grantor for or against the Concessionaire Authorisee under this Agreement or against the Authority Grantor in respect of this Agreement, the Authority Grantor shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Authority Grantor as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireAuthorisee. The Concessionaire Authorisee specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority Grantor under this Agreement is required to be provided in connection with any demand made by the Authority Grantor to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s Grantor‟s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the AuthorityGrantor, in full or part, the Concessionaire Authorisee shall within 30 (Thirtythirty) Days days of receipt of the encashment notice from the Authority Grantor provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis Mutatis Mutandi to such fresh Performance Security. The Concessionaire’s Authorisee‟s failure to comply with this provision shall constitute a Concessionaire an Authorisee Event of Default, which shall entitle the Authority Grantor to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALOI, under Section 3.4 of and this Agreement and during the Construction Period or during the Operations Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOsVesting Certificate, as the case may be, or owning any sums whatsoever to Concessioning Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Concessioning Authority for or against the Concessionaire under this Agreement or against the Concessioning Authority in respect of this Agreement, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security Securities as damages for such default, dues, demands or claims. (b) The decision of the Concessioning Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Concessioning Authority under this Agreement is required to be provided in connection with any demand made by the Concessioning Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Concessioning Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Concessioning Authority, in full or part, the Concessionaire shall within 30 (Thirtythirty) Days days of receipt of the encashment notice from the Concessioning Authority provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a an Concessionaire Event of Default, Default which shall entitle the Concessioning Authority to terminate this Agreement in accordance with the provisions of Article 16 15 hereof.

Appropriation of Performance Security. (a) In the event Upon occurrence of the a Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoA, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this AgreementDefault, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages Damages for such default, dues, demands Concessionaire Default or claims. (b) The decision of the Authority as failure to meet any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute Condition Precedent. Upon such encashment and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of appropriation from the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or partSecurity, the Concessionaire shall shall, within 30 (Thirtythirty) Days days thereof, replenish, in case of receipt partial appropriation, to its original level the Performance Security, and in case of appropriation of the encashment notice from the Authority entire Performance Security provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such , and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a Concessionaire Event of Default, Security as aforesaid failing which shall entitle the Authority shall be entitled to terminate this Agreement in accordance with Article 37. Upon replenishment or furnishing of a fresh Performance Security, as the provisions case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 16 hereof37. Release of Performance Security 6 Performance Security shall be fixed at the higher of 5% (five per cent) of the amount specified in the definition of Total Project Cost and the anticipated toll revenues for 12 (twelve) months The Performance Security shall remain in force and effect for a period of one year from the Appointed Date, but shall be released earlier upon the Concessionaire expending on Project construction an aggregate sum that is not less than 40% (Forty per cent) of the Total Project Cost; provided the Concessionaire is not in breach of this Agreement. Upon request made by the Concessionaire for release of the Performance Security along with the particulars which establish satisfaction of the requirements specified under this Clause 9.3, the Authority shall release the Performance Security forthwith.

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoA, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire shall within 30 (Thirtythirty) Days days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a Concessionaire Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire Licensee being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALOI, under Section 3.4 of and this Agreement and during the Construction Period or during the Operations Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOsVesting Certificate, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire Licensee under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security Securities as damages for such default, dues, demands or claims. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireLicensee. The Concessionaire Licensee specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire Licensee shall within 30 (Thirtythirty) Days days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The ConcessionaireLicensee’s failure to comply with this provision shall constitute a Concessionaire an Licensee Event of Default, Default which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 15 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire Licensee being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALoI, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOsor Operations Period, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire Licensee under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireLicensee. The Concessionaire Licensee specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire Licensee shall within 30 (Thirtythirty) Days days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The ConcessionaireLicensee’s failure to comply with this provision shall constitute a Concessionaire an Licensee Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) In the event Upon occurrence of the a Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFPDefault or failure to meet any Condition Precedent, the LoA, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shallAuthorityshall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages Damages for such default, dues, demands Concessionaire Default or claims. (b) The decision of the Authority as for failure to meet any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute Conditions Precedent. Upon such encashment and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the appropriation fromthe Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or partSecurity, the Concessionaire shall shall, within 30 (Thirtythirty) Days days thereof, replenish, in case ofpartial appropriation, to its original level the Performance Security, and in case of receipt appropriation of the encashment notice from the Authority entire Performance Security provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such , and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a Concessionaire Event of Default, Security as aforesaid failing which shall entitle the Authority shall be entitled to terminate this Agreement in accordance with Article 36. Upon replenishment or furnishing of a fresh Performance Security, as the provisions case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate Appropriation of Performance Security Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authorityshall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Concessionaire Default or for failure to meet any Conditions Precedent. Upon such encashment and appropriation fromthe Performance Security, the Concessionaire shall, within 30 (thirty) days thereof, replenish, in case ofpartial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 16 hereof31. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 36. such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.

Appropriation of Performance Security. (a) In the event of the Concessionaire Developer being in default of the due, faithful and punctual performance of its obligations relating to the Project under the RFP, the LoA, under Section 3.4 of this Agreement and during failing to remedy such default within the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, relevant cure period or owning any sums whatsoever to Authority DMA under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority DMA for or against the Concessionaire Developer under this Agreement or against the Authority DMA in respect of this Agreement, the Authority DMA shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Authority DMA as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireDeveloper. The Concessionaire Developer specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority DMA under this Agreement is required to be provided in connection with any demand made by the Authority DMA to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the AuthorityDMA’s written demand as aforesaidin this behalf. (c) In the event of encashment of the Performance Security by the AuthorityDMA, in full or part, the Concessionaire Developer shall within 30 (Thirtythirty) Days days of receipt of the encashment 2 Equivalent to 2% of the contract value notice from the Authority DMA provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 4 shall apply mutatis mutandis to such fresh Performance Security. The ConcessionaireDeveloper’s failure to comply with this provision shall constitute a Concessionaire Developer Event of Default, which shall entitle the Authority DMA to terminate this Agreement in accordance with the provisions of Article 16 14 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoA, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOsMDOs of Phase-2 and during Operations Period of Phase-1, as the case may be, or owning any sums whatsoever to Grantor / Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Grantor / Authority for or against the Concessionaire under this Agreement or against the Grantor / Authority in respect of this Agreement, the Grantor / Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Grantor / Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Grantor / Authority under this Agreement is required to be provided in connection with any demand made by the Grantor / Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Grantor / Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Grantor / Authority, in full or part, the Concessionaire shall within 30 (Thirty) Days of receipt of the encashment notice from the Grantor / Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a Concessionaire Event of Default, which shall entitle the Grantor / Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoA, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire shall within 30 (Thirty) Days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a Concessionaire concessionaire Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) In the event Upon occurrence of the a Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFPDefault or failure to meet any Condition Precedent, the LoA, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shallAuthorityshall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages Damages for such default, dues, demands Concessionaire Default or claims. (b) The decision of the Authority as for failure to meet any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute Conditions Precedent. Upon such encashment and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the appropriation fromthe Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or partSecurity, the Concessionaire shall shall, within 30 (Thirtythirty) Days days thereof, replenish, in case ofpartial appropriation, to its original level the Performance Security, and in case of receipt appropriation of the encashment notice from the Authority entire Performance Security provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in Appropriation of Performance Security Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authorityshall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Concessionaire Default or for failure to meet any Conditions Precedent. The provisions Upon such encashment and appropriation fromthe Performance Security, the Concessionaire shall, within 30 (thirty) days thereof, replenish, in case ofpartial appropriation, to its original level the Performance Security, and in case of this Article 9 shall apply mutatis mutandis to such appropriation of the entire Performance Security provide a fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a , as the case may be, and the Concessionaire Event of Defaultshall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which shall entitle the Authority shall be entitled to terminate this Agreement in accordance with Article 36. Upon replenishment or furnishing of a fresh Performance Security, as the provisions case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 16 hereof36. accordance with Article 31. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.

Appropriation of Performance Security. (a) In the event of the Concessionaire Developer being in default of the due, faithful and punctual performance of its obligations relating to the Project under the RFP, the LoA, under Section 3.4 of this Agreement and during failing to remedy such default within the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, relevant cure period or owning any sums whatsoever to Authority DMA under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority DMA for or against the Concessionaire Developer under this Agreement or against the Authority DMA in respect of this Agreement, the Authority DMA shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims. (b) The decision of the Authority DMA as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireDeveloper. The Concessionaire Developer specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority DMA under this Agreement is required to be provided in connection with any demand made by the Authority DMA to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid.DMA¶V ZULWWHQ GHPDQG LQ WKLV EHKDOI (c) In the event of encashment of the Performance Security by the AuthorityDMA, in full or part, the Concessionaire Developer shall within 30 (Thirtythirty) Days days of receipt of the encashment 2 Equivalent to 2% of the contract value notice from the Authority DMA provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 4 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a Concessionaire Developer¶V IDLOXUH WR FRPSO\ ZLWK WKLV Developer Event of Default, which shall entitle the Authority DMA to terminate this Agreement in accordance with the provisions of Article 16 14 hereof.