Common use of Appropriation of Performance Security Clause in Contracts

Appropriation of Performance Security. Upon occurrence of a Aggregator Default or failure to meet any Condition Precedent, the Utility shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Aggregator Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Aggregator shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Utility shall be entitled to terminate this Agreement in accordance with Article 17. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Aggregator shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Aggregator Default or to meet any Condition Precedent, and in the event of the Aggregator not curing its default or meeting such Condition Precedent within such Cure Period, the Utility shall be entitled to encash and appropriate the Performance Security as Damages, and to terminate this Agreement in accordance with Article 17.

Appropriation of Performance Security. Upon occurrence of a Aggregator an Implementation Agency’s Default or failure to meet any Condition Precedent, the Utility Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Aggregator Implementation Agency’s Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Aggregator Implementation Agency shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Utility Authority shall be entitled to terminate this Agreement in accordance with Article 1724. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Aggregator Implementation Agency shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Aggregator Implementation Agency’s Default or to meet for satisfying any Condition Precedent, and in the event of the Aggregator Implementation Agency not curing its default or meeting such Condition Precedent within such Cure Period, the Utility Authority shall be entitled to encash and appropriate the such Performance Security as Damages, and to terminate this Agreement in accordance with Article 1724.

Appropriation of Performance Security. Upon occurrence of a Aggregator Concessionaire Default or failure to meet any Condition Precedent, the Utility NMMC shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Aggregator Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Aggregator Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Utility NMMC shall be entitled to terminate this Agreement in accordance with Article 1718. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Aggregator Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Aggregator Concessionaire Default or to meet any Condition Precedent, and in the event of the Aggregator not curing Concessionaire fails to cure its default or meeting such satisfy its Condition Precedent within such Cure Period, the Utility NMMC shall be entitled to encash and appropriate the Performance Security as Damages, and to terminate this Agreement in accordance with Article 1718.

Appropriation of Performance Security. Upon occurrence of a Aggregator Concessionaire Default or failure to meet any Condition Precedent, the Utility Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Aggregator Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Aggregator Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Utility Authority shall be entitled to terminate this Agreement in accordance with Article 1742. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Aggregator Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Aggregator Concessionaire Default or to meet for satisfying any Condition Precedent, and in the event of the Aggregator Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Utility Authority shall be entitled to encash and appropriate the such Performance Security as Damages, and to terminate this Agreement in accordance with Article 1742.

Appropriation of Performance Security. Upon occurrence of a Aggregator Default or failure to meet any Condition Precedent, the Utility shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Aggregator Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Aggregator shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Utility shall be entitled to terminate this Agreement in accordance with Article 1719. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Aggregator shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Aggregator Default or to meet any Condition Precedent, and in the event of the Aggregator not curing its default or meeting such Condition Precedent within such Cure Period, the Utility shall be entitled to encash and appropriate the Performance Security as Damages, and to terminate this Agreement in accordance with Article 1719.

Appropriation of Performance Security. Upon occurrence of a Aggregator Concessionaire Default or failure to meet any Condition Precedent, the Utility MCGM shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Aggregator Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Aggregator Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Utility Procurer shall be entitled to terminate this Agreement in accordance with Article 1718. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Aggregator Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Aggregator Concessionaire Default or to meet any Condition Precedent, and in the event of the Aggregator Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Utility Procurer shall be entitled to encash and appropriate the Performance Security as Damages, and to terminate this Agreement in accordance with Article 1719.