Common use of Performance Guarantee/Security Clause in Contracts

Performance Guarantee/Security. 9.1.1 The SPD shall, for the performance of its obligations hereunder during the development, construction and commissioning period, provide to Railways within 30 days of issue of LOA or before signing of PPA whichever is earlier, an irrevocable and unconditional guarantee from a Bank for a sum of Rs. 20 lakhs per MW which has already been decided in the form set forth in Schedule-G (the “Performance Security”). Until such time the Performance Security is provided by the SPD pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Performance Security pursuant hereto, Railways shall release the Bid Security to the SPD. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee/Security is not provided by the SPD within timelines as per the Schedule N, Railways / REMCL may encash the Bid Security and appropriate the proceeds thereof as damages, and thereupon all rights, privileges, claims and entitlements of the Solar Power Developer SPD under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the SPD, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Performance Guarantee/Security. 9.1.1 The SPD shall, for the performance of its obligations hereunder during the development, construction and commissioning period, provide to Railways within no later than 30 (thirty) days from the date of issue of LOA or before signing of PPA whichever is earlierthis Agreement, an irrevocable and unconditional guarantee from a Bank for a sum of Rs. 20 lakhs Lakh per MW which has already been decided in the form set forth in Schedule-G (the “Performance Security”). Until such time the Performance Security is provided by the SPD pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Performance Security pursuant hereto, Railways shall release the Bid Security to the SPD. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee/Security is not provided by the SPD within timelines as per a period of 30 (thirty) days from the Schedule Ndate of this Agreement, Railways / REMCL may encash the Bid Security and appropriate the proceeds thereof as damages, and thereupon all rights, privileges, claims and entitlements of the Solar Rooftop Power Developer SPD under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the SPD, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Performance Guarantee/Security. 9.1.1 The SPD shall, for the performance of its obligations hereunder during the development, construction and commissioning period, provide to Railways within no later than 30 (thirty) days from the date of issue of LOA or before signing of PPA whichever is earlierthis Agreement, an irrevocable and unconditional guarantee from a Bank for a sum of Rs. 20 lakhs Lakh per MW which has already been decided in the form set forth in Schedule-G (the “Performance Security”). Until such time the Performance Security is provided by the SPD pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Performance Security pursuant hereto, Railways shall release the Bid Security to the SPD. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee/Security is not provided by the SPD within the timelines as per the Schedule schedule N, Railways / REMCL may encash the Bid Security and appropriate the proceeds thereof as damages, and thereupon all rights, privileges, claims and entitlements of the Solar Rooftop Power Developer SPD under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the SPD, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Performance Guarantee/Security. 9.1.1 The SPD shall, for the performance of its obligations hereunder during the development, construction and commissioning period, provide to Railways within 30 days of issue of LOA or before signing of PPA whichever is earlier, an irrevocable and unconditional guarantee from a Bank for a sum of Rs. 20 lakhs Lakh per MW which has already been decided in the form set forth in Schedule-G (the “Performance Security”). Until such time the Performance Security is provided by the SPD pursuant hereto and the same comes into effect, the Bid Security shall remain in force and effect, and upon such provision of the Performance Security pursuant hereto, Railways shall release the Bid Security to the SPD. 9.1.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee/Security is not provided by the SPD within timelines as per the Schedule N, Railways / Railways/REMCL may encash the Bid Security and appropriate the proceeds thereof as damages, and thereupon all rights, privileges, claims and entitlements of the Solar Power Developer SPD under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the SPD, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.