Common use of Termination at Long Stop Date Clause in Contracts

Termination at Long Stop Date. 4.7.1 Without prejudice to the provisions of Article 4.4, 4.5 and 4.6 above and subject to Article 9, in the event the Conditions Precedent as specified hereinabove are not fulfilled by the Concessionaire for any reason whatsoever on or prior to the expiry of 180 (One Hundred and Eighty) days from the Agreement Date, then unless waived by Maha-Metro, the Concession Agreement shall be terminated by mutual agreement of the Parties. 4.7.2 In the event the termination of the Concession Agreement is due to non-fulfilment of Conditions Precedent of Concessionaire within a period stated in Clause 4.7.1 above, the Bid Security and/or Performance Security deposited by the Concessionaire shall be forfeited by Maha-Metro as liquidated damages thereof. 4.7.3 In the event of termination of Agreement is due to non-fulfilment of Conditions Precedent of Maha-Metro, then all payments made by the Concessionaire towards the Upfront Premium and Annual Concession Fees along with the Performance Security, if any shall be returned by Maha-Metro to the Concessionaire. 4.7.4 A simple interest @ 6% (Six percent) per annum shall be paid by Maha-Metro and shall be calculated from the date of receipt of respective payments by Maha-Metro.