Common use of Termination due to failure to achieve Financial Close Clause in Contracts

Termination due to failure to achieve Financial Close. a. Notwithstanding anything to the contrary contained in this Agreement, but subject to Clause 25.6.(a), in the event that Financial Close does not occur, for any reason whatsoever, within the period set forth in Clause 20.1.(a) or the extended period provided thereunder, all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and the Concession Agreement shall be deemed to have been terminated by mutual agreement of the Parties. b. Upon Termination under Clause 20.2.(a), the Authority shall be entitled to encash the Bid Security and appropriate the proceeds thereof as Damages; provided, however, that if Financial Close has not occurred due to Force Majeure, it shall, upon Termination, release the Bid Security or Performance Security, as the case may be. For the avoidance of doubt, it is expressly agreed that if the Bid Security shall have been substituted by the Performance Security, the Authority shall be entitled to encash there from an amount equal to the Bid Security.