Common use of VALIDITY OF PERFORMANCE SECURITY Clause in Contracts

VALIDITY OF PERFORMANCE SECURITY. The Operator shall provide the Performance Security initially for a period of 5 (five) years; provided that it shall procure a new Performance Security or extend the validity of the Existing Performance Security, in accordance with 9.1.2 and 9.1.3 of this Agreement, at least 2 (two) months prior to the date of expiry thereof. Upon the Operator providing the New Performance Security or an extension to the existing Performance Security, the previous Performance Security shall be released and the Authority shall return the same to the Operator within a period of 7 (seven) business days from the date of submission of the New Performance Security or an extension to the existing Performance Security.

VALIDITY OF PERFORMANCE SECURITY. ‌ The Operator shall provide the Performance Security initially for a period of 5 (five) years; provided that it shall procure a new Performance Security or extend the validity of the Existing Performance Security, in accordance with 9.1.2 and 9.1.3 of this Agreement, at least 2 (two) months prior to the date of expiry thereof. Upon the Operator providing the New Performance Security or an extension to the existing Performance Security, the previous Performance Security shall be released and the Authority shall return the same to the Operator within a period of 7 (seven) business days from the date of submission of the New Performance Security or an extension to the existing Performance Security.

VALIDITY OF PERFORMANCE SECURITY. The Operator shall provide the Performance Security initially for a period of 5 (five) years; provided that it shall procure a new Performance Security or extend the validity of the Existing Performance Security, in accordance with 9.1.2 and 9.1.3 of this Agreement, at least 2 (two) months prior to the date of expiry thereof. Upon the Operator providing the New Performance Security or an extension to the existing Performance Security, the previous Performance Security shall be released and the Authority shall return the same to the Operator within a period of 7 (seven) business days from the date of submission of the New Performance Security or an extension to the existing Performance Security.