Appropriation of Performance Guarantee/Security. Upon occurrence of a SPD Default or failure to meet any Conditions Precedent, Railways shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such SPD Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the SPD shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the SPD shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which Railways shall be entitled to terminate this Agreement in accordance with Article 28. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the SPD shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the SPD Default or to meet any Condition Precedent, and in the event of the SPD not curing its default or meeting such Condition Precedent within such Cure Period, Railways shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 28.
Appears in 5 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
