Fresh Performance Security Clause Samples

Fresh Performance Security. In the event of the encashment of the Performance Security by DTIDCL pursuant to Encashment Notice issued in accordance with the provisions of Article 15 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to DTIDCL fresh Performance Security failing which DTIDCL shall be entitled to terminate this Agreement in accordance with the provisions of Article 15. The provisions set forth in Clause 3.1 above shall apply mutatis mutandis to such fresh Performance Security.

Fresh Performance Security. In the event of the encashment of the Performance Security by ITEL pursuant to Encashment Notice issued in accordance with the provisions of Article 16 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to ITEL fresh Performance Security failing which ITEL shall be entitled to terminate this Agreement in accordance with the provisions of Article 16. The provisions set forth in Clause 3.1 above shall apply mutatis mutandis to such fresh Performance Security.

Fresh Performance Security. One month before the expiry of performanc e security, the Concessionaire shall furnish to ACTSL a fresh performance security in the form of Bank Guarantee, as above, for a like amount with a validity of 12 (twelve) months. The Concessionaire shall keep on furnishing fresh Performance Security one month before the expiry of validity of performance security in force every year till last Bank Guarantee has been furnished which should be valid till three months beyond the Concession Period. In case of failure of the Concessionaire to furnish a fresh pe rformance security, ACTSL shall have the right to invoke the bank guarantee which it has in its possession. In the event of the encashment of the Performance Security by ACTSL pursuant to Encashment Notice, the Concessionaire shall within 30 (thirty ) days of the Encashment Notice furnish to ACTSL fresh Performance Security failing which ACTSL shall be entitled to terminate this Agreement.

Fresh Performance Security. In the event of the encashment of the Performance Security by NMMT pursuant to Encashment Notice issued in accordance with the provisions of Article 16 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to NMMT fresh Performance Security failing which NMMT shall be entitled to terminate this Agreement in accordance with the provisions of Article 16. The provisions set forth in Article 3.1 above shall apply mutatis mutandis to such fresh Performance Security.

Fresh Performance Security. In the event of the encashment of the Performance Security by BRBN pursuant to Encashment Notice issued in accordance with the provisions of Article 16 the Concessionaire shall within 30 (thirty) days of the Encashment Notice furnish to BRBN fresh Performance Security failing which BRBN shall be entitled to terminate this Agreement in accordance with the provisions of Article 16. The provisions set forth in Article 7.1 above shall apply mutatis mutandis to such fresh Performance Security.

Fresh Performance Security. In the event of the encashment of the Performance Security by AUTHORITY pursuant to Encashment Notice issued in accordance with the provisions of Article 13 the Operator shall within 15 (fifteen) days of the Encashment Notice furnish to AUTHORITY fresh Performance Security failing which amounts to default of the Operator and AUTHORITY shall be entitled to terminate this Agreement in accordance with the provisions of Article 13. The provisions set forth in Article 3.1 above shall apply mutatis mutandis to such fresh Performance Security.