Fresh Performance Security. In the event of the encashment of the Performance Security by SMC/NGS as the case may be 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 NGS / SMC fresh Performance Security failing which NGS/SMC 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.
Appears in 2 contracts
Sources: Concession Agreement, Concession Agreement