Common use of Performance Guarantee Clause in Contracts

Performance Guarantee. The Concessionaire shall for due performance of its obligations during the Construction Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour of the Concessioning Authority encashable and enforceable at [●]17 substantially in the form set forth in Appendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority (the “Performance Guarantee”). The Performance Guarantee shall be for a sum of Rs. [●] (Rupees [●] only)18. Till such time the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant hereto, the Bid Security shall remain in full force and effect. The Performance Guarantee, if in the form of a bank guarantee shall be valid for an initial period of 1 (one) year and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 (one) year. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available in immediate cash to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 above.

Performance Guarantee. The Concessionaire 30.14.1. Within fourteen (14) days after the Effective Date, the Contractor shall furnish to ISR a performance guarantee in an amount of seven percent (7%) of the total consideration for due the Minimum Scope specified in Table 1 ("Prices for performance of its obligations during the Construction Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour of the Concessioning Authority encashable and enforceable at [●]17 substantially Performance Phases in the form Minimum Scope"), set forth in Appendix 9 or an irrevocable revolving letter Chapter 6 of credit the Payment Schedule (hereafter: "Performance Guarantee"). 30.14.2. On the date of receipt of a Preliminary Acceptance Certificate for each Performance Phase, and in the form acceptable case of Performance Phase A, each of the Preliminary Acceptance Certificates for each sub-phase, the Contractor shall be entitled to apply for a reduction in the amount of the Performance Guarantee in the amount of seven percent (7%) of the total amount of Consideration transferred by ISR to the Concessioning Authority (Contractor up to that time in respect of that Performance Phase, against issuance of a Conservation and Maintenance Guarantee, as detailed in Section 30.15 below. 30.14.3. Until the “Contractor shall have issued the Performance Guarantees in accordance with this Agreement, the guarantee which was provided by the Contractor with the submission of its Bid shall serve as the Performance Guarantee”). 30.14.4. The Performance Guarantee (to the extent not redeemed) will be in force until, and will be returned to the Contractor within, sixty (60) days from, the date the last Final Acceptance Certificate in the Project is issued. 30.14.5. To the extent ISR orders Changes from the Contractor pursuant to Section 18 above or the Additional Scope, the Contractor shall provide ISR with an additional Performance Guarantee in an amount equal to 7% (seven percent) of the amount approved in the change order for that Change or of the consideration for the Additional Scope (as applicable), within fourteen (14) days from the date of ISR’s request and as a precondition to commencement of implementation of the Change or Additional Scope (as applicable). It is clarified, for the avoidance of doubt, that nothing in the requirement to provide a Performance Guarantee in respect of Changes or the Additional Scope shall be for a sum of Rsconstrued as derogating from ISR's rights to redeem any Guarantee provided to it under this Agreement, including redemption in connection with Changes or Additional Scope as aforesaid which were made by the Contractor. [●] (Rupees [●] only)18Notwithstanding the foregoing, the Contractor shall not be required to provide ISR with an additional Performance Guarantee under this Section above in the event that the amounts in the change orders issued in the Project up to that time did not exceed in the aggregate 1,000,000 NIS. Till It is clarified that, at such time as the Concessionaire provides to Concessioning Authority aforesaid amounts exceed in the aggregate 1,000,000 NIS, the Contractor shall provide an additional Performance Guarantee pursuant heretoin accordance with the provisions of this Section, in an amount of 7% of the Bid Security shall remain in full force and effect. The Performance Guarantee, if in the form total amounts of a bank guarantee shall be valid for an initial period of 1 (one) year and shall be renewed 30 (thirty) Days prior all change orders issued up to expiry of each year, for an additional term of 1 (one) yearthat time. It is clarified that the Concessionaire aforesaid exception shall not apply to orders for Additional Scope, in respect of which Contractor shall be liable to restore the Performance Guarantee to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available in immediate cash to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire required to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5Section (7% of the Estimated Project Cost. 19 Same as 18 aboveconsideration for the Additional Scope ordered).

Performance Guarantee. The Concessionaire shall for due performance of its obligations during the Construction Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour favor of the Concessioning Authority encashable and enforceable at [●]17 substantially in the form set forth in Appendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority (the “Performance Guarantee”). The Performance Guarantee shall be for a sum of Rs. [●] (Rupees [●] only)18. Till such time the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant hereto, the Bid Security shall remain in full force and effect. The Performance Guarantee, if in the form of a bank guarantee shall be valid for an initial period of 1 (one) year and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 (one) year. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available in immediate cash encashment to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial OperationsCOD. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 above.

Performance Guarantee. The Concessionaire shall for due performance of its obligations during the Construction Phase Concession Period provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour of the Concessioning Authority encashable and enforceable at [●]17 Mumbai substantially in the form set forth in Appendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority (the “Performance Guarantee”). The Performance Guarantee shall be for a sum of Rs. [●] Rs.3,25,00,000/- (Rupees [●] only)18Three Crore Twenty Five Lakh only). Till such time the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant hereto, the Bid Security shall remain in full force and effect. The Performance Guarantee, if in the form of a bank guarantee shall be valid for an initial period of 1 (one) year and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 (one) year. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit Bank Guarantee shall be irrevocable and replenished from time to time such that an amount of Rs. [●] Rs.3,25,00,000/- (Rupees [●] only)19 Three Crore Twenty Five Lakh only) is available in immediate cash to the Concessioning Authority for the entire period of the Construction PhaseConcession. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 above.

Performance Guarantee. The Concessionaire 7.1.1 For the purposes of this Agreement, Performance Guarantee shall for due performance of its obligations during the Construction Phase provide be deemed to Concessioning Authority be an unconditional and irrevocable bank guarantee, in favour amount equal to 10% (ten per cent) of the Concessioning Authority encashable and enforceable at [●]17 substantially in the form set forth in Appendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority Agreement Value (the “Performance Guarantee”). The Consultant shall be required to provide a Performance Guarantee shall be for a sum of Rs. [●] (Rupees [●] only)18. Till such time the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant hereto, the Bid Security shall remain in full force and effect. The Performance Guarantee, if in the form of a Bank Guarantee issued by a nationalized bank guarantee or a scheduled bank in India (Bank as defined under section 2(e) of the Reserve Bank of India Act, 1934). 7.1.2 Notwithstanding anything to the contrary contained in Clause 7.1.1, AERA shall invoke the Performance Guarantee, to be appropriated against breach of terms and conditions of the contract in completing the task or towards any amounts as may be payable by the Consultant to AERA. Further, the Performance Guarantee shall be valid retained by AERA for an initial a period of 1 one year from the date of completion of consultancy assignment and will be released after submission of an affidavit (oneon non-judicial stamp paper of Rs.100/-) year that they will assist AERA in ‘Appeals’ and ‘Legal Cases’ against the Orders of the Authority and to implement the Tribunal (Appellate Tribunal- TDSAT at present) Orders. The balance remaining out of the Performance Guarantee, if any, or the entire Performance Guarantee after adjustment of Penalty, as the case may be, shall be renewed returned to the Consultant within a period of 30 (thirty) Days prior to expiry days after the period of each year, for an additional term one year from the completion of 1 (one) year. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee consultancy assignment and issuance of completion certificate by AERA to the full amount Consultant. For the avoidance of doubt, the parties hereto expressly agree that in case of part encashment addition to appropriation of the same by amounts withheld hereunder, in the Concessioning Authority. This shall be done within 30 (thirty) Days event of any such part encashment. The default requiring the appropriation of further amounts over and above the Performance Guarantee, if in the form of a letter of credit shall AERA, without prejudice to its rights and remedies as may be irrevocable available under applicable laws, may make deductions from any subsequent payments due and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available in immediate cash payable to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under Consultant, hereunder, either in this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain agreement or any other live agreement with AERA as if it is appropriating the Performance Guarantee in accordance with the provisions of this Article Agreement. 7.1.3 The Consultant may, in lieu of retention of the amounts as referred above, furnish a Bank Guarantee. This will be in addition to the Performance Guarantee as referred to in Clause 7.1.1 above. 7.1.4 The Authority shall entitle have the Concessioning Authority right to forthwith terminate invoke and appropriate the proceeds of the Performance Guarantee without notice to the Consultant in the event of breach of this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 abovespecified in this Clause 7.1.

Performance Guarantee. A. The Concessionaire Contractor shall for due performance be required to execute and deliver to the Administration within fifteen (15) calendar days after receipt of its obligations during the Construction Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour notification of award of the Concessioning Authority encashable and enforceable at [●]17 substantially Contract, a performance guarantee in the form set forth in Appendix 9 or an irrevocable revolving letter amount of credit in the form acceptable to the Concessioning Authority Twenty Thousand Dollars (the “Performance Guarantee”$20,000.00). The Performance Guarantee Contractor shall maintain such performance guarantee for the entire term of the Contract, to include any extension thereto. The amount of the said performance guarantee shall be for a sum subject to adjustment at the end of Rs. [●] (Rupees [●] only)18. Till such time each Contract Year of the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant heretoterm; that is, the Bid Security amount of the performance guarantee shall remain in full force and effect. The Performance Guarantee, if be adjusted each year to an amount equal to approximately fifty percent (50%) of the payments made by the Contractor to the Administration for the previous Contract Year. B. If in the form of a bank surety bond, the performance guarantee may be issued for a one (1) year period, provided, however, that evidence of renewal or replacement of the said bond must be submitted annually by the Contractor to the Administration at least sixty (60) days prior to the expiration date of the bond. The surety bond shall contain language that the surety company shall notify the Administration in writing within fifteen (15) days of a determination that the surety bond is to be terminated, or is not going to be renewed. The Contractor shall maintain a performance guarantee in one of the forms provided for in Paragraph D. below. One form of performance guarantee may be substituted for another form of performance guarantee during the Contract term at the option of the Contractor, provided there shall not be any lapse of performance guarantee throughout the complete term of the Contract. C. The performance guarantee assures performance of the Contract by the Contractor and payment to Administration of all payments due under the Contract. The performance guarantee shall be valid subject to. claim in full or in part by the Administration in the event of default by the Contractor for failure to fully perform the Contract. D. The performance guarantee, at the option of the Contractor, may be in the form of: (1) an initial period irrevocable letter of 1 (one) year and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 (one) year. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee credit from a bank acceptable to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 Administration (thirty2) Days of any such part encashment. The Performance Guarantee, if a certified check; (3) a cashier's check; or (4) in the form of a letter of credit shall be irrevocable surety bond, executed by the Contractor and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available by a surety meeting the qualifications set forth in immediate cash to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where "XX" hereof. E. Any interest accrued on the performance guarantee shall will be enforced and sums thereunder paid 18 Equivalent retained by the Administration. F. In the event that the Contractor fails to 5% provide the performance guarantee for Contract Year 1 as provided herein, within fifteen (15) days after receipt of notification of award of the Estimated Project Cost. 19 Same as 18 aboveContract, the Contract may not be executed by the Administration.

Performance Guarantee. The Concessionaire shall for due performance of its obligations during the Construction Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour favor of the Concessioning theConcessioning Authority encashable and enforceable at [●]17 Thoothukudi substantially in the form set forth in Appendix inAppendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority (the “Performance Guarantee”). The Performance Guarantee shall be for a sum of Rs. [●] 17.82 Crores (Rupees [●] only)18Seventeen Crores and Eighty Two Lakhs only). Till such time the Concessionaire provides to Concessioning Authority the Performance thePerformance Guarantee pursuant hereto, the Bid Security shall remain in full force and effect. The Performance Guarantee, if in the form theform of a bank guarantee shall guaranteeshall be valid for validfor an initial period initialperiod of 1 (one) year one)year and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 (one1(one) year. It is clarified that clarifiedthat the Concessionaire shall Concessionaireshall be liable to restore the Performance Guarantee to Guaranteeto the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] 17.82 Crores (Rupees [●] only)19 Seventeen Crores and Eighty Two Lakhs only) is available in immediate cash encashment to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial OperationsCOD. Failure of the Concessionaire to provide toprovide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance inaccordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement thisAgreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 above.

Performance Guarantee. The Concessionaire shall for due performance 6.8.1. In order to secure Virgin s obligations unde r this Lease, to the extent provided in Paragraph 6.8.2 below, on or before the Rent Commencement Dat e, Virgin will deliver to the Authority a letter of its obligations during cr edit (the Construction Phase provide Performance Guarantee ) in substantially the form attached to Concessioning Authority an unconditional and irrevocable bank guaranteethis Lease as Ex hibit G, in favour subject to reasonable modifications, which modifications require the appr oval of the Concessioning Authority encashable and enforceable at [●]17 substantially in which approval the form set forth in Appendix 9 Authority will not unreasonably withho ld, condition or an irrevocable revolving letter of credit in the form delay, and issued by a financial institution reasonably acceptable to the Concessioning Authority, in the amount o f Two Million and No/100s Dollars ($2,000,000). If: (a) e vidence of renewal or replacement of the Performance Guarantee is not submitted by Virgi n to the Authority sixty (60) Days before the “then-current expiration of the Performan ce Guarantee or if the long-term credit rating of the financial institution issuing the Performance Guarantee drops below AA3 with ▇▇▇▇▇’▇ Investors Service, Inc., or AA- wi th Standard & Poors Corporation and (b) Virgin does not substitute the Performance Guarantee within thirty (30) Days of such event with a Performance Guarantee issued in s ubstantially the same form as the existing Performance Guarantee”). The , issued by a financial institution with ▇ ▇ ▇▇▇-term credit rating of AA3 or greater with Moody’s Investors Ser vice, Inc., or AA- or greater with Standard & Poors Corporation, then the Authority wi ll be entitled to draw on all of the proceeds of the Performance Guarantee shall be for and hold them in a sum of Rs. [●] (Rupees [●] only)18. Till separate, segregated account until such time (if at all) that the Concessionaire provides Author ity is entitled to Concessioning apply the proceeds to its own account pursuant to the terms of Paragraph 6.8.2 below. If the Lease expires or is otherwise terminated and the Authority is not entit led to the proceeds of the Performance Guarantee pursuant heretoto the terms of Para graph 6.8.2 below, the Bid Security shall remain Authority will deliver the entire amount of the funds held to Virgin promptly following such expiration or termination. If the Authority become s entitled to and does draw on the proceeds of the Performance Guarantee as a result o f either (a) or (b) above and is still holding the funds, Virgin will have the right to de liver to the Authority, at any time, a new Performance Guarantee meeting the requirements set forth above, in full force and effect. The which case the Authority will, simultaneously with its receipt of the new Performance Guarantee, return to Virgin all of the funds which were previously dr awn by the Authority and which are held by the Authority. 6.8.2. Virgin agrees that it is the present intent of Virgin, as of the Effective Date, to commence operations on the Date of Beneficial Occupancy, and it is the present intent of Virgin to conduct operations continuously thereafter in accordance with the Virgin Business Plan; however, nothing her ein will obligate Virgin to operate continuously, such decision as to continuance or discontinuanc e of operations to be made by Virgin in its sole discretion. In the even t of discontinuance of operations, Virgin will have a continuing obligation to pay the Virgin Payables. If Virgin fails to timely pay any Virgin Payables and does not cure such failure within the applicable cure period, or if Virgin fails to cure any other Virgin Event of D efault within the applicable cure period, the Performance Guarantee will be payable as follow s: up to Five Hundred Thousand and No/100s Dollars ($500,000) to be applied to pas t due Virgin Payables and other damages arising out of a Virgin Event of Default, u pon the expiration of the applicable deadline for curing the Virgin Event of Default under this Lease, and $1,50 0,000 if, and only if, any Virgin parent, member, Affiliate or subsidiary (or any par ent, member, Affiliate or subsidiary thereof), or any entity wit h ownership or management substantially the same as Virgin s, commences operations anywhere outside of the Spaceport (other than operations in Mojave, California, solely as pa rt of Virgin s development of technology for commercial spaceflight and not, with out the prior written approval of the Authority, which approval will not be unreasonably withheld, conditioned or delayed, for paying people, experiments, or cargo) within two (2 ) years of the date of discontinuance of operations, using a launch system substantially similar to that described in the form Virgin Business Plan. Notwithstanding anything set forth in this Paragraph 6.8.2, nothing in this Lease will be deemed to permit the Authority t o recover the One Million Five Hundred Thousand and No/100s Dollars ($1,500,000) p ortion of the Performance Guarantee if Virgin conducts operations at a bank guarantee shall be valid locati on outside of the Spaceport so long as (a) Virgin employs the minimum number of full-ti me employees and launches the minimum number of flights from the Spaceport with t he minimum number of passengers required by Exhibit H to this Lease; and (b) at l east seventy-five percent (75%) of the total number of flights launched by Virgin carrying paying people, experiments or cargo are launched from the Spaceport. If Virgin fails to occupy the Virgin Facil ities, the Authority will have an affirmative obligation to at tempt to re-let the Virgin Facilities on commercially reasonable terms for an initial period the account of 1 (one) year and shall be renewed 30 (thirty) Days prior to expiry of each yearVi rgin, for an additional term of 1 (one) year. It is clarified that but the Concessionaire shall Authority will not be liable to restore Virgin for any failure to re-let the Performance Guarantee Virgin Facilities or for any failure to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of collect any rent due upon such part encashmentre-letting. The Performance Guarantee, if remedies contain ed in the form this Paragraph are subject to any earlier termination of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available in immediate cash to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee Lease in accordance with the terms of this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 aboveLease.

Performance Guarantee. The Concessionaire shall for due performance of its obligations during the Construction Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour of the Concessioning Authority encashable and enforceable at [●]17 substantially in the form set forth in Appendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority (the “Performance Guarantee”). The Performance Guarantee shall be for a sum of Rs. [●] (Rupees [●] only)18. Till such time the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant hereto, the Bid Security shall remain in full force and effect. The Performance Guarantee, if in the form of a bank guarantee shall be valid for an initial period of 1 (one) year and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 (one) year. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available in immediate cash to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 16 above.

Performance Guarantee. The Concessionaire shall for due performance of its obligations during the Construction Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour of the Concessioning Authority encashable and enforceable at [●]17 Gandhidham, Gujarat substantially in the form set forth in Appendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority (the “Performance Guarantee”). The Performance Guarantee shall be for a sum of Rs. [●] 1,36,88,000/ (Rupees [●] only)18One Crore and Thirty Six Lakhs and Eighty Eight Thousand only). Till such time the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant hereto, the Bid Security EMD shall remain in full force and effect. The Performance Guarantee, if in the form of a bank guarantee shall be valid for an initial period of 1 (one) year and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 (one) year. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] 1,36,88,000/ (Rupees [●] only)19 One Crore and Thirty Six Lakhs and Eighty Eight Thousand only) is available in immediate cash to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid Security. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% of the Estimated Project Cost. 19 Same as 18 aboveEMD.

Performance Guarantee. The Concessionaire shall for due performance of its obligations during the Construction Operation and Maintenance Phase provide to Concessioning Authority an unconditional and irrevocable bank guarantee, in favour of the Concessioning Authority encashable and enforceable at [●]17 substantially in the form set forth in Appendix 9 or an irrevocable revolving letter of credit in the form acceptable to the Concessioning Authority Chennai (the “Performance Guarantee”). The Performance Guarantee shall be for a sum of Rs. [●] ₹8,00,00,000/ (Rupees [●] only)18Eight Crore only). Till such time the Concessionaire provides to Concessioning Authority the Performance Guarantee pursuant hereto, the Bid Security EMD shall remain in full force and effect. The Performance Guarantee, if in the form of a bank guarantee shall be valid for an initial period of 1 3 (oneThree) year years and shall be renewed 30 (thirty) Days prior to expiry of each year, for an additional term of 1 3 (oneThree) yearyears until completion of the concession period. It is clarified that the Concessionaire shall be liable to restore the Performance Guarantee to the full amount in case of part encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such part encashment. The Performance Guarantee, if in the form of a letter of credit shall be irrevocable and replenished from time to time such that an amount of Rs. [●] (Rupees [●] only)19 is available in immediate cash to the Concessioning Authority for the entire period of the Construction Phase. The Performance Guarantee furnished under this provision shall be valid until expiry of 6 (six) months from the Date of Commercial Operations. Failure of the Concessionaire to provide a valid Performance Guarantee and/or restore and maintain the Performance Guarantee in accordance with this Article shall entitle the Concessioning Authority to forthwith terminate this Agreement and also if relevant, to forfeit the Bid SecurityPerformance Guarantee. 17 Place where the performance guarantee shall be enforced and sums thereunder paid 18 Equivalent to 5% Upon completion of the Estimated Project Cost. 19 Same as 18 aboveconcession period, Performance Guarantee will be released, after certifying by the concerned authority that there are no dues to be paid to the Concessioning Authority after completion of concession period and smooth transfer of the work to the next incumbent.