Procedure for making. a demand under a Performance Bond (a) RfL(I) may either: (i) apply all or any portion of the proceeds so received in or towards remedying, or procuring the remedy, of the relevant matter which gave rise to its entitlement to issue such demand; and/or (ii) deposit all or any portion of the proceeds so received into an interest-bearing suspense account; (b) any interest earned on the proceeds so deposited shall be for RfL(I)'s sole account; and (c) to the extent that the Train Operator subsequently effects remediation of the relevant matter which gave rise to RfL(I)'s entitlement to issue such demand, then RfL(I) shall within a reasonable time transfer to the Train Operator such portion of the principal amount demanded under the Performance Bond as has not already been disbursed by RfL(I) in or towards itself remedying, or procuring the remedy, of the relevant matter which gave rise to RfL(I)'s entitlement to issue such demand.
Appears in 2 contracts
Sources: Track Access Contract, Track Access Contract