Common use of Retention of Security for Deficiency Clause in Contracts

Retention of Security for Deficiency. Until such time as any Deficiency has been determined and an amount equal to the Deficiency has been recovered by the Finance Parties, the Finance Parties will be entitled to retain the benefit of the security in respect of claims and losses that Project Co has as against the Material Project Contractor under the relevant Material Contract (or as against any guarantor of such Material Contract) that arose prior to the date of the assumption, transfer or assignment of the relevant Material Contract (or guarantee in respect of such Material Contract) by or to the Authority (or by or to a third party designated by the Authority) provided that:

Retention of Security for Deficiency. Until such time as any Deficiency has been determined and an amount equal to the Deficiency has been recovered by the Finance Parties, the Finance Parties will be entitled to retain the benefit of the security in respect of claims and losses that Project Co has as against the Material Project Contractor under the relevant Material Contract (or as against any guarantor of such Material Contract) that arose prior to the date of the assumption, transfer or assignment of the relevant Material Contract (or guarantee in respect of such Material Contract) by or to the Authority (or by or to a third party designated by the Authority) provided that:

Retention of Security for Deficiency. ‌ Until such time as any Deficiency has been determined and an amount equal to the Deficiency has been recovered by the Finance Parties, the Finance Parties will be entitled to retain the benefit of the security in respect of claims and losses that Project Co has as against the Material Project Contractor under the relevant Material Contract (or as against any guarantor of such Material Contract) that arose prior to the date of the assumption, transfer or assignment of the relevant Material Contract (or guarantee in respect of such Material Contract) by or to the Authority (or by or to a third party designated by the Authority) provided that: