Common use of Upon Termination under Clause Clause in Contracts

Upon Termination under Clause. 24.2.1, the Concessioning Authority shall be entitled to encash the Bid Security and appropriate the proceeds thereof as Damages; provided, however, if Financial Close has not occurred solely as a result of the Concessioning Authority being in default of any of its obligations under Clause 4.1.2, it shall, upon Termination, return the Bid Security forthwith along with Damages due and payable under Clause 4.2. For the avoidance of doubt, it is expressly agreed that if the Bid Security shall have been substituted by Performance Security, the Concessioning Authority shall be entitled to encash therefrom an amount equal to Bid Security.

Upon Termination under Clause. 24.2.1, the Concessioning Authority shall be entitled to encash the Bid Security and appropriate the proceeds thereof as Damages; provided, however, if Financial Close has not occurred solely as a result of the Concessioning Authority being in default of any of its obligations under Clause 4.1.2, it shall, upon Termination, return the Bid Security forthwith along with the Damages due and payable under Clause 4.2. For the avoidance of doubt, it is expressly agreed that if the Bid Security shall have been substituted by Performance Security, the Concessioning Authority shall be entitled to encash therefrom there from an amount equal to Bid Security.