Performance Security Expiry Date definition

Performance Security Expiry Date has the meaning given in Article 5.2. "Permitted Events" means:

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Performance Security Expiry Date has the meaning set out in Section 7.2.2.

Performance Security Expiry Date shall have the same meaning as ascribed thereto in Article 9.3.

Examples of Performance Security Expiry Date in a sentence

• The amount so received shall be treated as a cash-retention and to the extent that there are no outstanding claims thereto, shall be released upon submission of a new Performance Security acceptable to the Authority or upon the Performance Security Expiry Date.

• Twenty-eight (28) days prior to each Performance Security Expiry Date, the Operator shall extend the validity of each Performance Security for a further period of twelve (12) months or replace the Performance Security with a new Performance Security valid for a period of twelve (12) months, effective in each case upon expiry of the last Performance Security.

• In the event the Construction Performance Security expires prior to the Construction Performance Security Expiry Date, the Concessionaire shall extend the validity of the Construction Performance Security, at least [fifteen (15)] business days prior to its expiry, so as to keep it valid and enforceable until the Construction Performance Security Expiry Date.

• The O&M Performance Security shall be returned to the Company on the O&M Performance Security Expiry Date provided that no claim for payment is outstanding on such date, in which case it will be returned on satisfaction of such claim.

• In the event the Construction Performance Security expires prior to the Construction Performance Security Expiry Date, the Concessionaire shall extend the validity of the Construction Performance Security, at least [fifteen (15) business days] prior to its expiry, so as to keep it valid and enforceable until the Construction Performance Security Expiry Date.

• The amount so received shall be treated as a cash retention and, to the extent that there are no outstanding claims thereto, shall be released upon submission of a new Performance Security acceptable to the Authority or upon the Performance Security Expiry Date.

• In the event the Performance Security expires prior to the Performance Security Expiry Date, the Manager shall extend the validity of the Performance Security, at least fifteen (15) business days prior to its expiry, so as to keep it valid and enforceable until the Performance Security Expiry Date.

• In the event an O&M Performance Security expires prior to the O&M Performance Security Expiry Date, the Concessionaire shall extend the validity of the O&M Performance Security, at least [fifteen (15) business days] prior to its expiry, so as to keep it valid and enforceable until the O&M Performance Security Expiry Date.

• In the event an O&M Performance Security is to expire prior to the O&M Performance Security Expiry Date, the Concessionaire shall extend the validity of the O&M Performance Security, at least fifteen (15) days prior to its expiry, so as to keep it valid and enforceable until the O&M Performance Security Expiry Date.

• Following the Construction Performance Security Expiry Date, and until the Trigger Date, the Concessionaire shall replace the O&M Performance Security thirty (30) days prior to commencement of each Operational Year.