(a) (Security threshold): At any time after a Condition Review Date, if the aggregate of the remaining Service Payments is equal to or less than 120% of the estimated total cost of the remaining Final Refurbishment Works (as set out in the then current Outstanding Matters Report or as otherwise agreed or determined in accordance with clause 47.6(e)) (Threshold Amount), subject to clause 47.9(b), Project Co must, within 20 Business Days after the Condition Review Date, either:
(i) notify the State that the State may deposit into a registered interest bearing bank account opened by the State in the State's name (Handover Escrow Account) each subsequent Service Payment until the balance of the Handover Escrow Account equals or exceeds the Threshold Amount (in which case the State may proceed accordingly); or
(ii) provide to the State a Performance Bond with a face value not less than the Threshold Amount (Handover Bond),
as security for the performance of the Final Refurbishment Works.
(b) (No right of election): If the aggregate of the remaining Service Payments is less than the Threshold Amount and Project Co makes an election under clause 47.9(a)(i), Project Co must provide the State with a Handover Bond, within 20 Business Days after the Condition Review Date for the difference between the Threshold Amount and the aggregate of the remaining Service Payments.
(c) (Project Co makes no election): If Project Co fails to make an election under clause 47.9(a) within the time stated in that clause, Project Co will be deemed to have made the election and notified the State in accordance with clause 47.9(a)(i), and clause 47.10 will apply.
(d) (Adjustment of Threshold Amount): If the scope or estimated cost of the Final Refurbishment Works is amended in accordance with clause 47.6 or clause 47.7(a)(ii), the total estimated cost of the remaining Final Refurbishment Works and the Threshold Amount will be adjusted accordingly, except that if the State exercises its rights under clause 47.7(a)(ii) and the aggregate of the remaining Service Payments is insufficient to cover the cost of carrying out the relevant omitted Final Refurbishment Works, as agreed or determined in accordance with clause 47.7(b)(ii), the Threshold Amount will not be adjusted.