BPDB Letter of Credit. (A) Within 25 (twenty five) Business Day after the Commercial Operations Date, BPDB shall cause Xxxxxx Bank or any other scheduled bank (the “Issuing Bank”) to issue and provide to the Company the BPDB Letter of Credit, which shall have an initial term which is not less than 1 (one) year and shall provide for annual renewal by the Issuing Bank immediately prior to each relevant expiry date for further period(s) of one year each until the last Day of the Term. Immediately upon each such renewal, the Issuing Bank shall confirm to BPDB that such renewal has occurred. (B) The amount of the BPDB Letter of Credit shall be equal to 02 (two) month Tariff Payment at a monthly 6753 MWh energy rate. (C) The BPDB Letter of Credit shall permit presentation at a bank located in Dhaka, Bangladesh. (D) The BPDB Letter of Credit shall provide for draws by the Company for the purposes of Section 13.2(a) in immediately available funds for any amounts due to the Company under this Agreement less any amounts disputed by BPDB, upon presentation of a certificate of an authorized officer of the Company stating that:
Appears in 4 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
BPDB Letter of Credit. (A) Within 25 (twenty five) Business Day after the Commercial Operations Date, BPDB shall cause Xxxxxx Bank or any other scheduled bank (the “Issuing Bank”) to issue and provide to the Company the BPDB Letter of Credit, which shall have an initial term which is not less than 1 (one) year and shall provide for annual renewal by the Issuing Bank immediately prior to each relevant expiry date for further period(s) of one year each until the last Day of the Term. Immediately upon each such renewal, the Issuing Bank shall confirm to BPDB that such renewal has occurred.
(B) The amount of the BPDB Letter of Credit shall be equal to 02 (two) month Tariff Payment at a monthly 6753 6348 MWh energy rate.
(C) The BPDB Letter of Credit shall permit presentation at a bank located in Dhaka, Bangladesh.
(D) The BPDB Letter of Credit shall provide for draws by the Company for the purposes of Section 13.2(a) in immediately available funds for any amounts due to the Company under this Agreement less any amounts disputed by BPDB, upon presentation of a certificate of an authorized officer of the Company stating that:
Appears in 1 contract
Samples: Power Purchase Agreement
