Operations Security Deposit. (i) Not later than thirty (30) Days after the Commercial Operations Date, the Company shall provide to BPDB a security deposit (the “Operations Security Deposit”) in an amount equivalent to 2 (two) months Tariff Payment at a monthly 8760 MWh Energy rate. (ii) Upon and following the delivery of the Operations Security Deposit, the Company shall maintain the Operations Security Deposit at the designated level at all times during the Term; provided that the Company may have thirty (30) Days to replenish the Operations Security Deposit so as to return it to the required level in the event that BPDB retains or collects funds from the Operations Security Deposit. (iii) The Operations Security Deposit shall consist of an unconditional irrevocable bank guarantee issued by a scheduled bank in Bangladesh or by a foreign bank which has been authenticated by a scheduled bank in Bangladesh and shall by its terms be encashable at a bank in Dhaka, Bangladesh.
Appears in 4 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
