Payment Security Fund. In addition to provisions contained in Article 2.6 above, the Buying Entity shall provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing, of all the Projects tied up with such fund. The parties agree that proceeds of encashment of PBGs upon default of the SPD under the respective PPA shall be passed on to the Buying Utility subsequent to opening of the above Payment Security Fund. It is hereby clarified that the State Government guarantee shall be invoked only after the SECI has been unable to recover its dues under the PSA by means of the Letter of Credit and the Payment Security Fund.
Payment Security Fund. In addition to provisions contained in Article 6.4 (A) and 6.4. (B) Above, the Buying Utility may also choose to provide Payment Security Fund, not later than the commencement of supply of Power to the Buying Utility under this Agreement, which shall be suitable to support Payment of at least 3 (three) months’ billing of all the Projects tied up with such fund.
Payment Security Fund. In addition to provisions contained in Article 6.4 (a) and 6.4.9 above, the Buying Utility may also choose to provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing of all the Projects tied up with such fund. It is hereby clarified that the State Government guarantee shall be invoked only after the SECI has been unable to recover its dues under the PSA by means of the Letter of Credit and the Payment Security Fund.
Payment Security Fund. The Payment Security Fund shall be suitable to support payment for at least 3 (three) months’ billing of all the Projects tied up with such fund.
Payment Security Fund. 3.15. In addition to provisions contained in Article 3(A) and (B) above, the Discoms shall provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing, through additional LC Third Party Sales by NTPC
Payment Security Fund. In addition to provisions contained in Article 2.6 above, the Buying Entity may provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing, of all the Projects tied up with such fund. The parties agree that proceeds of encashment of PBGs upon default of the BESSD under the respective BESPA shall be passed on to the Buying Utility subsequent to opening of the above Payment Security Fund. It is hereby clarified that the State Government guarantee shall be invoked only after the SECI has been unable to recover its dues under the BESSA by means of the Letter of Credit and the Payment Security Fund as provided by buying entity.
Payment Security Fund. In addition to provisions of Letter of Credit, PSPCL shall provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing, of all the Projects tied up with such fund. It is hereby clarified that Payment Security Fund shall be drawn only after the SPD has been unable to recover its dues under the PPA by means of the Letter of Credit.
Payment Security Fund. (i) Not later than 15 (fifteen) Days prior to the date of issue of the Commissioning Certificate or the date of deemed issuance mentioned in the Confirmation Certificate for the Unit, RUMSL, on behalf of the Procurer shall set up or cause to be set up in favour of the SPD, in respect of payment of the Monthly Bills and/or Supplementary Bills, a payment security fund with a corpus of INR [insert tariff value equivalent to the Minimum Supply Obligation/4] in the form of an overdraft facility of the same size (Payment Security Fund), which may be drawn upon by the SPD in accordance with this Article. The Procurer and SPD shall cooperate with RUMSL to set up the Payment Security Fund by co-signing the documentation required, if any, for setting up the Payment Security Fund.
Payment Security Fund. 11.6.9 SECI may provide Payment Security Fund in place of Letter of Credit, which shall be suitable to support payment of at least 3 (three) months’ billing, of all the Projects tied up with such fund.
Payment Security Fund. 2.6.1 In addition to provisions contained in Article 2.5 above, the Procurer may provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing, of all the Projects tied up with such fund.
