Common use of Payment Security Mechanism Clause in Contracts

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL shall provide to the SPG, in respect of payment of its Monthly Billsand/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG in accordance with the PPA. b) Not later than one (1) Month before the start of supply, PGVCL through a scheduled bank open a Letter of Credit in favour of the SPG, to be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. for the first Contract Year, equal to the estimated average monthly billing; ii. for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) Provided that the SPG shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a Month. d) Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above due to any reason whatsoever, PGVCL shall restore such shortfall within fifteen (15) days. e) PGVCL shall cause the scheduled bank issuing the Letter of Credit to intimate the SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPG. h) If PGVCL fails to pay undisputed Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to above, the SPG may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCL, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG and; ii. a certificate from the SPG to the effect that the bill at item (a) above, or specified part thereof, is in accordance with the Agreement, is not disputed and hasremained unpaid beyond the Due Date;

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL shall provide to the SPG, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG in accordance with the PPA. b) Not later than one (1) Month before the start of supply, PGVCL through a scheduled bank open a Letter of Credit in favour of the SPG, to be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. for the first Contract Year, equal to the estimated average monthly billing; ii. for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) Provided that the SPG shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a Month. d) Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above due to any reason whatsoever, PGVCL shall restore such shortfall within fifteen (15) days. e) PGVCL shall cause the scheduled bank issuing the Letter of Credit to intimate the intimatethe SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPG. h) If PGVCL fails to pay undisputed Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to above, the SPG may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCL, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG and; ii. a certificate from the SPG to the effect that the bill at item (a) above, or specified part thereof, is in accordance with the Agreement, is not disputed and hasremained unpaid beyond the Due Date;

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL 10.4.1 MSEDCL shall provide to the SPG, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG in accordance with the PPAthis Article. b) 10.4.2 Not later than one (1) Month before the start of supply, PGVCL MSEDCL through a scheduled bank open a Letter of Credit in favour of the SPG, to be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. i) for the first Contract Year, equal to the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) 10.4.3 Provided that the SPG shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a Month. d) 10.4.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 10.4.2 due to any reason whatsoever, PGVCL MSEDCL shall restore such shortfall within fifteen (15) days. e) PGVCL 10.4.5 MSEDCL shall cause the scheduled bank issuing the Letter of Credit to intimate the SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 10.4.6 MSEDCL shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) 10.4.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGMSEDCL. h) 10.4.8 If PGVCL MSEDCL fails to pay undisputed Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to aboveArticle 10.4.6 & 10.5.2, the SPG may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLMSEDCL, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with Article 10.4.3 above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG and; ii. ) a certificate from the SPG to the effect that the bill at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;

Payment Security Mechanism. (A) Letter of Credit (LC): a) PGVCL 2.5.1 The Buying Entity shall provide to the SPGSECI, in respect of payment of its Monthly Billsand/or Supplementary Bills, a monthly single, unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained by the Buying Entity, which may be drawn upon by the SPG SECI in accordance with this Article. The Buying Entity shall provide SECI draft of the PPALetter of Credit proposed to be provided to SECI two (2) months before the SCSD. b) 2.5.2 Not later than one (1) Month before the start Start of supplySupply, PGVCL the Buying Utility shall through a scheduled bank at open a Letter of Credit in favour of the SPGSECI, to be made operative from a date at least 15 days prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, reviewed after every 12 Months for an amount equal to: i. i) for the first Contract Year, equal to 110% of the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to 110% of the average of the monthly billing Tariff Payments of the previous Contract Year. c) Provided that the SPG 2.5.3 SECI shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal drawl in a MonthMonth provided that there are no outstanding dues. d) 2.5.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 2.5.2 due to any reason whatsoever, PGVCL the Buying Entity shall restore such shortfall within fifteen seven (157) days. e) PGVCL 2.5.5 The Buying Entity shall cause the scheduled bank issuing the Letter of Credit to intimate the SPGSECI, in writing regarding establishing of such irrevocable Letter of CreditCredit and any of the changes therein. f) PGVCL 2.5.6 The Buying Entity shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) 2.5.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGBuying Entity. h) 2.5.8 If PGVCL the Buying Entity fails to pay undisputed a Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to aboveArticle 2.5.3 and 2.9, the SPG SECI may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLthe Buying Entity, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG andby the Buying Entity; ii. ) a certificate from the SPG SECI to the effect that the bill at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;.

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL 10.4.1 NTPC shall provide to the SPGSPD, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG SPD in accordance with the PPAthis Article. b) 10.4.2 Not later than one (1) Month before the start of supply, PGVCL NTPC through a scheduled bank at New Delhi open a Letter of Credit in favour of the SPGSPD, to be made operative from a date prior to the Due Date of its first Monthly Bill Xxxx under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. i) for the first Contract Year, equal to the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) 10.4.3 Provided that the SPG SPD shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill Xxxx and/or Supplementary BillXxxx, and shall not make more than one drawal in a Month. d) 10.4.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 10.4.2 due to any reason whatsoever, PGVCL NTPC shall restore such shortfall within fifteen seven (157) days. e) PGVCL 10.4.5 NTPC shall cause the scheduled bank issuing the Letter of Credit to intimate the SPGSPD, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 10.4.6 NTPC shall ensure that the Letter of Credit shall be renewed not later than thirty (30) days prior to its expiry. g) 10.4.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGNTPC. h) 10.4.8 If PGVCL NTPC fails to pay undisputed a Monthly Bill Xxxx or Supplementary Bill Xxxx or a part thereof within and including the Due Date, then, subject to aboveArticle 10.4.6, the SPG SPD may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLNTPC, an amount equal to such Monthly Bill Xxxx or Supplementary Bill Xxxx or part thereof, if applicable, in accordance with Article 10.3.3 above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill Xxxx or Supplementary Bill Xxxx which has remained unpaid to SPG SPD and; ii. ) a certificate from the SPG SPD to the effect that the bill xxxx at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL UGVCL shall provide to the SPG, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG in accordance with the PPA. b) Not later than one (1) Month before the start of supply, PGVCL UGVCL through a scheduled bank open a Letter of Credit in favour of the SPG, to be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. for the first Contract Year, equal to the estimated average monthly billing; ii. for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) Provided that the SPG shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a Month. d) Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above due to any reason whatsoever, PGVCL UGVCL shall restore such shortfall within fifteen (15) days. e) PGVCL UGVCL shall cause the scheduled bank issuing the Letter of Credit to intimate the SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL UGVCL shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPG. h) If PGVCL UGVCL fails to pay undisputed Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to above, the SPG may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLUGVCL, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG and; ii. a certificate from the SPG to the effect that the bill at item (a) above, or specified part thereof, is in accordance with the Agreement, is not disputed and hasremained unpaid beyond the Due Date;

Payment Security Mechanism. Letter 13.6.1 Procurer, not later than 30 (Thirty) days prior to commencement of Credit (LC): a) PGVCL supply, shall provide to the SPGDeveloper, in respect of payment of its Monthly Billsand/or Supplementary BillsBills corresponding to their respective period of supply, a monthly an unconditional, monthly revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG Developer in accordance with this Article. The Letter of Credit, shall be procured by the PPA. b) Not later than one (1) Month before the start of supply, PGVCL through Procurer from a scheduled bank open a Letter of Credit in favour of the SPG, to at Mumbai [Identified Place] and shall be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve six (126) Months and shall be renewed annually, for an amount equal to: i. for the first Contract Year, equal to the estimated average monthly billing; iirespectively. for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) Provided that the SPG Developer shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a Month. d) 13.6.2 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 13.6.1 due to any reason whatsoever, PGVCL Xxxxxxxx whose Letter of Credit has been invoked shall restore such shortfall within fifteen (15) days. e) PGVCL shall cause the scheduled bank issuing the Letter of Credit to intimate the SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 13.6.3 Procurer shall ensure that the Letter of Credit shall be renewed not later than 30(thirty) days prior to its expiry. g) 13.6.4 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGXxxxxxxx. h) 13.6.5 If PGVCL Procurer fails to pay undisputed a Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to above, the SPG Developer may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference to or instructions from PGVCLProcurer, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with aboveif applicable, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG and; ii. a certificate from the SPG to the effect that the bill at item (a) above, or specified part thereof, is in accordance with the Agreement, is not disputed and hasremained unpaid beyond the Due Date;

Payment Security Mechanism. (A) Letter of Credit (LC): a) PGVCL 2.5.1 The Buying Entity shall provide to the SPGSECI, in respect of payment of its Monthly Billsand/or Supplementary Bills, a monthly single, unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained by the Buying Entity, which may be drawn upon by the SPG SECI in accordance with this Article. The Buying Entity shall provide SECI draft of the PPALetter of Credit proposed to be provided to SECI two (2) months before the SCSD. b) 2.5.2 Not later than one (1) Month before the start Start of supplySupply, PGVCL the Buying Entity shall through a scheduled bank at open a Letter of Credit in favour of the SPGSECI, to be made operative from a date at least 15 days prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, reviewed after every 12 month for an amount equal to: i. i) for the first Contract Year, equal to 110% of the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to 110% of the average of the monthly billing Tariff Payments of the previous Contract Year. c) Provided that the SPG 2.5.3 SECI shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a MonthMonth provided that there are no outstanding dues. d) 2.5.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 2.5.2 due to any reason whatsoever, PGVCL the Buying Entity shall restore such shortfall within fifteen seven (157) days. e) PGVCL 2.5.5 The Buying Entity shall cause the scheduled bank issuing the Letter of Credit to intimate the SPGSECI, in writing regarding establishing of such irrevocable Letter of CreditCredit and any of the changes therein. f) PGVCL 2.5.6 The Buying Entity shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) 2.5.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGBuying Entity. h) 2.5.8 If PGVCL the Buying Entity fails to pay undisputed a Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to aboveArticle 2.5.3 and 2.9, the SPG SECI may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLthe Buying Entity, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG andby the Buying Entity; ii. ) a certificate from the SPG SECI to the effect that the bill at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL 10.4.1 SECI shall provide to the SPGOWPD, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG OWPD in accordance with the PPAthis Article. b) Not later than one (1) Month before 10.4.2 Before the start commencement of power supply, PGVCL SECI shall, through a scheduled bank bank, open a Letter of Credit in favour of the SPGOWPD, to be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. i) for the first Contract Year, equal to 110% of the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to 110% of the average of the monthly billing of the previous Contract Year. c) 10.4.3 Provided that the SPG OWPD shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal drawl in a Month. d) 10.4.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 10.4.2 due to any reason whatsoever, PGVCL SECI shall restore such shortfall within fifteen (15) daysbefore next drawl. e) PGVCL 10.4.5 SECI shall cause the scheduled bank issuing the Letter of Credit to intimate the SPGOWPD, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 10.4.6 SECI shall ensure that the Letter of Credit shall be renewed not later than its expirycurrent expiry date. g) 10.4.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGOWPD. h) 10.4.8 If PGVCL SECI fails to pay undisputed Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to aboveArticle 10.4.6 & 10.5.2, the SPG OWPD may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLpay, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with Article 10.4.3 above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill or Supplementary Bill (only for energy related bills) which has remained unpaid to SPG OWPD and; ii. ) a certificate from the SPG OWPD to the effect that the bill at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;.

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL 10.4.1 EDG shall provide to the SPG, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG in accordance with the PPAthis Article. b) 10.4.2 Not later than one (1) Month before the start of supply, PGVCL EDG through a scheduled bank open a Letter of Credit in favour of the SPG, to be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. i) for the first Contract Year, equal to the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) 10.4.3 Provided that the SPG shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a Month. d) 10.4.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 10.4.2 due to any reason whatsoever, PGVCL EDG shall restore such shortfall within fifteen (15) days. e) PGVCL 10.4.5 EDG shall cause the scheduled bank issuing the Letter of Credit to intimate the SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 10.4.6 EDG shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) 10.4.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGEDG. h) 10.4.8 If PGVCL EDG fails to pay undisputed Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to aboveArticle 10.4.6 & 10.5.2, the SPG may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLEDG, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with Article 10.4.3 above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG and; ii. ) a certificate from the SPG to the effect that the bill at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL 10.4.1 MSEDCL shall provide to the SPG, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG in accordance with the PPAthis Article. b) 10.4.2 Not later than one (1) Month before the start of supply, PGVCL MSEDCL through a scheduled bank open a Letter of Credit in favour of the SPG, to be made operative from a date prior to the Due Date of its first Monthly Bill Xxxx under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. i) for the first Contract Year, equal to the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) 10.4.3 Provided that the SPG shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill Xxxx and/or Supplementary BillXxxx, and shall not make more than one drawal in a Month. d) 10.4.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 10.4.2 due to any reason whatsoever, PGVCL MSEDCL shall restore such shortfall within fifteen (15) days. e) PGVCL 10.4.5 MSEDCL shall cause the scheduled bank issuing the Letter of Credit to intimate the SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 10.4.6 MSEDCL shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) 10.4.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGMSEDCL. h) 10.4.8 If PGVCL MSEDCL fails to pay undisputed Monthly Bill Xxxx or Supplementary Bill Xxxx or a part thereof within and including the Due Date, then, subject to aboveArticle 10.4.6 & 10.5.2, the SPG may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLMSEDCL, an amount equal to such Monthly Bill Xxxx or Supplementary Bill Xxxx or part thereof, in accordance with Article 10.4.3 above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill Xxxx or Supplementary Bill Xxxx which has remained unpaid to SPG and; ii. ) a certificate from the SPG to the effect that the bill xxxx at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;

Payment Security Mechanism. Letter 13.6.1 Procurer, not later than 30 (Thirty) days prior to commencement of Credit (LC): a) PGVCL supply, shall provide to the SPGDeveloper, in respect of payment of its Monthly Billsand/or Supplementary BillsBills corresponding to their respective period of supply, a monthly an unconditional, weekly revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG Developer in accordance with this Article. The Letter of Credit, shall be procured by the PPA. b) Not later than one (1) Month before the start of supply, PGVCL through Procurer from a scheduled bank open a Letter of Credit in favour of the SPG, to at Mumbai [Identified Place] and shall be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve six (126) Months and shall be renewed annually, for an amount equal to: i. for the first Contract Year, equal to the estimated average monthly billing; iirespectively. for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) Provided that the SPG Developer shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a Month. d) 13.6.2 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 13.6.1 due to any reason whatsoever, PGVCL Xxxxxxxx whose Letter of Credit has been invoked shall restore such shortfall within fifteen (15) days. e) PGVCL shall cause the scheduled bank issuing the Letter of Credit to intimate the SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 13.6.3 Procurer shall ensure that the Letter of Credit shall be renewed not later than 30(thirty) days prior to its expiry. g) 13.6.4 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGXxxxxxxx. h) 13.6.5 If PGVCL Procurer fails to pay undisputed a Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to above, the SPG Developer may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference to or instructions from PGVCLProcurer, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with aboveif applicable, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG and; ii. a certificate from the SPG to the effect that the bill at item (a) above, or specified part thereof, is in accordance with the Agreement, is not disputed and hasremained unpaid beyond the Due Date;

Payment Security Mechanism. (A) Letter of Credit (LC): a) PGVCL 2.5.1 The Buying Entity shall provide to the SPGSECI, in respect of payment of its Monthly Billsand/or Supplementary Bills, a monthly single, unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained by the Buying Entity, which may be drawn upon by the SPG SECI in accordance with this Article. The Buying Entity shall provide SECI draft of the PPALetter of Credit proposed to be provided to SECI two (2) months before the Scheduled Commissioning Date. b) 2.5.2 Not later than one (1) Month before the start Start of supplySupply, PGVCL the Buying Utility shall through a scheduled bank at , open a Letter of Credit in favour of the SPGSECI, to be made operative from a date at least 15 days prior to the Due Date of its first Monthly Bill Xxxx under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, annually for an amount equal to: i. i) for the first Contract Year, equal to 110% of the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to 110% of the average of the monthly billing of the previous Contract Year. c) Provided that the SPG 2.5.3 SECI shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary BillXxxx, and shall not make more than one drawal drawl in a MonthMonth provided that there are no outstanding dues. d) 2.5.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 2.5.2 due to any reason whatsoever, PGVCL the Buying Entity shall restore such shortfall within fifteen seven (157) days. e) PGVCL 2.5.5 The Buying Entity shall cause the scheduled bank issuing the Letter of Credit to intimate the SPGSECI, in writing regarding establishing of such irrevocable Letter of CreditCredit and any of the changes therein. f) PGVCL 2.5.6 The Buying Entity shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) 2.5.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGBuying Entity. h) 2.5.8 If PGVCL the Buying Entity fails to pay undisputed a Monthly Bill Xxxx or Supplementary Bill or a part thereof within and including the Due Date, then, subject to aboveArticle 2.5.3 and 2.9, the SPG SECI may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLthe Buying Entity, an amount equal to such Monthly Bill or Supplementary Bill Xxxx or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill or Supplementary Bill Xxxx which has remained unpaid to SPG andby the Buying Entity; ii. ) a certificate from the SPG SECI to the effect that the bill xxxx at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;.

Payment Security Mechanism. (A) Letter of Credit (LC): a) PGVCL 2.5.1 The Buying Entity shall provide to the SPGSECI, in respect of payment of its Monthly Billsand/or Supplementary Bills, a monthly single, unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained by the Buying Entity, which may be drawn upon by the SPG SECI in accordance with this Article. The Buying Entity shall provide SECI draft of the PPALetter of Credit proposed to be provided to SECI two (2) months before the Scheduled Commissioning Date. b) 2.5.2 Not later than one (1) Month before the start Start of supplySupply, PGVCL the Buying Utility shall through a scheduled bank at , open a Letter of Credit in favour of the SPGSECI, to be made operative from a date at least 15 days prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, reviewed after every 12 month for an amount equal to: i. i) for the first Contract Year, equal to 110% of the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to 110% of the average of the monthly billing Tariff Payments of the previous Contract Year. c) Provided that the SPG 2.5.3 SECI shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal drawl in a MonthMonth provided that there are no outstanding dues. d) 2.5.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 2.5.2 due to any reason whatsoever, PGVCL the Buying Entity shall restore such shortfall within fifteen seven (157) days. e) PGVCL 2.5.5 The Buying Entity shall cause the scheduled bank issuing the Letter of Credit to intimate the SPGSECI, in writing regarding establishing of such irrevocable Letter of CreditCredit and any of the changes therein. f) PGVCL 2.5.6 The Buying Entity shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) 2.5.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGBuying Entity. h) 2.5.8 If PGVCL the Buying Entity fails to pay undisputed a Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to aboveArticle 2.5.3 and 2.9, the SPG SECI may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLthe Buying Entity, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG andby the Buying Entity; ii. ) a certificate from the SPG SECI to the effect that the bill at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL 10.4.1 SECI shall provide to the SPGSPD, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG SPD in accordance with the PPAthis Article. b) Not later than one (1) Month before 10.4.2 Before the start of supply, PGVCL SECI shall, through a scheduled bank bank, open a Letter of Credit in favour favor of the SPGSPD, to be made operative from a date prior to the Due Date of its first Monthly Bill Xxxx under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. i) for the first Contract Year, equal to the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) 10.4.3 Provided that the SPG SPD shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill Xxxx and/or Supplementary BillXxxx, and shall not make more than one drawal drawl in a Month. d) 10.4.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 10.4.2 due to any reason whatsoever, PGVCL SECI shall restore such shortfall within fifteen (15) daysbefore next drawl. e) PGVCL 10.4.5 SECI shall cause the scheduled bank issuing the Letter of Credit to intimate the SPGSPD, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 10.4.6 SECI shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) 10.4.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGSECI. h) 10.4.8 If PGVCL SECI fails to pay undisputed Monthly Bill Xxxx or Supplementary Bill Xxxx or a part thereof within and including the Due Date, then, subject to aboveArticle 10.4.6 & 10.5.2, the SPG SPD may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLpay, an amount equal to such Monthly Bill Xxxx or Supplementary Bill Xxxx or part thereof, in accordance with Article 10.4.3 above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill Xxxx or Supplementary Bill Xxxx (only for energy related bills) which has remained unpaid to SPG SPD and; ii. ) a certificate from the SPG SPD to the effect that the bill xxxx at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;.

Payment Security Mechanism. Letter of Credit (LC):LC)/Letter of Assurance from Reserve Bank of India, as the case may be: a) PGVCL 10.4.1 Buyer shall provide to the SPGWPD, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG WPD in accordance with the PPAthis Article. b) 10.4.2 Not later than one (1) Month before the start of supply, PGVCL Buyer through a scheduled bank at [Identified Place] open a Letter of Credit in favour of the SPGWPD, to be made operative from a date prior to the Due Date of its first Monthly Bill Xxxx under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. i) for the first Contract Year, equal to the estimated average monthly billing; ii. ) for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) 10.4.3 Provided that the SPG WPD shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill Xxxx and/or Supplementary BillXxxx, and shall not make more than one drawal in a Month. d) 10.4.4 Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above in Article 10.4.2 due to any reason whatsoever, PGVCL Buyer shall restore such shortfall within fifteen seven (157) days. e) PGVCL 10.4.5 Buyer shall cause the scheduled bank issuing the Letter of Credit to intimate the SPGWPD, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL 10.4.6 Buyer shall ensure that the Letter of Credit shall be renewed not later than thirty (30) days prior to its expiry. g) 10.4.7 All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPGBuyer. h) 10.4.8 If PGVCL Buyer fails to pay undisputed a Monthly Bill Xxxx or Supplementary Bill or a part thereof within and including the Due Date, then, subject to aboveArticle 10.4.3 & 10.5.2, the SPG WPD may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCLBuyer, an amount equal to such Monthly Bill or Supplementary Bill Xxxx or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. i) a copy of the Monthly Bill Xxxx or Supplementary Bill Xxxx which has remained unpaid to SPG WPD and; ii. ) a certificate from the SPG WPD to the effect that the bill xxxx at item (ai) above, or specified part thereof, is in accordance with the Agreement, is not disputed Agreement and hasremained has remained unpaid beyond the Due Date;

Payment Security Mechanism. Letter of Credit (LC): a) PGVCL shall provide to the SPG, in respect of payment of its Monthly Billsand/or Bills and/or Supplementary Bills, a monthly unconditional, revolving and irrevocable letter of credit (“Letter of Credit”), opened and maintained which may be drawn upon by the SPG in accordance with the PPA. b) Not later than one (1) Month before the start of supply, PGVCL through a scheduled bank open a Letter of Credit in favour of the SPG, to be made operative from a date prior to the Due Date of its first Monthly Bill under this Agreement. The Letter of Credit shall have a term of twelve (12) Months and shall be renewed annually, for an amount equal to: i. for the first Contract Year, equal to the estimated average monthly billing; ii. for each subsequent Contract Year, equal to the average of the monthly billing of the previous Contract Year. c) Provided that the SPG shall not draw upon such Letter of Credit prior to the Due Date of the relevant Monthly Bill and/or Supplementary Bill, and shall not make more than one drawal in a Month. d) Provided further that if at any time, such Letter of Credit amount falls short of the amount specified above due to any reason whatsoever, PGVCL shall restore such shortfall within fifteen (15) days. e) PGVCL shall cause the scheduled bank issuing the Letter of Credit to intimate the SPG, in writing regarding establishing of such irrevocable Letter of Credit. f) PGVCL shall ensure that the Letter of Credit shall be renewed not later than its expiry. g) All costs relating to opening, maintenance of the Letter of Credit shall be borne by the SPG. h) If PGVCL fails to pay undisputed Monthly Bill or Supplementary Bill or a part thereof within and including the Due Date, then, subject to above, the SPG may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from PGVCL, an amount equal to such Monthly Bill or Supplementary Bill or part thereof, in accordance with above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents: i. a copy of the Monthly Bill or Supplementary Bill which has remained unpaid to SPG and; ii. a certificate from the SPG to the effect that the bill at item (a) above, or specified part thereof, is in accordance with the Agreement, is not disputed and hasremained unpaid beyond the Due Date;