Common use of Pursuant to Article 4 Clause in Contracts

Pursuant to Article 4. 1.1 (i), SECI may set up a payment security fund for Solar Power Projects in order to ensure timely payment. The fund will be created as per the Guidelines and Payment Security Mechanism (PSM) guidelines, if any. This fund will have a corpus realized from encashment of Performance Bank Guarantee/POI, if any, under the referred RfS, and the amount credited by the SPD through a discount of Rs. 0.02/kWh in the monthly billing under this Agreement (last part to be applicable in case the SPD has opted for discounting the Tariff in lieu of Payment Security mechanism charges).

Pursuant to Article 4. 1.1 (il), SECI may shall set up a payment security fund for Solar Power Projects in order to ensure timely payment. The fund will be created as per the Guidelines and Payment Security Mechanism (PSM) guidelines, if any. This fund will have a corpus realized from encashment of Performance Bank Guarantee/POI, if any, under the referred RfS, and the amount credited by the SPD through a discount of Rs. 0.02/kWh in the monthly billing under this Agreement (last part to be applicable in case the SPD has opted for discounting the Tariff in lieu of Payment Security mechanism charges).