Common use of Payment Security Fund Clause in Contracts

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 2.6 above, the Buying Entity shall 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 SPD HPD 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 2.6 above, the Buying Entity shall 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 SPD WPD 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 2.6 above, the Buying Entity shall 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 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 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 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 WPD 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.