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.
Appears in 5 contracts
Sources: Power Purchase Agreement, Power Sale Agreement, Power Purchase Agreement
Payment Security Fund. In addition to provisions contained in Article 6.4 (a) and 6.4.9 2.6 above, the Buying Utility may also choose to Entity shall provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing 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.
Appears in 2 contracts
Sources: Power Sale Agreement, Power Sale Agreement
Payment Security Fund. In addition to provisions contained in Article 6.4 (a) and 6.4.9 2.6 above, the Buying Utility Entity may also choose to provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing 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.
Appears in 1 contract
Sources: Power Sale Agreement
Payment Security Fund. In addition to provisions contained in Article 6.4 (a) and 6.4.9 6.5 above, the Buying Utility Entity may also choose to provide Payment Security Fund, which shall be suitable to support payment of at least 3 (three) months’ billing 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.
Appears in 1 contract
Sources: Power Sale Agreement