Payment Security Mechanism definition

Payment Security Mechanism shall have the meaning ascribed thereto in Article 10.4 of this Agreement;

Payment Security Mechanism shall have the meaning ascribed thereto in Article 10.1.10 of this Agreement “PM-KUSUSM “ Pradhan Mantri Xxxx Xxxxxxxx xxxx Xxxxxxx Xxxxxxxxxxx- A scheme notified by the Ministry of New and Renewable Energy Government of India with Guidelines for Implementation of Feeder Level Solarisation under Component-C of PM-XXXXX Scheme issued on date 4-12- 2020.

Payment Security Mechanism shall have the meaning ascribed thereto in Article 7.7 of this PPA; “Construction Performance Bank Guarantee” or “C-PBG” Means the irrevocable, unconditional bank guarantee, to be submitted by the Power Producer to Nodal Agency in the form as mentioned in RFP and which shall include any additional bank guarantee furnished by the Power Producer under this PPA, if any;

Examples of Payment Security Mechanism in a sentence

• In order to address the issues of delayed payments by State distribution companies to Renewable Energy generators, the Government through Ministry of Power’s Order No. 23/22/2019-R&R dated 28.06.2019 has made it mandatory for the Distribution Licensees to open and maintain adequate Letters of Credit (LCs) as Payment Security Mechanism if provided for under Power Purchase Agreements with Distribution Licensees.

• As part of the Payment Security Mechanism as brought out in the PPA, to be eligible for coverage from the PSM, the HPD will undertake to pay PSM Charges @Rs. 0.02/kWh to SECI, by offering a commensurate discount in the monthly tariff payment being made by SECI.

• In case of non-maintenance of Payment Security Mechanism, the hydro generating company shall regulate power supply to the distribution licensee in accordance with Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 notified by the Ministry of Power on 3rd June, 2022 and as amended from time to time.

• As part of the Payment Security Mechanism as brought out in the PPA, the RPD will undertake to pay PSM Charges @Rs. 0.02/kWh to SECI, by offering a commensurate discount in the monthly tariff payment being made by SECI.

• The supply of power shall only be made if an adequate Payment Security Mechanism is maintained or in the absence thereof, advance payment is made.

More Definitions of Payment Security Mechanism

Payment Security Mechanism shall have the meaning ascribed thereto in Article 10.4 of this Agreement; “Performance shall mean the irrevocable unconditional bank guarantee, Bank Guarantee” submitted by the SPD to NODAL RAILWAY in the form attached hereto as Schedule 1;

Payment Security Mechanism means Letter of Credit or Letter of Credit backed by Escrow Account as per the agreement:Provided that, advance payment shall constitute payment security if there are no outstanding dues:Provided further that the payment security may be for a shorter duration or lower capacity in case of generating company, if there are no outstanding dues:

Payment Security Mechanism means the payment security as provided to the JVCO and as described in Section 3;

Payment Security Mechanism shall have the meaning ascribed thereto in Article 10.4 of this Agreement; “Power Project” or “Project” : shall mean the MSW power generation facili ty of installed capacity of 70 MW, located at Arjun Das Camp in New Delhi. This includes all equipment of the Waste -to-Energy facility along with auxiliaries such as water supply, treatment or storage facilities; bay/ s for transmission system in the switchyard, dedicated transmission line up to the Delivery Point and all the other assets, buildings/ structures, equipment, plant and machinery, facilities and related assets required for the efficient and economic operation of the power generation facilit y; whether completed or at any stage of development and construction or intended to be developed and constructed forthe purpose of supply of power as per this Agreement; “Power Purchase Agreement” or “PPA” : This agreement. The PPA is the Power Purchase Agreement entered between theREPD and NDMC for the purchase of the power generated by the Project and purchased from the REPD by the NDMC.

Payment Security Mechanism shall have the meaning ascribed thereto in Article 6.4 of this Agreement; “Preliminary Default shall have the meaning ascribed thereto in Article 9 of this Agreement; Notice” Project / Projects Shall mean the solar power generation facility located at the Base Camp having separate delivery point having a separate boundary. This includes all plants and machinery, XXXX (if required), buildings/structures, facilities and related assets required for the efficient and economic operation of the power generation facility; whether completed or at any stage of development and construction or intended to be developed and constructed for the purpose of supply of power as per this Agreement more detailed at Schedule-II;