Late Payment Surcharge definition

Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement;

Late Payment Surcharge means the charges payable by a distribution company to a generating company or electricity trader for power procured from it, or by a user of a transmission system to a transmission licensee on account of delay in payment of monthly charges beyond the due date;

Late Payment Surcharge shall have the meaning ascribed thereto in Article 10. 1.7 of this Agreement; Law" shall mean in relation to this Agreement, all laws including Electricity Laws in force in India and any statute, ordinance, regulation, notification or code, rule, or any interpretation of any of them by an Indian Governmental Instrumentality and having force of law and shall further include without limitation all applicable rules, regulations, orders, notifications by an Indian Governmental Instrumentality pursuant to or under any of them and shall include without limitation all rules, regulations, decisions and orders of the GERC; “Letter of Credit” or “LC” shall have the meaning ascribed thereto in Article 10.1.10 of this Agreement;

Examples of Late Payment Surcharge in a sentence

• Subject to Article 6.1, In the event of payment of a Monthly Bill by the Buying Entity beyond the Due Date, a Late Payment Surcharge (LPS) shall be payable by the Buying Entity to SECI on the outstanding payment, at the base rate of Late Payment Surcharge applicable for the period for the first month of default.

• The rate of Late Payment Surcharge for the successive months of default shall increase by 0.5 percent (50 bps) for every month of delay provided that the Late Payment Surcharge shall not be more than 3 percent higher than the base rate at any time.

• In case of any inconsistency in the Guidelines and/or the provisions of this Agreement, with the provisions of the above Electricity (Late Payment Surcharge and Related Matters) Rules, 2022, the Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 will supersede and be applicable and govern the terms and conditions of this Agreement.

• In the event of payment of a Monthly Bill by the Buying Entity beyond the Due Date, a Late Payment Surcharge (LPS) shall be payable by the Buying Entity to SECI on the outstanding payment as per applicable LPS rule notified by MoP or any subsequent amendments, at the base rate of Late Payment Surcharge applicable for the period for the first month of default.

More Definitions of Late Payment Surcharge

Late Payment Surcharge means the charges payable by MSEDCL to the SPV on account of delay in payment of any Monthly Bill beyond the Due Date of Payment.

Late Payment Surcharge shall have the meaning ascribed thereto in Article8.5.1 of this PPA;

Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement; "Law" shall mean in relation to this Agreement, all laws including Electricity Laws in force in India and any statute, ordinance, regulation, notification or code, rule, or any interpretation of any of them by an Indian Government Instrumentality and having force of law and shall further include without limitation all applicable rules, regulations, orders, notifications by an Indian Governmental Instrumentality pursuant to or under any of them and shall include without limitation all rules, regulations, decisions and orders of the Appropriate Commission;

Late Payment Surcharge means the charge on all amounts not paid by the Customer by the Due Date as described in clause 6.

Late Payment Surcharge shall have the meaning ascribed thereto in clause 11.3.4.

Late Payment Surcharge has the meaning ascribed to it in Article 23.10(a).

Late Payment Surcharge means the charges payable by the distribution company to a generating company for power procured from it on account of delay in payment of monthly charges beyond the due date.