Creditworthiness Requirements. 14.1.1 In order to secure the Network User’s due performance of this Agreement, the Network User shall:
(i) either submit a collateral in the form of a Bank Guarantee or in the form of a cash deposit in accordance with Article 14.2; or,
(ii) at the latest five (5) Business Days before the Services Start Date:
a. have a credit rating which corresponds to a rating, for the Network User’s long term unsecured and non-credit enhanced debt obligations, of not less than BBB+ by Standard & Poor’s Rating Services or Fitch Ratings or not less than Baa1 by Xxxxx’x Investor Services; or
b. provide an unconditional and irrevocable parent company guarantee of its Parent Company, which has an credit rating not lower than BBB+ by Standard & Poor’s or Fitch rating, or not lower than Baa1 by Moody’s. The Network User must demonstrate annually at the latest each 1st of January that the Network User or its Parent Company still meets the requirements of an acceptable credit rating; or,
(iii) for whom the average Monthly Capacity Fee (estimated for the following twelve (12) Months) exceeds seven hundred and fifty thousand (750 000) EUR, have, at the latest five (5) Business Days before the Services Start Date an equity base of at least sixty (60) times the anticipated amount of the Network User’s Total Monthly Fee(s). The Network User must demonstrate annually at the latest each 1st of January that it still has a sufficient equity base.
14.1.2 Notwithstanding Article 14.1.1. of this attachment, the Network User shall have to provide a collateral in accordance with Article 14.2 of this attachment if the Network User has made a payment with a delay after the Due Date of more than:
(i) twenty (20) Business Days once in the past twelve (12) Months; or,
(ii) ten (10) Business Days twice in the past twelve (12) Months;
14.1.3 The TSO may before the signature of the relevant contract request the Network User to demonstrate that it is complying with the Creditworthiness provisions as well as to comply with the "Know Your Customer" requirements established by the TSO in consultation with the XXXX. Once the Agreement has duly entered into force, TSO may assess at any time the compliance of the Network User with the "Know Your Customer" requirements and may request the Network User to demonstrate its compliance with the Creditworthiness provisions and “Know Your Customer” requirements. In case the Network User fails to demonstrate compliance within twenty (20) Business Days, the Services ...
Creditworthiness Requirements. 7.1.1 In order to secure Network User’s due performance of this Agreement, Network User shall:
(i) either submit a Collateral in accordance with Article 7.2; or,
(ii) have an acceptable credit rating – which corresponds to a rating for the Network User’s long term unsecured and non credit enhanced debt obligations of not less than BBB+ by Standard & Poor’s Rating Services or Fitch Ratings or not less than Baa1 by Xxxxx’x Investor Services – or to provide an unconditional and irrevocable parent company guarantee by its parent company who has such acceptable credit rating (Standard & Poor’s/Fitch : BBB+ or Moody’s : Baa1). The Network User must demonstrate at the latest on the Start Date and then annually at the latest each 1st of January that the Network User or its parent company still meets the requirements of an acceptable credit rating.
7.1.2 Notwithstanding Article 7.1.1. (ii), the Network User shall provide a Collateral in accordance with Article 7.2 of these General Conditions if Network User has made a payment with a delay after the Due Date of more than:
(i) twenty (20) Business Days once in the past twelve (12) Months; or,
(ii) ten (10) Business Days twice in the past twelve (12) Months; The obligation to provide such Collateral shall expire if no new delay as referred to under this provision has been recorded for an uninterrupted period of twelve (12) Months.
7.1.3 The Balancing Operator shall before entering into a contract, request the Network User to demonstrate that it is complying with the Creditworthiness provisions as well as to comply with the "Know Your Customer" requirements established by the Balancing Operator. After the Agreement has duly entered into force, Balancing Operator may assess at any time the compliance of the Network User with the "Know Your Customer" requirements and may request the Network User to demonstrate its compliance with the Creditworthiness provisions under Article 7.1 and “Know Your Customer” requirements. In case the Network User fails to demonstrate compliance within twenty (20) Business Days, the Balancing Operator shall inform the TSOs of the BeLux Area (and the Network User acknowledges that TSOs of the BeLux Area have the right to immediately suspend all or part of Services of the Network User in accordance with the contractual provisions provided for this purpose). At the same time the Balancing Operator shall notify the Network User that he has informed the TSOs of the BeLux Area.
Creditworthiness Requirements. Throughout the term of this Agreement, Shipper shall comply with the creditworthiness requirements set out in Annex C.
Creditworthiness Requirements. The Customer agrees to comply with Xxxxxxxxxx’s credit support requirements throughout the term of this Agreement, as set forth in Bonneville’s Creditworthiness Business Practice, as amended from time to time, and in accordance with section 11 of the OATT. Based on such credit support requirements, at the time Bonneville establishes the Service Commencement Date, Bonneville will determine whether the Customer has an obligation to post additional credit assurances.
Creditworthiness Requirements. 7.1.1 In order to secure Grid User’s due performance under this Agreement, Grid User shall:
(i) Provide a Bank Guarantee in accordance with section 7.2; or,
(ii) have an acceptable credit rating – which corresponds to a rating for the Grid User’s long term unsecured and non credit enhanced debt obligations of not less than BBB+ by Standard & Poor’s Rating Services or Fitch Ratings or not less than Baa1 by Xxxxx’x Investor Services – or to provide an unconditional and irrevocable parent company guarantee via its parent company who has an acceptable credit rating (Standard & Poor’s/Fitch : BBB+ and Moody’s : Baa1). The Grid User must demonstrate annually and at the latest on the anniversary date of signature of the Agreement that itself or its parent company still meets the requirements of an acceptable credit rating.
7.1.2 In any case even if the Grid User or its parent company has an acceptable credit rating as specified in section 7.1.1. the Grid User shall provide a Bank Guarantee in accordance with section 7.2 if the Grid User has made payment with a delay of more than:
(i) twenty (20) Business Days once in the past twelve (12) Months; or,
(ii) ten (10) Business Days twice in the past twelve (12) Months;
7.1.3 The Balancing Operator may at any time request the Grid User to demonstrate that it is complying with these creditworthiness requirements.
Creditworthiness Requirements. 7.1.1 In order to secure Network User’s due performance of this Agreement, Network User shall:
(i) either submit a Collateral in accordance with Article 7.2; or,
(ii) have an acceptable credit rating – which corresponds to a rating for the Network User’s long term unsecured and non credit enhanced debt obligations of not less than BBB+ by Standard & Poor’s Rating Services or Fitch Ratings or not less than Baa1 by Xxxxx’x Investor Services – or to provide an unconditional and irrevocable parent company guarantee by its parent company who has such acceptable credit rating (Standard & Poor’s/Fitch : BBB+ and Moody’s : Baa1). The Network User must demonstrate at the latest on the Start Date and then annually at the latest each 1st of January that the Network User or its parent company still meets the requirements of an acceptable credit rating.
7.1.2 Notwithstanding Article 7.1.1. (ii), the Network User shall provide a Collateral in accordance with Article 7.2 of these General Conditions if Network User has made a payment with a delay after the Due Date of more than:
(i) twenty (20) Business Days once in the past twelve (12) Months; or,
(ii) ten (10) Business Days twice in the past twelve (12) Months;
7.1.3 The Balancing Operator may at any time request the Network User to demonstrate that it is complying with these creditworthiness provisions under Article 7.1.
Creditworthiness Requirements. In order to secure Shipper’s due performance of this Agreement, the Terminal Operator is entitled to require the Shipper and the Other Shippers having entered into an LTA for LNG Services to : Terminal Operator shall be entitled at any time during the Service Term to request Shipper to demonstrate within fifteen (15) Business Days after the notification by Terminal Operator that the Financial Bank Guarantee or the acceptable credit rating, is in fact compliant with this GC 10. If the Shipper no longer meets the requirements stipulated in GC 10.1, it must, at the risk of breach of contract, immediately notify the Terminal Operator hereof by registered mail. The Shipper has fifteen (15) Business Days in order to demonstrate to the Terminal Operator that it complies with the provisions of GC 10.1.1. If upon expiry of this period, the Shipper does not comply with the provisions of GC 10.1.1, the LNG Services will be suspended in accordance with GC 16.2. Any modification of Shipper’s Subscribed LNG Service(s), lower or higher, during the Service Term covered by the Financial Bank Guarantee or the parent company guarantee as the case may be, shall automatically entail the adjustment of the amount of accordingly.
Creditworthiness Requirements. Biogas Producer shall be responsible for meeting all Creditworthiness Requirements.
Creditworthiness Requirements. Throughout the term of this Agreement, Xxxxxxx shall comply with the creditworthiness requirements set out in Annex C.
Creditworthiness Requirements. On or before ten days after the Effective Date or within three (3) days after Pipeline’s written request, Customer must demonstrate that it satisfies one of the creditworthiness requirements set forth below (the “Creditworthiness Requirements”): (a) Customer is Investment Grade; (b) Customer furnishes to Pipeline a guaranty from a parent company or an affiliated third party that is Investment Grade, where the guaranty (1) extends for the term of this Precedent Agreement and Firm Transport Agreements, (2) guarantees all payment obligations of Customer under this Precedent Agreement and the Firm Transport Agreement and (3) is in a form reasonably acceptable to Pipeline; or (c) At Customer’s cost, Customer furnishes to Pipeline a standby irrevocable letter of credit (in a form reasonably acceptable to Pipeline) from a Qualified Institution (the “Letter of Credit”) in an amount up to Customer’s proportionate share (as prorated based on the maximum daily quantities among all customers that have a precedent agreement in effect with Pipeline and/or firm transportation service agreement for service on the Project Facilities that will be in effect on the In-Service Date) of the total costs associated with the Project, less depreciation following the In-Service Date; provided that such required Letter of Credit amount shall not exceed the amount that would be the net present value of Customer’s total outstanding Negotiated Reservation Rate responsibility for the Primary Term (or any subsequent elected rollover or extended term) of the FTSA. Pipeline may require Customer at its cost to substitute a Qualified Institution if the Letter of Credit provided is, at any time, from a financial institution which is no longer a Qualified Institution. The failure of Customer to timely supply or maintain the Creditworthiness Requirements in no way relieves Customer of its other obligations under this Precedent Agreement nor Pipeline’s right to seek damages or performance under this Precedent Agreement nor Pipeline’s right to obtain reimbursement from Customer pursuant to Section 9 upon Pipeline’s termination of this Precedent Agreement due to Customer’s failure to timely supply or maintain the Creditworthiness Requirements. The Creditworthiness Requirements are in addition to, and not in lieu of, any requirements under Pipeline’s Tariff, will survive the termination of this Precedent Agreement, and will remain in effect for the term of the Firm Transport Agreement.
