Common use of Creditworthiness Requirements Clause in Contracts

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 Grid User’s due performance under of this Agreement, Grid User shall: (i) Provide either submit a Bank Guarantee Collateral in accordance with section Article 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 by its parent company who has an such acceptable credit rating (Standard & Poor’s/Fitch : BBB+ and Moody’s : Baa1). The Grid User must demonstrate annually and at the latest on the Start Date and then annually and on the anniversary date of signature of the Agreement that the Grid User that itself or its parent company still meets the requirements of an acceptable credit rating. If the Grid User no longer meets the requirements stipulated in Articles 7.1.1 (i) or 7.1.1 (ii), Grid User must immediately notify the Balancing Operator hereof by registered mail. 7.1.2 In any case even if the Grid User or its parent company has an acceptable credit rating as specified in section Notwithstanding Article 7.1.1. (ii), the Grid User shall provide a Collateral Bank Guarantee in accordance with section Article 7.2 of these General Conditions if the Grid 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 Grid User to demonstrate that it is complying with these creditworthiness requirementsprovisions under Article 7.1.

Creditworthiness Requirements. 7.1.1 In order to secure Grid UserNetwork User’s due performance under of this Agreement, Grid UserNetwork User shall: (i) Provide either submit a Bank Guarantee Collateral in accordance with section Article 7.2; or, (ii) have an acceptable credit rating – which corresponds to a rating for the Grid UserNetwork 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 Moody’s Investor Services – or to provide an unconditional and irrevocable parent company guarantee via by its parent company who has an such acceptable credit rating (Standard & Poor’s/Fitch : BBB+ and Moody’s : Baa1). The Grid UserNetwork User must demonstrate annually and at the latest on the anniversary date Start Date and then annually at the latest each 1st of signature of January that the Agreement Grid UserNetwork User that itself or its parent company still meets the requirements of an acceptable credit rating. 7.1.2 In any case even if Notwithstanding Article 7.1.1. (ii), the Grid User or its parent company has an acceptable credit rating as specified in section 7.1.1. the Grid UserNetwork User shall provide a Bank Guarantee Collateral in accordance with section Article 7.2 of these General Conditions if the Grid UserNetwork 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 Grid UserNetwork User to demonstrate that it is complying with these creditworthiness requirementsprovisions under Article 7.1.

Creditworthiness Requirements. 7.1.1 In order to secure Grid UserNetwork User’s due performance under of this Agreement, Grid UserNetwork User shall: (i) Provide either submit a Bank Guarantee Collateral in accordance with section Article 7.2; or, (ii) have an acceptable credit rating – which corresponds to a rating for the Grid UserNetwork 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 by its parent company who has an such acceptable credit rating (Standard & Poor’s/Fitch : BBB+ and Moody’s : Baa1). The Grid UserNetwork User must demonstrate annually and at the latest on the anniversary date Start Date and then annually at the latest each 1st of signature of January that the Agreement Grid UserNetwork User that itself or its parent company still meets the requirements of an acceptable credit rating. 7.1.2 In any case even if Notwithstanding Article 7.1.1. (ii), the Grid User or its parent company has an acceptable credit rating as specified in section 7.1.1. the Grid UserNetwork User shall provide a Bank Guarantee Collateral in accordance with section Article 7.2 of these General Conditions if the Grid UserNetwork 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 Grid UserNetwork User to demonstrate that it is complying with these creditworthiness requirementsprovisions under Article 7.1.