Common use of Creditworthiness Requirements Clause in Contracts

Creditworthiness Requirements. 7.1.1 In order to secure Grid UserNetwork User’s due performance of this Agreement, Grid UserNetwork 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 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 Moody’s 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 Grid UserNetwork User must demonstrate at the latest on the Start Date and then annually at the latest each 1st of January that the Grid UserNetwork User that itself or its parent company still meets the requirements of an acceptable credit rating. 7.1.2 Notwithstanding Article 7.1.1. (ii), the Grid UserNetwork User shall provide a Collateral in accordance with Article 7.2 of these General Conditions if 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 provisions under Article 7.1.

Creditworthiness Requirements. 7.1.1 In order to secure Grid UserNetwork User’s due performance of this Agreement, Grid UserNetwork User shall: (i) either submit a Bank Guarantee Collateral in accordance with 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 Moody’s 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 Grid UserNetwork User must demonstrate at the latest on the Start Date and then annually at and on the latest each 1st anniversary date of January the Agreement that the Grid UserNetwork 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 Notwithstanding Article 7.1.1. (ii), the Grid UserNetwork User shall provide a Collateral Bank Guarantee in accordance with Article 7.2 of these General Conditions if 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 provisions under Article 7.1.

Creditworthiness Requirements. 7.1.1 In order to secure Grid UserNetwork User’s due performance of this Agreement, Grid UserNetwork 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 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 Moody’s 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 Grid UserNetwork User must demonstrate at the latest on the Start Date and then annually at the latest each 1st of January that the Grid UserNetwork User that itself or its parent company still meets the requirements of an acceptable credit rating. 7.1.2 Notwithstanding Article 7.1.1. (ii), the Grid UserNetwork User shall provide a Collateral in accordance with Article 7.2 of these General Conditions if 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 provisions under Article 7.1.

Creditworthiness Requirements. 7.1.1 In order to secure Grid UserNetwork User’s due performance of under this Agreement, Grid UserNetwork User shall: (i) either submit Provide a Collateral Bank Guarantee in accordance with Article section 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 Moody’s Xxxxx’x Investor Services – or to provide an unconditional and irrevocable parent company guarantee by via its parent company who has such an 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 Start Date and then annually at anniversary date of signature of the latest each 1st of January that the Grid UserNetwork User Agreement that itself or its parent company still meets the requirements of an acceptable credit rating. 7.1.2 Notwithstanding Article In any case even if the Grid User or its parent company has an acceptable credit rating as specified in section 7.1.1. (ii), the Grid UserNetwork User shall provide a Collateral Bank Guarantee in accordance with Article section 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 provisions under Article 7.1requirements.