Common use of Creditworthiness Requirements Clause in Contracts

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. In order to secure ShipperXxxxxxx’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.