Common use of Dispensations Clause in Contracts

Dispensations. 14.1.2.1 First case of dispensation Notwithstanding the rule stated in article 14.1.1 above, when the Customer has its registered head-office in a European Union country and has a long-term credit rating of at least A+ (Standard & Poor’s) or A1 (Xxxxx’x), the Customer's Guarantee must amount to one twelfth (1/12th) of the sum of the Fixed Annual Rate and the Annual Subscription Rate specified in article 12.1.