Common use of Financial Bank Guarantee Clause in Contracts

Financial Bank Guarantee.  The Shipper who has to provide a Financial Bank Guarantee must, five (5) Business Days before the Service Start Date and until the Service End Date of any Service Confirmation, have an unconditional and irrevocable Financial Bank Guarantee issued by a bank licensed by the Belgian Financial Services & Market Authority (or by an equivalent body in one of the Members States of the European Union), for an amount equal to two times the Monthly Capacity Charge. If the LNG Service has a duration of less than thirty (30) Days, the Shipper shall pay to the Terminal Operator at the latest on the date of subscription of the LNG Service, the expected invoice amount (VAT included).  Shipper must demonstrate annually and at the latest on the anniversary date of the subscribed LNG Services, with a term of at least thirty (30) Days left to run, that the financial institution, or the equivalent body that meets the requirements stipulated in GC 8, which has issued the Financial Bank Guarantee, has extended the Financial Bank Guarantee’s term and has amended the amount thereof to correspond to the amount as specified in GC 8.2.  The Financial Bank Guarantee shall at all times have a validity of at least one (1) Month after the expiry of the Service End Date, as specified in the relevant Services Confirmation. If more than one Service Confirmation has been entered into, the Services Confirmation with the most remote Service End Date shall apply for the purposes of this GC 8.2.3  Without prejudice to GC 16, if Shipper fails for whatever reason to pay any invoiced amount by the Due Date, Terminal Operator shall notify Shipper and if such invoice plus accrued interest is not thereafter paid within fourteen (14) Days after receipt of such notice, Terminal Operator may immediately make a claim under the Financial Bank Guarantee provided by Shipper.  If Terminal Operator has drawn on the Financial Bank Guarantee pursuant to GC 8.2 Shipper shall, within fifteen (15) Business Days as from the date of such drawdown (i) demonstrate that the financial institution which provided the Financial Bank Guarantee, has adjusted the amount to the level of the Financial Bank Guarantee as specified in GC 8.2 or (ii) provide a new Financial Bank Guarantee that complies with the conditions stipulated in of GC 8.2. In case of default, the LNG Services may be suspended in accordance with GC 16.

Financial Bank Guarantee.  The Shipper who has to provide a Financial Bank Guarantee must, five (5) Business Days before the Service Start Date and until the Service End Date of any Service ConfirmationDate, have an unconditional and irrevocable Financial Bank Guarantee issued by a bank licensed approved by the Belgian Financial Services & Market Authority Banking (or by an equivalent body in one of the Members States of the European Union), for an amount equal of Shipper’s Capacity Charge for the next two Months with a minimum of one hundred thousand Euros (EUR 100,000). This amount shall however be rounded upwards to two times the Monthly Capacity Chargefirst thousand Euros (EUR 1000). If the LNG Service has a duration of less than thirty (30) Days, the Shipper shall pay to the Terminal Operator at the latest on the date of subscription of the LNG Service, the expected invoice amount (VAT included).  Shipper must demonstrate annually and at the latest on the anniversary date of the subscribed LNG ServicesService subscribed, with a term of at least thirty (30) Days left to run, that the financial institution, or the equivalent body that meets the requirements stipulated in GC 810, which has issued the Financial Bank Guarantee, has extended the Financial Bank Guarantee’s term and has amended the amount thereof to correspond to the amount as specified in GC 8.210.2.  The Financial Bank Guarantee shall at all times have a validity of at least one (1) Month after the expiry of the Service End Date, as specified in the relevant Services Confirmation. If more than one Service Confirmation has been entered into, the Services Confirmation with the most remote Service End Date shall apply for the purposes of this GC 8.2.3  Without prejudice to GC 16, if Shipper fails for whatever reason to pay any invoiced amount by the Due Date, Terminal Operator shall notify Shipper and if such invoice plus accrued interest is not thereafter paid within fourteen (14) Days after receipt of such notice, Terminal Operator may immediately make a claim under the Financial Bank Guarantee provided by Shipper.  If Terminal Operator has drawn on the Financial Bank Guarantee pursuant to GC 8.2 Shipper shall, within fifteen (15) Business Days as from the date of such drawdown (i) demonstrate that the financial institution which provided the Financial Bank Guarantee, has adjusted the amount to the level of the Financial Bank Guarantee as specified in GC 8.2 or (ii) provide a new Financial Bank Guarantee that complies with the conditions stipulated in of GC 8.2. In case of default, the LNG Services may be suspended in accordance with GC 16.GC

Financial Bank Guarantee.  The Shipper who has to provide a Financial Bank Guarantee must, five (5) Business Days before the Service Start Date and until the Service End Date of any Service ConfirmationDate, have an unconditional and irrevocable Financial Bank Guarantee issued by a bank licensed approved by the Belgian Financial Services & Market Authority Banking (or by an equivalent body in one of the Members States of the European Union), for an amount equal of Shipper’s Capacity Charge for the next two Months with a minimum of one hundred thousand Euros (EUR 100,000). This amount shall however be rounded upwards to two times the Monthly Capacity Chargefirst thousand Euros (EUR 1000). If the LNG Service has a duration of less than thirty (30) Days, the Shipper shall pay to the Terminal Operator at the latest on the date of subscription of the LNG Service, the expected invoice amount (VAT included).  Shipper must demonstrate annually and at the latest on the anniversary date of the subscribed LNG ServicesService subscribed, with a term of at least thirty (30) Days left to run, that the financial institution, or the equivalent body that meets the requirements stipulated in GC 810, which has issued the Financial Bank Guarantee, has extended the Financial Bank Guarantee’s term and has amended the amount thereof to correspond to the amount as specified in GC 8.210.2.  The Financial Bank Guarantee shall at all times have a validity of at least one (1) Month after the expiry of the Service End Date, as specified in the relevant Services Confirmation. If more than one Service Confirmation has been entered into, the Services Confirmation with the most remote Service End Date shall apply for the purposes of this GC 8.2.3  Without prejudice to GC 16, if Shipper Xxxxxxx fails for whatever reason to pay any invoiced amount by the Due Date, Terminal Operator shall notify Shipper and if such invoice plus accrued interest is not thereafter paid within fourteen (14) Days after receipt of such notice, Terminal Operator may immediately make a claim under the Financial Bank Guarantee provided by Shipper.  If Terminal Operator has drawn on the Financial Bank Guarantee pursuant to GC 8.2 Shipper shall, within fifteen (15) Business Days as from the date of such drawdown (i) demonstrate that the financial institution which provided the Financial Bank Guarantee, has adjusted the amount to the level of the Financial Bank Guarantee as specified in GC 8.2 or (ii) provide a new Financial Bank Guarantee that complies with the conditions stipulated in of GC 8.2. In case of default, the LNG Services may be suspended in accordance with GC 16.GC