Common use of Financial Bank Guarantee Clause in Contracts

Financial Bank Guarantee. 14.2.1. The Financial Bank Guarantee, referred to in attachment H of the Access Code for Storage, shall be entered into at a bank approved by the Financial Services & Markets Authority (or a similar body in one of the EU Member States) for the amount of an average invoice amount of two (2) Months (VAT included) calculated for the next Storage Year and with a remaining duration of not less than thirty (30) days. If the Service has a duration of less than thirty (30) days, the Storage User shall pay to the Storage Operator at the latest on the date of Subscription of the Service, the expected invoice amount (VAT included). Any modification of Storage User’s Subscribed Service(s), lower or higher, during the Storage Year covered by the Financial Bank Guarantee, shall automatically entail the adjustment of the amount of the Financial Bank Guarantee accordingly. The Storage Operator shall be entitled at any time during the Storage Year covered by the Financial Bank Guarantee to request Storage User to demonstrate within fifteen (15) Business Days after the notification by Storage Operator that the Financial Bank Guarantee is in fact compliant with this Article 14 of this attachment. On a yearly basis and at the latest on the first day of the Storage Year and to the extent the Storage User has subscribed a Services Confirmation, the Storage User shall provide proof to the Storage Operator that the Financial Bank Guarantee still complies with the requirements set in Article 14 of this attachment. The Financial Bank Guarantee shall at all times have a validity of at least two (2) Months after the expiry of the Service End Date, as specified in the relevant Services Confirmation.

Financial Bank Guarantee. 14.2.1. The Financial Bank Guarantee, referred to in attachment H of the Access Code for Storage, shall be entered into at a bank approved certified by the Financial Services & Markets Authority Banking, Finance and Insurance Commission (or a similar body in one of the EU Member States) for the amount of an average invoice amount of two (2) Months (VAT included) calculated for the next Storage Year and with a remaining duration of not less than thirty (30) days. If the Service has a duration of less than thirty (30) days, the Storage User shall pay to the Storage Operator at the latest on the date of Subscription of the Service, the expected invoice amount (VAT included). Any modification of Storage User’s Subscribed Service(s), lower or higher, during the Storage Year covered by the Financial Bank Guarantee, shall automatically entail the adjustment of the amount of the Financial Bank Guarantee accordingly. The Storage Operator shall be entitled at any time during the Storage Year covered by the Financial Bank Guarantee to request Storage User to demonstrate within fifteen (15) Business Days after the notification by Storage Operator that the Financial Bank Guarantee is in fact compliant with this Article 14 of this attachment. On a yearly basis and at the latest on the first day of the Storage Year and to the extent the Storage User has subscribed a Services Confirmation, the Storage User shall provide proof to the Storage Operator that the Financial Bank Guarantee still complies with the requirements set in Article 14 of this attachment. The Financial Bank Guarantee shall at all times have a validity of at least two (2) Months after the expiry of the Service End Date, as specified in the relevant Services Confirmation.