Common use of Financial Closing Clause in Contracts

Financial Closing. At Financial Close, GPA shall return the Bid Guarantee to Project Company and Project Company shall provide to GPA a security deposit (the "Performance Bond") in an amount in Dollars equal to US$75,000,000 to ensure Project Company's obligations to pay liquidated damages in accordance with Articles 9.1 and 9.2. The Performance Bond shall terminate three (3) Months after the Phase 2 Commercial Operation Date (or, in the case that Project Company opts to pursue Remedial Actions, six (6) months thereafter), at which point GPA shall return the Performance Bond to Project Company. The Performance Bond shall consist of either: (i) an unconditional and irrevocable direct pay letter of credit issued by an international bank with an investment grade rating in form and substance reasonably acceptable to GPA; (ii) a bank guarantee issued by an international bank with an investment grade rating in form and substance reasonably acceptable to GPA; or (iii) a performance bond issued by an international surety with an investment grade rating in form and substance reasonably acceptable to GPA.