Common use of FIRST DEMAND GUARANTEE Clause in Contracts

FIRST DEMAND GUARANTEE. If the Shipper provides the Guarantee in the form of a first demand guarantee, the following provisions apply: The first demand guarantee shall be provided to GRTgaz at the latest one (1) month prior to the date on which the Daily or Hourly Capacity in question take effect. Failing the above, the Shipper shall be invoiced the amount of the Guarantee by GRTgaz, and the sum paid will be used to constitute a Guarantee in the form of a security deposit, in which case all the provisions of Sub-clause 9.3 above shall apply. In the event of an upwards adjustment, if an adjusted first demand guarantee is not provided within ten

FIRST DEMAND GUARANTEE. If the Shipper provides the Guarantee in the form of a guarantee on first demand guaranteedemand, the following provisions apply: are applied. The guarantee on first demand guarantee shall be provided supplied to GRTgaz at the latest one (1) month prior to the date on which the Daily or Hourly Capacity in question shall take effect. Failing the abovethat, the Shipper shall be invoiced of the amount of the Guarantee by GRTgaz, and the sum paid will be used to constitute a Guarantee in the form of a security deposit, in which case all the provisions of Sub-Sub- clause 9.3 above shall apply. In the event of an upwards adjustment, if an adjusted guarantee on first demand guarantee is not provided within by ten