Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic Area, Energy Community Contracting Party or Observer Country or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the relevant NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 5 contracts

Samples: Allocation Rules for Forward Capacity Allocation, Allocation Rules for Forward Capacity Allocation, Allocation Rules for Forward Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank;. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic Area, Energy Community Contracting Party or Observer Country or Switzerland; (h) the bank issuing the Bank ~~Guarantee~~ Guarantee, or the financial group it belongs to to, shall have a long term credit rating of not less than BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 5 contracts

Samples: Rules for Daily Capacity Allocation, Rules for Daily Capacity Allocation, Rules for Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform ~~subject to these Allocation Rules~~as per additional financial terms in accordance with Article 15; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank;. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee may alternative include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic Area, Energy Community Contracting ~~Party~~ Party, Energy Community Observer Country, or ~~Observer Country or Switzerland~~Switzerland and shall be acceptable for the business bank of the Allocation Platform; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. Inc. If the issuing bank or the financial ~~group,~~ group the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs, who shall then~~ the Transmission System Operators and requesting them to inform the ~~relevant NRAs~~National Regulatory Authorities. (ij) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address~~, commercial/company register;~~, (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Shadow Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Shadow Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article ~~and~~ and, in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via ~~email to the commercial and operational contact persons~~ electronic means as specified by the ~~Registered Participant in accordance with Article 9~~Allocation Platform on its website. The refusal note shall include reasoning for refusal.

Appears in 4 contracts

Samples: Shadow Allocation Rules, Shadow Allocation Rules, Shadow Allocation Rules

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time~~, informing TSOs, who shall then inform the relevant NRAs~~. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 3 contracts

Samples: Allocation Rules for Forward Capacity Allocation, Allocation Rules for Forward Capacity Allocation, Allocation Rules for Forward Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are ~~industry-~~industry- wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the relevant NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 3 contracts

Samples: Allocation Rules for Forward Capacity Allocation, Allocation Rules for Forward Capacity Allocation, Allocation Rules for Forward Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including ~~name, address,~~ name address (f) commercial/company register~~; (f)~~ ; full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 3 contracts

Samples: Rules for Explicit Daily Capacity Allocation, Rules for Explicit Daily Capacity Allocation, Rules for Explicit Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Single Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Single Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Single Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Single Allocation Platform. It shall further provide that, if the Single Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Single Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Single Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Single Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Single Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the relevant NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 3 contracts

Samples: Harmonised Allocation Rules for Long Term Transmission Rights, Harmonised Allocation Rules for Long Term Transmission Rights, Harmonised Allocation Rules for Long Term Transmission Rights

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including ~~name, address,~~ name address commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 3 contracts

Samples: Rules for Explicit Daily Capacity Allocation, Rules for Explicit Daily Capacity Allocation, Rules for Explicit Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform ~~subject to these Allocation Rules~~as per additional financial terms in accordance with Article 15; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank;. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be ~~permanently established, including via a branch in a EU member state, European Economic Area, Energy Community Contracting Party or Observer Country or Switzerland~~acceptable for the business bank of the Allocation Platform; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. Inc. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs, who shall then~~ the Transmission System Operators and requesting them to inform the ~~relevant NRAs~~National Regulatory Authorities. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 3 contracts

Samples: Rules for Explicit Daily Capacity Allocation on Bidding Zone Borders Serviced by See Cao, Rules for Explicit Daily Capacity Allocation on Bidding Zone Borders Serviced by See Cao, Rules for Explicit Daily Capacity Allocation on Bidding Zone Borders Serviced by See Cao

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform ~~subject to these Allocation Rules~~as per additional financial terms in accordance with Article 15; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank;. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee may alternative include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic Area, Energy Community Contracting ~~Party~~ Party, Energy Community Observer Country, or ~~Observer Country or Switzerland~~Switzerland and shall be acceptable for the business bank of the Allocation Platform; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. Inc. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs, who shall then~~ the Transmission System Operators and requesting them to inform the ~~relevant NRAs~~National Regulatory Authorities. (ij) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Rules for Explicit Daily Capacity Allocation on Bidding Zone Borders Serviced by See Cao, Rules for Explicit Daily Capacity Allocation on Bidding Zone Borders Serviced by See Cao

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these IFA Long Term Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland;. (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ A- by Standard and Poor’s Corporation, ~~BBB-~~ A- by Fitch or ~~Baa3~~ A3 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the ~~rating requirement is not fulfilled by~~ issuer (the ~~issuing bank itself but by~~ “Issuer”) of the ~~financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank~~ Bank Guarantee or the ~~financial group, the issuing bank belongs to~~ Alternative Guarantee ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee or Alternative Guarantee by a bank ~~complying with~~ or other financial institution holding the required long term credit rating or replace the Bank Guarantee by or Alternative Guarantee with a cash collateral deposit. If the Issuer has two or more credit ratings and such credit ratings are not of the same level of parity (commonly known as “split ratings”) then, for the purposes of determining the Issuer’s long term credit rating, if the Issuer holds three credit ratings, the median credit rating will apply or, if the Issuer holds two ratings, the lower credit rating will apply. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time~~, informing TSOs, who shall then inform the relevant NRAs.~~.. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. The requirement to provide a Bank Guarantee may be satisfied by delivery of an equivalent instrument (“Alternative Guarantee”) in terms acceptable to the Allocation Platform, issued by a financial institution other than a bank, with a long term credit rating meeting the requirements of paragraph 1(h) above. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Access Rules, Access Rules

Form of Bank Guarantee. ‌‌ 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, (f) commercial/company register~~; (f)~~ ; full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Rules for Explicit Daily Capacity Allocation, Daily Explicit Capacity Allocation Rules

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are ~~industry-~~industry- wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time~~, informing TSOs, who shall then inform the relevant NRAs~~. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Allocation Rules for Forward Capacity Allocation, Allocation Rules for Forward Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the relevant ~~NRAs.~~regulatory authorities; (ij) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article ~~and~~ and, in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via ~~email to the commercial and operational contact persons~~ electronic means as specified by the ~~Registered Participant in accordance with Article 9~~Allocation Platform on its website. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Rules for Daily Capacity Allocation on Swiss Borders, Rules for Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee may alternative include handwritten signature(s) or qualified electronic signature (s) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs.; and (ij) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Capacity Allocation Rules, Capacity Allocation Rules

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs.; (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Allocation Rules for Intraday Capacity Allocation, Allocation Rules for Intraday Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Rules for Explicit Daily Capacity Allocation, Rules for Daily Explicit Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these ~~Allocation~~ Access Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, in total up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs.; (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation ~~Platform’s~~ Platform bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Interconnector Access Rules for Intraday Capacity Allocation, Interconnector Access Rules for Intraday Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform ~~subject to these Allocation Rules~~as per additional financial terms in accordance with Article 15; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank;. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be ~~permanently established, including via a branch in a EU member state, European Economic Area, Energy Community Contracting Party or Observer Country or Switzerland~~acceptable for the business bank of the Allocation Platform; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. Inc. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs, who shall then~~ the Transmission System Operators and requesting them to inform the ~~relevant NRAs~~National Regulatory Authorities. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Rules for Explicit Daily Capacity Allocation on Bidding Zone Borders Serviced by See Cao, Rules for Explicit Daily Capacity Allocation on Bidding Zone Borders Serviced by See Cao

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Daily Capacity Allocation Agreement, Daily Capacity Allocation Agreement

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member ~~state,~~ state or European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs.; (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 2 contracts

Samples: Allocation Rules for Intraday Capacity Allocation, Allocation Rules for Intraday Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: ~~(a)~~ a. the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; ~~(b)~~ b. the Bank Guarantee shall be written in English; ~~(c)~~ c. the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; ~~(d)~~ d. the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; ~~(e)~~ e. the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. ~~(f)~~ f. the Bank Guarantee shall be irrevocable, unconditional and non-transferable; g. the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature (gs) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); h. the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic Area, ~~Energy Community Contracting Party or Observer Country~~ or Switzerland; ~~(h)~~ i. the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. ~~(i)~~ j. the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time~~, informing TSOs, who shall then inform the relevant NRAs~~. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Allocation Rules for Intraday Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time~~, informing TSOs, who shall then inform the relevant NRAs~~. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation

Form of Bank Guarantee. ‌‌ 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Daily Capacity Allocation Agreement

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member ~~state,~~ state or European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs.; (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. (i) the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Allocation Rules for Intraday Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including ~~name, address,~~ name address commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Capacity Allocation Agreement

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions ~~organized~~ organised by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing bank. In the event the Bank Guarantee is signed by qualified electronic signature(s) (QES), all following amendments shall be signed by qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a ~~long~~ long-term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial ~~group,~~ group the issuing bank belongs to ceases to have the required ~~long~~ long-term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required ~~long~~ long-term credit rating or replace the Bank Guarantee by ~~deposit~~deposit in a dedicated Business Account. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs~~the Transmission System Operators, who shall then inform the relevant ~~NRAs.~~National Regulatory Authorities; and (ij) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in ~~paragraph~~ paragraphs 1 to 2 of this Article and in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via ~~email~~ electronic means as specified by the Allocation Platform on its website to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Eleclink Day Ahead Allocation Rules

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these ~~Allocation~~ Access Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform or the Allocation Platform Service Provider calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs.; (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation ~~Platform~~Platform or Allocation Platform Service Provider’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation ~~Platform~~Platform or Allocation Platform Service Provider’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation ~~Platform’s~~ Platform or Allocation Platform Service Providers’ bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Access Rules for Intraday Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank;. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic Area, Energy Community Contracting Party or Observer Country or Switzerland; (h) the bank issuing the Bank ~~Guarantee~~ Guarantee, or the financial group it belongs to to, shall have a long term credit rating of not less than BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: ~~(a)~~ a. the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; ~~(b)~~ b. the Bank Guarantee shall be written in English; ~~(c)~~ c. the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; ~~(d)~~ d. the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; ~~(e)~~ e. the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. ~~(f)~~ f. the Bank Guarantee shall be irrevocable, unconditional and non-transferable; g. the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature (gs) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); h. the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; ~~(h)~~ i. the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the relevant NRAs. ~~(i)~~ j. the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: ~~(a)~~ a. a maximum amount guaranteed; ~~(b)~~ b. the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; ~~(c)~~ c. the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; ~~(d)~~ d. the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; ~~(e)~~ e. the Registered Participant’s full identification, including name, address, commercial/company register; ~~(f)~~ f. full identification of the providing bank; and ~~(g)~~ g. the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article ~~and~~ and, in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via ~~email to the commercial and operational contact persons~~ electronic means as specified by the ~~Registered Participant in accordance with Article 9~~Allocation Platform on its website. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Forward Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (ba) the Bank Guarantee shall be written in English; (cb) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (dc) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (ed) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (fe) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (gf) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (hg) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time~~, informing TSOs, who shall then inform the relevant NRAs~~. (ih) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Allocation Rules for Intraday Capacity Allocation

Form of Bank Guarantee. ‌ 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including ~~name, address,~~ name address commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Explicit Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, (f) commercial/company register~~; (f)~~ ; full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 9. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template. Alternatively, the Bank Guarantee shall be provided via SWIFT (Society for Worldwide Interbank Financial Telecommunication or any successor provider of such telecommunication services) and the fees of the receiving bank shall be covered by the Registered Participant; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Daily Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the relevant ~~NRAs.~~regulatory authorities; (ij) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article ~~and~~ and, in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via ~~email to the commercial and operational contact persons~~ electronic means as specified by the ~~Registered Participant in accordance with Article 9~~Allocation Platform on its website. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation on Ukrainian Borders

Form of Bank Guarantee. ‌ 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions ~~organized~~ organised by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a ~~long~~ long- term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc.. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial ~~group,~~ group the issuing bank belongs to ceases to have the required ~~long~~ long-term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required ~~long~~ long-term credit rating or replace the Bank Guarantee by ~~deposit~~deposit in a dedicated Business Account. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs~~the Transmission System Operators, who shall then inform the relevant ~~NRAs.~~National Regulatory Authorities; and (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the ~~Allocation Platform;~~Allocation (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in ~~paragraph~~ paragraphs 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Allocation Rules for Intraday Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the ~~receipt~~ receipt: i. [with JAO as Allocation Platform] of a written demand by registered letter from the Allocation Platform. ii. [with SEE CAO as Allocation Platform] of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank;. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a ~~branch~~ branch: i. [with JAO as Allocation Platform] in a EU member state, European Economic Area or Switzerland; ii. [with SEE CAO as Allocation Platform] in a EU member state, European Economic Area, Energy Community Contracting Party or Observer Country or Switzerland; (h) the bank issuing the Bank ~~Guarantee~~ Guarantee, or the financial group it belongs to to, shall have a long term credit rating of not less ~~than~~ than i. [with JAO as Allocation Platform] BBB+ by Standard and Poor’s Corporation, BBB+ by Fitch or Baa1 by Xxxxx’x Investors Service Inc. ii. [with SEE CAO as Allocation Platform] BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation

Form of Bank Guarantee. ‌ 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member ~~state,~~ state or European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs.; (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Iem Intraday Capacity Allocation Rules

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: ~~(a)~~ a. the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; ~~(b)~~ b. the Bank Guarantee shall be written in English; ~~(c)~~ c. the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; ~~(d)~~ d. the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; ~~(e)~~ e. the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; ~~(f)~~ f. the Bank Guarantee shall be irrevocable, unconditional and non-transferable; g. the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature (gs) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); h. the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member ~~state,~~ state or European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; ~~(h)~~ i. the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. . If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs.; ~~(i)~~ j. the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: ~~(a)~~ a. a maximum amount guaranteed; ~~(b)~~ b. the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; ~~(c)~~ c. the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; ~~(d)~~ d. the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; ~~(e)~~ e. the Registered Participant’s full identification, including name, address, commercial/company register; ~~(f)~~ f. full identification of the providing bank; and ~~(g)~~ g. the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article ~~and~~ and, in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent ~~via email to the commercial and operational contact persons~~ by electronic means as specified by the ~~Registered Participant in accordance with Article 9~~Allocation Platform on its website. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Intraday Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications~~: (a)~~ : the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template~~; (b)~~ ; the Bank Guarantee shall be written in English~~; (c)~~ ; the Bank Guarantee covers all Auctions organized by the Allocation Platform ~~subject to these Allocation Rules; (d)~~ as per additional financial terms in accordance with Article 15; the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed~~; (e)~~ ; the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a demand sent by SWIFT through intermediary bank confirming that the signatures on the request appear to conform to specimen held by the bank~~; (f)~~ . the Bank Guarantee shall be irrevocable, unconditional and non-transferable; ; the Bank Guarantee may alternative include handwritten signature(s) or qualified electronic signature (gs) (QES) from the issuing Bank. In the event the Bank Guarantee is signed with qualified electronic signature(s) (QES), all the following amendments shall be signed with a qualified electronic signature(s) (QES); the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic Area, Energy Community Contracting ~~Party~~ Party, Energy Community Observer Country, or ~~Observer Country or Switzerland; (h)~~ Switzerland and shall be acceptable for the business bank of the Allocation Platform; the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than BBB- by Standard and Poor’s Corporation, BBB- by Fitch or Baa3 by Xxxxx’x Investors Service Inc If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. Inc. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, at its own discretion if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs, who shall then~~ the Transmission System Operators and requesting them to inform the ~~relevant NRAs. (i)~~ National Regulatory Authorities. the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued~~. 2~~. A Bank Guarantee shall contain the following~~: (a)~~ : a maximum amount guaranteed~~; (b)~~ ; the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform~~; (c)~~ ; the Allocation Platform’s bank account, as specified on the website of the Allocation Platform~~; (d)~~ ; the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform~~; (e)~~ ; the Registered Participant’s full identification, including name, address, commercial/company register~~; (f)~~ ; full identification of the providing bank; ~~and (g)~~ and the validity time~~. 3~~. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions~~. 4~~. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article ~~and~~ and, in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform~~. 5~~. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via ~~email to the commercial and operational contact persons~~ electronic means as specified by the ~~Registered Participant in accordance with Article 9~~Allocation Platform on its website . The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Explicit Daily Capacity Allocation on Bidding Zone Borders Serviced by See Cao

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions ~~organized~~ organised by the Allocation Platform subject to these ElecLink Long Term Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing bank. In the event the Bank Guarantee is signed by qualified electronic signature(s) (QES), all following amendments shall be signed by qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial ~~group,~~ group the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee ~~by deposit~~with a cash collateral deposit in a dedicated Business Account. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs~~the transmission system operators, who shall then inform the relevant ~~NRAs.~~National Regulatory Authorities; and (ij) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in ~~paragraph~~ paragraphs 1 to 2 of this Article and in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via ~~email~~ electronic means as specified by the Allocation Platform on its website to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Long Term Allocation Rules

Form of Bank Guarantee. ‌ 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions ~~organized~~ organised by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank~~Allocation Platform; (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the Bank Guarantee shall either include handwritten signature(s) or qualified electronic signature(s) (QES) from the issuing bank. In the event the Bank Guarantee is signed by qualified electronic signature(s) (QES), all following amendments shall be signed with by qualified electronic signature(s) (QES); (h) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (hi) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a ~~long~~ long-term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc.. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial ~~group,~~ group the issuing bank belongs to ceases to have the required ~~long~~ long-term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required ~~long~~ long-term credit rating or replace the Bank Guarantee by ~~deposit~~deposit in a dedicated Business Account. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing ~~TSOs~~the Transmission System Operators, who shall then inform the relevant ~~NRAs.~~National Regulatory Authorities; and (ij) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least ~~two~~ four (24) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in ~~paragraph~~ paragraphs 1 to 2 of this Article and in the event the Bank Guarantee includes handwritten signature(s), the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, ~~two~~ four (24) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via ~~email~~ electronic means as specified by the Allocation Platform on its website to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Eleclink Intraday Allocation Rules

Form of Bank Guarantee. 1. Collaterals that are provided in the form of a Bank Guarantee shall comply with the following specifications: (a) the Bank Guarantee shall be provided in the form of the template that is available on the website of the Allocation Platform and updated from time to time or in a form that substantially follows the template; (b) the Bank Guarantee shall be written in English; (c) the Bank Guarantee covers all Auctions organized by the Allocation Platform subject to these Allocation Rules; (d) the Bank Guarantee shall allow partial and multiple drawing by the Allocation Platform, up to the maximum amount guaranteed; (e) the Bank Guarantee shall provide for payment upon first request of the Allocation Platform. It shall further provide that, if the Allocation Platform calls upon the Bank Guarantee, the bank shall pay automatically without any other condition than the receipt of a written demand ~~sent~~ by ~~SWIFT through intermediary bank confirming that~~ registered letter from the ~~signatures on the request appear to conform to specimen held by the bank;~~Allocation Platform. (f) the Bank Guarantee shall be irrevocable, unconditional and non-transferable; (g) the bank issuing the Bank Guarantee shall be permanently established, including via a branch in a EU member state, European Economic ~~Area, Energy Community Contracting Party or Observer Country~~ Area or Switzerland; (h) the bank issuing the Bank Guarantee or the financial group it belongs to shall have a long term credit rating of not less than ~~BBB-~~ BBB+ by Standard and Poor’s Corporation, ~~BBB-~~ BBB+ by Fitch or ~~Baa3~~ Baa1 by Xxxxx’x Investors Service ~~Inc~~ Inc. If the rating requirement is not fulfilled by the issuing bank itself but by the financial group to which it belongs, the issuing bank shall provide the Allocation Platform with a parental guarantee or an equivalent document issued by the financial group. If the issuing bank or the financial group, the issuing bank belongs to ceases to have the required long term credit rating, the Registered Participant shall within five (5) Working Days submit to the Allocation Platform a substitute Bank Guarantee by a bank complying with the required long term credit rating or replace the Bank Guarantee by deposit. If there are industry-wide downgrades of financial institutions, the Allocation Platform may investigate what the new standards are and, if deemed necessary, decrease the required rating for a limited period of time, informing TSOs, who shall then inform the ~~relevant~~ NRAs. (i) the bank issuing the Bank Guarantee shall not be an Affiliate of the Registered Participant for which the Bank Guarantee is issued. 2. A Bank Guarantee shall contain the following: (a) a maximum amount guaranteed; (b) the Allocation Platform’s identification as beneficiary, as specified on the website of the Allocation Platform; (c) the Allocation Platform’s bank account, as specified on the website of the Allocation Platform; (d) the Allocation Platform’s bank’s address, as specified on the website of the Allocation Platform; (e) the Registered Participant’s full identification, including name, address, commercial/company register; (f) full identification of the providing bank; and (g) the validity time. 3. The Registered Participant shall submit the Bank Guarantee at least two (2) Working Days before the Bidding Period closure of the Auction for which it shall be used as collateral or otherwise, it shall be considered for the subsequent Auctions. 4. The Allocation Platform shall accept the Bank Guarantee provided by a Registered Participant if the Bank Guarantee is provided in line with the specifications set out in paragraph 1 to 2 of this Article and the original of the Bank Guarantee has been received by the Allocation Platform. 5. The Allocation Platform shall confirm the acceptance of the Bank Guarantee or send a refusal note to the Registered Participant, at the latest, two (2) Working Days after the receipt of the original of the Bank Guarantee. The confirmation or refusal note shall be sent via email to the commercial and operational contact persons specified by the Registered Participant in accordance with Article 98. The refusal note shall include reasoning for refusal.

Appears in 1 contract

Samples: Rules for Daily Capacity Allocation

Common use of Form of Bank Guarantee Clause in Contracts