Common use of NEGATIVE INVENTORY GUARANTEE Clause in Contracts

NEGATIVE INVENTORY GUARANTEE. The Shipper shall provide the Operator with a Negative Inventory Guarantee in one of the forms set out in Article 29.1, covering the Overdraft Authorisation under Article 27.2.2, the amount of which calculated by the Operator prior to every Invoicing Period shall be equal to: Overdraft Authorisation x Pmax x 1.5 where Pmax is the largest value of the PEGAS Monthly Index prices published by POWERNEXT SA for the PEG, expressed in euro/MWh, over the calendar year preceding the period in question. By way of derogation from the previous rule, the Shipper shall not be required to provide the Negative Inventory Guarantee when and as long as: o the Shipper is a company with a long-term credit rating equal to or above A- (Standard & Poors) or A3 (Xxxxx’x), or o all Shippers with an Overdraft Authorisation as per Article 27.2.2 greater than three hundred (300) GWh have expressly dispensed the Shipper from this. 30 SERVICE PRICES

NEGATIVE INVENTORY GUARANTEE. The Shipper shall provide the Operator with a Negative Inventory Guarantee in one of the forms set out in Article 29.1, covering the Overdraft Authorisation under Article 27.2.2, the amount of which calculated by the Operator prior to every Invoicing Period shall be equal to: Overdraft Authorisation x Pmax x 1.5 where Pmax is the largest value of the PEGAS Monthly Index prices published by POWERNEXT SA for the PEG, expressed in euro/MWh, over the calendar year preceding the period in question. By way of derogation from the previous rule, the Shipper shall not be required to provide the Negative Inventory Guarantee when and as long as: o the Shipper is a company with a long-term credit rating equal to or above A- AA- (Standard & Poors) or A3 AA3 (Xxxxx’x), or o all Shippers with an Overdraft Authorisation as per Article 27.2.2 greater than three hundred (300) GWh have expressly dispensed the Shipper from this. 30 SERVICE PRICESPRICE

NEGATIVE INVENTORY GUARANTEE. The Shipper shall provide the Operator with a Negative Inventory Guarantee in one of the forms set out in Article 29.1, covering the Overdraft Authorisation under Article 27.2.2, the amount of which calculated by the Operator prior to every Invoicing Period shall be equal to: Overdraft Authorisation x Pmax x 1.5 where Pmax is the largest value of the PEGAS Monthly Index prices published by POWERNEXT SA EEX for the PEG, expressed in euro/MWh, over the calendar year preceding the period in question. By way of derogation from the previous rule, the Shipper shall not be required to provide the Negative Inventory Guarantee when and as long as: o the Shipper is a company with a long-term credit rating equal to or above A- (Standard & Poors) or A3 (Xxxxx’x), or o all Shippers with an Overdraft Authorisation as per Article 27.2.2 greater than three hundred (300) GWh have expressly dispensed the Shipper from this. 30 SERVICE PRICESService Prices

NEGATIVE INVENTORY GUARANTEE. The Shipper shall provide the Operator with a Negative Inventory Guarantee in one of the forms set out in Article 29.1, covering the Overdraft Authorisation under Article 27.2.2, the amount of which calculated by the Operator prior to every Invoicing Period shall be equal to: Overdraft Authorisation x Pmax x 1.5 where Pmax is the largest value of the PEGAS Monthly Index prices published by POWERNEXT SA for the PEG, expressed in euro/MWh, over the calendar year preceding the period in question. By way of derogation from the previous rule, the Shipper shall not be required to provide the Negative Inventory Guarantee when and as long as: o the Shipper is a company with a long-term credit rating equal to or above A- (Standard & Poors) or A3 (Xxxxx’x), or o all Shippers with an Overdraft Authorisation as per Article 27.2.2 greater than three hundred (300) GWh have expressly dispensed the Shipper from this. 30 SERVICE PRICESService Prices