Performance and Warranty Guarantee. 8.2.1 To ensure the Operator’s due and punctual performance of the Contract, the Operator has prior to Contract Signing provided to the DEA an unconditional and irrevocable on-demand Performance and Warranty Guarantee issued by a Guarantor in favour of the DEA. Such Guarantee shall be in the form of Appendix 11, Model performance and warranty guarantee, and shall cover any type of claim raised by the DEA, including but not limited to claims for Penalties, repayment and reduction of Subsidies and damages. 8.2.2 The Guarantor shall be domiciled in the EU / EEA. 8.2.3 The Guarantor shall at least have the ratings for long-term debt specified below from two (2) of the mentioned three rating institutions (or corresponding ratings for long-term debt from similar reputa- ble international rating institutions): a) A- rating for long-term debt issued by Standard & Poor’s; b) A- rating for long-term debt issued by Fitch; and / or c) A3 rating for long-term debt issued by Moody’s. 8.2.4 The liability of the Guarantor under the Performance and Warranty Guarantee shall, subject to clause 8.2.5, be limited to DKK six hundred million (600,000,000) however subject to adjustment for inflation, see clause 8.2.6 . 8.2.5 The Operator shall also be entitled provide the Performance and Warranty Guarantee with a fixed amount (which, at Contract Signing, shall be DKK six hundred million (600,000,000)). In such in- stance, the Operator shall be obliged to provide a new Performance and Warranty Guarantee within twenty (20) Business Days after the adjustment for inflation has taken place in accordance with clause 8.2.6 . 8.2.6 The adjustment of the amount of the Performance and Warranty Guarantee for inflation shall be calculated on the basis of the ICF in accordance with Appendix 6, clause 3.3.3 and clause 3.
Appears in 2 contracts
Samples: Contract on Subsidy for Carbon Capture, Transport and Storage, Contract on Subsidy for Carbon Capture, Transport and Storage
Performance and Warranty Guarantee.
8.2.1 To ensure the Operator’s due and punctual performance of the Contract, the Operator has prior to Contract Signing provided to the DEA an unconditional and irrevocable on-demand Performance and Warranty Guarantee issued by a Guarantor in favour of the DEA. Such Guarantee shall be in the form of Appendix 11, Model performance and warranty guarantee, and shall cover any type of claim raised by the DEA, including but not limited to claims for Penalties, repayment and reduction of Subsidies and damages.
8.2.2 The Guarantor shall be domiciled in the EU / EEA.
8.2.3 The Guarantor shall at least have the ratings for long-term debt specified below from two (2) of the mentioned three rating institutions (or corresponding ratings for long-term debt from similar reputa- ble international rating institutions):
a) A- rating for long-term debt issued by Standard & Poor’s;
b) A- rating for long-term debt issued by Fitch; and / or
c) A3 rating for long-term debt issued by Moody’sXxxxx’x.
8.2.4 The liability of the Guarantor under the Performance and Warranty Guarantee shall, subject to clause 8.2.5, be limited to DKK six hundred million (600,000,000) however subject to adjustment for inflation, see clause 8.2.6 .
8.2.5 The Operator shall also be entitled provide the Performance and Warranty Guarantee with a fixed amount (which, at Contract Signing, shall be DKK six hundred million (600,000,000)). In such in- stance, the Operator shall be obliged to provide a new Performance and Warranty Guarantee within twenty (20) Business Days after the adjustment for inflation has taken place in accordance with clause 8.2.6 .
8.2.6 The adjustment of the amount of the Performance and Warranty Guarantee for inflation shall be calculated on the basis of the ICF in accordance with Appendix 6, clause 3.3.3 and clause 3.
Appears in 1 contract
Samples: Contract on Subsidy for Carbon Capture, Transport and Storage
Performance and Warranty Guarantee.
8.2.1 To ensure the Operator’s due and punctual performance of the Contract, the Operator has prior to Contract Signing provided to the DEA an unconditional and irrevocable on-demand Performance and Warranty Guarantee issued by a Guarantor in favour of the DEA. Such Guarantee shall be in the form of Appendix 11, 11 (Model performance Performance and warranty guarantee, Warranty Guarantee) and shall cover any type of claim raised by the DEA, including but not limited to claims for Penalties, repayment and reduction reduc- tion of Subsidies and damages.
8.2.2 The Guarantor shall be domiciled in the EU / EEA.
8.2.3 The Guarantor shall at least have the ratings for long-term debt specified below from two (2) of the mentioned three rating institutions (or corresponding ratings for long-term debt from similar reputa- ble international rating institutions):
a) A- rating for long-term debt issued by Standard & Poor’s;
b) A- rating for long-term debt issued by Fitch; and / or
c) A3 rating for long-term debt issued by Moody’sXxxxx’x.
8.2.4 The liability of the Guarantor under the Performance and Warranty Guarantee shall, subject to clause 8.2.5, be limited to DKK six eight hundred and fifty million (600,000,000850,000,000) however subject to adjustment for inflationinflation in accordance with Appendix 6, see clause 8.2.6 3.3.
8.2.5 The Operator shall also be entitled provide the Performance and Warranty Guarantee with a fixed amount (which, at Contract Signing, shall be of DKK six eight hundred and fifty million (600,000,000)850,000,000). In such in- stanceinstance, the Operator shall be obliged to provide a new Performance and Warranty Guarantee annually within twenty (20) Business Days after the adjustment for inflation has taken place in accordance with Appendix 6, clause 8.2.6 .3.3.
8.2.6 The adjustment If the credit rating of the Guarantor is downgraded and, as a consequence, the Guarantor no longer complies with clause 8.2.2, the Operator shall within ninety (90) Business Days after the downgrade obtain a replacement Performance and Warranty Guarantee either from another Guarantor that has ratings as set out in clause 8.2.2 or from a Guarantor that has been designated as a Systemi- cally Important Financial Institution (SIFI) or Global Systemically Important Financial Institution (G- SIFI) by the relevant regulatory authority, unless the DEA in its reasonable discretion determines that a replacement Performance and Warranty Guarantee is not required from the Operator. In the DEA’s exercise of this discretion, the DEA shall take into consideration if the downgrading of the Guarantor is a result of a market disruption leading to a general downgrading of all financial insti- tutions similar to the Guarantor. If the downgrading is attributable to the Guarantor and not the market in general, the DEA shall always be entitled to require that a replacement Performance and Warranty Guarantee shall be provided. For the avoidance of doubt, once the Operator has provided the replacement Performance and Warranty Guarantee, the original Performance and Warranty Guarantee shall cease to have effect.
8.2.7 If the Guarantor is no longer domiciled in the EU / EEA and, as a consequence, the Guarantor no longer complies with clause 8.2.2, the Operator shall within ninety (90) Business Days prior to the relocation of the Guarantor obtain a replacement Performance and Warranty Guarantee from an- other Guarantor that complies with clause 8.2.2, unless the DEA in its reasonable discretion deter- mines that a replacement Performance and Warranty Guarantee is not required from the Operator. For the avoidance of doubt, once the Operator has provided the replacement Performance and Warranty Guarantee, the original Performance and Warranty Guarantee shall cease to have effect.
8.2.8 If the Operator has not provided a new Performance and Warranty Guarantee from a Guarantor as required and within the deadlines stated in clauses 8.2.6 and 8.2.7, the DEA shall be entitled to claim the full amount of the Performance and Warranty Guarantee.
8.2.9 The Performance and Warranty Guarantee for inflation shall be calculated on released when the basis DEA confirms in writing that the Contract has expired and the Operator’s obligations under the Contract have been fully dis- charged.
8.2.10 The DEA shall at its sole discretion be entitled to require (one or more times) a decrease in the liability of the ICF Guarantor under the Performance and Warranty Guarantee in exchange of a reduc- tion in the Subsidy calculated in accordance with the rules and procedures of Appendix 66 (Subsidy and economy scheme).
8.2.11 The DEA shall confirm the release the Performance and Warranty Guarantee and / or any decrease in the liability of the Guarantor under the Performance and Warranty Guarantee in writing to the Operator no later than fifteen (15) Business Days after the conditions for expiry or decrease in the liability of the Guarantor have been fulfilled, clause 3.3.3 and clause 3unless the DEA has made a demand which has not at that time been paid in full by the Guarantor in which case the expiry or decrease shall take place when the demand has been paid in full.
Appears in 1 contract
Samples: Contract on Subsidy for Carbon Capture, Transport and Storage
Performance and Warranty Guarantee.
8.2.1 To ensure the Operator’s due and punctual performance of the Contract, the Operator has prior to Contract Signing provided to the DEA an unconditional and irrevocable on-demand Performance and Warranty Guarantee issued by a Guarantor in favour of the DEA. Such Guarantee shall be in the form of Appendix 11, Model performance and warranty guarantee, and shall cover any type of claim raised by the DEA, including but not limited to claims for Penalties, repayment and reduction of Subsidies and damages.
8.2.2 The Guarantor shall be domiciled in the EU / EEA.
8.2.3 The Guarantor shall at least have the ratings for long-term debt specified below from two (2) of the mentioned three rating institutions (or corresponding ratings for long-term debt from similar reputa- ble international rating institutions):
a) A- rating for long-term debt issued by Standard & Poor’s;
b) A- rating for long-term debt issued by Fitch; and / or
c) A3 rating for long-term debt issued by Moody’s.
8.2.4 The liability of the Guarantor under the Performance and Warranty Guarantee shall, subject to clause 8.2.5, be limited to DKK eight six hundred and fifty million (600,000,000850600,000,000) however subject to adjustment for inflation, see clause 8.2.6 in accordance with Appendix 6, Subsidy and economy scheme, clause 3.3.
8.2.5 The Operator shall also be entitled provide the Performance and Warranty Guarantee with a fixed amount (which, at Contract Signing, shall be beof DKK eight six hundred and fifty million (600,000,00085600,000,000)). In such in- stanceinstance, the Operator shall be obliged to provide a new Performance and Warranty Guarantee annually within twenty (20) Business Days after the adjustment for inflation infla- tion has taken place in accordance with clause 8.2.6 .
8.2.6 The adjustment of the amount of the Performance and Warranty Guarantee for inflation shall be calculated on the basis of the ICF in accordance with Appendix 6, Subsidy and economy scheme, clause 3.3.3 and clause 3.3.3.
Appears in 1 contract
Samples: Contract on Subsidy for Carbon Capture, Transport and Storage
Performance and Warranty Guarantee.
8.2.1 12.1 To ensure the Operator’s due and punctual performance of the Contract, the Operator shall provide a Performance and Warranty Guarantee as described in this clause 12. The guarantee shall be issued in favour of the DEA on the terms and conditions specified in Appendix 9, Model perfor- xxxxx and warranty guarantee, and this clause Fejl! Henvisningskilde ikke fundet.. All expenses in issuing and maintaining the guarantee shall be borne by the Operator. The Operator shall ensure that the guarantee is valid and enforceable until the criteria for release of the guarantee have been fulfilled as described in clause 12.11.
12.2 The Operator has prior to Contract Signing contract signing provided to the DEA an unconditional and irrevocable on-demand Performance and Warranty Guarantee issued by a Guarantor in favour of the DEA. Such DEA as described in this clause 12.
12.3 The Performance and Warranty Guarantee shall be in the form of Appendix 11, Model performance and warranty guarantee, and shall cover any type of claim raised by the DEA, including includ- ing but not limited to claims for Penalties, repayment and reduction of Subsidies and damages.
8.2.2 12.4 The Guarantor shall be domiciled in the EU / EEA.EEA.
8.2.3 12.5 The Guarantor shall at least have the ratings for long-term debt specified below from two (2) of the mentioned three rating institutions (or corresponding ratings for long-term debt from similar reputa- ble international rating institutions):
a) A- rating for long-term debt issued by Standard & Poor’s;
b) A- rating for long-term debt issued by Fitch; and / or
c) A3 rating for long-term debt issued by Moody’s.
8.2.4 12.6 The liability of the Guarantor under the Performance and Warranty Guarantee shall, subject to clause 8.2.512.7, be limited to an amount in DKK six hundred million (600,000,000) corresponding to Subsidy Rate 2024 x Annual Quan- tity, however subject to adjustment for inflation, see Appendix 5, Subsidy and economy scheme, clause 8.2.6 3.4. The Subsidy Rate 2024 is for the purpose of the Performance and Warranty Guarantee calculated on the basis of the index in Appendix 5, Subsidy and economy scheme, clause 3.3.1.
8.2.5 12.7 The Operator shall also be entitled provide the Performance and Warranty Guarantee with a fixed amount (which, at Contract Signingcontract signing, shall be have an amount in DKK six hundred million (600,000,000))corresponding to Subsidy Rate 2024 x Annual Quantity. The Subsidy Rate 2024 is for the purpose of the Performance and War- ranty Guarantee calculated on the basis of the index in Appendix 5, Subsidy and economy scheme, clause 3.
3.1. In such in- stanceinstance, the Operator shall be obliged to provide a new Performance and Warranty Guarantee within twenty (20) Business Days after the adjustment for inflation has taken place in accordance with Appendix 5, Subsidy and economy scheme, clause 8.2.6 .3.4.
8.2.6 The adjustment 12.8 If the credit rating of the Guarantor is downgraded and, as a consequence, the Guarantor no longer complies with clause 12.5, the Operator shall within ninety (90) Business Days after the downgrade obtain a replacement Performance and Warranty Guarantee either from another Guarantor that has ratings as set out in clause 12.5 or from a Guarantor that has been designated as a Systemi- cally Important Financial Institution (SIFI) or Global Systemically Important Financial Institution (G- SIFI) by the relevant regulatory authority, unless the DEA in its reasonable discretion determines that a replacement Performance and Warranty Guarantee is not required from the Operator. In the DEA’s exercise of this discretion, the DEA shall take into consideration if the downgrading of the Guarantor is a result of a market disruption leading to a general downgrading of all financial insti- tutions similar to the Guarantor. If the downgrading is attributable to the Guarantor and not the market in general, the DEA shall always be entitled to require that a replacement Performance and Warranty Guarantee shall be provided. For the avoidance of doubt, once the Operator has provided the replacement Performance and Warranty Guarantee, the original Performance and Warranty Guarantee shall cease to have effect.
12.9 If the Guarantor is no longer domiciled in the EU / EEA and, as a consequence, the Guarantor no longer complies with clause 12.4, the Operator shall within ninety (90) Business Days prior to the relocation of the Guarantor obtain a replacement Performance and Warranty Guarantee from an- other Guarantor that complies with clause 12.4, unless the DEA in its reasonable discretion deter- mines that a replacement Performance and Warranty Guarantee is not required from the Operator. For the avoidance of doubt, once the Operator has provided the replacement Performance and Warranty Guarantee, the original Performance and Warranty Guarantee shall cease to have effect.
12.10 If the Operator has not provided a new Performance and Warranty Guarantee from a Guarantor as required and within the deadlines stated in clauses 12.8 and 12.9, the DEA shall be entitled to claim the full amount of the Performance and Warranty Guarantee.
12.11 The Performance and Warranty Guarantee for inflation shall be calculated released when the DEA confirms in writing that the Contract has expired and the Operator’s obligations under the Contract have been fully dis- charged.
12.12 The Operator may provide the Performance and Warranty Guarantee with a fixed expiry date under the following conditions:
a) The fixed expiry date may entail that the duration of the Performance and Warranty Guar- xxxxx becomes shorter than the duration set out in clause 12.11, but under no circum- stances shall the fixed duration of the Performance and Warranty Guarantee be shorter than three (3) years, and the expiry date is to be approved by the DEA.
b) If the criteria for release of the Performance and Warranty Guarantee, see clause 12.11, have not been fulfilled thirty (30) Business Days prior to the expiry date, the Operator shall no later than twenty (20) Business Days before the expiry date of the Performance and Warranty Guarantee extend the validity of the Performance and Warranty Guarantee or provide a new Performance and Warranty Guarantee to be approved by the DEA in both instances with a duration of minimum three (3) years or until the criteria for release have been met.
c) If the criteria for release have not been fulfilled thirty (30) Business Days prior to the expiry date of the extended/new Performance Guarantee, the Operator shall again extend the guarantee or provide a new guarantee on the basis conditions stated in this clause 12.12; this shall be repeated until the criteria for release are met.
d) If the Operator has not extended the validity of the ICF Performance and Warranty Guarantee or provided a new Performance and Warranty Guarantee within twenty (20) Business Days before the expiry date of the Performance and Warranty Guarantee, the DEA shall be en- titled to claim the full amount of the Performance and Warranty Guarantee.
12.13 The DEA shall confirm the release of the Performance and Warranty Guarantee and / or any de- crease in accordance with Appendix 6the liability of the Guarantor under the Performance and Warranty Guarantee in writing to the Operator no later than fifteen (15) Business Days after the conditions for expiry or decrease in the liability of the Guarantor have been fulfilled, clause 3.3.3 and clause 3unless the DEA has made a demand which has not at that time been paid in full by the Guarantor in which case the expiry or decrease shall take place when the demand has been paid in full.
Appears in 1 contract
Samples: Contract on Subsidy for Negative Emissions Carbon Capture, Transport and Storage
Performance and Warranty Guarantee.
8.2.1 To ensure the Operator’s due and punctual performance of the Contract, the Operator has prior to Contract Signing provided to the DEA an unconditional and irrevocable on-demand Performance and Warranty Guarantee issued by a Guarantor in favour of the DEA. Such Guarantee shall be in the form of Appendix 11, Model performance and warranty guarantee, and shall cover any type of claim raised by the DEA, including but not limited to claims for Penalties, repayment and reduction of Subsidies and damages.
8.2.2 The Guarantor shall be domiciled in the EU / EEA.
8.2.3 The Guarantor shall at least have the ratings for long-term debt specified below from two (2) of the mentioned three rating institutions (or corresponding ratings for long-term debt from similar reputa- ble international rating institutions):
a) A- rating for long-term debt issued by Standard & Poor’s;
b) A- rating for long-term debt issued by Fitch; and / or
c) A3 rating for long-term debt issued by Moody’s.
8.2.4 The liability of the Guarantor under the Performance and Warranty Guarantee shall, subject to clause 8.2.5, be limited to DKK six eight hundred and fifty million (600,000,000850,000,000) however subject to adjustment for inflationinflation in accordance with Appendix 6, see Subsidy and economy scheme, clause 8.2.6 3.3.
8.2.5 The Operator shall also be entitled provide the Performance and Warranty Guarantee with a fixed amount (which, at Contract Signing, shall be of DKK six eight hundred and fifty million (600,000,000)850,000,000). In such in- stanceinstance, the Operator shall be obliged to provide a new Performance and Warranty Guarantee annually within twenty (20) Business Days after the adjustment for inflation has taken place in accordance with Appendix 6, Subsidy and economy scheme, clause 8.2.6 .3.3.
8.2.6 The adjustment If the credit rating of the Guarantor is downgraded and, as a consequence, the Guarantor no longer complies with clause 8.2.2, the Operator shall within ninety (90) Business Days after the downgrade obtain a replacement Performance and Warranty Guarantee either from another Guarantor that has ratings as set out in clause 8.2.2 or from a Guarantor that has been designated as a Systemi- cally Important Financial Institution (SIFI) or Global Systemically Important Financial Institution (G- SIFI) by the relevant regulatory authority, unless the DEA in its reasonable discretion determines that a replacement Performance and Warranty Guarantee is not required from the Operator. In the DEA’s exercise of this discretion, the DEA shall take into consideration if the downgrading of the Guarantor is a result of a market disruption leading to a general downgrading of all financial insti- tutions similar to the Guarantor. If the downgrading is attributable to the Guarantor and not the market in general, the DEA shall always be entitled to require that a replacement Performance and Warranty Guarantee shall be provided. For the avoidance of doubt, once the Operator has provided the replacement Performance and Warranty Guarantee, the original Performance and Warranty Guarantee shall cease to have effect.
8.2.7 If the Guarantor is no longer domiciled in the EU / EEA and, as a consequence, the Guarantor no longer complies with clause 8.2.2, the Operator shall within ninety (90) Business Days prior to the relocation of the Guarantor obtain a replacement Performance and Warranty Guarantee from an- other Guarantor that complies with clause 8.2.2, unless the DEA in its reasonable discretion deter- mines that a replacement Performance and Warranty Guarantee is not required from the Operator. For the avoidance of doubt, once the Operator has provided the replacement Performance and Warranty Guarantee, the original Performance and Warranty Guarantee shall cease to have effect.
8.2.8 If the Operator has not provided a new Performance and Warranty Guarantee from a Guarantor as required and within the deadlines stated in clauses 8.2.6 and 8.2.7, the DEA shall be entitled to claim the full amount of the Performance and Warranty Guarantee.
8.2.9 The Performance and Warranty Guarantee for inflation shall be calculated on released when the basis DEA confirms in writing that the Contract has expired and the Operator’s obligations under the Contract have been fully dis- charged.
8.2.10 The DEA shall at its sole discretion be entitled to require (one or more times) a decrease in the liability of the ICF Guarantor under the Performance and Warranty Guarantee in exchange of a reduc- tion in the Subsidy calculated in accordance with the rules and procedures of Appendix 6, clause 3.3.3 Subsidy and clause 3economy scheme.
8.2.11 The DEA shall confirm the release the Performance and Warranty Guarantee and / or any decrease in the liability of the Guarantor under the Performance and Warranty Guarantee in writing to the Operator no later than fifteen (15) Business Days after the conditions for expiry or decrease in the liability of the Guarantor have been fulfilled, unless the DEA has made a demand which has not at that time been paid in full by the Guarantor in which case the expiry or decrease shall take place when the demand has been paid in full.
Appears in 1 contract
Samples: Contract on Subsidy for Carbon Capture, Transport and Storage
