Seller Payment Security Sample Clauses

Seller Payment Security. 3B.1 If no written evidence from financier is delivered then, Along with the Progress Payment invoiced 12 months prior to first Scheduled Major Component Shipment Date , Buyer shall provide Seller either (i) a parent company guarantee from an entity acceptable to Seller or (ii) a Bank Guarantee from a North American or Western European bank with a S&P rating of at least AA.. Such security shall cover the difference between payments received and termination exposure effective until the obligations set forth in Section 3B.2 below have been met. In addition if no financing is in place, Buyer shall provide (i) or (ii) above from a) September 30, 2008 through October 21, 2008 for 5% of the Contract Price, b) April, 25, 2009 through May 24, 2009 for 10% of the Contract Price c) May 25, 2009 through November 20, 2009 for 20% of the Contract Price , d) November 21, 2009 through December 20, 2009 for 30% of the Contract Price, e) December 21, 2009 through January 18, 2010 for 60% of the Contract Price and f) January 19, 2010 until financing is in place 40% of the Contract Price. 3B.2 No later than six months prior to the First Scheduled Major Component Shipment Date, Buyer shall provide Seller with written evidence, from its financier, that project financial closure has occurred. Should written confirmation of project financing not be delivered to Seller by that date, then Seller may require Buyer to provide payment security in the form of one of the following: either i. Bank Guarantee from a North American or Western European bank with a S&P rating of at least AA in the amount of the outstanding Contract balance effective until written notice of financial closure is received by Seller or until 100% of Contract Price has been paid, or ii. Revision to the Payment Schedule to reflect payment of the full Contract Price before the First Scheduled Major Component Shipment Date, or iii. Another form of guarantee acceptable to Seller Refer to Article 12 for further invoicing and payment details. * If any of the Progress Payments listed above would be due after the Shipment of the first group of Units for the relevant Project, the Seller shall provide the Buyer an invoice for the unpaid amount of such Progress Payments relating to the Units for the relevant Project (a “True-Up Amount”) and the Buyer shall pay such True-Up Amount on the same date the Buyer pays for such Shipment all in accordance with Article 12 of the Contract. For the avoidance of doubt, the True-Up Amoun...