Types of Abandonment Fund Guarantees Sample Clauses

Types of Abandonment Fund Guarantees. The Contractor may choose any of the following types of guarantee, provided that they meet, in addition to the requirements set forth in this Agreement for the Abandonment Fund Guarantee, the specials established below: Type of guarantee Minimum characteristics of the Issuer Applicable rules Standby credit letter issued in Colombia • It must be a Colombian banking institution. • It must have on the date of issue, a long-term counterparty rating from a risk rating agency authorized by the Financial Superintendence of Colombia, with • ISP98 or UCP600 international recognition, as a minimum of: (i) AAA if it is a local rating, or (ii) BBB- if it is a global scale rating. • It must be a financial entity in the place of issuance. Standby credit letter issued outside Colombia • It must have the date of issue, a minimum global scale rating of BBB-, from a risk rating agency authorized by the Financial • ISP98 or UCP600 • It must be confirmed by a Colombian banking institution. Superintendence of Colombia, with international recognition. • The policy must be • Commercial Code. • The models of the insurance policies and annexes thereto must have been registered by the insurer with the Financial Superintendence of Colombia, in accordance with the provisions of its Legal Basic Circular (C.E. 029/14). issued by a Colombian insurance company. • When, according to the terms of the insurance policy, the retention of risks by the Colombian issuing insurance company are equal to or greater than 10% Insurance policy issued in Colombia of the risk, the following requirements must be fulfilled concurrently: o (A) The issuing Colombian insurance company must have, on the date of issue, a financial strength rating from a risk rating agency authorized by the Financial Superintendence of Colombia, with international recognition of (i) AAA if it is a local rating, or (ii) minimum BBB- if it is a global scale rating, o (B)Reinsurance companies that assume the risk that Colombian issuing insurance companies do not assume must be registered with the REACOEX and have, on the date of issue, a financial strength rating from a risk rating agency authorized by the Financial Superintendence of Colombia, of international recognition, of (i) AAA if it is a local rating, or of (ii) minimum BBB- if it is a global scale rating, and o (C) Reinsurance companies that assume the risk that the Colombian issuing insurance company does not assume must issue a confirmation of the reinsurance endorsemen...
Sample 1
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Types of Abandonment Fund Guarantees. In order to secure the availability of resources required for such purpose, the Contractor may choose any of the following types of guarantee, provided that they meet, in addition to the requirements set forth in this Agreement for the Abandonment Fund Guarantee, the special resources established below: Type of guarantee Minimum characteristics of the Issuer Applicable rules Standby credit letter issued in Colombia • It must be a Colombian banking establishment controlled by the Colombian Finance Superintendence. • It must have on the date of issue, a long-term counterparty rating from a risk rating agency authorized by the Financial Superintendence of Colombia, with international recognition, as a minimum of: (i) AAA if it is a local rating, or (ii) BBB- if it is a global scale rating. • ISP98 or UCP600 Standby credit letter issued outside Colombia • It must be a financial entity in the place of issuance. • It must have the date of issue, a minimum global scale rating of BBB-, from a risk rating agency authorized by the Financial Superintendence of Colombia, with international recognition. • ISP98 or UCP600 • It must be reported by a Colombian banking institution. Commercial trust for guarantee purposes • It must be a guarantee trust whose spokesperson is a Colombian trust company; • The trust company must issue a guarantee certificate in favor of the XXX; • The trust fund cannot have any other beneficiary. • Commercial Code • Basic Legal Circular - Finance Superintendence of Colombia • Law 1176 of 2013 • Decree 1038 of 2015 CHAPTER V: MANAGEMENT AND OPERATIONS‌ Clause 20 AUTONOMY:
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