Common use of Article 18 Clause in Contracts

Article 18. Parties agree that if for the duration of this Agreement a change in relevant regulations should occur whereby they will cease to be harmonized with the regulations regulating imbalance responsibility, filing of complaints or other issues relating to balancing the electrictiy system, parties shall either sign an annex to this Agreement or terminate this Agreement and sign a new one which shall regulate their mutual relations relating to the balancing of the electricity system in accordance with the content of the changed relevant regulations, whichever HOPS may choose. This Agreement shall be concluded following its signature by the authorised representatives of the parties to the Agreement, and shall enter into force when BGM delivers to HOPS appropriate payment insurance instruments pursuant to article 14 herein and Addendum 1 to this Agreement. The Agreement is concluded in 4 (four) equal copies, 2 (two) for each party. In case of contradiction between Croatian and English version, Croatian version shall prevail. In Zagreb, _______________ 2022. VBG/BGM Director Pursuant to article 14 of the Balancing Responsibility Agreement between Hrvatski operator prijenosnog sustava d.d. (Croatian Transmission System Operator Plc.) (hereinafter: HOPS) and balancing group manager (hereinafter: BGM), BGM shall deliver to HOPS the following payment insurance instrument (hereinafter: payment insurance instrument): Cash deposit (hereinafter: cash deposit) or Bank guarantee in the original, unconditional, irrevocable, independent and payable on first demand issued by a first-class bank with headquarters in the Republic of Croatia and acceptable to HOPS (hereinafter: bank guarantee) to the amount calculated according to the following formula: Payment insurance amount = max total monthly metered data of a Balancing group in the last 12 months * Average reference price of imbalances in the last 12 months in EUR / 30 * 5 Total monthly metered data of a BG are data on realisation of BG from the first monthly imbalance settlement delivered by Croatian Market Operator to BGM and HOPS pursuant to article 35 of the Balancing Rules. When for the purposes of calculation of the payment insurance amount according to the above formula, there is no metered data (realisation) for each individual Balancing group member or its manager, the estimate of the maximum realisation on a monthly level in MWh delivered by BGM to HOPS shall be used. HOPS shall check the amount of payment insurance instrument twice a year. Upon the expiration of six months HOPS may determine a new amount of payment insurance for a Balancing group based on realised energy values and average referential price of imbalances in the period of 12 months. As an exception from the formula given in point A above, when all Balancing group members (including BGM) are only undertakings with a valid energy licence for electricity trading, BGM shall deliver to HOPS as a payment insurance a cash deposit or a bank guarantee in the amount of EUR 464.529,83. Starting amount of payment insurance delivered to HOPS pursuant to Balancing Responsibility Agreement and this Addendum 1 shall not be less than 46.452,98 EUR. HOPS reserves the right to, with prior explanation and upon its own discretion, and based on the assessment of VBG's financial obligation/ability, to increase the amount of payment insurance instrument. BGM has the right to choose between cash deposit and bank guarantee as payment insurance. When cash deposit is given as payment insurance instrument, the amount determined pursuant to this Addendum 1 shall be paid by BGM to the deposit account belonging to and managed by HOPS with Privredna banka Zagreb, IBAN XX00 0000 0000 0000 0000 0 in EUR. When bank guarantee is given as payment insurance instrument the appropriate bank guarantee to the amount determined pursuant to this Addendum 1 shall be issued in EUR. All fees resulting from the issuing of the bank guaratee charged by the bank shall be paid by the guarantee issuer. The bank guarantee form shall be published on HOPS web page.

Article 18. Parties agree that if for the duration of this Agreement a change in relevant regulations should occur whereby they will cease to be harmonized with the regulations regulating imbalance responsibility, filing of complaints or other issues relating to balancing the electrictiy electricity system, parties shall either sign an annex to this Agreement or terminate this Agreement and sign a new one which shall regulate their mutual relations relating to the balancing of the electricity system in accordance with the content of the changed relevant regulations, whichever HOPS may choose. This Agreement shall be concluded following its signature by the authorised authorized representatives of the parties to the Agreement, and shall enter into force when BGM delivers to HOPS appropriate payment insurance instruments pursuant to article 14 herein and Addendum 1 to this Agreement. The Agreement is concluded in 4 (four) equal copies, 2 (two) for each party. In case of contradiction between Croatian and English version, Croatian version of the Agreement shall prevail. In Zagreb, _______________ 2022. 20xx VBG/BGM Director Pursuant to article 14 of the Balancing Responsibility Agreement between Hrvatski operator prijenosnog sustava d.dd.o.o. (Croatian Transmission System Operator Plc.Ltd.) (hereinafter: HOPS) and balancing group manager (hereinafter: BGM), BGM shall deliver to HOPS the following payment insurance instrument (hereinafter: payment insurance instrument): Cash deposit (hereinafter: cash deposit) or Bank guarantee in the original, unconditional, irrevocable, independent and payable on first demand issued by a first-class bank with headquarters in the Republic of Croatia and acceptable to HOPS (hereinafter: bank guarantee) to the amount calculated according to the following formula: Payment insurance amount Pay ment insur ance amo unt = max Max total monthly metered data of a Balancing group in the last 12 months * Average reference price of imbalances in the last 12 months in EUR / 30 * 5 Total monthly metered data of a BG are data on realisation realization of BG from the first monthly imbalance settlement delivered by Croatian Market Operator to BGM and HOPS pursuant to article 35 of the Balancing Rules. When for the purposes of calculation of the payment insurance amount according to the above formula, there is no metered data (realisationrealization) for each individual Balancing group member or its manager, the estimate of the maximum realisation realization on a monthly level in MWh delivered by BGM to HOPS shall be used. HOPS shall check the amount of payment insurance instrument twice a year. Upon the expiration of six months HOPS may determine a new amount of payment insurance for a Balancing group based on realised realized energy values and average referential price of imbalances in the period of 12 months. As an exception from the formula given in point A above, when all Balancing group members (including BGM) are only undertakings with a valid energy licence license for electricity trading, BGM shall deliver to HOPS as a payment insurance a cash deposit or a bank guarantee in the amount of EUR 464.529,83HRK 350.000,00. Starting Total amount of payment insurance delivered to HOPS pursuant to Balancing Responsibility Agreement and this Addendum 1 shall not be less than 46.452,98 EURHRK 350.000,00 HRK or more than HRK 5.000.000,00 HRK. HOPS reserves the right to, with prior explanation and upon its own discretion, and based on the assessment of VBG's financial obligation/ability, to increase the amount of minimum payment insurance instrumentamount for up to 50% of its initial value provided for herein. BGM has the right to choose between cash deposit and bank guarantee as payment insurance. When cash deposit is given as payment insurance instrument, the amount determined pursuant to this Addendum 1 shall be paid by BGM to the deposit account belonging to and managed by HOPS with Privredna banka Zagreb, IBAN XX00 0000 0000 0000 0000 0 in EURHRK. When bank guarantee is given as payment insurance instrument the appropriate bank guarantee to the amount determined pursuant to this Addendum 1 shall be issued in EURHRK. All fees resulting from the issuing of the bank guaratee guarantee charged by the bank shall be paid by the guarantee issuer. The bank guarantee form shall be published on HOPS web page.

Article 18. Parties agree that if for the duration of this Agreement a change in relevant regulations should occur whereby they will cease to be harmonized with the regulations regulating imbalance responsibility, filing of complaints or other issues relating to balancing the electrictiy system, parties shall either sign an annex to this Agreement or terminate this Agreement and sign a new one which shall regulate their mutual relations relating to the balancing of the electricity system in accordance with the content of the changed relevant regulations, whichever HOPS may choose. This Agreement shall be concluded following its signature by the authorised representatives of the parties to the Agreement, and shall enter into force when BGM delivers to HOPS appropriate payment insurance instruments pursuant to article 14 herein and Addendum 1 to this Agreement. The Agreement is concluded in 4 (four) equal copies, 2 (two) for each party. In case of contradiction between Croatian and English version, Croatian version shall prevail. In Zagreb, _______________ 2022. VBG/BGM Director Pursuant to article 14 of the Balancing Responsibility Agreement between Hrvatski operator prijenosnog sustava d.d. (Croatian Transmission System Operator Plc.) (hereinafter: HOPS) and balancing group manager (hereinafter: BGM), BGM shall deliver to HOPS the following payment insurance instrument (hereinafter: payment insurance instrument): Cash deposit (hereinafter: cash deposit) or Bank guarantee in the original, unconditional, irrevocable, independent and payable on first demand issued by a first-class bank with headquarters in the Republic of Croatia and acceptable to HOPS (hereinafter: bank guarantee) to the amount calculated according to the following formula: Payment insurance amount = max total monthly metered data of a Balancing group in the last 12 months * Average reference price of imbalances in the last 12 months in EUR / 30 * 5 Total monthly metered data of a BG are data on realisation of BG from the first monthly imbalance settlement delivered by Croatian Market Operator to BGM and HOPS pursuant to article 35 of the Balancing Rules. When for the purposes of calculation of the payment insurance amount according to the above formula, there is no metered data (realisation) for each individual Balancing group member or its manager, the estimate of the maximum realisation on a monthly level in MWh delivered by BGM to HOPS shall be used. HOPS shall check the amount of payment insurance instrument twice a year. Upon the expiration of six months HOPS may determine a new amount of payment insurance for a Balancing group based on realised energy values and average referential price of imbalances in the period of 12 months. As an exception from the formula given in point A above, when all Balancing group members (including BGM) are only undertakings with a valid energy licence for electricity trading, BGM shall deliver to HOPS as a payment insurance a cash deposit or a bank guarantee in the amount of EUR 464.529,83HRK 3.500.000,00. Starting amount of payment insurance delivered to HOPS pursuant to Balancing Responsibility Agreement and this Addendum 1 shall not be less than 46.452,98 EURHRK 350.000,00 HRK. HOPS reserves the right to, with prior explanation and upon its own discretion, and based on the assessment of VBG's financial obligation/ability, to increase the amount of payment insurance instrument. BGM has the right to choose between cash deposit and bank guarantee as payment insurance. When cash deposit is given as payment insurance instrument, the amount determined pursuant to this Addendum 1 shall be paid by BGM to the deposit account belonging to and managed by HOPS with Privredna banka Zagreb, IBAN XX00 0000 0000 0000 0000 0 in EURHRK. When bank guarantee is given as payment insurance instrument the appropriate bank guarantee to the amount determined pursuant to this Addendum 1 shall be issued in EURHRK. All fees resulting from the issuing of the bank guaratee charged by the bank shall be paid by the guarantee issuer. The bank guarantee form shall be published on HOPS web page.

Article 18. Parties agree that if for the duration of this Agreement a change in relevant regulations should occur whereby they will cease to be harmonized with the regulations regulating imbalance responsibility, filing of complaints or other issues relating to balancing the electrictiy system, parties shall either sign an annex to this Agreement or terminate this Agreement and sign a new one which shall regulate their mutual relations relating to the balancing of the electricity system in accordance with the content of the changed relevant regulations, whichever HOPS may choose. This Agreement shall be concluded following its signature by the authorised representatives of the parties to the Agreement, and shall enter into force when BGM delivers to HOPS appropriate payment insurance instruments pursuant to article 14 herein and Addendum 1 to this Agreement. The Agreement is concluded in 4 (four) equal copies, 2 (two) for each party. In case of contradiction between Croatian and English version, Croatian version shall prevail. In Zagreb, _______________ 2022. VBG/BGM Director Pursuant to article 14 of the Balancing Responsibility Agreement between Hrvatski operator prijenosnog sustava d.d. (Croatian Transmission System Operator Plc.) (hereinafter: HOPS) and balancing group manager (hereinafter: BGM), BGM shall deliver to HOPS the following payment insurance instrument (hereinafter: payment insurance instrument): Cash deposit (hereinafter: cash deposit) or Bank guarantee in the original, unconditional, irrevocable, independent and payable on first demand issued by a first-class bank with headquarters in the Republic of Croatia and acceptable to HOPS (hereinafter: bank guarantee) to the amount calculated according to the following formula: Payment insurance amount = max total monthly metered data of a Balancing group in the last 12 months * Average reference price of imbalances in the last 12 months in EUR / 30 * 5 Total monthly metered data of a BG are data on realisation of BG from the first monthly imbalance settlement delivered by Croatian Market Operator to BGM and HOPS pursuant to article 35 27 of the Balancing Rules. When for the purposes of calculation of the payment insurance amount according to the above formula, there is no metered data (realisation) for each individual Balancing group member or its manager, the estimate of the maximum realisation on a monthly level in MWh delivered by BGM to HOPS shall be used. HOPS shall check the amount of payment insurance instrument twice a year. Upon the expiration of six months HOPS may determine a new amount of payment insurance for a Balancing group based on realised energy values and average referential price of imbalances in the period of 12 months. As an exception from the formula given in point A above, when all Balancing group members (including BGM) are only undertakings with a valid energy licence for electricity trading, BGM shall deliver to HOPS as a payment insurance a cash deposit or a bank guarantee in the amount of EUR 464.529,83HRK 350.000,00. Starting Total amount of payment insurance delivered to HOPS pursuant to Balancing Responsibility Agreement and this Addendum 1 shall not be less than 46.452,98 EURHRK 350.000,00 HRK or more than HRK 5.000.000,00 HRK. HOPS reserves the right to, with prior explanation and upon its own discretion, and based on the assessment of VBG's financial obligation/ability, to increase the amount of minimum payment insurance instrumentamount for up to 50% of its initial value provided for herein. BGM has the right to choose between cash deposit and bank guarantee as payment insurance. When cash deposit is given as payment insurance instrument, the amount determined pursuant to this Addendum 1 shall be paid by BGM to the deposit account belonging to and managed by HOPS with Privredna banka Zagreb, IBAN XX00 0000 0000 0000 0000 0 in EURHRK. When bank guarantee is given as payment insurance instrument the appropriate bank guarantee to the amount determined pursuant to this Addendum 1 shall be issued in EURHRK. All fees resulting from the issuing of the bank guaratee charged by the bank shall be paid by the guarantee issuer. The bank guarantee form shall be published on HOPS web page.

Article 18. Parties agree that if for the duration of this Agreement a change in relevant regulations should occur whereby they will cease to be harmonized with the regulations regulating imbalance responsibility, filing of complaints or other issues relating to balancing the electrictiy system, parties shall either sign an annex to this Agreement or terminate this Agreement and sign a new one which shall regulate their mutual relations relating to the balancing of the electricity system in accordance with the content of the changed relevant regulations, whichever HOPS may choose. This Agreement shall be concluded following its signature by the authorised representatives of the parties to the Agreement, and shall enter into force when BGM delivers to HOPS appropriate payment insurance instruments pursuant to article 14 herein and Addendum 1 to this Agreement. The Agreement is concluded in 4 (four) equal copies, 2 (two) for each party. In case of contradiction between Croatian and English version, Croatian version shall prevail. In Zagreb, _______________ 2022. VBG/BGM Director Pursuant to article 14 of the Balancing Responsibility Agreement between Hrvatski operator prijenosnog sustava d.d. (Croatian Transmission System Operator Plc.) (hereinafter: HOPS) and balancing group manager (hereinafter: BGM), BGM shall deliver to HOPS the following payment insurance instrument (hereinafter: payment insurance instrument): Cash deposit (hereinafter: cash deposit) or Bank guarantee in the original, unconditional, irrevocable, independent and payable on first demand issued by a first-class bank with headquarters in the Republic of Croatia and acceptable to HOPS (hereinafter: bank guarantee) to the amount calculated according to the following formula: Payment insurance amount = max total monthly metered data of a Balancing group in the last 12 months * Average reference price of imbalances in the last 12 months in EUR / 30 * 5 Total monthly metered data of a BG are data on realisation of BG from the first monthly imbalance settlement delivered by Croatian Market Operator to BGM and HOPS pursuant to article 35 of the Balancing Rules. When for the purposes of calculation of the payment insurance amount according to the above formula, there is no metered data (realisation) for each individual Balancing group member or its manager, the estimate of the maximum realisation on a monthly level in MWh delivered by BGM to HOPS shall be used. HOPS shall check the amount of payment insurance instrument twice a year. Upon the expiration of six months HOPS may determine a new amount of payment insurance for a Balancing group based on realised energy values and average referential price of imbalances in the period of 12 months. As an exception from the formula given in point A above, when all Balancing group members (including BGM) are only undertakings with a valid energy licence for electricity trading, BGM shall deliver to HOPS as a payment insurance a cash deposit or a bank guarantee in the amount of EUR 464.529,833.500.000,00. Starting amount of payment insurance delivered to HOPS pursuant to Balancing Responsibility Agreement and this Addendum 1 shall not be less than 46.452,98 EUR 350.000,00 EUR. HOPS reserves the right to, with prior explanation and upon its own discretion, and based on the assessment of VBG's financial obligation/ability, to increase the amount of payment insurance instrument. BGM has the right to choose between cash deposit and bank guarantee as payment insurance. When cash deposit is given as payment insurance instrument, the amount determined pursuant to this Addendum 1 shall be paid by BGM to the deposit account belonging to and managed by HOPS with Privredna banka Zagreb, IBAN XX00 0000 0000 0000 0000 0 in EUR. When bank guarantee is given as payment insurance instrument the appropriate bank guarantee to the amount determined pursuant to this Addendum 1 shall be issued in EUR. All fees resulting from the issuing of the bank guaratee charged by the bank shall be paid by the guarantee issuer. The bank guarantee form shall be published on HOPS web page.