Common use of Construction Security Clause in Contracts

Construction Security. (a) The Producer hereby agrees to grant a payment security compliant with the provisions of this Clause 10.3 in favour of the Buyer as security for its obligations to pay the Delay Liquidated Damages (the Construction Security). (b) The Construction Security shall be [Option 1 (LC): a letter of credit, substantially in the form attached in Annex°3, with the following characteristics: (i) it is unconditional, payable on first demand and of an autonomous nature; (ii) it has a minimum duration of [[⚫] days] as from the date of its issuance and which shall be either renewed or extended at the latest 30 days before its date of expiry as long as the Commissioning Date has not been reached; (iii) it is issued by a bank acceptable to the Buyer; (iv) it amounts at any time to EUR [Delay Liquidated Damages cap + default interest]; (v) it may be called by the Buyer if the Producer fails to pay whole or part of the Delay Liquidated Damages, up to the unpaid amount.] [Option 2 (parent company guarantee): a parent company guarantee, with the following characteristics: (i) it is payable on first demand and of an autonomous nature; (ii) its duration is equal to [⚫]; (iii) it is issued by [⚫], the parent company of the Producer, meaning a "controlling company" within the meaning of article L.233-3-I of the French Code de Commerce, having as of the date hereof a rating satisfactory to the Buyer; (iv) it secures all amounts due by the Producer in respect of the Delay Liquidated Damages, up to an annual amount of EUR [Delay Liquidated Damages cap + default interest]; (v) if any of the requirements set out in this Clause, including with respect to the rating of the parent company, are no longer satisfied (unless they are waived by the Buyer), it shall be replaced by a letter of credit substantially in the form of Annex°3, within 20 days of occurrence of such event.; (vi) it may be called by the Buyer if the Producer fails to pay whole or part of the Delay Liquidated Damages, up to the unpaid amount.] (vii) In the event of non-payment of the Delay Liquidated Damages, the Buyer shall be entitled to call up the Construction Security in payment of the unpaid invoice and all related default interest.

Construction Security. (a) The Producer hereby agrees to grant a payment security compliant with the provisions of this Clause 10.3 in favour of the Buyer as security for its obligations to pay the Delay Liquidated Damages (the Construction Security). (b) . The Construction Security shall be [Option 1 (LC): a letter of credit, substantially in the form attached in Annex°3, with the following characteristics: (i) : it is unconditional, payable on first demand and of an autonomous nature; (ii) ; it has a minimum duration of [[⚫] days] as from the date of its issuance and which shall be either renewed or extended at the latest 30 days before its date of expiry as long as the Commissioning Date has not been reached; (iii) ; it is issued by a bank acceptable to the Buyer; (iv) ; it amounts at any time to EUR [Delay Liquidated Damages cap + default interest]; (v) ; it may be called by the Buyer if the Producer fails to pay whole or part of the Delay Liquidated Damages, up to the unpaid amount.] [Option 2 (parent company guarantee): a parent company guarantee, with the following characteristics: (i) : it is payable on first demand and of an autonomous nature; (ii) ; its duration is equal to [⚫]; (iii) ; it is issued by [⚫], the parent company of the Producer, meaning a "controlling company" within the meaning of article L.233-3-I of the French Code de Commerce, having as of the date hereof a rating satisfactory to the Buyer; (iv) ; it secures all amounts due by the Producer in respect of the Delay Liquidated Damages, up to an annual amount of EUR [Delay Liquidated Damages cap + default interest]; (v) ; if any of the requirements set out in this Clause, including with respect to the rating of the parent company, are no longer satisfied (unless they are waived by the Buyer), it shall be replaced by a letter of credit substantially in the form of Annex°3, within 20 days of occurrence of such event.; (vi) ; it may be called by the Buyer if the Producer fails to pay whole or part of the Delay Liquidated Damages, up to the unpaid amount.] (vii) ] In the event of non-payment of the Delay Liquidated Damages, the Buyer shall be entitled to call up the Construction Security in payment of the unpaid invoice and all related default interest. Operation reports The Producer shall supply the Buyer with [annual][semi-annual][monthly] operating reports, in a format to be agreed between the Parties, containing at least the following information: the Power Volume produced by the Wind Farm on a daily and on a monthly basis; any Excusable Events; any significant operational and maintenance issues in respect of the Wind Farm; any material safety or environmental incidents; detail of any on-going litigation related to the Wind Farm that could impact the Power Volume produced by the Wind Farm; the outcome of any DREAL visit or other regulatory agency if material remedial works are required as a consequence of such visit or if it implies a curtailment of the wind turbines forming part of the Wind Farm; any other event known by the Producer likely to have a significant and lasting impact on the Power Volume; any reasonable information requested by the Buyer and/or the Balance Responsible Entity during a Partial Shutdown or Total Shutdown of the Wind Farm.

Construction Security. (a) The Producer hereby agrees to grant a payment security compliant with the provisions of this Clause 10.3 in favour of the Buyer as security for its obligations to pay the Delay Liquidated Damages (the Construction Security). (b) The Construction Security shall be [Option 1 (LC): a letter of credit, substantially in the form attached in Annex°3, with the following characteristics: (i) it is unconditional, payable on first demand and of an autonomous nature; (ii) it has a minimum duration of [[⚫l] days] as from the date of its issuance and which shall be either renewed or extended at the latest 30 days before its date of expiry as long as the Commissioning Date has not been reached; (iii) it is issued by a bank acceptable to the Buyer; (iv) it amounts at any time to EUR [Delay Liquidated Damages cap + default interest]; (v) it may be called by the Buyer if the Producer fails to pay whole or part of the Delay Liquidated Damages, up to the unpaid amount.] [Option 2 (parent company guarantee): a parent company guarantee, with the following characteristics: (i) it is payable on first demand and of an autonomous nature; (ii) its duration is equal to [⚫l]; (iii) it is issued by [⚫l], the parent company of the Producer, meaning a "controlling company" within the meaning of article L.233-3-I of the French Code de Commerce, having as of the date hereof a rating satisfactory to the Buyer; (iv) it secures all amounts due by the Producer in respect of the Delay Liquidated Damages, up to an annual amount of EUR [Delay Liquidated Damages cap + default interest]; (v) if any of the requirements set out in this Clause, including with respect to the rating of the parent company, are no longer satisfied (unless they are waived by the Buyer), it shall be replaced by a letter of credit substantially in the form of Annex°3, within 20 days of occurrence of such event.; (vi) it may be called by the Buyer if the Producer fails to pay whole or part of the Delay Liquidated Damages, up to the unpaid amount.] (vii) In the event of non-payment of the Delay Liquidated Damages, the Buyer shall be entitled to call up the Construction Security in payment of the unpaid invoice and all related default interest.