Common use of Operation Security Clause in Contracts

Operation Security. 9.2.1 The Private Partner shall submit to the Public Partner, no later than on the CPs Completion Date, an unconditional and irrevocable on-demand bank guarantee, issued by a Reliable Bank for the amount of 21% of the Demand Guarantee, substantially in the form of the guarantee letter set out in ANNEX 5 (Requirements for Securities) and together with the relevant agreement on the Operation Security, to secure the due performance of the Private Partner’s obligations under this Agreement during the Project Period ("Operation Security"). If the bank issuing the Operation Security at any time fails to meet the requirements to Reliable Banks set out in ANNEX 6 (Requirements to Reliable BanksRequirements to Reliable Banks), the Private Partner shall, as soon as possible, but no later than ten (10) Business Days, obtain a new Operation Security for the same amount remaining at the time of such occurrence, from a bank complying with the requirements to Reliable Banks. 9.2.2 If the Private Partner failed to provide the Public Partner with the Operation Security as of the CPs Completion Date, the Public Partner shall be entitled to draw on the Tender Security. 9.2.3 The Operation Security shall remain valid from the date occurring no later than its issuance date until the date of submission of the Handback Security to the Public Partner according to Clause 9.3. The Public Partner shall return the bank guarantee letter on provision of the Operation Security to the Private Partner immediately after receipt of the Handback Security and shall submit the written notice of releasing the guarantee to the bank that issued the Operation Security. 9.2.4 If the Operation Security is scheduled to expire until the expiry of the period indicated in Clause 9.2.3, the Private Partner shall no later than twenty two (22) Business Days before the relevant expiration date of the Operation Security extend the validity period of such Operation Security or replace it. 9.2.5 If the Private Partner fails to extend the validity period of the Operation Security or replace it (as set out in Clause 9.2.4), the Public Partner shall be entitled to draw on the entire amount of the Operation Security. 9.2.6 In such case, all claims of the Public Partner which: 9.2.6.1 occurred prior to expiry of the validity period of the Operation Security set out in Clause 9.2.3; and 9.2.6.2 can be satisfied by withdrawing the Operation Security in accordance with this Agreement; and 9.2.6.3 do not in aggregate exceed the amount of the Operation Security shall be deemed satisfied by withdrawal of the Operation Security. In such case, the Private Partner Event of Default set out in Clause 15.1.1.5 shall be deemed to have occurred. 9.2.7 Without prejudice to any other rights which the Public Partner may have under this Agreement, the Public Partner shall be entitled to satisfy its claims by drawing on the Operation Security (either in its entirety or partially) in cases where: 9.2.7.1 the Private Partner is in breach of its monetary obligations under this Agreement, and such a breach has not been remedied within thirty (30) days from the day the Public Partner found out or should have found out that breach; or 9.2.7.2 the Private Partner should pay any penalty in accordance with the terms and conditions of this Agreement; or 9.2.7.3 the Public Partner have suffered damages to be compensated by the Private Partner; or 9.2.7.4 the Private Partner committed actions set out in Section 25 during the validity period of the Operation Security; or 9.2.7.5 the Agreement is early terminated due to the Private Partner Event of Default. In such case the Public Partner shall be entitled to charge the Private Partner out of the Operation Security for the compensation of the Public Partner’s damages in the amount of the Termination Compensation, but no more than the amount of the Operation Security, if such compensation is to be paid by the Public Partner under Section 17 9.2.7.6 the possibility of drawing on the Operation Security is expressly stipulated by this Agreement. 9.2.8 In any of circumstances specified in Clause 9.2.7 occurs, the Public Partner shall submit to the Private Partner a notification of the execution of its right to withdraw the Private Partner's amounts due from the Operation Security. The notification shall set out the date of exercising the right of withdrawal, which shall not occur prior to expiry of ten (10) Business Days after the submission date of such notification, as well as grounds for withdrawing the entire / certain part of the amount of the Operation Security. 9.2.9 The fact of violation of the Private Partner's obligations, as well as the scope of claims sought, shall be evidenced either by the written approval of the Private Partner to satisfy the claims sought by the Public Partner or by the arbitral award issued in accordance with Section 26 of this Agreement. 9.2.10 The confirmation of the amount of claims set out in Clause 9.2.9 is not required in case of termination of warranties provided by the Private Partner in accordance with this Agreement. 9.2.11 Withdrawal of the entire amount of the Operation Security by the Public Partner prior to the submission of the Handback Security shall be deemed a Private Partner Event of Default, unless the Public Partner, at its own discretion, agrees to waive its right for the Termination of this Agreement due to such Private Partner’s Event of Default subject to the provision by the Private Partner of the new Operation Security for the entire amount for which that Operation Security should be issued under Clause 9.2.1. Private Partner's failure to provide and/or maintain the validity of the Operation Security in accordance with the requirements of this Clause 9.2 for a period of more than thirty three (33) Business Days shall be deemed a Private Partner Event of Default. 9.2.12 The Private Partner shall ensure that the amount of its Operation Security meets the requirements of Clause 9.2.1 throughout the entire validity period of the Operation Security.

Operation Security. 9.2.1 The Private Partner 10.2.1 As a condition to the issuance of the Completion Certificate, the Concessionaire shall submit to the Public Partner, no later than on the CPs Completion DateGrantor, an unconditional and irrevocable on-demand bank guarantee, issued by a Reliable Bank bank reasonably acceptable to the Grantor and with a credit rating of at least BBB under the Standards and Poor's rating or with Baa2 under the ▇▇▇▇▇'▇ rating for the an amount of 21% of the Demand Guarantee, substantially ten million US Dollars (USD10,000,000) and in the form of the guarantee letter set out in ANNEX 5 Appendix 9 (Requirements for SecuritiesSecurity Forms) and together with the relevant agreement on the Operation Security, to secure the due performance of the Private Partner’s Concessionaire's obligations under this Agreement during the Project Operation Period (the "Operation Security"). If the rating of the bank issuing the Operation Security falls at any time fails to meet below the requirements to Reliable Banks set out minimum-required rating specified in ANNEX 6 (Requirements to Reliable BanksRequirements to Reliable Banks)this Article, the Private Partner Concessionaire shall, as soon as possible, but no later than ten (10) Business Days, obtain issue a new Operation Security for the same amount remaining at the time of such occurrence, from with a bank of a rating complying with the requirements to Reliable Banksthis Article. 9.2.2 If the Private Partner failed to provide the Public Partner with 10.2.2 The Concessionaire shall maintain the Operation Security as of in full force and effect from the CPs Completion Datedate on which it was issued until the date on which the Handover Security is validly issued, on which date the Public Partner shall be entitled to draw on the Tender Security. 9.2.3 The Operation Security shall remain valid from the date occurring no later than its issuance date until the date of submission of the Handback Security to the Public Partner according to Clause 9.3. The Public Partner shall return the bank guarantee letter on provision of the Operation Security to the Private Partner immediately after receipt of the Handback Security and shall submit the written notice of releasing the guarantee to the bank that issued the Operation Securitybe released. 9.2.4 10.2.3 If the Operation Security is scheduled to expire until prior to the expiry of the period indicated in Clause 9.2.3aforementioned date, the Private Partner shall no later than twenty then at least twenty-two (22) Business Days before prior to the relevant expiration date scheduled expiry of the Operation Security extend Security, the validity period Concessionaire shall arrange for an extension or replacement of such the Operation Security or replace it. 9.2.5 Security. If the Private Partner Concessionaire fails to extend the validity period of or replace the Operation Security or replace it (as set out in Clause 9.2.4)by such date, the Public Partner Grantor shall be entitled to draw on the entire amount of the Operation Security. 9.2.6 In such case, all claims of the Public Partner which: 9.2.6.1 occurred prior to expiry of the validity period of the Operation Security set out in Clause 9.2.3; and 9.2.6.2 can be satisfied by withdrawing the Operation Security in accordance with this Agreement; and 9.2.6.3 do not in aggregate exceed the amount of the Operation Security shall be deemed satisfied by withdrawal of the Operation Security. In such case, the Private Partner and a Concessionaire Event of Default set out in Clause 15.1.1.5 shall be deemed to have occurred. 9.2.7 Without prejudice 10.2.4 The Grantor shall have the right to any other rights which the Public Partner may have under this Agreement, the Public Partner shall be entitled to satisfy its claims by drawing draw on the Operation Security (either in its entirety or partially) in cases where: 9.2.7.1 and claim the Private Partner is in breach amount guaranteed on demand upon the Concessionaire's failure to honour any of its monetary obligations under this Agreementobligations, and such a breach has not been remedied within thirty (30) days from responsibilities or commitments during the day the Public Partner found out or should have found out that breach; or 9.2.7.2 the Private Partner should pay any penalty in accordance with the terms and conditions of this Agreement; or 9.2.7.3 the Public Partner have suffered damages to be compensated Operation Period. The withdrawal by the Private Partner; or 9.2.7.4 the Private Partner committed actions set out in Section 25 during the validity period of the Operation Security; or 9.2.7.5 the Agreement is early terminated due to the Private Partner Event of Default. In such case the Public Partner shall be entitled to charge the Private Partner out of the Operation Security for the compensation of the Public Partner’s damages in the amount of the Termination Compensation, but no more than the amount of the Operation Security, if such compensation is to be paid by the Public Partner under Section 17 9.2.7.6 the possibility of drawing on the Operation Security is expressly stipulated by this Agreement. 9.2.8 In any of circumstances specified in Clause 9.2.7 occurs, the Public Partner shall submit to the Private Partner a notification of the execution of its right to withdraw the Private Partner's amounts due from the Operation Security. The notification shall set out the date of exercising the right of withdrawal, which shall not occur prior to expiry of ten (10) Business Days after the submission date of such notification, as well as grounds for withdrawing the entire / certain part of the amount of the Operation Security. 9.2.9 The fact of violation of the Private Partner's obligations, as well as the scope of claims sought, shall be evidenced either by the written approval of the Private Partner to satisfy the claims sought by the Public Partner or by the arbitral award issued in accordance with Section 26 of this Agreement. 9.2.10 The confirmation of the amount of claims set out in Clause 9.2.9 is not required in case of termination of warranties provided by the Private Partner in accordance with this Agreement. 9.2.11 Withdrawal Grantor of the entire amount of the Operation Security by the Public Partner prior to the submission of the Handback Security shall be deemed a Private Partner Event of Default, unless the Public Partner, at its own discretion, agrees to waive its right for the Termination of this Agreement due to such Private Partner’s Event of Default subject to the provision by the Private Partner of the new Operation Security for the entire amount for which that Operation Security should be issued under Clause 9.2.1. Private Partner's failure to provide and/or maintain the validity end of the Operation Security in accordance with the requirements of this Clause 9.2 for Period shall constitute a period of more than thirty three (33) Business Days shall be deemed a Private Partner Concessionaire Event of Default. 9.2.12 The Private Partner shall ensure that 10.2.5 If this Agreement is terminated prior to the amount expiry of its the Concession Period for any reason other than the occurrence of a Concessionaire Event of Default, the Operation Security meets the requirements of Clause 9.2.1 throughout the entire validity period of the Operation Security.shall

Operation Security. 9.2.1 The Private Partner 10.2.1 As a condition to the issuance of the Completion Certificate, the Concessionaire shall submit to the Public Partner, no later than on the CPs Completion DateGrantor, an unconditional and irrevocable on-demand bank guarantee, issued by a Reliable Bank for bank with a credit rating of at least AA- under the Standard and Poor's rating or with Aa3 under the ▇▇▇▇▇'▇ rating or such other rating as the relevant Public Authority may agree, in accordance with the Applicable Law an initial amount of 21% of the Demand Guarantee, substantially five million US Dollars (USD5,000,000) (and subject to adjustments in accordance with Article 10.2.6) and in the form of the guarantee letter set out in ANNEX 5 Appendix 9 (Requirements for SecuritiesSecurity Forms) and together with the relevant agreement on the Operation Security, to secure the due performance of the Private Partner’s Concessionaire's obligations under this Agreement during the Project Operation Period (the "Operation Security"). If the rating of the bank issuing the Operation Security falls at any time fails to meet below the requirements to Reliable Banks set out in ANNEX 6 (Requirements to Reliable BanksRequirements to Reliable Banks)rating required under this Article 10.2.1, the Private Partner Concessionaire shall, as soon as possible, but no later than ten (10) Business Days, obtain issue a new Operation Security for the same amount remaining at the time of such occurrence, from with a bank of a rating complying with the requirements to Reliable Banksrating required under this Article 10.2.1. 9.2.2 If the Private Partner failed to provide the Public Partner with 10.2.2 The Concessionaire shall maintain the Operation Security as of in full force and effect from the CPs Completion Datedate on which it was issued until the date on which the Handover Security is validly issued, on which date the Public Partner shall be entitled to draw on the Tender Security. 9.2.3 The Operation Security shall remain valid from the date occurring no later than its issuance date until the date of submission of the Handback Security to the Public Partner according to Clause 9.3. The Public Partner shall return the bank guarantee letter on provision of the Operation Security to the Private Partner immediately after receipt of the Handback Security and shall submit the written notice of releasing the guarantee to the bank that issued the Operation Securitybe released. 9.2.4 10.2.3 If the Operation Security is scheduled to expire until prior to the expiry of the period indicated date contemplated in Clause 9.2.3Article 10.2.2, the Private Partner shall no later than twenty then at least twenty-two (22) Business Days before prior to the relevant expiration date scheduled expiry of the Operation Security extend Security, the validity period Concessionaire shall arrange for an extension or replacement of such the Operation Security or replace it. 9.2.5 Security. If the Private Partner Concessionaire fails to extend the validity period of or replace the Operation Security or replace it (as set out in Clause 9.2.4)by such date, the Public Partner Grantor shall be entitled to draw on the Operation Security, and a Concessionaire Event of Default shall be deemed to have occurred. 10.2.4 Without prejudice to any other right which the Grantor may have under this Agreement, the Grantor shall have the right to draw on the Operation Security and claim the amount guaranteed on demand upon the Concessionaire's failure to honour any of its obligations, responsibilities or commitments during the Operation Period and shall, at the time of the exercise of such right, send a notice to the Concessionaire describing the reasons for drawing on part or all of the Operation Security. The withdrawal by the Grantor of the entire amount of the Operation Security. 9.2.6 In such case, all claims Security prior to the end of the Public Partner which:Operation Period shall constitute in itself a 9.2.6.1 occurred 10.2.5 If this Agreement is terminated prior to the expiry of the validity period Concession Period for any reason other than the occurrence of a Concessionaire Event of Default, the Operation Security set out in Clause 9.2.3; andshall be duly discharged and released to the Concessionaire, subject to the Grantor's right to receive any amounts to meet the Concessionaire's accrued liabilities as on such date of Termination. 9.2.6.2 can be satisfied by withdrawing 10.2.6 Starting from the end of the third Operation Security in accordance with this Agreement; and 9.2.6.3 do not in aggregate exceed Year, the amount of the Operation Security shall be deemed satisfied by withdrawal adjusted no later than one (1) month after the commencement of the fourth Operation Security. In such case, Year and thereafter no later than one (1) month after the Private Partner Event end of Default set out in Clause 15.1.1.5 shall be deemed to have occurred. 9.2.7 Without prejudice to any other rights which the Public Partner may have under this Agreement, the Public Partner shall be entitled to satisfy its claims by drawing on the Operation Security (either in its entirety or partially) in cases where: 9.2.7.1 the Private Partner is in breach of its monetary obligations under this Agreement, and such a breach has not been remedied within thirty (30) days from the day the Public Partner found out or should have found out that breach; or 9.2.7.2 the Private Partner should pay any penalty in accordance with the terms and conditions of this Agreement; or 9.2.7.3 the Public Partner have suffered damages to be compensated by the Private Partner; or 9.2.7.4 the Private Partner committed actions set out in Section 25 during the validity every successive period of the Operation Security; or 9.2.7.5 the Agreement is early terminated due to the Private Partner Event of Default. In such case the Public Partner shall be entitled to charge the Private Partner out of the Operation Security for the compensation of the Public Partner’s damages in the amount of the Termination Compensation, but no more than the amount of the Operation Security, if such compensation is to be paid by the Public Partner under Section 17 9.2.7.6 the possibility of drawing on the Operation Security is expressly stipulated by this Agreement. 9.2.8 In any of circumstances specified in Clause 9.2.7 occurs, the Public Partner shall submit to the Private Partner a notification of the execution of its right to withdraw the Private Partner's amounts due from the Operation Security. The notification shall set out the date of exercising the right of withdrawal, which shall not occur prior to expiry of ten (10) Business Days after the submission date of such notification, as well as grounds for withdrawing the entire / certain part of the amount of the Operation Security. 9.2.9 The fact of violation of the Private Partner's obligations, as well as the scope of claims sought, shall be evidenced either by the written approval of the Private Partner to satisfy the claims sought by the Public Partner or by the arbitral award issued in accordance with Section 26 of this Agreement. 9.2.10 The confirmation of the amount of claims set out in Clause 9.2.9 is not required in case of termination of warranties provided by the Private Partner in accordance with this Agreement. 9.2.11 Withdrawal of the entire amount of the Operation Security by the Public Partner prior to the submission of the Handback Security shall be deemed a Private Partner Event of Default, unless the Public Partner, at its own discretion, agrees to waive its right for the Termination of this Agreement due to such Private Partner’s Event of Default subject to the provision by the Private Partner of the new Operation Security for the entire amount for which that Operation Security should be issued under Clause 9.2.1. Private Partner's failure to provide and/or maintain the validity of the Operation Security in accordance with the requirements of this Clause 9.2 for a period of more than thirty three (333) Business Days shall be deemed a Private Partner Event of DefaultOperation Years . 9.2.12 The Private Partner shall ensure that the amount of its Operation Security meets the requirements of Clause 9.2.1 throughout the entire validity period of the Operation Security.