Common use of Payment guarantees Clause in Contracts

Payment guarantees. 8.6.1 Provided that GENCO has provided the notice of First Commissioning Date to UETCL as contemplated by Clause 6.2.1, then on or before the earlier of the actual Commercial Operations Date or the deemed Commercial Operations Date (determined in accordance with the provisions of Clause 6.3.1), UETCL shall procure the issuance of the Bank Guarantee in the Bank Guarantee Required Amount issued by an Acceptable Bank. 8.6.2 UETCL shall procure that the Bank Guarantee or a replacement Bank Guarantee (in case of its expiration) shall be in effect during the Term. GENCO shall be entitled to draw upon the Bank Guarantee with prior written notice to UETCL for any payment due to GENCO from UETCL under an Invoice (a) that is overdue for at least thirty (30) days, or (b) upon termination pursuant to Clause 10.3. 8.6.3 UETCL further covenants and agrees that within 30 days of any drawing of funds by GENCO under the Bank Guarantee, UETCL shall provide to GENCO either (a) a replacement Bank Guarantee in the Bank Guarantee Required Amount (which shall replace and not be in addition to the Bank Guarantee upon which the relevant drawing of funds was made), or (b) confirmation from the issuing bank addressed to GENCO that the guaranteed amount under the Bank Guarantee has been replenished up to, or continues to be equal to, the Bank Guaranteed Required Amount (a “Bank Guarantee Continuance Notice”)). 8.6.4 If UETCL fails to: (a) arrange issuance of the first Bank Guarantee in accordance with the provisions of Clause 8.6.1; or (b) provide a replacement Bank Guarantee or Bank Guarantee Continuance Notice in accordance with the provisions of Clause 8.6.3; then (i) the provisions of Clause 10.1.2(b) shall apply and, (ii) GENCO may suspend deliveries of electricity hereunder until the UETCL has cured the breach of its obligations under Clause 8.6.1 (by the provision of the original Bank Guarantee) or Clause 8.6.3 (by the provision of a replacement Bank Guarantee or Bank Guarantee Continuance Notice) as the case may be. 8.6.5 Each Bank Guarantee shall, save as otherwise agreed by the Parties, be valid for a twelve (12)

Payment guarantees. 8.6.1 Provided that GENCO has provided the notice of First Commissioning Date to UETCL as contemplated by Clause 6.2.1, then on 13.6.1 On or before the earlier of the actual Scheduled Commercial Operations Date or the deemed Commercial Operations Date (determined in accordance with the provisions of Clause 6.3.1)Operation Date, UETCL CEB shall procure the issuance to the Company of the Bank Guarantee in the Bank Guarantee Required Amount issued by an Acceptable BankApproved Provider. 8.6.2 UETCL 13.6.2 CEB shall procure that the Bank Guarantee or a replacement Bank Guarantee (in case of its expiration) shall be in effect during the Term. GENCO The Company shall be entitled to draw upon the Bank Guarantee with following not less than five (5) Business Days’ prior written notice to UETCL CEB for any payment due to GENCO the Company from UETCL CEB: (a) under an Invoice (a) that is overdue for at least thirty (30) days, or Days; or (b) upon termination pursuant to Clause 10.318.5 (Termination Notices) following a CEB Event of Default. 8.6.3 UETCL 13.6.3 CEB further covenants and agrees that within 30 days thirty (30) Days of any drawing of funds by GENCO the Company under the Bank Guarantee, UETCL CEB shall provide to GENCO either the Company either: (a) a replacement Bank Guarantee in the Bank Guarantee Required Amount (which shall replace and not be in addition to the Bank Guarantee upon which the relevant drawing of funds was made), or ; or (b) confirmation from the issuing bank addressed to GENCO the Company that the guaranteed amount under the Bank Guarantee has been replenished up to, or continues to be equal to, the Bank Guaranteed Required Amount (a “Bank Guarantee Continuance Notice”)). 8.6.4 13.6.4 If UETCL CEB fails to: (a) arrange issuance of the first Bank Guarantee in accordance with the provisions of Clause 8.6.113.6.1; or (b) provide a replacement Bank Guarantee or Bank Guarantee Continuance Notice in accordance with the provisions of Clause 8.6.313.6.3; then then: (i) the provisions of Clause 10.1.2(b18.1.2(b) (Event of Default) shall apply and, apply; (ii) GENCO the Company may suspend deliveries of electricity Energy hereunder until the UETCL CEB has cured the breach of its obligations under under: (A) Clause 8.6.1 13.6.1 (by the provision of the original Bank Guarantee); or (B) or Clause 8.6.3 13.6.3 (by the provision of a replacement Bank Guarantee or Bank Guarantee Continuance Notice) ); as the case may be; and (iii) if the Company suspends deliveries pursuant to Clause 13.6.4(b)(ii) above, CEB shall not be liable to pay liquidated or unliquidated damages, Capacity Payments or any other amounts in respect of the suspension of deliveries or otherwise in respect of Energy which could have been delivered to CEB but for the Company’s suspension of deliveries. 8.6.5 13.6.5 Each Bank Guarantee shall, save as otherwise agreed by the Parties, be valid for at least a twelve (12)) calendar month period. 13.6.6 CEB shall be required to procure the issuance of a new Bank Guarantee for the Bank Guarantee Required Amount no later than thirty (30) Days prior to the expiry of the current Bank Guarantee.

Payment guarantees. 8.6.1 Provided that GENCO has provided the notice of First Commissioning Date to UETCL as contemplated by Clause 6.2.1, then on or before the earlier of the actual Commercial Operations Date or the deemed Commercial Operations Date (determined in accordance with the provisions of Clause 6.3.1), UETCL shall procure the issuance of the Bank Guarantee in the Bank Guarantee Required Amount issued by an Acceptable Bank. 8.6.2 UETCL shall procure that the Bank Guarantee or a replacement Bank Guarantee (in case of its expiration) shall be in effect during from the Term. GENCO shall be entitled to draw upon the Bank Guarantee with prior written notice to UETCL for any payment due to GENCO from UETCL under an Invoice (a) that is overdue for at least thirty (30) days, or (b) upon termination pursuant to Clause 10.3. 8.6.3 UETCL further covenants and agrees that within 30 days of any drawing of funds by GENCO under the Bank Guarantee, UETCL shall provide to GENCO either (a) a replacement Bank Guarantee in the Bank Guarantee Required Amount (which shall replace and not be in addition to the Bank Guarantee upon which the relevant drawing of funds was made), or (b) confirmation from the issuing bank addressed to GENCO that the guaranteed amount under the Bank Guarantee has been replenished up to, or continues to be equal to, the Bank Guaranteed Required Amount (a “Bank Guarantee Continuance Notice”)). 8.6.4 If UETCL fails to: (a) arrange issuance of the first Bank Guarantee in accordance with the provisions of Clause 8.6.1; or (b) provide a replacement Bank Guarantee or Bank Guarantee Continuance Notice in accordance with the provisions of Clause 8.6.3; then (i) the provisions of Clause 10.1.2(b) shall apply and, (ii) GENCO may suspend deliveries of electricity hereunder until the UETCL has cured the breach of its obligations under Clause 8.6.1 (by the provision of the original Bank Guarantee) or Clause 8.6.3 (by the provision of a replacement Bank Guarantee or Bank Guarantee Continuance Notice) as the case may be. 8.6.5 Each Bank Guarantee shall, save as otherwise agreed by the Parties, be valid for a twelve (12)