Second case of dispensation Sample Clauses

Second case of dispensation. Notwithstanding the rule stated in article 14.1.1 above, when the Customer's parent company is a company that has its registered office in a European Union country and a long-term credit rating equal of at least A+ (Standard & Poor’s) and A1 (Xxxxx’x), and subject explicitly to the prior written consent of the Storage Facility Manager: ▪ Eighty per cent (80%) of the amount of the Guarantee is subject to a first demand guarantee in the form shown in Appendix 1 of these Terms and Conditions and issued by the Customer's parent company; and ▪ Twenty per cent (20%) of the Guarantee is the subject of (i) a security deposit issued to the Storage Facility Manager or (ii) a first demand guarantee based on the template in Appendix 1 of the General Terms and Conditions, issued by a first-rate banking institution based in France and having a minimum long-term credit rating of A (Standard & Poor's) and A2 (Xxxxx'x).
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