Derogations. By way of derogation from the preceding rule, the Shipper does not have to provide the Payment Guarantee corresponding to : o The amount defined in (i) of Paragraph 10.1.1 of the General Terms and Conditions when, and for as long as, the Shipper benefits from a long-term credit rating that is equal to or higher than A- (Standard & Poor’s) or A3 (▇▇▇▇▇’▇) o The amount defined in (ii) of Paragraph 10.1.1 of the General Terms and Conditions when, and for as long as, the Shipper benefits from a long-term credit rating that is equal to or higher than BBB+ (Standard & Poor’s) or Baa1 (▇▇▇▇▇’▇) Where any one of the conditions to which the above derogations are subject are not met, the provisions of Paragraph 12.1.1 of the General Terms and Conditions shall once again apply and the Shipper must comply with these provisions under the conditions, concerning time frames, in particular, that are identical to those provided for the implementation of the initial Payment Guarantee.
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Sources: Small Scale LNG Carrier Loading Contract, Small Scale LNG Carrier Loading Contract, Small Scale LNG Carrier Loading Contract
Derogations. By way of derogation from the preceding rule, the Shipper does not have to provide the Payment Guarantee corresponding to : o The amount defined in (i) of Paragraph 10.1.1 12.1.1 of the General Terms and Conditions when, and for as long as, the Shipper benefits from a long-term credit rating that is equal to or higher than A- (Standard & Poor’sPoors) or A3 (▇▇▇▇▇’▇) o The amount defined in (ii) of Paragraph 10.1.1 12.1.1 of the General Terms and Conditions when, and for as long as, the Shipper benefits from a long-term credit rating that is equal to or higher than BBB+ (Standard & Poor’sPoors) or Baa1 (▇▇▇▇▇’▇) Where any one of the conditions to which the above derogations are subject are not met, the provisions of Paragraph 12.1.1 of the General Terms and Conditions shall once again apply and the Shipper must comply with these provisions under the conditions, concerning time frames, in particular, that are identical to those provided for the implementation of the initial Payment Guarantee.
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