Guidance Note - The Project Owner should consider whether, in addition to any security it will obtain from the NOPs under clause 26.1, it will require a parent company guarantee from any or all of the NOPs in respect of the performance of the NOPs' obligations under the Agreement. The Project Owner will need to obtain additional legal advice as to the enforceability and execution of the parent company guarantees if the relevant parent companies are foreign entities. |
(a) The NOPs must ensure that parent company guarantees in the form, or substantially the same form acceptable to the Project Owner, set out in Schedule 15 are provided to the Project Owner by no later than 10 Business Days after the date of this Agreement.
(b) The Project Owner may have recourse to the parent company guarantees in the circumstances contemplated by the parent company guarantees.
(c) The NOPs must ensure that, from the date of this Agreement until the end of the Term, each parent company guarantee is maintained in the terms specified in Schedule 15 and is otherwise kept in full force and effect.
(d) Any agreement between the provider of the parent company guarantees and the Project Owner with respect to any demands made and amounts paid by the provider to the Project Owner under the parent company guarantees is without prejudice to the Project Owner's right to make continuing claims against the NOPs in relation to matters for which the parent company guarantees are provided.
(e) All costs of establishing and maintaining the parent company guarantees (including any costs incurred if the Project Owner seeks recourse to the parent company guarantees) will be the responsibility of and must be paid by the NOPs and will not be Reimbursable Costs.