Pacific Gas And Electric Company SURETY BOND SURETY BOND

pacific gas and electric company surety bond surety bond bond no.___________________________ amount:_______________________

Pacific Gas and Electric Company
SURETY BOND
SURETY BOND
Bond No.___________________________
Amount:___________________________
Effective Date:______________________
___________________________________________(the “Principal”) and
________________________________, a corporation duly organized under
the laws of_________ with its principal office at_____________ and
authorized to engage in the surety business in the State of California
(the “Surety”) are held and firmly bound unto Pacific Gas and Electric
Company (“PG&E”), in the amount of _______________________dollars
($_____________), lawful money of the United States of America for the
payment of which amount Principal and Surety bind themselves, their
successors, executors, administrators and assigns, jointly and
severally.
WHEREAS, the Principal is obligated to post financial security in
favor of PG&E, pursuant to one or more of the agreements and/or
tariffs listed in paragraph 1. below.
NOW THEREFORE,
1.
Payment: Within three (3) business days of receipt of a written
demand from PG&E, the Surety shall pay to PG&E all charges and any
amount due to PG&E from Principal (the “Obligations”) under or in
accordance with that certain Pro Forma Interconnection System
Impact Study Agreement or Interconnection Facilities Study
Agreement (dated _____________), the Generator Interconnection
Procedures for Interconnection Requests (“GIP”, currently
Attachment I of the PG&E Wholesale Distribution Tariff), or any
Generator Interconnection Agreement (“GIA”) executed thereafter
between the Principal and PG&E, as set forth in the demand,
provided that the total aggregate amount of all demands made by
PG&E under this bond shall not exceed
_________________($__________________).
2.
Irrevocable Bond: This bond may not be cancelled or terminated by
the Surety or the Principal and it shall remain in full force and
effect until (i) all the Obligations have been paid to PG&E, and
(ii) the Surety has reimbursed PG&E for all costs, damages and
attorney’s fees, if any, as stated in paragraph 5. below.
3.
Representation: The Surety represents that it has a credit rating,
assigned to its senior unsecured long-term debt obligations, of A
or better by Standard & Poor’s Financial Services, LLC (S&P) or A2
or better by Moody’s Investors Service, Inc. (Moody’s), or, if it
does not have a rating for its senior unsecured long-term debt,
then the ratings assigned as an issuer/corporate rating by S&P and
Moody’s are at least as high. The Surety agrees to notify PG&E
immediately if its credit rating is decreased by either S&P or
Moody’s.
4.
Waivers: The Surety hereby waives (i) the right, if any, to
benefit from, or to direct the application of, any security
hypothecated to PG&E; and (ii) the right to require PG&E to
proceed against the Principal, or to pursue any other remedy in
PG&E’s power; and it agrees that PG&E may proceed against the
Surety directly and independently of the Principal or any
collateral available to PG&E. The Surety also agrees that any
extension, forbearance, amendment, acceptance, release or
substitution of security, any impairment or suspension of PG&E’s
remedies or rights against the Principal, or the cessation of the
liability of the Principal for any reason other than full
satisfaction and payment of the Obligations shall not affect the
liability of the Surety hereunder. The Surety also waives all
rights of subrogation, reimbursement, indemnification, and
contribution and any other rights and defenses that are or may
become available to it or any other surety by reason of Sections
2787 to 2855 of the California Civil Code.
5.
Damages and Attorney’s Fees: Notwithstanding any other provision
stated herein, the Surety agrees to reimburse PG&E for all costs,
damages, and reasonable attorney’s fees incurred by PG&E (a) in
enforcing its rights hereunder, or (b) due to the failure of the
Surety or Principal to comply with the obligations of the Surety
or Principal hereunder.
6.
Notices to PG&E: All notices to PG&E shall be sent to:
Pacific Gas and Electric Company
Credit Operations: ATT: Cassaundra Gardner
8110 Lorraine Ave Ste. 403
Stockton, CA 95210
7.
Notices to Surety: All demands and notices to the Surety shall be
sent to:
Pacific Gas and Electric Company
SURETY BOND No. ___
Page 2
8.
Applicable Law: This document shall be governed by and construed
in accordance with the laws of the State of California.
IN WITNESS WHEREOF the Principal and the Surety have caused this bond
to be executed on their behalf by their respective duly authorized
officers.
Principal:
[Typed Name]
Surety:
[Typed Name]
Signature
Signature
Name of Signer
Name of Signer
Title of Signer
Title of Signer
Date
Date
ACKNOWLEDGMENT
State of California
County of __________________________________)
On _________________ before me, _____________________________
(insert name and title of the officer)
personally appeared _________________________________________, who
proved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on
the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature ________________________________ (Seal)
ACKNOWLEDGMENT
State of California
County of __________________________________)
On _________________ before me, _____________________________
(insert name and title of the officer)
personally appeared _________________________________________, who
proved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on
the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature ________________________________ (Seal)