Drawdown of Credit Support. (a) The Operator may, at any time after the occurrence of a Default Event in respect of a Market Participant and while that Default Event is subsisting, exercise its rights to draw down any amount under a Credit Support relating to that participant and apply it against any amount actually or contingently owing to the Operator under this agreement.
Drawdown of Credit Support. AEMO may, at any time after the occurrence of a Default Event in respect of the Auction Participant and while that Default Event is subsisting, exercise its rights to draw down any amount under a Credit Support relating to the Auction Participant and apply it against any amount actually or contingently owing to AEMO under this Agreement or (if the Auction Participant is also an Exchange Member) the Exchange Agreement. AEMO must inform the Auction Participant if AEMO exercises its rights to draw down any amount under a Credit Support. Security deposit amounts Subject to this clause, the Auction Participant may at any time pay a cash amount to AEMO as a security deposit to secure payment of any amount which may become payable under this Agreement or (if the Auction Participant is also an Exchange Member) the Exchange Agreement. AEMO must record security deposit amounts paid by the Auction Participant together with any interest earned on those amounts, as a credit balance in respect of that Auction Participant in AEMO’s security deposit fund. AEMO may apply the credit balance of an Auction Participant in the security deposit fund by setting off all or part of that amount against any amount owing by that Auction Participant to AEMO under a Settlement Statement. An Auction Participant may, in accordance with any guidance published by AEMO on its website, request AEMO’s agreement to arrangements for the application of that participant’s credit balance in respect of a Settlement Statement. If AEMO agrees, it must apply (or maintain) the credit balance in accordance with those arrangements unless a Default Event occurs in relation to the Auction Participant. AEMO may deduct any liabilities or expenses of the security deposit fund from the balance of an Auction Participant in that fund, to the extent those liabilities or expenses are attributable to the maintenance or application of that balance. If there is a credit balance in the security deposit fund for a former Auction Participant immediately after the termination of this Agreement takes effect under clause A.2.5, AEMO must pay to that former Auction Participant an amount equal to that balance, unless this Agreement is continuing in relation to other parties to this Agreement as provided for in clause A.2.6(ss).
