Excess Margin Obligations. Subject to Section 1 of this Module IV:
(i) Following a demand for the return of Posted Margin that is in excess of the Required Amount (such demand, a “Return Demand”, and such excess amount, “Excess Margin”), Clearing Member shall transfer Excess Margin to Customer by the Margin Return Deadline specified in the Schedule, provided that, if Clearing Member has on-posted Posted Margin to a Specified CCP, in accordance with clauses (i) and (ii) of Section 3(b) of this Module IV, (A) Clearing Member shall only be required to transfer Excess Margin to Customer to the extent that the Specified CCP shall have returned margin in an amount equal to the Excess Margin to Clearing Member, and (B) Clearing Member may transfer Excess Margin to Customer as soon as practicable after the Margin Return Deadline if Clearing Member did not have sufficient time in order to effect the transfer of Excess Margin to Customer in accordance with normal business practices following receipt of such margin from the Applicable CCP.
(ii) Clearing Member shall, upon notice from Customer, request from the Specified CCP the return of any On-Posted Margin equal to the amount of total On-Posted Margin in excess of the margin requirement of the Specified CCP in respect of Customer’s Cleared Transactions at the time of such request.
