Exposure Calculations and Payment Assurances. 10.2.1 A Credit Exposure calculation will be made by the Seller for all Transactions on the thirteenth Business Day of each Month. The Credit Exposure calculation will utilise the Forward Exposure methodology specified in Schedule 4. 10.2.2 If the Seller has a positive net Credit Exposure aggregated for its relevant Transactions, as calculated pursuant to Schedule 4, the Seller may, by facsimile sent prior to 17.00 hours on a Business Day, request the Buyer to provide the Margin in an amount equal to the Credit Exposure (a “Margin Call”). The Margin may be provided in the form of an Escrow Account or a Letter of Credit. The Margin requirement will be rounded up to the nearest €50,000 Euro or £35,000 Pounds Sterling. 10.2.3 If the Seller issuing the Margin request provides written notice of the Margin Call request, the Buyer shall provide the Margin not later than 17:00 hours on the third Business Day following the date that notice was served. 10.2.4 In the event that the Buyer fails to provide the Margin when due, then an Event of Default will be deemed to have occurred and the Seller will be entitled to the remedy set forth in Clause 11.4 (Termination Payment). 10.2.5 The Credit Exposure will be calculated and applied on the thirteenth Business Day of each Month during the Term. If, between calculations of Credit Exposure on the thirteenth Business Day of the Month, the Intra-Month Margin Call Threshold as defined in Schedule 4 is exceeded, then the Seller may, at its discretion, require a further Margin Call ("the Intra-Month Margin Call") in accordance with the Credit Exposure calculation set out in Schedule 4. 10.2.6 Any Escrow Account or Letter of Credit for the benefit of the Seller in excess of the required Credit Exposure, as determined under the Credit Exposure calculation, will be deemed to be Surplus Margin. The Surplus Margin will be cancelled within two Business Days by the Seller upon receipt of a written request from the Buyer by facsimile sent prior to 17.00 hours on a Business Day. 10.2.7 For Margins provided by an Escrow Account, the Seller will satisfy its obligation to cancel the Surplus Margin by signing and transmitting by facsimile to the Buyer a notice indicating and agreeing to the new Margin amount. The banking instruction to release the surplus margin will be executed in accordance with the terms of the bank mandate governing operation of the escrow account. 10.2.8 If the Margin is provided by a Letter of Credit then the Seller will notify the Buyer of the Surplus Margin, providing permission to the Buyer to cancel the Surplus Margin. The Buyer may then cancel the Surplus Margin. The Surplus Margin is deemed to be cancelled upon receipt by the Seller of a duly approved and executed replacement Letter of Credit. 10.2.9 In the event that the Seller fails to satisfy its obligation to cancel Surplus Margin when due in accordance with this clause, then an Event of Default will be deemed to have occurred and the Buyer will be entitled to the remedy set forth in Clause 11.4 (Termination Payment). 10.2.10 The entity providing a letter of credit must meet the requirements of the Specification of the Minister for Finance issued in accordance with the provisions of Section 2 of the Financial
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Exposure Calculations and Payment Assurances. 10.2.1 A Credit Exposure calculation will be made by the Seller for all Transactions on the thirteenth eleventh Business Day of each Month. The Credit Exposure calculation will utilise the Forward Exposure methodology specified in Schedule 4.
10.2.2 If the Seller has a positive net Credit Exposure aggregated for its relevant Transactions, as calculated pursuant to Schedule 4, the Seller may, by facsimile sent prior to 17.00 hours on a Business Day, request the Buyer to provide the Margin in an amount equal to the Credit Exposure (a “Margin Call”). The Margin may be provided in the form of an Escrow Account or a Letter of Credit. The Margin requirement will be rounded up to the nearest €50,000 Euro or £35,000 Pounds Sterling.
10.2.3 If the Seller issuing the Margin request provides written notice of the Margin Call request, the Buyer shall provide the Margin not later than 17:00 hours on the third Business Day following the date that notice was served.
10.2.4 In the event that the Buyer fails to provide the Margin when due, then an Event of Default will be deemed to have occurred and the Seller will be entitled to the remedy set forth in Clause 11.4 (Termination Payment).
10.2.5 The Credit Exposure will be calculated and applied on the thirteenth eleventh Business Day of each Month during the Term. If, between calculations of Credit Exposure on the thirteenth eleventh Business Day of the Month, the Intra-Month Margin Call Threshold as defined in Schedule 4 is exceeded, then the Seller may, at its discretion, require a further Margin Call ("the Intra-Month Margin Call") in accordance with the Credit Exposure calculation set out in Schedule 4.
10.2.6 Any Escrow Account or Letter of Credit for the benefit of the Seller in excess of the required Credit Exposure, as determined under the Credit Exposure calculation, will be deemed to be Surplus Margin. The Surplus Margin will be cancelled within two Business Days by the Seller upon receipt of a written request from the Buyer by facsimile sent prior to 17.00 hours on a Business Day.
10.2.7 For Margins provided by an Escrow Account, the Seller will satisfy its obligation to cancel the Surplus Margin by signing and transmitting by facsimile to the Buyer a notice indicating and agreeing to the new Margin amount. The banking Buyer will further instruct their issuing bank indicating the new Margin amount and copy that instruction to release the surplus margin will be executed in accordance with the terms of the bank mandate governing operation of the escrow accountSeller.
10.2.8 If the Margin is provided by a Letter of Credit then the Seller will notify the Buyer of the Surplus Margin, providing permission to the Buyer to cancel the Surplus Margin. The Buyer may then cancel the Surplus Margin. The Surplus Margin is deemed to be cancelled upon receipt by the Seller of a duly approved and executed replacement Letter of Credit.
10.2.9 In the event that the Seller fails to satisfy its obligation to cancel Surplus Margin when due in accordance with this clause, then an Event of Default will be deemed to have occurred and the Buyer will be entitled to the remedy set forth in Clause 11.4 (Termination Payment).
10.2.10 The entity providing a letter of credit must meet the requirements of the Specification of the Minister for Finance issued in accordance with the provisions of Section 2 of the Financial
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Exposure Calculations and Payment Assurances. 10.2.1 A Credit Exposure calculation will be made by the Seller for all Transactions on the thirteenth Business Day of each Month. The Credit Exposure calculation will utilise the Forward Exposure methodology specified in Schedule 4.
10.2.2 If the Seller has a positive net Credit Exposure aggregated for its relevant Transactions, as calculated pursuant to Schedule 4, the Seller may, by facsimile sent prior to 17.00 hours on a Business Day, request the Buyer to provide the Margin in an amount equal to the Credit Exposure (a “Margin Call”). The Margin may be provided in the form of an Escrow Account or a Letter of Credit. The Margin requirement will be rounded up to the nearest €50,000 Euro or £35,000 Pounds Sterling.
10.2.3 If the Seller issuing the Margin request provides written notice of the Margin Call request, the Buyer shall provide the Margin not later than 17:00 hours on the third Business Day following the date that notice was served.
10.2.4 In the event that the Buyer fails to provide the Margin when due, then an Event of Default will be deemed to have occurred and the Seller will be entitled to the remedy set forth in Clause 11.4 (Termination Payment).
10.2.5 The Credit Exposure will be calculated and applied on the thirteenth Business Day of each Month during the Term. If, between calculations of Credit Exposure on the thirteenth Business Day of the Month, the Intra-Month Margin Call Threshold as defined in Schedule 4 is exceeded, then the Seller may, at its discretion, require a further Margin Call ("the Intra-Month Margin Call") in accordance with the Credit Exposure calculation set out in Schedule 4.
10.2.6 Any Escrow Account or Letter of Credit for the benefit of the Seller in excess of the required Credit Exposure, as determined under the Credit Exposure calculation, will be deemed to be Surplus Margin. The Surplus Margin will be cancelled within two Business Days by the Seller upon receipt of a written request from the Buyer by facsimile sent prior to 17.00 hours on a Business Day.
10.2.7 For Margins provided by an Escrow Account, the Seller will satisfy its obligation to cancel the Surplus Margin by signing and transmitting by facsimile to the Buyer a notice indicating and agreeing to the new Margin amount. The banking instruction to release the surplus margin will be executed in accordance with the terms of the bank mandate governing operation of the escrow account.
10.2.8 If the Margin is provided by a Letter of Credit then the Seller will notify the Buyer of the Surplus Margin, providing permission to the Buyer to cancel the Surplus Margin. The Buyer may then cancel the Surplus Margin. The Surplus Margin is deemed to be cancelled upon receipt by the Seller of a duly approved and executed replacement Letter of Credit.
10.2.9 In the event that the Seller fails to satisfy its obligation to cancel Surplus Margin when due in accordance with this clause, then an Event of Default will be deemed to have occurred and the Buyer will be entitled to the remedy set forth in Clause 11.4 (Termination Payment).
10.2.10 The entity providing a letter of credit must meet the requirements of the Specification of the Minister for Finance issued in accordance with the provisions of Section 2 of the FinancialFinancial Transactions of Certain Companies and Other Bodies Act 1992, as amended from time to time.
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Exposure Calculations and Payment Assurances. 10.2.1 A Credit Exposure calculation will be made by the Seller for all Transactions on the thirteenth Business Day of each Month. The Credit Exposure calculation will utilise the Forward Exposure methodology specified in Schedule 4.
10.2.2 If the Seller has a positive net Credit Exposure aggregated for its relevant Transactions, as calculated pursuant to Schedule 4, the Seller may, by facsimile sent prior to 17.00 hours on a Business Day, request the Buyer to provide the Margin in an amount equal to the Credit Exposure (a “Margin Call”). The Margin may be provided in the form of an Escrow Account or a Letter of Credit. The Margin requirement will be rounded up to the nearest €50,000 Euro or £35,000 Pounds Sterling.
10.2.3 If the Seller issuing the Margin request provides written notice of the Margin Call request, the Buyer shall provide the Margin not later than 17:00 hours on the third Business Day following the date that notice was served.
10.2.4 In the event that the Buyer fails to provide the Margin when due, then an Event of Default will be deemed to have occurred and the Seller will be entitled to the remedy set forth in Clause 11.4 (Termination Payment).
10.2.5 The Credit Exposure will be calculated and applied on the thirteenth Business Day of each Month during the Term. If, between calculations of Credit Exposure on the thirteenth Business Day of the Month, the Intra-Month Margin Call Threshold as defined in Schedule 4 is exceeded, then the Seller may, at its discretion, require a further Margin Call ("the Intra-Month Margin Call") in accordance with the Credit Exposure calculation set out in Schedule 4.
10.2.6 Any Escrow Account or Letter of Credit for the benefit of the Seller in excess of the required Credit Exposure, as determined under the Credit Exposure calculation, will be deemed to be Surplus Margin. The Surplus Margin will be cancelled within two Business Days by the Seller upon receipt of a written request from the Buyer by facsimile sent prior to 17.00 hours on a Business Day.
10.2.7 For Margins provided by an Escrow Account, the Seller will satisfy its obligation to cancel the Surplus Margin by signing and transmitting by facsimile to the Buyer a notice indicating and agreeing to the new Margin amount. The banking instruction to release the surplus margin will be executed in accordance with the terms of the bank mandate governing operation of the escrow account.
10.2.8 If the Margin is provided by a Letter of Credit then the Seller will notify the Buyer of the Surplus Margin, providing permission to the Buyer to cancel the Surplus Margin. The Buyer may then cancel the Surplus Margin. The Surplus Margin is deemed to be cancelled upon receipt by the Seller of a duly approved and executed replacement Letter of Credit.
10.2.9 In the event that the Seller fails to satisfy its obligation to cancel Surplus Margin when due in accordance with this clause, then an Event of Default will be deemed to have occurred and the Buyer will be entitled to the remedy set forth in Clause 11.4 (Termination Payment).
10.2.10 The Where applicable the entity providing a letter of credit must meet the requirements of the Specification of the Minister for Finance issued in accordance with the provisions of Section 2 of the FinancialFinancial Transactions of Certain Companies and Other Bodies Act 1992, as amended from time to time.
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