Frequency and Timing for Updating Security Arrangements Sample Clauses

Frequency and Timing for Updating Security Arrangements. The Gas Distributor may review the security arrangements and recalculate the Gas Vendor’s Maximum Security Amount at any time in accordance with this Agreement, but shall do so no less than once every six months. As a result of these reviews, the amount of security shall be revised upwards or downwards at any time if the Maximum Security Amount applicable to the Gas Vendor has changed, and the Gas Distributor shall notify the Gas Vendor in writing of any increase or decrease in the value of security required. The Gas Vendor shall provide to the Gas Distributor any increase in the value of security required by the Gas Distributor within thirty (30) days of the Gas Distributor giving written notice to the Gas Vendor of the change in the value of required security. Where the existing security is in the form of a cash deposit, the Gas Distributor shall provide to the Gas Vendor any decrease in the value of security required by the Gas Distributor, plus applicable interest, within thirty (30) days of the Gas Distributor giving written notice to the Gas Vendor of the change in the value of required security. Where regardless of the Gas Vendor’s Maximum Security Amount the Gas Distributor determines that all or a part of the security is no longer required, the Gas Distributor shall so notify the Gas Vendor in writing. Where the existing security is in the form of a cash deposit, the Gas Distributor shall provide to the Gas Vendor the value of the security that is no longer required, plus applicable interest, within thirty (30) days of the Gas Distributor giving written notice to the Gas Vendor of the change in the value of required security.
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Frequency and Timing for Updating Security Arrangements. 3.6.1 The Gas Distributor may review the security arrangements and recalculate the Gas Vendor’s Maximum Security Amount at any time in accordance with this Agreement, but shall do so no less than once every six months. As a result of these reviews, the amount of security shall be revised upwards or downwards at any time if the Maximum Security Amount applicable to the Gas Vendor has changed, and the Gas Distributor shall notify the Gas Vendor in writing of any increase or decrease in the value of security required.
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Related to Frequency and Timing for Updating Security Arrangements

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