Posting Margin and Return of Surplus Margin. (i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-FP Supplier’s Credit Limit, then each of the Companies, on any Business Day, may request that the BGS-FP Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000. (ii) If the BGS-FP Supplier receives written notice for Margin from each of the Companies by 1:00 p.m. EPT on a Business Day, then the BGS-FP Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies may agree in writing to extend the period to provide Margin. If the BGS-FP Supplier receives notice for Margin from one or more of the Companies after 1:00 p.m. EPT on a Business Day, then the BGS-FP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies agrees in writing to extend the period to provide Margin. None of the Companies will unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGS-FP Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies will be entitled to the remedies set forth in Article 5. (iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGS-FP Supplier upon receipt of a written request by the BGS-FP Supplier. If the BGS-FP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGS-FP Supplier posted cash and notice is received by each of the Companies after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGS-FP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return is received by each of the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-FP Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-FP Supplier will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.
Appears in 2 contracts
Samples: Supplier Forward Contract (Dynegy Inc /Il/), Supplier Forward Contract (Dynegy Inc /Il/)
Posting Margin and Return of Surplus Margin.
(ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin Xxxxxx from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin Xxxxxx from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide MarginXxxxxx. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS- RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 2 contracts
Samples: Supplier Master Agreement, Supplier Master Agreement
Posting Margin and Return of Surplus Margin.
(ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS- RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 2 contracts
Samples: Supplier Master Agreement, Supplier Master Agreement
Posting Margin and Return of Surplus Margin. (ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin Xxxxxx from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin Xxxxxx from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS-RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP BGS- RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin. (ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP SSO Supplier’s Credit Limitor Guarantor’s credit limit, then each of the Companies, Companies on any Business Day, may request that the BGS-FP SSO Supplier provide cash, letter of credit in an acceptable form as defined in Section 6.9 (b) below (see standard format in Appendix D), or First Mortgage Bonds delivered or pledged as provided for in Section 6.9(c) below, in an amount equal to the Margin in (less any Margin posted by the form SSO Supplier and held by the Companies pursuant to this Agreement or any other agreement(s) between the Companies and the SSO Supplier for the provision of cash or a Letter of Credit (a “Margin Call”SSO Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP SSO Supplier receives written notice for Margin from each of the Companies by 1:00 p.m. EPT prevailing Eastern Time on a Business Day, then the BGS-FP SSO Supplier shall post Margin the immediately next following Business Day if posting cash, cash and the second Business Day if posting a Letter letter of Credit; providedcredit or, howeverwith respect to Surplus Margin only, that one delivering or more of pledging First Mortgage Bonds (as defined in Section 6.9(c) below), unless in each case the Companies may agree in writing to extend the period to provide Margin. If the BGS-FP SSO Supplier receives notice for Margin from one or more of the Companies after 1:00 p.m. EPT prevailing Eastern Time on a Business Day, whether posting cash, letter of credit, or First Mortgage Bond delivered or pledged as provided for in Section 6.9(c) below then the BGS-FP SSO Supplier must post Margin the second Business Day following the date of notice unless each of the Companies agrees agree in writing to extend the period to provide Margin. None of the The Companies will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP SSO Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies will be entitled to the remedies set forth in Article 55 of this Agreement. If the SSO Supplier is otherwise entitled to deliver or pledge its or its Guarantor’s First Mortgage Bonds to cover Surplus Margin, but cannot do so within the second Business Day time period or any extension thereof, the SSO Supplier may initially post cash or a letter of credit to satisfy such obligation, which cash or letter of credit shall be returned by the Companies upon the subsequent delivery or pledge of its or its Guarantor’s First Mortgage Bonds in accordance with the provisions of Section 6.9(c) hereof.
(iiib) Any cash or a Letter of Credit Remaining Margin being held by or for the benefit of one or more of the Companies in excess of not needed to satisfy the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP SSO Supplier upon receipt of a written request by the BGS-FP SSO Supplier. The returned amount to the SSO Supplier shall be the lesser of the remaining Margin then held by the Companies or the Total Exposure Amount less the Credit Limit. If the BGS-FP SSO Supplier posted cash and notice is received by 1:00 p.m. EPT prevailing Eastern Time on a Business DayDay , the Surplus remaining Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP SSO Supplier posted cash and notice is received by each of the Companies after 1:00 p.m. EPT prevailing Eastern Time on a Business Day, the Surplus remaining Margin shall will be returned by the second Business Day following the date of notice. If the BGS-FP SSO Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-FP Supplier by signing and transmitting by telecopy to from the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amountbank. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus remaining Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-FP Supplier SSO Suppliers will be entitled to the remedies set forth in Article 5 of this Agreement unless the BGS-FP SSO Supplier agrees in writing to extend such period for returning providing the Surplus remaining Margin. The BGS-FP SSO Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the remaining Margin. If after the SSO Supplier or its Guarantor has delivered or pledged First Mortgage Bonds to cover Surplus Margin (as defined in Section 6.9(c) below), there exists no Surplus Margin, then upon the written request of the SSO Supplier, the Companies shall return such First Mortgage Bonds to the SSO Supplier for cancellation as promptly as reasonably practicable; provided, however, that no return of any First Mortgage Bonds pursuant to the foregoing shall relieve the SSO Supplier of its obligation under this Agreement to post collateral in respect of Margin, including Surplus Margin, which obligation shall continue in full force and effect at all times during the term of this Agreement.
Appears in 1 contract
Posting Margin and Return of Surplus Margin. (ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin Xxxxxx from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin Xxxxxx the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin Xxxxxx from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS-RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP BGS- RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin. (i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-FP CPP- B Supplier’s Credit Limit, then each of the CompaniesCompany, on any Business Day, may request that the BGSCPP-FP B Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGSCPP-FP B Supplier receives written notice for Margin Xxxxxx from each of the Companies Company by 1:00 p.m. EPT on a Business Day, then the BGSCPP-FP B Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies Company may agree in writing to extend the period to provide Margin. If the BGSCPP-FP B Supplier receives notice for Margin Xxxxxx from one or more of the Companies Company after 1:00 p.m. EPT on a Business Day, then the BGSCPP-FP B Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGSCPP-FP B Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 5.
(iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies Company in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGSCPP-FP B Supplier upon receipt of a written request by the BGSCPP-FP B Supplier. If the BGSCPP-FP B Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGSCPP-FP B Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGSCPP-FP B Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day immediately following the Business Day on which the BGSCPP-FP B Supplier’s written request for its return is received by each of the CompaniesCompany. Each of the Companies The Company may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGSCPP-FP B Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGSCPP-FP B Supplier will be entitled to the remedies set forth in Article 5 unless the BGSCPP-FP B Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGSCPP-FP B Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.
Appears in 1 contract
Samples: Supplier Forward Contract
Posting Margin and Return of Surplus Margin.
(ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin Xxxxxx from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin Xxxxxx from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS-RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP BGS- RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin. (ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin Xxxxxx the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS- RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin.
(i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-FP LRTP Supplier’s Credit Limit, then each of the Companies, on any Business Day, may request that the BGS-FP LRTP Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000.100,000.
(ii) If the BGS-FP LRTP Supplier receives written notice for Margin from each of the Companies by 1:00 p.m. EPT on a Business Day, then the BGS-FP LRTP Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies may agree in writing to extend the period to provide Margin. If the BGS-FP LRTP Supplier receives notice for Margin from one or more each of the Companies after 1:00 p.m. EPT on a Business Day, then the BGS-FP LRTP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies agrees in writing to extend the period to provide Margin. None of the Companies will unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGS-FP LRTP Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies will be entitled to the remedies set forth in Article 5.
(iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGS-FP LRTP Supplier upon receipt of a written request by the BGS-FP LRTP Supplier. If the BGS-FP LRTP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGS-FP LRTP Supplier posted cash and notice is received by each of the Companies after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGS-FP LRTP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP LRTP Supplier’s written request for its return is received by each of the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-FP LRTP Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-FP BGS- LRTP Supplier will be entitled to the remedies set forth in Article 5 unless the BGS-FP LRTP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP BGS- LRTP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.
Appears in 1 contract
Samples: Supplier Forward Contract
Posting Margin and Return of Surplus Margin. (i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-BGS- FP Supplier’s Credit Limit, then each of the Companies, on any Business Day, may request that the BGS-FP Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP Supplier receives written notice for Margin from each of the Companies by 1:00 p.m. EPT on a Business Day, then the BGS-FP Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies may agree in writing to extend the period to provide Margin. If the BGS-FP Supplier receives notice for Margin from one or more of the Companies after 1:00 p.m. EPT on a Business Day, then the BGS-FP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies agrees in writing to extend the period to provide Margin. None of the Companies will unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGS-FP Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies will be entitled to the remedies set forth in Article 5.
(iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGS-FP Supplier upon receipt of a written request by the BGS-FP Supplier. If the BGS-FP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGS-FP Supplier posted cash and notice is received by each of the Companies after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGS-FP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return is received by each of the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-FP Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-BGS- FP Supplier will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.
Appears in 1 contract
Samples: Supplier Forward Contract
Posting Margin and Return of Surplus Margin.
(i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-BGS- FP Supplier’s Credit Limit, then each of the Companies, on any Business Day, may request that the BGS-FP Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP Supplier receives written notice for Margin from each of the Companies by 1:00 p.m. EPT on a Business Day, then the BGS-FP Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies may agree in writing to extend the period to provide Margin. If the BGS-FP Supplier receives notice for Margin from one or more of the Companies after 1:00 p.m. EPT on a Business Day, then the BGS-FP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies agrees in writing to extend the period to provide Margin. None of the Companies will unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGS-FP Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies will be entitled to the remedies set forth in Article 5.
(iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGS-FP Supplier upon receipt of a written request by the BGS-FP Supplier. If the BGS-FP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGS-FP Supplier posted cash and notice is received by each of the Companies after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGS-FP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return is received by each of the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-FP Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-BGS- FP Supplier will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.Margin.
Appears in 1 contract
Samples: Supplier Forward Contract
Posting Margin and Return of Surplus Margin. (ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS-RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP BGS- RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin. (i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-FP LRTP Supplier’s Credit Limit, then each of the Companies, on any Business Day, may request that the BGS-FP LRTP Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP LRTP Supplier receives written notice for Margin from each of the Companies by 1:00 p.m. EPT on a Business Day, then the BGS-FP LRTP Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies may agree in writing to extend the period to provide Margin. If the BGS-FP LRTP Supplier receives notice for Margin from one or more each of the Companies after 1:00 p.m. EPT on a Business Day, then the BGS-FP LRTP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies agrees in writing to extend the period to provide Margin. None of the Companies will unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGS-FP LRTP Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies will be entitled to the remedies set forth in Article 5.
(iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGS-FP LRTP Supplier upon receipt of a written request by the BGS-FP LRTP Supplier. If the BGS-FP LRTP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGS-FP LRTP Supplier posted cash and notice is received by each of the Companies after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGS-FP LRTP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP LRTP Supplier’s written request for its return is received by each of the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-FP LRTP Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-FP BGS- LRTP Supplier will be entitled to the remedies set forth in Article 5 unless the BGS-FP LRTP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP BGS- LRTP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.
Appears in 1 contract
Samples: Supplier Forward Contract
Posting Margin and Return of Surplus Margin.
(i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-FP BGS- LFP Supplier’s Credit Limit, then each of the Companies, on any Business Day, may request that the BGS-FP LFP Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP LFP Supplier receives written notice for Margin from each of the Companies by 1:00 p.m. EPT on a Business Day, then the BGS-FP LFP Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies may agree in writing to extend the period to provide Margin. If the BGS-FP LFP Supplier receives notice for Margin from one or more of the Companies after 1:00 p.m. EPT on a Business Day, then the BGS-FP LFP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies agrees in writing to extend the period to provide Margin. None of the Companies will unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGS-FP LFP Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies will be entitled to the remedies set forth in Article 5.
(iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGS-FP LFP Supplier upon receipt of a written request by the BGS-FP LFP Supplier. If the BGS-FP LFP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGS-FP LFP Supplier posted cash and notice is received by each of the Companies after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGS-FP LFP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP LFP Supplier’s written request for its return is received by each of the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-FP LFP Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-FP BGS- LFP Supplier will be entitled to the remedies set forth in Article 5 unless the BGS-FP LFP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP LFP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.Margin.
Appears in 1 contract
Samples: Supplier Forward Contract
Posting Margin and Return of Surplus Margin. (ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-FP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-FP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP Supplier receives written notice for Margin from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP Supplier receives notice for Margin from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP Supplier upon receipt of a written request by the BGS-FP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-FP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS-FP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-FP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-FP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-FP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin.
(ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide MarginXxxxxx. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS- RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin. (ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin Xxxxxx from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin Xxxxxx from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide MarginXxxxxx. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS- RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin. (i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-FP BGS- LFP Supplier’s Credit Limit, then each of the Companies, on any Business Day, may request that the BGS-FP LFP Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP LFP Supplier receives written notice for Margin from each of the Companies by 1:00 p.m. EPT on a Business Day, then the BGS-FP LFP Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies may agree in writing to extend the period to provide Margin. If the BGS-FP LFP Supplier receives notice for Margin from one or more of the Companies after 1:00 p.m. EPT on a Business Day, then the BGS-FP LFP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies agrees in writing to extend the period to provide Margin. None of the Companies will unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGS-FP LFP Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies will be entitled to the remedies set forth in Article 5.
(iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGS-FP LFP Supplier upon receipt of a written request by the BGS-FP LFP Supplier. If the BGS-FP LFP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGS-FP LFP Supplier posted cash and notice is received by each of the Companies after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGS-FP LFP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP LFP Supplier’s written request for its return is received by each of the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-FP LFP Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-FP BGS- LFP Supplier will be entitled to the remedies set forth in Article 5 unless the BGS-FP LFP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP LFP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.
Appears in 1 contract
Samples: Supplier Forward Contract
Posting Margin and Return of Surplus Margin. (i) If at any time during the Term, the Total Exposure Amount exceeds the BGS-FP Supplier’s Credit Limit, then each of the CompaniesCompaniesCompany, on any Business Day, may request that the BGS-FP Supplier provide Margin in the form of cash or a Letter of Credit (a “Margin Call”). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP Supplier receives written notice for Margin from each of the Companies CompaniesCompany by 1:00 p.m. EPT on a Business Day, then the BGS-FP Supplier shall post Margin the immediately following Business Day if posting cash, and the second Business Day if posting a Letter of Credit; provided, however, that one or more of the Companies CompaniesCompany may agree in writing to extend the period to provide Margin. If the BGS-BGS- FP Supplier receives notice for Margin from one or more of the Companies CompaniesCompany after 1:00 p.m. EPT on a Business Day, then the BGS-FP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies CompaniesCompany agrees in writing to extend the period to provide Margin. None of the Companies CompaniesThe Company will not unreasonably deny a request for a one (1) Business Day extension of such period. In the event that the BGS-FP Supplier fails to provide Margin when due, then an Event of Default under Article 5 will be deemed to have occurred and each of the Companies CompaniesCompany will be entitled to the remedies set forth in Article 5.
(iii) Any cash or a Letter of Credit held by or for the benefit of one or more of the Companies CompaniesCompany in excess of the required Margin (“Surplus Margin”), as determined above, will be returned to the BGS-FP Supplier upon receipt of a written request by the BGS-FP Supplier. If the BGS-FP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day. If the BGS-FP Supplier posted cash and notice is received by each of the Companies CompaniesCompany after 1:00 p.m. EPT on a Business Day, the Surplus Margin shall be returned by the second Business Day following the date of notice. If the BGS-FP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return is received by each of the Companies. Each of the Companies Companiesthe Company. The Company may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by the BGS-BGS- FP Supplier by signing and transmitting by telecopy to the issuing bank a New Availability Certificate (as provided for in Annex 3 to the Letter of Credit) for the new Margin amount. In the event that one or more of the Companies CompaniesCompany fails to satisfy its obligation to return the Surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 will be deemed to have occurred and the BGS-FP Supplier will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.
Appears in 1 contract
Samples: BGS Fp Supplier Forward Contract
Posting Margin and Return of Surplus Margin. (ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide MarginXxxxxx. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS- RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Posting Margin and Return of Surplus Margin.
(ia) If at any time and from time to time during the Termterm of this Agreement, the Total Exposure Amount exceeds the BGS-FP RSCP Supplier’s Credit Limitor the Guarantor’s credit limit, then each of the Companies, Company on any Business Day, may request that the BGS-FP RSCP Supplier provide Margin in the form of cash or a Letter letter of Credit credit in an acceptable form as defined in Section 6.9(b) of this Agreement (a “see standard format in Appendix C), in an amount equal to the Margin Call”(less any Margin posted by the BGS-RSCP Supplier and held by the Company pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply). The Margin requirement will be rounded up to the nearest $100,000.
(ii) If the BGS-FP RSCP Supplier receives written notice for Margin from each of the Companies Company by 1:00 p.m. EPT New York time on a Business Day, then the BGS-FP RSCP Supplier shall post Margin Xxxxxx the immediately next following Business Day Day, if posting cash, and by the second Business Day following the date of notice, if posting a Letter letter of Credit; providedcredit, however, that one or more of unless the Companies may agree Company agrees in writing to extend the period to provide Margin. If the BGS-FP RSCP Supplier receives notice for Margin from one or more of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, whether posting cash or a letter of credit, then the BGS-FP RSCP Supplier must post Margin the second Business Day following the date of notice unless each of the Companies Company agrees in writing to extend the period to provide Margin. None of the Companies The Company will not unreasonably deny a request for a one (1) Business Day one-day extension of such period. In the event that the BGS-FP RSCP Supplier fails to provide post Margin when duedue in accordance with this Section 6.7, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and each of the Companies Company will be entitled to the remedies set forth in Article 55 of this Agreement.
(iiib) Any cash or a Letter of Credit Surplus Margin being held by or for the benefit of one or more of Company that is not needed to satisfy the Companies in excess of the required Margin (“Surplus Margin”)Total Exposure Amount, as determined above, will be returned to the BGS-FP RSCP Supplier upon receipt of a written request by the BGS-FP RSCP Supplier. Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS- RSCP Supplier’s or the Guarantor’s credit limit. The amount returned to the BGS-RSCP Supplier shall be the surplus Margin then held by the Company. If the BGS-FP RSCP Supplier posted cash and notice is received by 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin will be returned by the immediately next following Business Day. If Day and if the BGS-FP RSCP Supplier posted cash and notice is received by each of the Companies Company after 1:00 p.m. EPT New York time on a Business Day, the Surplus surplus Margin shall be returned by the second Business Day following the date of notice, unless the BGS-RSCP Supplier agrees in writing to extend the period to return the surplus Margin. If the BGS-FP RSCP Supplier posted a Letter letter of Credit to secure its Margin requirementcredit, the Surplus surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return amendment to the letter of credit is received by each of from the Companies. Each of the Companies may satisfy its obligation to return Surplus Margin included in a Letter of Credit posted by issuing bank, unless the BGS-FP RSCP Supplier by signing and transmitting by telecopy agrees in writing to extend the issuing bank period to return the surplus Margin. The BGS-RSCP Supplier will not unreasonably deny a New Availability Certificate (as provided request for in Annex 3 to the Letter a one-day extension of Credit) for the new Margin amountsuch period. In the event that one or more of the Companies Company fails to satisfy its obligation to return the Surplus surplus Margin when due in accordance with this Article, then an Event of Default under Article 5 of this Agreement will be deemed to have occurred and the BGS-FP Supplier RSCP Suppliers will be entitled to the remedies set forth in Article 5 unless the BGS-FP Supplier agrees in writing to extend such period for returning the Surplus Margin. The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Marginthis Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement