Common use of Reduction and Substitution of Posted Collateral Clause in Contracts

Reduction and Substitution of Posted Collateral. On any Business Day during the term hereof on which (a) no Event of Default has occurred and is continuing with respect to Seller, (b) no Termination date has occurred or has been designated as a result of an Event of Default with respect to Seller for which there exist any unsatisfied payment Obligations, and (c) the Eligible Collateral posted by Seller exceeds the Exposure (rounding downwards for any fractional amount to the next interval of the Rounding Amount), then Seller may, at its sole cost, request that Buyer return Eligible Collateral in the amount of such difference (“Return Amount”)and Buyer shall be obligated to do so. Such Eligible Collateral shall be returned to Seller on the next Business Day if the request is received by the Notification Time; otherwise Eligible Collateral is due by the close of business on the second Business Day. The Parties agree that if Seller has posted more than one type of Eligible Collateral to Buyer, Seller can, in its sole discretion, select the type of Eligible Collateral for Buyer to return; provided, however, that Buyer shall not be required to return the specified Eligible Collateral if immediately after such return, Seller would be required to post additional Eligible Collateral pursuant to the calculation of Exposure.

Reduction and Substitution of Posted Collateral. On any Business Day during the term hereof Services Term on which (a) no Event of Default has occurred and is continuing with respect to Seller, (b) no Termination termination date has occurred or has been designated as a result of an Event of Default with respect to Seller for which there exist any unsatisfied payment Obligations, and (c) the Eligible Posted Collateral posted by Seller exceeds the Exposure sum of the required Operating Period Security and any required Default Credit Support (rounding downwards for any fractional amount to the next interval of the Rounding Amount), then Seller may, at its sole cost, request that Buyer return Eligible Collateral Operating Period Security or Default Credit Support, as applicable, in the amount of such difference (“Credit Support Return Amount”)and Amount”) and Buyer shall be obligated to do so. Such Eligible Posted Collateral shall be returned to Seller on the next Business Day if the request is received by the Notification Time; otherwise Eligible Collateral is due by the close of business on the second Business DayDay after Xxxxx’s receipt of such request. The Parties agree that if Seller has posted more than one type of Eligible Collateral Credit Support to Buyer, Seller can, in its sole discretion, select the type of Eligible Collateral Credit Support for Buyer to return; provided, however, that Buyer shall not be required to return the specified Eligible Collateral Credit Support if immediately after such return, Seller would be required to post additional Eligible Collateral Credit Support pursuant to the calculation of ExposureOperating Period Security or Default Credit Support.

Reduction and Substitution of Posted Collateral. On any Business Day during the term hereof Services Term on which (a) no Event of Default has occurred and is continuing with respect to Seller, (b) no Termination termination date has occurred or has been designated as a result of an Event of Default with respect to Seller for which there exist any unsatisfied payment Obligations, and (c) the Eligible Posted Collateral posted by Seller exceeds the Exposure sum of the required Operating Period Security and any required Default Credit Support (rounding downwards for any fractional amount to the next interval of the Rounding Amount), then Seller may, at its sole cost, request that Buyer return Eligible Collateral Operating Period Security or Default Credit Support, as applicable, in the amount of such difference (“Credit Support Return Amount”)and Amount”) and Buyer shall be obligated to do so. Such Eligible Posted Collateral shall be returned to Seller on the next Business Day if the request is received by the Notification Time; otherwise Eligible Collateral is due by the close of business on the second Business DayDay after Buyer’s receipt of such request. The Parties agree that if Seller has posted more than one type of Eligible Collateral Credit Support to Buyer, Seller can, in its sole discretion, select the type of Eligible Collateral Credit Support for Buyer to return; provided, however, that Buyer shall not be required to return the specified Eligible Collateral Credit Support if immediately after such return, Seller would be required to post additional Eligible Collateral Credit Support pursuant to the calculation of ExposureOperating Period Security or Default Credit Support.

Reduction and Substitution of Posted Collateral. On any Business Day during the term hereof on which (a) no Event of Default has occurred and is continuing with respect to Seller, (b) no Termination date has occurred or has been designated as a result of an Event of Default with respect to Seller for which there exist any unsatisfied payment Obligations, and (c) the Eligible Collateral posted by Seller exceeds the Exposure (rounding downwards for any fractional amount to the next interval of the Rounding Amount), then Seller may, at its sole cost, request that Buyer return Eligible Collateral in the amount of such difference (“Return Amount”)and Amount”) and Buyer shall be obligated to do so. Such Eligible Collateral shall be returned to Seller on the next Business Day if the request is received by the Notification Time; otherwise Eligible Collateral is due by the close of business on the second Business Day. The Parties agree that if Seller has posted more than one type of Eligible Collateral to Buyer, Seller can, in its sole discretion, select the type of Eligible Collateral for Buyer to return; provided, however, that Buyer shall not be required to return the specified Eligible Collateral if immediately after such return, Seller would be required to post additional Eligible Collateral pursuant to the calculation of Exposure.