Common use of Replacement and return of Credit Support Clause in Contracts

Replacement and return of Credit Support. (a) Within 24 hours of becoming aware that its existing Credit Support ceases to meet all the requirements of clause 9.2.1, a Market Participant must deliver to the Operator a replacement or additional Credit Support sufficient to ensure that the relevant participant complies with its obligations under that clause. (b) A Market Participant may deliver a replacement Credit Support to the Operator at any other time. (c) The Operator must return any unexpired and undrawn Credit Support to the Credit Support Provider on request, provided that the Operator will continue to hold Credit Support in respect of the relevant participant that meets the requirements of this clause 9.2 and takes effect on or before the return date. (d) The Operator must return any unexpired and undrawn Credit Support to the relevant Credit Support Provider immediately after the termination of a Market Participant’s Membership Agreement takes effect under clause 4.3(e).

Replacement and return of Credit Support. (a) Within 24 hours of becoming aware that its existing Credit Support ceases to meet all the requirements of clause 9.2.1, a Market Participant must deliver to the Operator a replacement or additional Credit Support sufficient to ensure that the relevant participant complies with its obligations under that clause. (b) . A Market Participant may deliver a replacement Credit Support to the Operator at any other time. (c) . The Operator must return any unexpired and undrawn Credit Support to the Credit Support Provider on request, provided that the Operator will continue to hold Credit Support in respect of the relevant participant that meets the requirements of this clause 9.2 and takes effect on or before the return date. (d) . The Operator must return any unexpired and undrawn Credit Support to the relevant Credit Support Provider immediately after the termination of a Market Participant’s Membership Agreement takes effect under clause 4.3(e).