Common use of Return of Eligible Credit Support Clause in Contracts

Return of Eligible Credit Support. Subject to Clause 8, should a Transferee receive a request pursuant to Clause 4.1, then the Transferee shall transfer to the Transferor the requested Eligible Credit Support not later than close of business on the third Business Day following such request by either: (a) transferring Cash to the account of the Transferor specified in Clause 13; or (b) where the Eligible Credit Support is a Letter of Credit, and as preferred by the Transferor, waiving its rights, in part or in whole, under, or agreeing to the amendment or revocation of the Letter of Credit and, where relevant, its return. The Transferee may waive its rights conditional upon the transfer of other Eligible Credit Support such that its Value, when added to the Value of the remaining Eligible Credit Support held by the Transferee, equals the Credit Support Amount of the Transferee.)