Common use of Security deposit amounts Clause in Contracts

Security deposit amounts. (a) Subject to this clause, a Market Participant may at any time pay a cash amount to the Operator as a security deposit to secure payment of any amount which may become payable in respect of a Billing Period. (b) The Operator must record security deposit amounts paid by a Market Participant, together with any interest earned on those amounts, as a credit balance in respect of that participant in the Operator’s security deposit fund. (c) [Deleted] (d) The Operator may apply the credit balance for a Market Participant in the security deposit fund by setting off all or part of that amount against any amount owing by that participant to the Operator under a Final Statement, subject to paragraph (e). (e) A Market Participant may, in accordance with any guidance published by the Operator on its website, request the Operator’s agreement to arrangements for the application of that participant’s credit balance in respect of that Final Statement. If the Operator agrees, it must apply (or maintain) the credit balance in accordance with those arrangements unless a Default Event occurs in relation to the participant. (f) The Operator may deduct any liabilities or expenses of the security deposit fund from the balance of a Market Participant in that fund, to the extent those liabilities or expenses are attributable to the maintenance or application of that balance. (g) If there is a credit balance in the security deposit fund for a former Market Participant immediately after the termination of its Membership Agreement takes effect under clause 4.3(e), the Operator must pay to that former participant an amount equal to that balance.

Security deposit amounts. (a) Subject to this clause, a Market Participant may at any time pay a cash amount to the Operator as a security deposit to secure payment of any amount which may become payable in respect of a Billing Period. (b) . The Operator must record security deposit amounts paid by a Market Participant, together with any interest earned on those amounts, as a credit balance in respect of that participant in the Operator’s security deposit fund. (c) [Deleted] (d) . The credit balance for a Market Participant in the security deposit fund must not exceed the greater of: $100,000; and an amount equal to that participant’s Trading Limit. The Operator may apply the credit balance for a Market Participant in the security deposit fund by setting off all or part of that amount against any amount owing by that participant to the Operator under a Final Statement, subject to paragraph (e). (e) . A Market Participant may, in accordance with any guidance published by the Operator on its website, request the Operator’s agreement to arrangements for the application of that participant’s credit balance in respect of that Final Statement. If the Operator agrees, it must apply (or maintain) the credit balance in accordance with those arrangements unless a Default Event occurs in relation to the participant. (f) . The Operator may deduct any liabilities or expenses of the security deposit fund from the balance of a Market Participant in that fund, to the extent those liabilities or expenses are attributable to the maintenance or application of that balance. (g) . If there is a credit balance in the security deposit fund for a former Market Participant immediately after the termination of its Membership Agreement takes effect under clause 4.3(e), the Operator must pay to that former participant an amount equal to that balance.