Common use of Substitution and Return Clause in Contracts

Substitution and Return. (i) Upon notice to Buyer specifying the items of Credit Support to be exchanged, Seller may on any Business Day transfer to Buyer substitute Credit Support, and so long as no Event of Default or Default with respect to Seller has occurred and is continuing, Buyer shall return to Seller the items of Credit Support identified by Seller in its notice by not later than the fifth (5th) Business Day following the date on which Buyer receives the substitute Credit Support, except that Buyer will only be required to return Credit Support with a value as the date of transfer equal to the value of the substitute Credit Support as of the same date. (ii) Upon (A) the reduction of the Credit Support Amount applicable to Seller and (B) the later to occur of (x) the end of the Delivery Term and (y) the satisfaction in full of all of Seller’s obligations under this Agreement (other than contingent obligations with respect to which Buyer has not made a claim), Buyer shall, within five (5) Business Days following receipt of Seller’s demand, return to Seller in the case of clause (A), the applicable portion of the Credit Support of the Seller then outstanding in favor of Buyer, and in the case of clause (B) all Credit Support of Seller then outstanding in favor of Buyer. In connection with any such return, Buyer shall at Seller’s expense take such actions as may be reasonably requested by Seller to evidence the release and termination of the applicable Credit Support.

Substitution and Return. (i) Upon notice to Buyer PGE specifying the items of Credit Support to be exchanged, Seller may on any Business Day transfer to Buyer PGE substitute Credit Support, and so long as no Event of Default or Default with respect to Seller has occurred and is continuing, Buyer PGE shall return to Seller the items of Credit Support identified by Seller in its notice by not later than the fifth (5th) Business Day following the date on which Buyer PGE receives the substitute Credit Support, except that Buyer PGE will only be required to return Credit Support with a value as the date of transfer equal to the value of the substitute Credit Support as of the same date. (ii) Upon (A) the reduction of the Credit Support Amount applicable to Seller and (B) the later to occur of (x) the end of the Delivery Term and (y) the satisfaction in full of all of Seller’s obligations under this Agreement (other than contingent obligations with respect to which Buyer PGE has not made a claim), Buyer PGE shall, within five (5) Business Days following receipt of Seller’s demand, return to Seller in the case of clause (A)) of this subsection, the applicable portion of the Credit Support of the Seller then outstanding in favor of BuyerPGE in the amount of the reduction, and in the case of clause (B) of this subsection all Credit Support of Seller then outstanding in favor of BuyerPGE. In connection with any such return, Buyer PGE shall at Seller’s expense take such actions as may be reasonably requested by Seller to evidence the release and termination of the applicable Credit Support.

Substitution and Return. (i) Upon notice to Buyer specifying the items of Credit Support to be exchanged, Seller may on any Business Day transfer to Buyer substitute Credit Support, and so long as no Event of Default or Default with respect to Seller has occurred and is continuing, Buyer shall return to Seller the items of Credit Support identified by Seller in its notice by not later than the fifth (5th) Business Day following the date on which Buyer receives the substitute Credit Support, except that Buyer will only be required to return Credit Support with a value as the date of transfer equal to the value of the substitute Credit Support as of the same date.that (ii) Upon (A) the reduction of the Credit Support Amount applicable to Seller and (B) the later to occur of (x) the end of the Delivery Term and (y) the satisfaction in full of all of Seller’s obligations under this Agreement (other than contingent obligations with respect to which Buyer has not made a claim), Buyer shall, within five (5) Business Days following receipt of Seller’s demand, return to Seller in the case of clause (A), the applicable portion of the Credit Support of the Seller then outstanding in favor of Buyer, and in the case of clause (B) all Credit Support of Seller then outstanding in favor of Buyer. In connection with any such return, Buyer shall at Seller’s expense take such actions as may be reasonably requested by Seller to evidence the release and termination of the applicable Credit Support.

Substitution and Return. (i) Upon notice to Buyer specifying the items of Credit Support to be exchanged, Seller may on any Business Day transfer to Buyer substitute Credit Support, and so long as no Event of Default or Default with respect to Seller has occurred and is continuing, Buyer shall return to Seller the items of Credit Support identified by Seller in its notice by not later than the fifth (5th) Business Day following the date on which Buyer receives the substitute Credit Support, except that Buyer will only be required to return Credit Support with a value as the date of transfer equal to the value of the substitute Credit Support as of the same date. (ii) Upon (A) the reduction of the Credit Support Amount applicable to Seller and (B) the later to occur of (x) the end of the Delivery Term and (y) the satisfaction in full of all of Seller’s obligations under this Agreement (other than contingent obligations with respect to which Buyer has not made a claim), Buyer shall, within five (5) Business Days following receipt of Seller’s demand, return to Seller in the case of clause (A)) of this Section, the applicable portion of the Credit Support of the Seller then outstanding in favor of BuyerBuyer in the amount of the reduction, and in the case of clause (B) of this Section all Credit Support of Seller then outstanding in favor of Buyer. In connection with any such return, Buyer shall at Seller’s expense take such actions as may be reasonably requested by Seller to evidence the release and termination of the applicable Credit Support.

Substitution and Return. (i) Upon notice to Buyer the Seller specifying the items of Credit Support to be exchanged, Seller the Buyer may on any Business Day transfer to Buyer the Seller substitute Credit Support, and so long as no Event of Default or Default with respect to Seller the Buyer has occurred and is continuing, Buyer the Seller shall return to Seller the Buyer the items of Credit Support identified by Seller the Buyer in its notice by not later than the fifth (5th) Business Day following the date on which Buyer the Seller receives the substitute Credit Support, except that Buyer the Seller will only be required to return Credit Support with a value value, as of the date of transfer transfer, equal to the value of the substitute Credit Support as of the same date. (ii) Upon (A) the reduction of the Buyer Credit Support Amount applicable to Seller and the Buyer or (B) the later to occur of (x) the end of the Delivery Term Period and (y) the satisfaction in full of all of Sellerthe Buyer’s obligations under this Agreement (other than contingent obligations with respect to which Buyer the Seller has not made a claim), Buyer the Seller shall, within five ten (510) Business Days following receipt of Sellerthe Buyer’s demand, return to Seller the Buyer, in the case of clause (A), the applicable portion of the Credit Support of the Seller Buyer then outstanding in favor of Buyerthe Seller, and and, in the case of clause (B) ), all Credit Support of Seller the Buyer then outstanding in favor of Buyerthe Seller. In connection with any such return, Buyer the Seller shall at Sellerthe Buyer’s expense take such actions as may be reasonably requested by Seller the Buyer to evidence the release and termination of the applicable Credit Support.