Common use of Without prejudice to paragraph V3 Clause in Contracts

Without prejudice to paragraph V3. 3.3, where a User fails to provide such additional security as required in paragraph 3.3.1 (b) by the date specified in the notice pursuant to 3.3.1(b): (a) the amount of such surety or security required shall be increased to that amount required to reduce the User’s Value at Risk to below 80% of its Code Credit Limit and any surety or security provided by such User shall be deemed to be valued at 80% of its face value for the following 12 calendar months; and (b) with effect from the next Business Day after the date specified in such notice, the User shall pay to the Transporter that amount set out in the table in paragraph 3.2.10(a), based upon the amount of additional surety or security demanded by the Transporter and the daily charge set out in paragraph 3.2.10(b); and (c) subject to paragraph 3.3.1, where and for so long as the User’s Value at Risk exceeds 100% of the User’s Code Credit Limit, the Transporter shall be entitled to reject or refuse to accept all or any of the following by the relevant User: (i) an application for System Capacity or increased System Capacity at any System Point under Sections B or G5; and/or (ii) in relation to the NTS, a System Capacity Trade under Section B5 in respect of which the User is Transferee User; until such time as the User’s Value at Risk is reduced to less than 100% of its Code Credit Limit. (d) where from the fifth Business Day after the date specified in the notice, the User’s Value at Risk exceeds 100% of the User’s Code Credit Limit, the Transporter shall be entitled to reject or refuse to accept a Supply Point Nomination or Supply Point Confirmation under Section G, other than a Supply Point Renomination or Supply Point Reconfirmation until such time as the User’s Value at Risk is reduced to less than 100% of its Code Credit Limit.

Without prejudice to paragraph V3. 3.3, where a User fails to provide such additional security as required in paragraph 3.3.1 (b) by the date specified in the notice pursuant to 3.3.1(b): (a) the amount of such surety or security required shall be increased to that amount required to reduce the User’s Value at Risk to below 80% of its Code Credit Limit and any surety or security provided by such User shall be deemed to be valued at 80% of its face value for the following 12 calendar months; and (b) with effect from the next Business Day after the date specified in such notice, the User shall pay to the Transporter that amount set out in the table in paragraph 3.2.10(a), based upon the amount of additional surety or security demanded by the Transporter and the daily charge set out in paragraph 3.2.10(b); and (c) subject to paragraph 3.3.1, where and for so long as the User’s Value at Risk exceeds 100% of the User’s Code Credit Limit, the Transporter shall be entitled to reject or refuse to accept all or any of the following by the relevant User: (i) an application for System Capacity or increased System Capacity at any System Point under Sections B or G5; and/or (ii) a notice of appointment under Section B3.13.8 if the User is the proposed Overrun User; (iii) in relation to the NTS, : (1) a System Capacity Trade under Section B5 in respect of which the User is Transferee User; (2) a System Capacity Assignment under Section B6 in respect of which the User is the Assignee User; until such time as the User’s Value at Risk is reduced to less than 100% of its Code Credit Limit.; and (d) where from the fifth Business Day after the date specified in the notice, the User’s Value at Risk exceeds 100% of the User’s Code Credit Limit, the Transporter shall be entitled to reject or refuse to accept a Supply Point Nomination or Supply Point Confirmation under Section G, other than a Supply Point Renomination or Supply Point Reconfirmation until such time as the User’s Value at Risk is reduced to less than 100% of its Code Credit Limit.