The Electricity Capacity Regulations 2014
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Change 1
56 Maintenance of credit cover
(1) A must maintain credit cover equal to or more than the required amount at all times during the credit obligation period. (2) If the Settlement Body gives notice to A that any credit cover provided by A is not approved, A must within 5 working days provide additional credit cover so that the total amount of credit cover provided (excluding credit cover which is not approved or has been drawn down) is equal to or more than the required amount. (3) Where a letter of credit which A has provided as credit cover is due to expire on a date before the end of the credit obligation period (“the expiry date”), A must, not later than 10 working days before the expiry date, provide to the Settlement Body— (a) written confirmation from the issuing bank that the letter of credit will be extended by a further period of not less than— (i) 6 months; or (ii) the remaining duration of the credit obligation period, if less; or (b) replacement credit cover. (3A) If A does not comply with paragraph (3)— (a) the Settlement Body may immediately draw down on the letter of credit to the full amount stated in the letter of credit and on receipt of funds from the paying bank place the funds in a bank account which satisfies the conditions in regulation 54(4); and (b) funds placed in a bank account under sub-paragraph (a) shall be treated as credit cover provided by A. (4) A may at any time during the credit obligation period provide additional credit cover, whether or not A needs to provide the additional credit cover in order to comply with paragraphs (1) to (3).
56 Maintenance of credit cover
(1) A must maintain credit cover equal to or more than the required amount at all times during the credit obligation period. (2) If the Settlement Body gives notice to A that any credit cover provided by A is not approved, A must within 5 working days provide additional credit cover so that the total amount of credit cover provided (excluding credit cover which is not approved or has been drawn down) is equal to or more than the required amount. (3) Where a letter of credit which A has provided as credit cover is due to expire on a date before the end of the credit obligation period (“the expiry date”), A must, not later than 10 working days before the expiry date, provide to the Settlement Body— (a) written confirmation from the issuing bank that the letter of credit will be extended by a further period of not less than— (i) 6 months; or (ii) the remaining duration of the credit obligation period, if less; or (b) replacement credit cover. (3A) If A does not comply with paragraph (3)— (a) the Settlement Body may immediately draw down on the letter of credit to the full amount stated in the letter of credit and on receipt of funds from the paying bank place the funds in a bank account which satisfies the conditions in regulation 54(4); and (b) funds placed in a bank account under sub-paragraph (a) shall be treated as credit cover provided by A. (4) A may at any time during the credit obligation period provide additional credit cover, whether or not A needs to provide the additional credit cover in order to comply with paragraphs (1) to (3).
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