Replacement Security. In circumstances where the Financial Security put in place in compliance with this Clause 9 is due to expire prior to expiration of the Pre-operational Phase or the Capital Recovery Period (as the case may be) (the “Expiring Security”), the Company shall ensure that replacement security (on the same terms as the Expiring Security) is put in place by not later than one month prior to the date on which the Expiring Security is due to expire with an effective date to be approved by Gas Networks Ireland. Where the Expiring Security is a Letter of Credit the Company shall ensure that replacement security is put in place by not later than the three months prior to the date on which the Expiring Security is due to expire with an effective date to be approved by Gas Networks Ireland.
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