Providing Member definition

Providing Member has the meaning set forth in Section 7.6.

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Providing Member means the Member providing, loaning, affording, or responding to a call for assistance.

Providing Member means each Pool Member who may, under the terms of this Schedule, become at any time a Pool Debtor;

Examples of Providing Member in a sentence

• If the Executive Committee determines that such Security Cover should be decreased, the Providing Member or (as the case may be) the Grid Operator consents and the Director so approves, that reduction shall take place.

• If, after considering the recommendations of the Pool Funds Administrator and any representations which may be made by the relevant Providing Member or (as the case may be) the Grid Operator, the Executive Committee determines that the Security Cover of a Providing Member or the Grid Operator should be increased or decreased, it shall so notify the Providing Member or the Grid Operator (as the case may be), the Pool Funds Administrator and the Director.

• The Pool Funds Administrator shall keep under review the Security Amounts relating to each Providing Member and the Grid Operator and shall promptly advise the Executive Committee, the relevant Providing Member or (as the case may be) the Grid Operator whenever the Security Cover maintained by such Providing Member or (as the case may be) the Grid Operator is significantly more or less than the amount required to be maintained pursuant to this Part 3.

• Upon a Providing Member ceasing to be a Pool Member and provided that all amounts owed by the Providing Member have been duly and finally paid and that it is not otherwise in default in any respect under the Agreement, the Providing Member shall be released from the obligation to maintain Security Cover and the Pool Funds Administrator shall consent to the revocation of any outstanding Letter of Credit.

• In the event that Massagix does not remit any such amounts, the Providing Member will have recourse only against Massagix and not the Purchasing Member directly.

• If the Executive Committee determines that the Providing Member's Security Cover should be increased, the relevant Providing Member shall, within five Business Days of notice as aforesaid, procure an additional or replacement Letter of Credit or transfer to the Pool Funds Administrator a cash deposit for credit to the Pool Reserve Account in an amount sufficient to increase its Security Amount so as to be at least equal to the level of Security Cover applicable to it.

• Each Providing Member agrees that Massagix may refund the Purchasing Member in accordance with the Massagix Terms.

• For the avoidance of doubt nothing in sub-section 15.1 or 15.6 shall prevent any Providing Member or the Grid Operator from delivering a single Letter of Credit in respect of its obligations under paragraphs 15.1.2 and 15.1.3.

• Massagix does not have any duties or obligations as agent for each Providing Member except to the extent expressly set forth in these Payments Terms, and any additional duties or obligations as may be implied by law are, to the maximum extent permitted by applicable law, expressly excluded.

• Each Providing Member and the Grid Operator shall be required to provide and at all times thereafter maintain a Security Amount equal to or more than the Security Cover applicable to it in such aggregate amount as shall be set from time to time in accordance with this Part 3.

More Definitions of Providing Member

Providing Member means each Pool Member (including any person who is no longer a Pool Member but who is required under Section 16.7 of Schedule 11 to maintain Security Cover) who may, under the terms of Schedule 11, become at any time a Pool Debtor;

Providing Member. Reconciliation Notification Date", "Reconciliation Payment Date", "Relevant Provider", "Reserve Interest Rate", "Security Amount", "Security Cover", "Settlement Account", "Settlement Account Designation", "Settlement Bank", "Settlement Bank Mandate", "Settlement Payment Date", "Settlement Run", "Special Run", "Stage 1 Settlement Run", "Stage 2 Initial Settlement Run", "Timetabled Reconciliation Run" and "underpayment";