Surplus Margin definition

Surplus Margin means Margin in excess of $400 million that has been secured by cash or letter of credit as defined in section (a) and (b) above and

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Surplus Margin has the meaning set forth in Section 6.6(iii).

Surplus Margin means the Letter of Credit or Escrow Account amounts provided by the Buyer in excess of the Credit Exposure;

Examples of Surplus Margin in a sentence

• Surplus Margin means cash or a letter of credit posted by the DS Supplier as a result of a request by the Company pursuant to Section 6.5(a) that exceeds the Total Exposure Amount less the DS Supplier’s or the Guarantor’s credit limit (rounded by the Rounding Amount).

• Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS- RSCP Supplier’s or the Guarantor’s credit limit.

• The BGS-FP Supplier will not unreasonably deny a request for a one-business day extension of the period for returning the Surplus Margin.

• Surplus Margin means cash or a letter of credit posted by the DS Supplier as a result of a request by the Company pursuant to Section 6.5(a) that exceeds the Total Exposure Amount less the DS Supplier’s or the Guarantor’s Credit Limit (rounded by the Rounding Amount).

• If the BGS-FP Supplier posted cash and notice is received by 1:00 p.m. EPT on a Business Day, the Surplus Margin will be returned by the immediately following Business Day.

• If the BGS-FP Supplier posted a Letter of Credit to secure its Margin requirement, the Surplus Margin shall be returned on the next Business Day following the Business Day on which the BGS-FP Supplier’s written request for its return is received by each of the Companies.

• Surplus Margin means cash or a letter of credit posted by the BGS-RSCP Supplier as a result of a request by the Company pursuant to Section 6.7(a) that exceeds the Total Exposure Amount less the BGS-RSCP Supplier’s or the Guarantor’s credit limit.

• The Surplus Margin will be cancelled within two Business Days by the Seller upon receipt of a written request from the Buyer by facsimile sent prior to 17.00 hours on a Business Day.

• The Surplus Margin is deemed to be cancelled upon receipt by the Seller of a duly approved and executed replacement Letter of Credit.

• The Buyer fails to provide the Margin or the Seller fails to return the Surplus Margin in accordance with Clause 10.2 (Exposure Calculations and Payment Assurances).

More Definitions of Surplus Margin

Surplus Margin has the meaning set forth in Section 4.1.

Surplus Margin means Margin in excess of $400 million that has been secured by cash or letter of credit as defined in section (a) and (b) above and “First Mortgage Bonds” means obligations of such SSO Supplier or Guarantor, as the case may be, evidenced by a first mortgage bond or other similar instrument and secured by a first priority lien on all or substantially all of the property, plant and equipment and related assets of such SSO Supplier or Guarantor.

Surplus Margin means Margin in excess of $400 million that has been secured by cash or letter of credit as defined in section (a) and (b) above and “First Mortgage Bonds” means obligations of such SSO Supplier or Guarantor, as the case may be, evidenced by a first mortgage bond or other similar instrument and secured by a first priority lien on all or substantially all of the property, plant and equipment and related assets of such SSO Supplier or Guarantor. Notwithstanding anything in this Agreement to the contrary, the Companies may exercise any rights or claims to any collateral posted, delivered or pledged to them under this Agreement, before, after, concurrently with, or to the exclusion of, any other collateral posted, delivered or pledged, and in particular are not required to exercise any remedies whatsoever against any First Mortgage Bonds prior to applying any cash collateral against, or making a drawing under any letter of credit in respect of, any liabilities of the SSO Supplier hereunder or its Guarantor under the Guaranty to the Companies or any of them.

Surplus Margin means the amounts to be computed for disproportionate sharing in accordance with the methodology described in Exhibit "A" attached hereto and made a part hereof.