Common use of Right of Disposal Clause in Contracts

Right of Disposal. 3.1 The Account Holder hereby grants Nord Pool unconditional right of disposal over the balance in the Pledged Settlement Account, to be utilised in accordance with the Rulebook. The Account holder is deprived of its right to use the funds standing to the credit of the Pledged Settlement Account and make any withdrawals therefrom, except as described in clause 3.4 below. 3.2 The Settlement Bank may not oppose such instruction or conduct any investigations regarding the validity of such instructions. 3.3 The right of disposal under Section 3.1 may not be revoked by the Account Holder as long as any Secured Liabilities are outstanding. In other cases, the Account Holder may, with 14 days’ written notice to Nord Pool, request that the right of disposal be revoked. However, the right of disposal shall remain in effect until Nord Pool has confirmed in writing to the Settlement Bank that the right of disposal is revoked. 3.4 The Account Holder may dispose of any excess balance in the Pledged Settlement Account only after meeting all Collateral Calls from Nord Pool and all Settlement amounts owed to Nord Pool from time to time. 3.5 The Settlement Bank and the Account Holder may agree upon further restrictions for the Account ▇▇▇▇▇▇'s disposal of excess balance. 3.6 By signing this Agreement the Settlement Bank acknowledges that it has received a notice of the pledge of the Pledged Settlement Account in favour of Nord Pool and confirms that save as explicitly stated in this Agreement, no person may make money withdrawals or transfers from the Pledged Settlement Account nor any other disposals in relation to the Pledged Settlement Account unless notified otherwise by Nord Pool in writing.

Right of Disposal. 3.1 2.1 The Account Holder hereby grants Nord Pool the Clearinghouse unconditional right of disposal over the balance in the EUR Non-Pledged Settlement Cash Account, to be utilised in accordance with the Rulebook. The Account holder is deprived of its right to use the funds standing to the credit of the Pledged Settlement Account and make any withdrawals therefrom, except as described in clause 3.4 belowClearing Rules. 3.2 The Settlement Bank may not oppose such instruction or conduct any investigations regarding the validity of such instructions. 3.3 2.2 The right of disposal under Section 3.1 Clause 2.1 may not be revoked by the Account Holder as long as any Secured Liabilities there are outstandingClearing Transactions registered in the Clearing Account, or the Clearinghouse holds claims against the Account Holder. In other cases, the right of disposal may be revoked by the Account Holder may, with upon 14 days’ written notice to Nord Poolthe Clearinghouse, request that the right of disposal be revoked. However, the right of disposal shall remain while remaining in effect vis-à-vis the EUR Settlement Bank until Nord Pool the Clearinghouse has confirmed in writing to the EUR Settlement Bank that the right of disposal is revoked. 3.4 2.3 The Account Holder may only dispose of any excess balance in the EUR Non-Pledged Settlement Cash Account only after meeting all Collateral Calls from Nord Pool the Clearinghouse and all Settlement settlement amounts owed to Nord Pool the Clearinghouse from time to time. The Account Holder may grant others a similar right of disposal. The Account Holder may not pledge the EUR Non-Pledged Cash Account to any party. 3.5 2.4 Any distress, execution, attachment or other process levied or sued upon or against the EUR Non-Pledged Cash Account will constitute a Default Event. 2.5 The Clearinghouse shall be notified by the EUR Settlement Bank if anybody is granted rights as provided for in Section 2.3, and may in accordance with the Clearing Rules, suspend the right of disposal for the Account Holder or any other party. 2.6 The EUR Settlement Bank and the Account Holder may agree upon further restrictions for the Account ▇▇▇▇▇▇Holder's disposal of excess balancebalance or granting of rights in the EUR Non-Pledged Cash Account. 3.6 By signing this Agreement the Settlement Bank acknowledges that it has received a notice of the pledge of the Pledged Settlement Account in favour of Nord Pool and confirms that save as explicitly stated in this Agreement, no person may make money withdrawals or transfers from the Pledged Settlement Account nor any other disposals in relation to the Pledged Settlement Account unless notified otherwise by Nord Pool in writing.