32.0

<div data-id="section-m-1-1.1" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.1 Introduction</div>

<div data-id="section-m-1-1.2" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.2 <u class='defined-term'>Energy Indebtedness</u></div>

<html><head></head><body><div data-id="section-m-1-1.3" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.3 <u class="defined-term">Authority</u> for steps under Sections M and P</div></body></html>

<div data-id="section-m-1-1.4" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.4 <u class='defined-term'>Credit Assessment Price</u></div>

<div data-id="section-m-1-1.5" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.5 <u class='defined-term'>Credit Assessment Load Factor</u></div>

<div data-id="section-m-1-1.5A" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.5A <u class='defined-term'>Annual Holiday Periods</u></div>

<html><head></head><body><div data-id="section-m-1-1.6" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.6 <u class="defined-term"><u class="defined-term">Import</u></u> and <u class="defined-term">Export</u> Capabilities</div></body></html>

<div data-id="section-m-1-1.7" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.7 Material Doubt Guidance</div>

<div data-id="section-m-1-1.8" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1.8 <u class='defined-term'>Final Physical Notification Data</u> Review</div>

<div data-id="section-m-1" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1. GENERAL</div>

<div data-id="section-m-2-2.1" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">2.1 Provision of <u class='defined-term'>Credit Cover</u></div>

<div data-id="section-m-2-2.2" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">2.2 <u class='defined-term'>Letter of Credit</u> and <u class='defined-term'>Approved Insurance Product</u></div>

<div data-id="section-m-2-2.3" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">2.3 Reduction of <u class='defined-term'>Credit Cover</u></div>

<html><head></head><body><div data-id="section-m-2-2.3A" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">2.3A Reduction of <u class="defined-term">Credit Cover</u> for <u class="defined-term">Non-<u class="defined-term">Supplier</u> Trading <u class="defined-term">Party</u></u></div></body></html>

<div data-id="section-m-2-2.4" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">2.4 Determination of <u class='defined-term'>Energy Credit Cover</u></div>

<div data-id="section-m-2" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">2. CREDIT COVER AND ENERGY CREDIT COVER</div>

<div data-id="section-m-3-3.1" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">3.1 General</div>

<div data-id="section-m-3-3.2" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">3.2 <u class='defined-term'>Level 1 Credit Default</u></div>

<div data-id="section-m-3-3.3" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">3.3 <u class='defined-term'>Level 2 Credit Default</u></div>

<div data-id="section-m-3-3.4" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">3.4 Authorisation by BSCCo</div>

<div data-id="section-m-3-3.5" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">3.5 Result of Trading Dispute, etc</div>

<div data-id="section-m-3-3.6" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">3.6 <u class='defined-term'>BMRS</u> and <u class='defined-term'>BSC Website</u></div>

<div data-id="section-m-3" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">3. CREDIT DEFAULT STATUS</div>

<div data-id="section-m-4-4.1" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">4.1 Introduction</div>

<div data-id="section-m-4-4.2" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">4.2 <u class='defined-term'>Credit Cover Error Compensation</u></div>

<div data-id="section-m-4-4.3" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">4.3 Procedures</div>

<div data-id="section-m-4" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">4. CREDIT COVER ERRORS AND COMPENSATION</div>

<div data-id="form-of-letter-of-credit-ucp-500" style="margin-left:0.69in;text-indent:-0.69in;text-align: center">Form of <u class='defined-term'>Letter of Credit</u> (UCP 500)</div>

<div data-id="annex-m-1" style="margin-left:0.69in;text-indent:-0.69in;text-align: center">ANNEX M-1</div>

<div data-id="form-of-letter-of-credit-ucp-600" style="margin-left:0.69in;text-indent:-0.69in;text-align: center"><u>Form of <u class='defined-term'>Letter of Credit</u> (UCP 600)</u></div>

<div data-id="annex-m-2" style="margin-left:0.69in;text-indent:-0.69in;text-align: center"><u>ANNEX M-2</u></div>

<div data-id="form-of-letter-of-credit-isp98" style="margin-left:0.69in;text-indent:-0.69in;text-align: center">Form of <u class='defined-term'>Letter of Credit</u> (ISP98)</div>

<div data-id="annex-m-3" style="margin-left:0.69in;text-indent:-0.69in;text-align: center">ANNEX M-3</div>

<div data-id="annex-m-4-1" style="margin-left:0.69in;text-align:justify;text-indent:-0.69in">1. <span>Requirements of an <u class='defined-term'>Approved Insurance Product</u></span></div>

<div data-id="annex-m-4" style="margin-left:0.69in;text-indent:-0.69in;text-align: center">ANNEX M-4</div>

<div data-id="section-m" style="text-align:center">SECTION M: CREDIT COVER AND CREDIT DEFAULT</div>

CONTENTS

BSC Section M: Credit Cover and Credit Default V32.0

Defined Terms

Cross-references