Section N contains the rules for the clearing, invoicing and payment of Parties' Trading Charges and Reconciliation Charges by the Funds Administration Agent (FAA) and the BSC Clearer (Elexon Clear). It sets out: how Parties are notified of amounts payable; how Parties make or receive payments; the consequences of failing to make or receive payments; and how Parties' Credit Cover is held and used.

24.0

<div data-id="section-n-1-1.1">1.1 General</div>

<div data-id="section-n-1">1. INTRODUCTION</div>

<div data-id="section-n-2-2.1">2.1 General</div>

<html><head></head><body><div data-id="section-n-2-2.2">2.2 The <u class="defined-term">BSC Clearer</u> as counter <u class="defined-term">Party</u> to each <u class="defined-term">Party</u></div></body></html>

<html><head></head><body><div data-id="section-n-2-2.3">2.3 Determination of payments for <u class="defined-term">Trading Charges</u></div></body></html>

<div data-id="section-n-2-2.4">2.4 Payment netting</div>

<html><head></head><body><div data-id="section-n-2-2.5">2.5 Conditions for payment by the <u class="defined-term">BSC Clearer</u></div></body></html>

<html><head></head><body><div data-id="section-n-2-2.7">2.7 Liability of the <u class="defined-term">BSC Clearer</u></div></body></html>

<html><head></head><body><div data-id="section-n-2-2.8">2.8 <u class="defined-term">Trading Dispute</u>s</div></body></html>

<div data-id="section-n-2-2.9">2.9 Assignment</div>

<div data-id="section-n-2">2. CLEARING ARRANGEMENTS</div>

<div data-id="section-n-3-3.1">3.1 Content</div>

<div data-id="section-n-3-3.2">3.2 Requirements</div>

<div data-id="section-n-3-3.3">3.3 Production</div>

<html><head></head><body><div data-id="section-n-3-3.4">3.4 <u class="defined-term"><u class="defined-term">Panel</u></u> <u class="defined-term"><u class="defined-term">Authority</u></u>&nbsp;to Change <u class="defined-term">Payment Calendar</u>&nbsp;</div></body></html>

<div data-id="section-n-3">3. PAYMENT&nbsp;CALENDAR</div>

<div data-id="section-n-4-4.1">4.1 Establishment of Accounts</div>

<html><head></head><body><div data-id="section-n-4-4.2">4.2. <u class="defined-term">Funds Transfer Agreement</u></div></body></html>

<html><head></head><body><div data-id="section-n-4-4.3">4.3 <u class="defined-term"><u class="defined-term">Settlement</u> Account</u></div></body></html>

<html><head></head><body><div data-id="section-n-4-4.4">4.4 Not Used4.5 Not Used4.6 <u class="defined-term">Reserve Account</u></div></body></html>

<html><head></head><body><div data-id="section-n-4-4.7">4.7 Not Used4.8 Not Used4.9 <u class="defined-term">Credit Facility</u></div></body></html>

<html><head></head><body><div data-id="section-n-4-4.10">4.10 <u class="defined-term"><u class="defined-term">Treasury Policy</u></u> and investment of <u class="defined-term">Reserve Account</u> monies</div></body></html>

<div data-id="section-n-4">4. BANKING&nbsp;ARRANGEMENTS</div>

<div data-id="section-n-5-5.1">5.1 Tax Agreements</div>

<div data-id="section-n-5-5.2">5.2 Withholdings on account of taxation</div>

<html><head></head><body><div data-id="section-n-5-5.3">5.3 Taxation of <u class="defined-term">BSC Clearer</u></div></body></html>

<div data-id="section-n-5-5.4">5.4 Value Added Tax</div>

<div data-id="section-n-5">5. TAXATION</div>

<html><head></head><body><div data-id="section-n-6-6.1">6.1 <u class="defined-term"><u class="defined-term">Settlement</u> Run</u>s</div></body></html>

<div data-id="section-n-6-6.2">6.2 Validation by FAA</div>

<div data-id="section-n-6-6.3">6.3 Rectification of errors</div>

<div data-id="section-n-6-6.4">6.4 Reconciliation</div>

<html><head></head><body><div data-id="section-n-6-6.5">6.5 Amounts in <u class="defined-term">Invoices</u></div></body></html>

<div data-id="section-n-6-6.6">6.6 Postponed Payments</div>

<html><head></head><body><div data-id="section-n-6-6.7">6.7 Payment by <u class="defined-term"><u class="defined-term">BSC Debtor</u></u>s, the <u class="defined-term">BSC Clearer</u> and <u class="defined-term">BSCCo</u></div></body></html>

<div data-id="section-n-6-6.8">6.8 Liability several</div>

<html><head></head><body><div data-id="section-n-6-6.9">6.9 <u class="defined-term">Ad-hoc Trading Charge</u>s</div></body></html>

<html><head></head><body><div data-id="section-n-6-6.10">6.10 <u class="defined-term">Replacement <u class="defined-term">Supplier</u></u></div></body></html>

<div data-id="section-n-6">6. CALCULATION OF PAYMENTS</div>

<html><head></head><body><div data-id="section-n-7-7.1">7.1 Despatch of <u class="defined-term">Invoices</u></div></body></html>

<div data-id="section-n-7-7.2">7.2 Method of despatch</div>

<div data-id="section-n-7-7.3">7.3 Invoice information</div>

<div data-id="section-n-7-7.4">7.4 Information – Imbalance Parties</div>

<html><head></head><body><div data-id="section-n-7-7.5">7.5 Information – <u class="defined-term">NETSO</u></div></body></html>

<div data-id="section-n-7">7. INVOICES</div>

<div data-id="section-n-8-8.1">8.1 Instructions for payment</div>

<div data-id="section-n-8-8.2">8.2 FAA’s responsibilities</div>

<div data-id="section-n-8-8.3">8.3 Non-payment</div>

<div data-id="section-n-8-8.4">8.4 Excess payments</div>

<html><head></head><body><div data-id="section-n-8-8.5">8.5 Payment to <u class="defined-term">BSC Creditor</u>s</div></body></html>

<div data-id="section-n-8-8.6">8.6 Prohibition on transfers</div>

<html><head></head><body><div data-id="section-n-8-8.7">8.7 Clearing of <u class="defined-term">Clearing Account</u></div></body></html>

<div data-id="section-n-8">8. PAYMENT&nbsp;PROCEDURE</div>

<div data-id="section-n-9-9.1">9.1 General</div>

<html><head></head><body><div data-id="section-n-9-9.2">9.2 <u class="defined-term">Affected Date</u></div></body></html>

<html><head></head><body><div data-id="section-n-9-9.3">9.3 <u class="defined-term">Amount in <u class="defined-term">Default</u></u></div></body></html>

<div data-id="section-n-9-9.4">9.4 Interest</div>

<div data-id="section-n-9-9.7">9.7 No liability</div>

<div data-id="section-n-9">9. PAYMENT&nbsp;DEFAULT</div>

<div data-id="section-n-10-11.1">11.1 Overpayments</div>

<div data-id="section-n-10-11.2">11.2 Failure to repay overpayments</div>

<div data-id="section-n-10-11.3">11.3 Underpayments</div>

<div data-id="section-n-10">10. Not Used11. PAYMENT ERRORS</div>

<div data-id="section-n-12-12.1">12.1 Duties of FAA</div>

<html><head></head><body><div data-id="section-n-12-12.2">12.2 Action to recover <u class="defined-term"><u class="defined-term">Default</u> Share Amount</u>s</div></body></html>

<div data-id="section-n-12">12. ENFORCEMENT&nbsp;OF&nbsp;CLAIMS</div>

<div data-id="amendment-record--section-n">AMENDMENT RECORD – SECTION N</div>

<div data-id="section-n">SECTION N: CLEARING, INVOICING &amp; PAYMENT</div>

CONTENTS

BSC Section N: Clearing, Invoicing & Payment V24.0

Defined Terms

Cross-references