Glossary Term: Paid or recovered

For the purposes of this Section N, an Amount in Default shall be “paid or recovered” on any Business Day, only if, and to the extent that: (a) an amount has been paid to the BSC Clearer by 15.30 hours on that Business Day and applied by the FAA on behalf of the BSC Clearer to that Amount in Default; or (b) it has been recovered from the Non-paying BSC Debtor on that Business Day by operation of set-off ; or (c) it has been recovered from the Non-paying BSC Debtor on that Business Day by applying its Cash Cover or the proceeds of its Letter of Credit in accordance with this paragraph 9. has the meaning in Section N9.3.1;

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