9. In regulation 55 (draw down of credit cover)—
(a)for paragraph (1)(b) substitute—
“(b)the Authority has served a notice under regulation 51(7) on a former scheme supplier (the “defaulting scheme supplier”) and the final quarterly levy payment specified in the notice is greater than £0.”;
(b)for paragraph (2) substitute—
“(2) The Authority must draw down the defaulting scheme supplier’s existing credit cover no earlier than—
(a)where paragraph (1)(a) applies, the next working day after the day on which payment of the unpaid amount was due, or
(b)where paragraph (1)(b) applies, the next wording day after the date specified in the notice in accordance with regulation 51(7A)(a) or (7C)(a) or (e) (as applicable).”;
(c)after paragraph (2), insert—
“(2A) The Authority must not draw down against a letter of credit provided by the defaulting scheme supplier in relation to the defaulting scheme supplier’s final quarterly levy payment where—
(a)regulation 51(7B) applies to the supplier, and
(b)the defaulting scheme supplier has paid to the Authority by the date specified in the notice an amount required to discharge the defaulting scheme supplier’s final quarterly levy payment or, where regulation 51(7D)(c)(ii) applies, the in lieu amount.
(2B) The Authority may also draw down the defaulting scheme supplier’s existing credit cover in respect of any interest (calculated in accordance with regulation 54) due on the amount that the defaulting scheme supplier has failed to pay.”;
(d)in paragraph (4), for the words “or mutualisation payment” substitute “, mutualisation payment, final quarterly levy payment or interest payment”;
(e)in paragraph (5)(b), for the words “or mutualisation payment” substitute “, mutualisation payment, final quarterly levy payment or interest payment”.