Appointment of Successor Clearing Agency Sample Clauses
The "Appointment of Successor Clearing Agency" clause defines the process for designating a new clearing agency if the current one is unable or unwilling to continue its services. Typically, this clause outlines the criteria for selecting a successor, the notification procedures to relevant parties, and the timeline for the transition. For example, if a clearing agency is dissolved or loses its regulatory status, the clause ensures that a replacement is promptly appointed to maintain uninterrupted clearing and settlement of transactions. Its core function is to ensure continuity and stability in the clearing process, minimizing disruption and risk to the parties involved.
Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depositary with respect to the Securities, the Company may, in its sole discretion, appoint a successor Clearing Agency with respect to the Securities.
Appointment of Successor Clearing Agency. If DTC elects to discontinue its services as clearing agency with respect to the Trust Preferred Securities, the Regular Trustees shall use their best efforts to appoint a successor to DTC as a Clearing Agency with respect to such Trust Preferred Securities.
Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depositary with respect to the Units or ceases to be eligible as a "clearing agency" under the Exchange Act, the Company may, in its sole discretion, appoint a successor Clearing Agency with respect to the Units.
Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depository with respect to the Up-MACRO Tradeable Shares, the Trustee may appoint a successor Clearing Agency with respect to such Up-MACRO Tradeable Shares.
Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depositary with respect to the Capital Securities, the Regular Trustees may, in their sole discretion, appoint a successor Clearing Agency with respect to the Capital Securities.
Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depositary with respect to the Securities, IndyMac Bancorp may, in its sole discretion, appoint a successor Clearing Agency with respect to the Securities.
Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depositary with respect to the Securities, KeySpan may, in its sole discretion, appoint a successor Clearing Agency with respect to the Securities.
Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depositary with respect to the Units, TECO may, in its sole discretion, appoint a successor Clearing Agency with respect to the Units.
Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depositary with respect to the Securities, Washington Mutual may, in its sole discretion, appoint a successor Clearing Agency with respect to the Securities.
Appointment of Successor Clearing Agency. 65 10.7 Definitive Trust Preferred Security Certificates........................ 65 10.8 Mutilated, Destroyed, Lost or Stolen Certificates....................... 66 ARTICLE XI--LIMITATION OF LIABILITY OF HOLDERS OF TRUST SECURITIES, TRUSTEES OR OTHERS 11.1 Liability.................................... 67 11.2 Exculpation.................................. 68 11.3