CCP Sample Clauses

CCP. A is authorized to commission further vicarious agents, in particular with respect to the operation of the technical aspects in clearing.

CCP. A and its vicarious agents shall not be liable to Clearing Members or Clearing Clients for losses, lost profits or damages, unless these losses, lost profits or damages are the result of their intentional or gross negligent conduct. Liability for consequential damages shall be excluded in any case.

CCP. A and its vicarious agents shall not be liable for damages caused by a disruption of operations due to force majeure, riot, war and natural disasters or due to other events or incidents for which they are not responsible (e.g. strikes, lawful lock-outs, traffic disruptions) or restraints/acts of sovereigns.

CCP. A commissions vicarious agents, who undertake the tasks of the Settlement Bank, the CSD or the Collateral Custodian (together referred to as ‘Clearing Facilities’) for making payment transactions and keeping the cash accounts and securities accounts according to the General Terms and Conditions of CCP.A.

CCP. A shall be permitted to terminate the Clearing Agreement with immediate effect without observing a notice period, if there is a material reason pursuant to section 20 of the General Terms and Conditions of CCP. A. The termination by CCP.A shall be made in writing, with the reasons to be stated.

CCP. A, a joint subsidiary of Oesterreichische Kontrollbank AG (OeKB) and Wiener Börse AG, was founded in 2004 and acts as a central counterparty pursuant to § 9 para. 3 Austrian Stock Exchange Act.

CCP. A shall also be authorized to have disputes or claims (which are outside of the scope of section 50 para. 4 BörseG) arising out of or in connection with this Clearing Agreement and the General Terms and Conditions of CCP.A as well as any contracts referring to them, including disputes relating to their validity, breach, termination or nullity, finally settled under the Rules of Arbitration of the International Arbitral Centre of the Austrian Federal Economic Chamber in Vienna (Vienna Rules) by one or three arbitrators appointed in accordance with the said rules. The number of arbitrators shall be three.

CCP. A is the contractual counterparty of the Clearing Member in the transactions concluded by the latter through the trading systems and carries out the clearing and risk management for the transactions.

CCP. A is commissioned with the task of a Clearing House for the clearing of all CCP-eligible exchange transactions concluded at Wiener Börse AG in its function as a securities exchange in securities transactions and in transactions concluded on the Third Market as a Multilateral Trading System (MTF) operated by Wiener Börse AG. The transactions shall take place exclusively between CCP.A as central counterparty and one Exchange Member respectively, which is a Clearing Member.