AP Settlement Failure definition

AP Settlement Failure means, in relation to any Shares, any failure by the Authorized Participant to comply with its obligations in respect of the Purchase Order for those Shares under this Agreement (including without limitation a failure to pay the Application Amount in respect of those Shares on the due date therefor in full cleared and immediately available US Dollar funds into the Commodity Contract Counterparty Account in accordance with this Agreement), other than any such failure which has occurred as a result of (i) the failure of the Fund to comply with its obligations in respect of the issue of those Shares under this Agreement or (ii) the failure of the relevant Commodity Contract Counterparty to comply with its obligations in respect of the Creation of the corresponding Commodity Contracts under the applicable Facility Agreement;
View Source

Examples of AP Settlement Failure in a sentence

  • Following the occurrence of an AP Settlement Failure, interest shall accrue on any balance of the Application Amount not paid or otherwise discharged by way of set- off in accordance with this Agreement by or on behalf of AP from the Settlement Failure Date.

  • Following the occurrence of an AP Settlement Failure, interest shall accrue on any balance of the Gross Application Amount not paid or otherwise discharged by way of set-off in accordance with this Agreement by or on behalf of AP from the Settlement Failure Date.

  • Following the occurrence of an AP Settlement Failure, interest shall accrue on any balance of the Application Amount not paid or otherwise discharged by way of set-off in accordance with this Agreement by or on behalf of AP from the Settlement Failure Date.