Examples of Backup Agent in a sentence
A Sponsored Member providing Back-up Agent Services and where applicable, Back-up Paying Agent Services must nominate the currency in which they wish to cover margin liabilities for their own account, by prior arrangement with LCH Limited Collateral Operations.
Employees working an alternate work schedule will receive compensation for eight (8) hours.
Sponsored Members have the right to apply for approval to clear, and Agent Members have the right to provide Agent Member Services and/or Back-up Agent Services and where applicable, Back-up Paying Agent Services with respect to one or more of the markets cleared by the Clearing House, subject to meeting the requirements of the Clearing House in respect of each such market.
Where with respect to an Agent Member performing the Back-up Agent Services and where, applicable, the Back-up Paying Agent Services, such Agent Member's nominated PPS bank fails to confirm a PPS call within one hour and there is not sufficient Agent Buffer in the relevant Agent Buffer Account to cover the relevant margin call, the Sponsored Member attributed to such Agent Member may elect to meet such margin call themselves within one hour of being notified of the failed PPS call.
Such cash shall either be credited to the Sponsored Member's corresponding Agent Member or, where the Sponsored Member is performing Back-up Agent Services and where applicable, Back-up Paying Agent Services, such Sponsored Member upon the Sponsored Member making good the deficit pursuant to the triparty arrangement or retained as Collateral if the Sponsored Member does not make good the deficit.
Where, following an Agent Close-out Event, an Affected Sponsored Member confirms to the Clearing House that another Agent Member has been appointed to perform the Back-up Agent Services, the Clearing House is entitled to send to such Agent Member (immediately and without notice to any person), the Sponsored Member reports described in these SC Procedures (including without limitation the Banking Reports described in paragraph3.2 below), containing position and account details of the Affected Portfolios.
Where with respect to an Agent Member performing the Back-up Agent Services and where, applicable, the Back-up Paying Agent Services, such Agent Member's nominated PPS bank fails to confirm a PPS call within the required deadline and there is not sufficient Agent Buffer in the relevant Agent Buffer Account to cover the relevant margin call, such Agent Member’s corresponding Sponsored Member will be required to meet such margin call themselves within one hour of being notified of the failed PPS call.
A Sponsored Member providing Back-up Agent Services and where applicable, Back-up Paying Agent Services can elect to use Collateral denominated in one currency in respect of initial and contingent margin liabilities calculated in another currency.
Except for credit granted to the trade, accommodation and food services sector, which in June 2019 decreased by 4.6, following a 2.5 growth in December 2018.
Failure of a bank to confirm a PPS call within the required deadline may: (i) in respect of the Agent Member performing the Agent Member Services, constitute an Agent Close-out Event; or (ii) with respect to the Sponsored Member performing Back-up Agent Services and where applicable, the Back-up Paying Agent Services, result in a Default in respect of such Sponsored Member.