Clearing House Default definition

Clearing House Default means the occurrence of a default, termination event or other similar event in respect of a Clearing House that, under the relevant Rule Set, entitles us to terminate, or results in automatic termination of, CCP Transactions.
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Examples of Clearing House Default in a sentence

  • This means that a separate Cash balance, Net Equity, Trading Resource, Total Margin and Margin Close-out Level will apply for each Account, and following an Event of Default, CIL Trigger Event or Clearing House Default, the Trades and Open Positions in respect of each Account will be dealt with separately from the Trades and Open Positions in respect of each other Account.

  • If the Allied Clearing House Default Balance Amount is positive, LCH SA will:(a) If the Allied Clearing House Default Balance Amount is positive and is sufficient to cover payment by LCH SA of the Clearing Member Positive Amounts in full, such payment will be made by LCH SA in full, in the manner set out below.

  • Liabilities held in this category are initially recognised at fair value and subsequently remeasured at amortised cost.Members’ contributions to Clearing House Default Fund Members’ contributions to the Clearing House Default Fund are included under current liabilities.

  • Trades entered into by the Defaulting Member will be dealt with under The Exchange Default Rules, save that, where a Defaulting Member in its capacity as a Clearing Member is declared to be in default by the Designated Clearing House, all Cleared Trades entered into by that Defaulting Member which are affected by the default will be dealt with under the Designated Clearing House Default Rules.

  • Upon The Exchange issuing a Declaration of Default, The Designated Clearing House Default Rules will apply.

  • In the event that the Defaulting Member/Clearing Member defaults in respect of a Trade, this shall be dealt with under the Designated Clearing House Default Rules (or such other procedure of the Designated Clearing House Rules which set out the process to be followed in the Event of Default by the Defaulting Member/Clearing Member).

  • In all cases, in the event that the Designated Clearing House Default Rules are applicable, the Designated Clearing House Default Rules shall take precedence over the Exchange Default Rules.

  • The Exchange Derivatives Rules and the Designated Clearing House Default Rules, the Designated Clearing House Default Rules shall take precedence.

  • Regulation 117 Default or Bankruptcy of the Clearing House (a) Clearing House Default.

  • At 31 December 2016, the cash and cash equivalents held for members’ margin, the Clearing House Default Funds and corporate funds held were all held only with banks with a minimum rating of F1 (Fitch).

Related to Clearing House Default

  • Clearing House means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction.

  • Clearing House Rules means the Certificate of Incorporation, the By- Laws and any rule, interpretation, stated policy, or instrument corresponding to any of the foregoing, in each case as adopted or amended from time to time by the Clearing House relating to any or all of the Swaps.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Master Servicer Event of Default wherever used herein, means any one of the following events:

  • Automated Clearing House or “ACH” means a national and governmental organization that has authority to process electronic payments, including, but not limited to, the national automated clearing house association and the federal reserve system.

  • Clearing Account Agreement means that certain agreement relating to clearing account services by and among Mortgage Borrower, Lender and Clearing Account Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation and maintenance of, and application of funds in, the Clearing Account.

  • Servicer Event of Default wherever used herein, means any one of the following events:

  • Cash Dominion Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability of the greater of at least (a) $6,500,000.00 at any time, or (b) 12.5% of the Borrowing Base. For purposes of this Agreement, the occurrence of a Cash Dominion Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Cash Dominion Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) $6,500,000.00, or (y) 12.5% of the Borrowing Base for thirty (30) consecutive Business Days, in which case a Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Cash Dominion Event shall be deemed continuing (even if an Event of Default is no longer continuing and/or Availability exceeds the required amount for thirty (30) consecutive Business Days) at all times after a Cash Dominion Event has occurred and been discontinued on three (3) occasion(s) after the Closing Date. The termination of a Cash Dominion Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Cash Dominion Event in the event that the conditions set forth in this definition again arise.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.

  • Clearing Account has the meaning set forth in Section 2.7.1 hereof.

  • recognised clearing house means an organisation recognised as such pursuant to FSMA;

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Hedging Disruption Event means any event which, in the Issuer’s reasonable opinion, would make it illegal or commercially unfeasible for the Issuer to continue to hedge its obligations in relation to the Bond.

  • Eurodollar Disruption Event The occurrence of any of the following: (a) any Liquidity Bank shall have notified the Administrative Agent of a determination by such Liquidity Bank or any of its assignees or participants that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain Dollars in the London interbank market to fund any Advance, (b) any Liquidity Bank shall have notified the Administrative Agent of the inability, for any reason, of such Liquidity Bank or any of its assignees or participants to determine the Adjusted Eurodollar Rate, (c) any Liquidity Bank shall have notified the Administrative Agent of a determination by such Liquidity Bank or any of its assignees or participants that the rate at which deposits of Dollars are being offered to such Liquidity Bank or any of its assignees or participants in the London interbank market does not accurately reflect the cost to such Liquidity Bank, such assignee or such participant of making, funding or maintaining any Advance, (d) any Liquidity Bank shall have notified the Administrative Agent of the inability of such Liquidity Bank or any of its assignees or participants to obtain Dollars in the London interbank market to make, fund or maintain any Advance or (e) any Liquidity Bank shall have notified the Administrative Agent that the principal amount of Advances to be funded by it is less than $500,000.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Acceptable Insurance Default shall have the meaning assigned to such term or analogous term in the Servicing Agreement.

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • Servicer Replacement Event means any one or more of the following that shall have occurred and be continuing:

  • Event Outside Our Control means any act or event beyond WRAS’s reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks [or impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport;

  • Servicer Default means an event specified in Section 8.01.

  • Funds transfer means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • FX Disruption Event ' means the occurrence of any event on any day or any number of consecutive days as determined by the Calculation Agent in its sole and reasonable discretion that affects the Issuer’s currency hedging (if any) with respect to the Products.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).