MC Agent definition
MC Agent means the Member appointed or authorised by the MC Settlement Centre (and notified by it to MA and HKICL) to act as the agent of the MC Settlement Centre in relation to the clearing and settlement of Paper Cheques (which are drawn on Members) presented to MC Banks for payment. The Member who is acting as the MC Agent shall cease to be the MC Agent for the purposes of these Clearing House Rules as and when (a) such Member shall, for whatever reason, cease to be so appointed or authorised by the MC Settlement Centre, and (b) a successor MC Agent has been appointed or authorised by the MC Settlement Centre and notified by it to MA and HKICL.
MC Agent means the Direct Participant (which is bank) appointed or authorised by the MC Settlement Centre (and notified by it to MA and HKICL) to act as the agent of the MC Settlement Centre in relation to the clearing and settlement of Paper Cheques (which are drawn on Members who are banks) presented to MC Banks for payment. The Direct Participant who is acting as the MC Agent shall cease to be the MC Agent for the purposes of these Clearing House Rules as and when (a) such Direct Participant shall, for whatever reason, cease to be so