SwapClear Excess Loss means the net sum or aggregate of net sums certified to bepayable by a Defaulter by a Rule 19 Certificate in respect of SwapClear Business less (a) the proportion of the Capped Amount applicable to SwapClear Business under Rule 15(c) of the Default Rules and (b) any sums then immediately payable in respect of SwapClear Business Default Losses owed by such Defaulter by any insurer or provider of analogous services under any policy of insurance or analogous instrument written in favour of the Clearing House
SwapClear Excess Loss means the net sum or aggregate of net sums certified to be payable by a Defaulter by a Rule 19 Certificate in respect of SwapClear Business less (a) the proportion of the Capped Amount applicable to SwapClear Business under Rule 15(c) of the Default Rules and (b) any sums then immediately payable in respect of SwapClear Business Default Losses owed by such Defaulter by any insurer or provider of analogous services under any policy of insurance or analogous instrument written in favour of the Clearing House"SwapClear Regulations"means those Regulations which apply to SwapClear Contracts as specified in Regulation 54"SwapClear Segregated Fund Amount"means the amount as determined in accordance with Rule S2(b) of the SwapClear Default Fund Supplement"SwapClear Service"the service provided by the Clearing House under the SwapClear Regulations"SwapClear STM Contract"means a SwapClear Contract that is either registered at the Clearing House as a SwapClear STM Contract pursuant to Regulation 55(b), is converted into a SwapClear STM Contract by the Clearing House pursuant to Regulation 57A, or is a SwapClear STM Contract through novation pursuant to Regulation 12(b), in each case the terms of which therefore include the SwapClear STM Terms."SwapClear STM Terms"means the part of the SwapClear Contract Terms designated as the SwapClear STM Terms by the Clearing House from time to time"SwapClear Tolerance"has the meaning assigned to it in Section 1.3.3 (Trade Registration Facilitation: SwapClear Tolerance, Client Buffer and MER (Minimum Excess Requirement)) of Procedure 2C (SwapClear Clearing Service) of the Clearing House’s Procedures"SwapClear Tolerance Utilisation"means, in respect of each SCM, the value of the SwapClear Tolerance utilised by that SCM at any particular time, as determined by the Clearing House in its sole discretion"SwapClear Transaction"means any transaction the details of which are presented to the Clearing House via an Approved Trade Source System for the purpose of having such transaction registered at the Clearing House as two SwapClear Contracts or one SwapClear Contract and one FCM SwapClear Contract (as the case may be), regardless of whether such transaction (a) is an existing swap transaction, (b) was entered into in anticipation of clearing, or (c) is contingent on clearing"SwapClear Unfunded Contribution"has the meaning assigned to it in Rule S7 of Part A of the Rates Service Default Fund Supplement – SwapClear
Examples of SwapClear Excess Loss in a sentence
The amount due by a Clearing Member in respect of each SwapClear Excess Loss shall be determined in accordance with the provisions of the SwapClear DMP Annex.
To the extent that the aggregate of all of the amounts owed to the Clearing House by SCMs plus all of those other resources applicable to the SwapClear Business under Rule 16(a) to (g) that have not been applied towards a SwapClear Excess Loss is less than the aggregate of the amounts owed to SCMs by the Clearing House, each amount owed to SCMs by the Clearing House shall be reduced pro rata the shortfall.