Common use of Default Events (Market Participants Clause in Contracts

Default Events (Market Participants. Each of the following events is a Default Event in relation to a Market Participant (as applicable): (a) the Market Participant does not pay an amount due for payment by it to the Operator under this agreement, or fails to comply with a Margin Call in accordance with clause 9.4.2, by the appointed time on the due date; (b) the Operator does not receive payment in full of any amount claimed by the Operator under any Credit Support in respect of the Market Participant, within 90 minutes after the due time for payment of that claim; (c) the Market Participant admits to the AER that it has breached, or is declared by a court to have breached, the Market Conduct Rules, and the Operator reasonably considers that: (i) the breach is ongoing and is likely to have a material adverse effect on trading on the Exchange; and (ii) the Market Participant is unlikely to remedy or remove the circumstances leading to that breach within a reasonable period of time; (d) the Market Participant ceases to meet the criteria for registration in the relevant participation category under clause 6; (e) a representation made or repeated or deemed to have been made or repeated by the Market Participant under clause 23.2 and 23.3 of this agreement proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; (f) the Market Participant or its Credit Support Provider ceases or is likely to cease to carry on its business or a substantial part of its business; (g) the Market Participant or its Credit Support Provider enters into or takes any action to enter into an arrangement (including a scheme of arrangement), composition or compromise with, or assignment for the benefit of, all or any class of their respective creditors or members, or a moratorium involving any of them; (h) the Market Participant or its Credit Support Provider states that it is unable to pay from its own money its debts as and when they fall due for payment; (i) a receiver or receiver and manager is appointed in respect of any property of the Market Participant or its Credit Support Provider; (j) an administrator, provisional liquidator, liquidator, trustee in bankruptcy or person having a similar or analogous function is appointed in respect of the Market Participant or its Credit Support Provider; (k) an order is made, or a resolution is passed, for winding up the Market Participant or its Credit Support Provider; (l) a notice under section 601AB(3) of the Corporations Act is given to the Market Participant or its Credit Support Provider, unless the registration of that Market Participant or Credit Support Provider is reinstated under section 601AH of that Act; (m) the Market Participant or its Credit Support Provider dies or is dissolved and the notice of dissolution is not discharged; (n) the Market Participant or its Credit Support Provider is taken to be insolvent or unable to pay its debts under any applicable legislation; (o) If the Market Participant is also a party to an Auction Agreement, a Default Event (as defined in the Auction Agreement) occurs in relation to the Market Participant under the Auction Agreement.

Default Events (Market Participants. Each of the following events is a Default Event in relation to a Market Participant (as applicable): (a) ): the Market Participant does not pay an amount due for payment by it to the Operator under this agreement, or fails to comply with a Margin Call in accordance with clause 9.4.2, by the appointed time on the due date; (b) ; the Operator does not receive payment in full of any amount claimed by the Operator under any Credit Support in respect of the Market Participant, within 90 minutes after the due time for payment of that claim; (c) ; the Market Participant admits to the AER that it has breached, or is declared by a court to have breached, the Market Conduct Rules, and the Operator reasonably considers that: (i) : the breach is ongoing and is likely to have a material adverse effect on trading on the Exchange; and (ii) and the Market Participant is unlikely to remedy or remove the circumstances leading to that breach within a reasonable period of time; (d) ; the Market Participant ceases to meet the criteria for registration in the relevant participation category under clause 6; (e) ; a representation made or repeated or deemed to have been made or repeated by the Market Participant under clause 23.2 and 23.3 of this agreement proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; (f) ; the Market Participant or its Credit Support Provider ceases or is likely to cease to carry on its business or a substantial part of its business; (g) ; the Market Participant or its Credit Support Provider enters into or takes any action to enter into an arrangement (including a scheme of arrangement), composition or compromise with, or assignment for the benefit of, all or any class of their respective creditors or members, or a moratorium involving any of them; (h) ; the Market Participant or its Credit Support Provider states that it is unable to pay from its own money its debts as and when they fall due for payment; (i) ; a receiver or receiver and manager is appointed in respect of any property of the Market Participant or its Credit Support Provider; (j) ; an order is made, or a resolution is passed, for winding up the Market Participant or its Credit Support Provider; an administrator, provisional liquidator, liquidator, trustee in bankruptcy or person having a similar or analogous function is appointed in respect of the Market Participant or its Credit Support Provider; (k) an order is made, or a resolution is passed, for winding up the Market Participant or its Credit Support Provider; (l) ; a notice under section 601AB(3) of the Corporations Act is given to the Market Participant or its Credit Support Provider, unless the registration of that Market Participant or Credit Support Provider is reinstated under section 601AH of that Act; (m) ; the Market Participant or its Credit Support Provider dies or is dissolved and the notice of dissolution is not discharged; (n) ; the Market Participant or its Credit Support Provider is taken to be insolvent or unable to pay its debts under any applicable legislation; (o) If the Market Participant is also a party to an Auction Agreement, a Default Event (as defined in the Auction Agreement) occurs in relation to the Market Participant under the Auction Agreement.

Default Events (Market Participants. Each of the following events is a Default Event in relation to a Market Participant (as applicable): (a) ): the Market Participant does not pay an amount due for payment by it to the Operator under this agreement, or fails to comply with a Margin Call in accordance with clause 9.4.2, by the appointed time on the due date; (b) ; the Operator does not receive payment in full of any amount claimed by the Operator under any Credit Support in respect of the Market Participant, within 90 minutes after the due time for payment of that claim; (c) ; the Market Participant admits to the AER that it has breached, or is declared by a court to have breached, the Market Conduct Rules, and the Operator reasonably considers that: (i) : the breach is ongoing and is likely to have a material adverse effect on trading on the Exchange; and (ii) and the Market Participant is unlikely to remedy or remove the circumstances leading to that breach within a reasonable period of time; (d) ; the Market Participant ceases to meet the criteria for registration in the relevant participation category under clause 6; (e) ; a representation made or repeated or deemed to have been made or repeated by the Market Participant under clause 23.2 and 23.3 of this agreement proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; (f) ; the Market Participant or its Credit Support Provider ceases or is likely to cease to carry on its business or a substantial part of its business; (g) ; the Market Participant or its Credit Support Provider enters into or takes any action to enter into an arrangement (including a scheme of arrangement), composition or compromise with, or assignment for the benefit of, all or any class of their respective creditors or members, or a moratorium involving any of them; (h) ; the Market Participant or its Credit Support Provider states that it is unable to pay from its own money its debts as and when they fall due for payment; (i) ; a receiver or receiver and manager is appointed in respect of any property of the Market Participant or its Credit Support Provider; (j) ; an administrator, provisional liquidator, liquidator, trustee in bankruptcy or person having a similar or analogous function is appointed in respect of the Market Participant or its Credit Support Provider; (k) ; an order is made, or a resolution is passed, for winding up the Market Participant or its Credit Support Provider; (l) ; a notice under section 601AB(3) of the Corporations Act is given to the Market Participant or its Credit Support Provider, unless the registration of that Market Participant or Credit Support Provider is reinstated under section 601AH of that Act; (m) ; the Market Participant or its Credit Support Provider dies or is dissolved and the notice of dissolution is not discharged; (n) ; the Market Participant or its Credit Support Provider is taken to be insolvent or unable to pay its debts under any applicable legislation; (o) If the Market Participant is also a party to an Auction Agreement, a Default Event (as defined in the Auction Agreement) occurs in relation to the Market Participant under the Auction Agreement.