Default of the Bank. If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of the date of default, but this provision shall not affect any vested rights of the contracting parties.
Default of the Bank. (1) Where the Rules and Regulations or the Client Clearing Agreement provide in respect of an agreed segregation model in the context of Indirect Clearing that upon the occurrence of an event of default in respect of the Bank some or all Client Clearing Transactions entered into by the Bank are terminated, the Transactions which correspond to the terminated Client Clearing Transactions shall, in deviation from Section 4 of the Framework Agreement, terminate simultaneously without notice upon termination of the Client Clearing Transactions. For these Transactions, Section 7 paragraph (1) sentences 2 to 4 and paragraph (3) of the Framework Agreement apply, provided that references to Contracts, the Rules and Regulations and collateral are to be replaced with references to Client Clearing Transactions, the Client Clearing Agreement and collateral pursuant to the Client Clearing Agreement.
Default of the Bank. If any banking subsidiary of GLB is in default (as defined in Section 3(x)(1) of the FDIA, 12 U.S.C. § 1813(x)(1)), all obligations under this Agreement will terminate as of the date of default, but vested rights of the Parties will not be affected.
Default of the Bank. If any banking subsidiary of the Corporation is in default (as defined in Section 3(x)(1) of the FDIA, 12 U.S.C. § 1813(x)(1)), all obligations under this Agreement will terminate as of the date of default, but vested rights of the contracting parties will not be affected.
Default of the Bank. (1) Where the Contracting PartyCounterparty has elected omnibus client segregation or individual client segregation or a comparable segregation model, and where the relevant Rules and Regulations provide in this case that some or all of the Contracts entered into by the Bank are to be terminated in the event of a default of the Bank within the meaning of such Rules and Regulations, the Transactions corresponding to the Contracts which have been terminated shall, in deviation from Section 4, terminate simultaneously with such termination of the Contracts and without any declaration of termination. Section 4 paragraph (3) and SectionsSection 5 and 6 shall apply to these Transactions subject to the proviso that separate compensation claims for non-performance are to be determined in relation to each segregation model (to the extent so provided by the Rules and Regulation) on the basis of the valuations of the central counterparty for the Contracts and collateral. These separate compensation claims for non-performance between the Bank and the Contracting PartyCounterparty shall arise simultaneously with the compensation claims for non-performance determined by the central counterparty arising as a consequence of the termination of the Contracts. Where Contracts are terminated in accordance with more than one set of Rules and Regulations, the above provisions of this paragraph shall apply separately in relation to each central counterparty. ▪ Provision governing the default of the Bank: The provision addresses the account segregation and establishes special rules which supersede the general netting provisions under Section 4 to 5, inter alia by establishing − that separate claims-for non-performance will be determined in relation to each segregation model and − that such separate claims are netted against each other however, only where this does not conflict with the client protection measures of the CCP (thereby giving precedence to such CCP client protection measures – which is one further consequence of the principle that the rules and regulations prevail over the framework agreement in case of conflict). ▪ Modifications: New terminology (“claim for non-performances” replacing “compensation claim” reflecting new approach to netting provisions).
Default of the Bank. If the Bank is in default (as defined in section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under this Agreement shall terminate as of the date of default, and shall be considered a termination of Executive by the Bank for Just Cause. 10.
