Common use of Default of the Clearing Member Clause in Contracts

Default of the Clearing Member. 5.1 In the event of default of the Clearing Member, the Client-Company, may avail itself - without the consent of the defaulting Clearing Member - of a Designated Clearing Member to which: 1. the Contractual Positions and relevant guarantees of the Client-Company, registered in a segregated client account; 2. the Contractual Positions pertaining to the Indirect Clients of each Client-Company, registered in a gross omnibus segregated client account, if the Clearing Member send to CC&G the identifying data of the Client- Company are transferred according to the terms and procedures indicated in the Rules. The Designated Clearing Member may operate only if it has entered into an " Agreement between Clearing Member – Client-Company” (Minimum Clauses) with the Client-Company pursuant to the provisions of the Regulations. The Designated Clearing Member shall take on the role of the Clearing Member from the transfer to him of Contractual Positions and guarantees of the Client-Company.

Default of the Clearing Member. 5.1 In the event of default of the Clearing Member, the Client-Company, may avail itself - without the consent of the defaulting Clearing Member - of a Designated Clearing Member to which: 1. the Contractual Positions and relevant guarantees of the Client-Company, registered in a segregated client account; 2. the Contractual Positions pertaining to the Indirect Clients of each Client-Company, registered in a gross omnibus segregated client account, if the Clearing Member send to CC&G the identifying data of the Client- Client-Company are transferred according to the terms and procedures indicated in the Rules. The Designated Clearing Member may operate only if it has entered into an " Agreement between Clearing Member – Client-Company” (Minimum Clauses) with the Client-Company pursuant to the provisions of the Regulations. The Designated Clearing Member shall take on the role of the Clearing Member from the transfer to him of Contractual Positions and guarantees of the Client-Company.