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-Customer Company, may avail itself - without the consent of the defaulting Clearing Member - of a designated Clearing Member to which the Contractual Positions and relevant guarantees of the Client-Customer Company are transferred according to the terms and procedures indicated in the Regulations. The Designated Clearing Member may operate only if it has entered into an " Agreement between Clearing Member – Client-Customer Company” (Minimum Clauses) with the Client-Customer Company pursuant to the provisions of the Regulations.