Common Contracts
1 similar Rules and Procedures contracts
CHAPTER I INTERPRETATIONRules and Procedures • June 4th, 2021
A equals the amount by which all HKCC Participants’ Deposits standing to the credit of the Reserve Fund have been reduced by virtue of any Claims Payment ("the relevant amount") less such part of any amount recovered by the Clearing House in respect of the default which produced the Claims Payment and credited to the Reserve Fund in the period between the date upon which it first paid its HKCC Participant’s Deposit and the effective date of termination of its HKCC Participantshipexpiry of its Resignation Notice as shall bear the same proportion to the whole of such amount recovered as the relevant amount bears to the Claims Payment;
