Backup Agent definition
Examples of Backup Agent in a sentence
Where with respect to an Agent Member performing the Back-up Agent Services and where, applicable, the Back-up Paying Agent Services, such Agent Member's nominated PPS bank fails to confirm a PPS call within the required deadline and there is not sufficient Agent Buffer in the relevant Agent Buffer Account to cover the relevant margin call, such Agent Member’s corresponding Sponsored Member will be required to meet such margin call themselves within one hour of being notified of the failed PPS call.
A Sponsored Member providing Back-up Agent Services and where applicable, Back-up Paying Agent Services can elect to use Collateral denominated in one currency in respect of initial and contingent margin liabilities calculated in another currency.
To install the SQL Safe Backup Agent on each node of the availability group, please follow the instructions.
A Sponsored Member providing Back-up Agent Services and where applicable, Back-up Paying Agent Services must nominate the currency in which they wish to cover margin liabilities for their own account, by prior arrangement with LCH Limited Collateral Operations.
Replacement Collateral may be required immediately from the Sponsored Member’s corresponding Agent Member or from the Sponsored Member itself where such Sponsored Member is performing Back-up Agent Services and where applicable, Back-up Paying Agent Services.
Sponsored Members have the right to apply for approval to clear, and Agent Members have the right to provide Agent Member Services and/or Back-up Agent Services and where applicable, Back-up Paying Agent Services with respect to one or more of the markets cleared by the Clearing House, subject to meeting the requirements of the Clearing House in respect of each such market.
Where with respect to an Agent Member performing the Back-up Agent Services and where, applicable, the Back-up Paying Agent Services, such Agent Member's nominated PPS bank fails to confirm a PPS call within one hour and there is not sufficient Agent Buffer in the relevant Agent Buffer Account to cover the relevant margin call, the Sponsored Member attributed to such Agent Member may elect to meet such margin call themselves within one hour of being notified of the failed PPS call.
Such cash shall either be credited to the Sponsored Member's corresponding Agent Member or, where the Sponsored Member is performing Back-up Agent Services and where applicable, Back-up Paying Agent Services, such Sponsored Member upon the Sponsored Member making good the deficit pursuant to the triparty arrangement or retained as Collateral if the Sponsored Member does not make good the deficit.
Failure of a bank to confirm a PPS call within the required deadline may: (i) in respect of the Agent Member performing the Agent Member Services, constitute an Agent Close-out Event; or (ii) with respect to the Sponsored Member performing Back-up Agent Services and where applicable, the Back-up Paying Agent Services, result in a Default in respect of such Sponsored Member.
Agent Members and Sponsored Members that have elected to provide Back-up Agent Services and where applicable, the Back-up Paying Agent Services are required to have contingency payment arrangements in place to ensure that they can continue to meet the margin obligations of their Sponsored Members or their own margin obligations (as applicable) in the event of failure of their nominated PPS bank(s).