Clearing Default definition

Clearing Default means the Chargor becoming a defaulter for the purposes of Rule 4 of the LCH Default Rules.
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Clearing Default means Party A becoming a “defaulter” for the purposes of the LCH Default Rules.
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Clearing Default has the meaning specified in Clause 6.4.1.
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Examples of Clearing Default in a sentence

  • This Agreement purports to permit Party B access to the central counterparty clearing of certain types of transactions with LCH.Clearnet Limited and to maximise Party B’s ability to move (by way of transfer or termination, close out and replication) positions represented by those transactions to a Backup Clearing Member upon a Clearing Default.

  • The purpose of the relevant Client Clearing Agreement generally and the purpose of Clause 3 specifically is to permit Party B to access central counterparty clearing for certain types of Transactions and to maximise Party B’s ability to move (by way of transfer or termination, close out and replication) positions represented by those Transactions to a Backup Clearing Member upon a Clearing Default with respect to Party A.

  • Calculation Agent of Party B With respect to an LCH Determination, (i) so long as no Clearing Default has occurred, Party A and (ii) if a Clearing Default has occurred, Party B, in each case whose determination shall be final and binding on both Parties absent manifest error [(subject to paragraph 3.2 of article 11.3 of this Annex)]; and With respect to a Non-LCH Determination, Party B.

  • The occurrence of a Clearing Default (a “Clearing Default Termination Event”).

  • Where this Agreement terminates as a result of a Clearing Default Termination Event, the compensation amount (Schadensersatz) under Clause 8 of this Agreement shall be the sum of (i) the Termination Currency Equivalent of the applicable LCH Valuation and (ii) the Net Clearing Default Adjustment.

  • Notwithstanding anything to the contrary in this Agreement, an Early Termination Date with respect to all outstanding Transactions (Einzelabschlüsse) will occur immediately upon the occurrence of a Clearing Default.

  • Notwithstanding anything to the contrary in this Agreement, an event or circumstance that constitutes both a Clearing Default and a further material reason (wichtiger ▇▇▇▇▇) under this Agreement with respect to Party A, shall be treated as a Clearing Default and not as such further material reason (wichtiger ▇▇▇▇▇).

  • For the avoidance of doubt, Clause 7(3) of this Agreement shall apply to a termination of this Agreement or, if applicable, of affected Transactions (Einzelabschlüsse), upon a Clearing Default Termination Event, a Connected Termination Event, a LCH Disruption Termination Event or an Associated LCH Transaction Termination Event (as the case may be).

Related to Clearing Default

  • Reporting Default means a Default described in Section 6.01(d).

  • Funding Default as defined in Section 2.18.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.