Defaulting SCM definition

Defaulting SCM means a SCM who is a Defaulter
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Defaulting SCM means a SCM who is a DefaulterSegregated Clients" to the Default Rules
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Examples of Defaulting SCM in a sentence

  • When an SCM defaults, SCMs are required to supply impartial expertise through the Rates Service DMG and to bid for the Auction Portfolios of the Defaulting SCM, as laid out in this Annex.

  • All such registrations shall be made in a way that recognises the Collateral paid or received in respect of variation margin and any amounts paid or received in respect of settlement in relation to the Rates Service Contracts of the Defaulting SCM representing such new positions.

  • Following the completion of all Auctions of all OTC Auction Portfolios of the Defaulting SCM, the Clearing House will determine whether the Auction Losses are such that the Non-Defaulters' SwapClear Contributions and (if and to the extent applicable) the Non-Defaulters’ Listed Interest Rates Contributions of Joint Rates Service Clearing Members must be utilised.

  • If and to the extent there are Auction Losses outstanding following the attribution process in Rule 2.8(b) of this Annex, those Auction Losses will be attributed to the remaining SwapClear Funded Contribution of each Non- Defaulting SCM pro rata according to the proportion that the remaining SwapClear Funded Contribution of such Non-Defaulting SCM bears to the total of the remaining SwapClear Funded Contributions of all Non-Defaulting SCMs.

  • Whenever the Rates Service DMP is implemented by the Clearing House in respect of a Defaulting SCM, the Clearing House will, with the assistance of the Rates Service DMG, provide such ongoing information to SCMs as the Clearing House deems reasonably appropriate in respect of the progress of the Rates Service DMP.

  • For the avoidance of doubt, the Clearing House will utilise the resources available to it pursuant to Rule 15 of the Default Rules for the purposes of making such a payment notwithstanding that other OTC Auction Portfolios and/or Basis Portfolios of the Defaulting SCM may not yet have been auctioned and that the loss attribution process provided for by Rule 2 of this Annex has not yet occurred.

  • Such implementation shall include, without limitation, the provision of general default management advice with regard to: (i) the ongoing obligations of the Clearing House to its non-defaulting members; (ii) the neutralisation and closing-out of the individual obligations of the Defaulting SCM; and (iii) the splitting of Portfolios and the disposal of OTC Auction Portfolios in accordance with the Rates Service DMP.

  • If and to the extent there are Auction Losses outstanding following the attribution process in Rule 2.7(b) of this Annex, those Auction Losses will be attributed to the remaining SwapClear Funded Contribution of each Non- Defaulting SCM pro rata according to the proportion that the remaining SwapClear Funded Contribution of such Non-Defaulting SCM bears to the total of the remaining SwapClear Funded Contributions of all Non-Defaulting SCMs.

  • If and to the extent there are Auction Losses outstanding after the attribution process referred to in sub-paragraph (ii) above, those Auction Losses will be attributed to the remaining AIP Amounts of the Non- Defaulting SCM who submitted the winning bid, together with (where applicable) the remaining AIP Amount of any Non-Defaulting SCM who submitted a bid which was an Equal Bid or an Out Bid in relation to that winning bid.

  • Where a Rule 26 Certificate is to be issued in respect of the Default of an SCM, the Clearing House may assume that no further recoveries will be made in respect of obligations of the Defaulting SCM beyond the value of its SwapClear Contribution.

Related to Defaulting SCM

  • Defaulting Participant means a Participant which the Project Committee has declared to be in substantial breach of this Consortium Agreement or the PPP Allowance Agreement in accordance with Sections 3.5 and 6.5 of this Consortium Agreement;

  • Defaulting Lender means any Lender with respect to which a Lender Default is in effect.

  • Defaulting Lender Rate means (a) for the first 3 days from and after the date the relevant payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable to Advances that are Base Rate Loans (inclusive of the Base Rate Margin applicable thereto).

  • Defaulting Party has the meaning specified in Section 6(a).

  • Defaulting Member the meaning set forth in Section 3.2(a).

  • Non-Defaulting Lender means, at any time, each Lender that is not a Defaulting Lender at such time.

  • Defaulting Entity shall have the meaning set forth for such term in Section 6.02(a) hereof. “Deficiency Amount” shall have the meaning set forth for such term in Section 4.03(a) hereof. “Department” shall mean the South Carolina Department of Revenue.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Swingline Exposure means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

  • Available Unused Commitment means, with respect to a Revolving Facility Lender under any Class of Revolving Facility Commitments at any time, an amount equal to the Dollar Equivalent of the amount by which (a) the applicable Revolving Facility Commitment of such Revolving Facility Lender at such time exceeds (b) the applicable Revolving Facility Credit Exposure of such Revolving Facility Lender at such time.

  • Swing Line Exposure means, at any time, the aggregate principal amount of all Swing Loans outstanding.