Intermediary Default means any wrongdoing, act, omission, insolvency, negligence, breach or duty, misconduct, fraud, wilful default or any other failure or default by or in respect of an Intermediary;
Intermediary Default means the case where the Intermediary (a) delays the payment of the invoice amount for any reason and/or (b) becomes insolvent, makes an assignment for the benefit of creditors, files a voluntary bankruptcy petition, acquiesces to any involuntary bankruptcy petition, is adjudicated bankrupt, ceases to do business, and/or (c) enters a procedure of liquidation, winding up, cessation of payments, bankruptcy conciliation, bankruptcy reorganization, consolidation or resolution and/or (d) enters or is put under any and all similar procedures as those described under (a), (b) and (c) above under the Laws of the country where the Intermediary is subject.
Examples of Intermediary Default in a sentence
Counterparty and Intermediary Default Risks - There may be a number of counterparties and/or intermediaries (including other brokers, dealers, market-makers, exchanges, clearing houses or other third parties) that may be involved with Transactions entered into by SDA on the Customer's behalf.