Loss Distribution Period definition

Loss Distribution Period means the period from, but excluding, the day on which a Default occurs with respect to a Member to the business day on which all Loss Distribution Charges in respect of such Default have been paid in full. (c) Loss Distribution Charges

Loss Distribution Period means the period from, but excluding, the day on which an Event of Default occurs with respect to a Clearing Member to the Clearing Day on which all Service Continuity Contributions in respect of such Event of Default have been paid in full.

Loss Distribution Period means the period from, but excluding, the day on which a Default occurs with respect to an FXCCM to (but excluding) the earlier of: (i) the business day on which (a) the rights and obligations arising out of the Auction Portfolios of the Defaulting FXCCM are transferred to those FXCCMs which have successfully bid for such Auction Portfolios in Auctions, or, if any Default occurs with respect to any other FXCCM prior to the end of a Loss Distribution Period, the rights and obligations arising out of the Auction Portfolios of any subsequent Defaulting FXCCM are transferred to those FXCCMs who have successfully bid for such Auction Portfolios in Auctions and (b) all payments required to be made by such FXCCMs and/or the Clearing House in respect of such Auction(s) have been made in full; or (ii) any business day on which the Clearing House determines that a Loss Distribution Trigger Event has occurred; PROVIDED THAT, in each case, the Loss Distribution Period shall not extend beyond the Loss Distribution Cut-Off Date.

Examples of Loss Distribution Period in a sentence

• Loss Distribution Day: any business day during a Loss Distribution Period on which BME CLEARING, prior to the Margins and Settlements requirement that the CCP must issue in accordance with its regulation, determines that the CCP Loss Not Covered for that day is greater than zero.

• The “RGD Continuation Conditions” shall be satisfied on any Potential Loss Distribution Day if ICE Clear Credit determines that favorable conditions for conducting a successful Secondary Auction of all remaining Open Positions of the Defaulting Participant at a cost within any remaining default resources of ICE Clear Credit are likely to be realized by the end of the maximum Loss Distribution Period.

• A Loss Distribution Period shall end with immediate effect and without the need for any action on the part of any Clearing Member or the Clearing House upon any Clearing House Event.

• If, as of the close of business on a Potential Loss Distribution Day, the Corporation does not determine that the RGD Continuation Conditions are satisfied,or otherwise determines to terminate the Loss Distribution Period, then the Corporation may determine that either (i) that day shall not be a Loss Distribution Day and the Loss Distribution Period shall have terminated as of the last Loss Distribution Day or (ii) that day shall be the final Loss Distribution Day.

• Director Koocher MOVED TO APPROVE THE WAIVER; Director Green seconded.MOTION PASSED 7-0.

• If, as of the close of business on a Potential Loss Distribution Day, ICE Clear Credit does not determine that the RGD Continuation Conditions are satisfied, or otherwise determines to terminate the Loss Distribution Period, then that day shall not be a Loss Distribution Day and the Loss Distribution Period shall have terminated as of the last Loss Distribution Day.

• Notwithstanding anything to the contrary herein, the Loss Distribution Period for any Default (or series of Defaults subject to a Cooling-off Period) shall not extend more than five consecutive ICE Business Days (such fifth Business Day, the “Final Possible Loss Distribution Day”).

• Total Available Resources ("TAR"): on any day during the Loss Distribution Period, the sum of the Available Resources and any resources obtained from the action established in Section 45.8.C.6 of the Rule Book.

• In addition, a Loss Distribution Period shall end with immediate effect and without the need for any action on the part of any Clearing Member or the Corporation upon any Corporation Default or other determination to terminate all Contracts under Rule 806.

• Further, if available default resources are exhausted and ICC has not returned to a matched book, the Close- Out Team uses reasonable efforts to consult with the Risk Committee and then seeks the Board’s decision on whether to engage in secondary default management actions such as entering a Loss Distribution Period, executing a partial tear-up, or terminating clearing services.

More Definitions of Loss Distribution Period

Loss Distribution Period means the period from, but excluding, the day on which a Default occurs with respect to a Rates Service Clearing Member to but excluding, the earlier of: (i) (A) in the case of a Defaulting Rates Service Clearing Member who is an SCM, the business day on which (a) the rights and obligations arising out of the Auction Portfolios of the Defaulting SCM are transferred to those SCMs which have successfully bid for such Auction Portfolios in Auctions, or, if any Default occurs with respect to any other SCM prior to the end of a Loss Distribution Period, the rights and obligations arising out of the Auction Portfolios of any subsequent Defaulting SCM are transferred to those SCMs who have successfully bid for such Auction Portfolios in Auctions and (b) all payments required to be made by such SCMs and/or the Clearing House in respect of such Auction(s) have been made in full; or (B) in the case of a Defaulter who is a Listed Interest Rates Clearing Member but not an SCM, the business day on which the Clearing House has taken such action as it considers to be required to extinguish or transfer the rights and obligations of such a Defaulter; and (ii) any business day on which the Clearing House determines that a Loss Distribution Trigger Event has occurred, PROVIDED THAT, in each case, the Loss Distribution Period shall not extend beyond the Loss Distribution Cut-Off Date.

Loss Distribution Period means the period beginning from the date on

Loss Distribution Period means the period from, but excluding, the day on which a Default occurs with respect to an SCM to but excluding the earlier of: (i) the business day on which (a) the rights and obligations arising out of the Auction Portfolios of the Defaulting SCM are transferred to those SCMs which have successfully bid for such Auction Portfolios in Auctions, or, if any Default occurs with respect to any other SCM prior to the end of a Loss Distribution Period, the rights and obligations arising out of the Auction Portfolios of any subsequent Defaulting SCM are transferred to those SCMs who have successfully bid for such Auction Portfolios in Auctions and (b) all payments required to be made by such SCMs and/or the Clearing House in respect of such Auction(s) have been made in full; or (ii) any Loss Distribution Day in respect of which the Clearing House determines that the SCM Adjustment Amount for any SCM would be equal to or greater than the Loss Distribution Cap Amount for such Loss Distribution Day.

Loss Distribution Period means the period from, but excluding, the day on which a Default occurs with respect to a Rates Service Clearing Member to but excluding, (1the earlier of: (i) (A) in the case of a Defaulting Rates Service Clearing Member who is an SCM, the earlier of: (i) the business day on which (a) the rights and obligations arising out of the Auction Portfolios of the Defaulting SCM are transferred to those SCMs which have successfully bid for such Auction Portfolios in Auctions, or, if any Default occurs with respect to any other SCM prior to the end of a Loss Distribution Period, the rights and obligations arising out of the Auction Portfolios of any subsequent Defaulting SCM are transferred to those SCMs who have successfully bid for such Auction Portfolios in Auctions and (b) all payments required to be made by such SCMs and/or the Clearing House in respect of such Auction(s) have been made in full; and (ii) any Loss Distribution Day in respect of which the Clearing House determines that the Rates Service Adjustment Amount for any Rates Service Clearing Member would be equal to or greater than the Loss Distribution Cap Amount for such Loss Distribution Day; and (2(B) in the case of a Defaulter who is a Listed Interest Rates Clearing Member, but not an SCM, any Loss Distribution Day in respect ofthe business day on which the Clearing House determines that the Rates Service Adjustment Amount for any Rates Service Clearing Member wouldhas taken such action as it considers to be equalrequired to extinguish or greater thantransfer the rights and obligations of such a Defaulter; and (ii) any business day on which the Clearing House determines that a Loss Distribution Trigger Event has occurred, PROVIDED THAT, in each case, the Loss Distribution Period shall not extend beyond the Loss Distribution Cap Amount for such Loss Distribution DayCut-Off Date.

Loss Distribution Period means the period from, but excluding, the earlier of: (i) the day on which a Default occurs with respect to an RCM to the business day on which all Loss Distribution Charges in respect of such Default have been paid in full and (ii) any business day on which the Clearing House determines that a Loss Distribution Trigger Event has occurred, PROVIDED THAT the Loss Distribution Period shall not extend beyond the Loss Distribution Cut-Off Date.

Loss Distribution Period means the period beginning from the date on which the Clearing House declares an HKCC Participant to be a Defaulter for an event of default to (but excluding) the Business Day on which all open Contracts registered in that Defaulter’s name have been successfully transferred, closed out, sold or settled and all receivables, payments and/or delivery obligations in respect of such Contracts have been discharged in full by the relevant party provided that each time another HKCC Participant is declared a Defaulter for an event of default during a prevailing Loss Distribution Period, such Loss Distribution Period shall, where applicable, be extended until the Business Day on which all open Contracts registered in such subsequent Defaulter’s name have been successfully transferred, closed out, sold or settled and the related receivables, payments and/or delivery obligations have been discharged in full by the relevant party and no new Loss Distribution Period will be established for such subsequent Defaulter; “Loss Distribution Process” means the process of applying any VA Flow Adjustment to each clearing account of each HKCC Participant as described in Rules 710 to 714; “Margin Balance” means, in respect of an HKCC Participant and a clearing account, the aggregate value of variation adjustment, margin and collateral (including any excess collateral) provided by such HKCC Participant, in each case, as recorded in the corresponding CCMS Collateral Account; “Notice of Assessment” means a written notification provided by the Clearing House to HKCC Participants of any demand for Assessments pursuant to Rule 707A; “Relevant CP Contracts” means the open Contracts of the relevant HKCC Participant to be terminated under an HKCC Failure to Pay Event as referred to in Rule 547 or 549; “Reserve Fund Deposits Balance” means, on any Business Day, with respect to each HKCC Participant, the aggregate value of the HKCC Participant’s Deposits and HKCC Participant Additional Deposits provided by the HKCC Participant, as reduced by payments out of the Reserve Fund allocated to such HKCC Participant’s Deposits and/or HKCC Participant Additional Deposits, as applicable, in accordance with Rule 706; “Reserve Fund Resources” means the Reserve Fund and any other amounts specified as forming part of the Reserve Fund Resources in the Rules;