Loss Distribution Period definition
Loss Distribution Period means the period from, but excluding, 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.
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.
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 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 an FXCCM to but excluding the earlier of: (i) the business day on which
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 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 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;
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.