Rates Service Default Fund definition

Rates Service Default Fund means the combined service default fund established pursuant to the Rates Service Default Fund Supplement – SwapClear and the Rates Service Default Fund Supplement – Listed Interest Rate

Rates Service Default Fund means the combined service default fund establishedpursuant to the Rates Service Default Fund Supplement – SwapClear and the Rates Service Default Fund Supplement– Listed Interest Rate"Rates Service Default Fund Supplement – Listed Interest Rates"means the Supplement relating to Listed Interest Rates Business"Rates Service Default Fund Supplement – SwapClear"means the Supplement relating to the SwapClear Business"Rates Service Default Management Disclosure Notice"means the Rates Service Default Management Disclosure Notice as specified by the Clearing House from time to time"Rates Service Default Management Process"has the meaning assigned to it in the Rates Service DMP Annex in the Default Rules"Rates Service Default Management Process Completion Date"has the meaning assigned to it in the Rates Service DMP Annex in the Default Rules"Rates Service Default Period"means the Listed Interest Rates Default Period and/or SwapClear Default Period (as applicable)"Rates Service Determination Date"has the meaning assigned to it in the Rates Service DMP Annex in the Default Rules"Rates Service DMG"has the meaning assigned to it in the Rates Service DMP Annex in the Default Rules"Rates Service DMP"has the meaning assigned to it in the Default Rules"Rates Service Excess Loss"means the net sum or aggregate of net sums certified to be payable by a Defaulter by a Rule 19 Certificate in respect of Rates Service Business less (a) the proportion of the Capped Amount applicable to Rates Service Business under Rule 15(c) of the Default Rules and (b) any sums then immediately payable in respect of Rates Service Business Default Losses owed by such Defaulter by any insurer or provider of analogous services under any policy of insurance or analogous instrument written in favour of the Clearing House"Rates Service Fund Amount"has the meaning assigned to it in the Rates Service Default Fund Supplement"Rates Service Fund Amount– Listed Interest Rate"means the amount as determined in accordance with Rule CS2 of the Rates Service Default Fund Supplement

Rates Service Default Fund means the combined service default fund established

Examples of Rates Service Default Fund in a sentence

• If a Resignation Effective Date has occurred in respect of a Resigning Member and the SwapClear Service pursuant to Rule S(2)(e) of the Rates Service Default Fund Supplement, then the Clearing House will repay the SwapClear Contribution that it holds for such Clearing Member (to the extent it has not been applied under the Default Rules) to the Clearing Member’s relevant PPS account on such Resignation Effective Date.

• For the purposes of calculating the SwapClear Non-Tolerance Weight of an SCM under Rule S1(f) of the Rates Service Default Fund Supplement – SwapClear, the Uncovered Stress Loss (as defined in Rule S1(f)) of an SCM shall be determined by reference to the SwapClear Contracts entered into (1) on behalf of the relevant SCM and (2) with respect to the SwapClear Clearing Clients and FCM Clients of such SCM.

• Subject to Rules2.6 to 2.9 (inclusive) of this Annex, the resources available to the Clearing House and their order of use are defined in Rule 15 of the Default Rules as modified and/or supplemented by the Rates Service Default Fund Supplements.

• For the purposes of calculating the SwapClear Non-Tolerance Weight of an SCM under Rule S1(f) of the Rates Service Default Fund Supplement – SwapClear, the Uncovered Stress Loss (as defined in Rule S1(f)) of an SCM shall be determined by reference to the SwapClear Contracts entered into (1) onbehalf of the relevant SCM and (2) with respect to the SwapClear Clearing Clients and FCM Clients of such SCM.

• The Rates Service Default Fund is denominated in GBP, and all amounts referable to it shall be denominated, calculated, called and payable in GBP.

• For the purposes of calculating the SwapClear Margin Weight under Rule S2(c) of the Rates Service Default Fund Supplement, the average daily requirement for initial margin applied to an SCM shall be determined by reference to the SwapClear Contracts comprising the SwapClear House Business of that SCM only.

• Contributions to the Rates Service Fund A Rates Service Clearing Member's Contributions to the Rates Service Default Fund shall be calculated in accordance with Part A of this Rates Service Fund Supplement (in respect of SwapClear Contributions) and Part B of this Rates Service Fund Supplement (in respect of Listed Interest Rates Contributions) (as applicable).

• A new Subsection I of the same section has been inserted to clarify that, in the event that the Listed Interest Rates portion of the Rates Service Default Fund equals the Default Fund Floor, the SwapClear portion of the Rates ServiceAppendix I Default Rules LCH LIMITED DEFAULT RULES SCHEDULE 6RATES SERVICE DEFAULT FUND SUPPLEMENT CS1.

• The Clearing House will record any from a SwapClear Clearing Member, in accordance with Regulation 20 (Margin and Collateral), to cover such SwapClear Clearing Member’s exposure in relation to the Rates Service Default Fund (such Collateral an SCM has provided to meet its DFAM obligation to the SCM’s Proprietary Account.

• Section S1 of Part A of the Rates Service Default Fund Supplement in the LCH Default Rules has been updated to show that the SwapClear non-tolerance weight is calculated using STLOIM and includes the member and their clients positions.