Examples of Retiring Member in a sentence
By the close of business on the proposed termination date, the Retiring Member shall ensure that all FCM Contracts registered in the Retiring Member's name have been closed-out or transferred so as to ensure that there are no open FCM Contracts to which the Retiring Member is a party at the proposed termination date.
A Retiring Member other than a Defaulter shall be liable in respect of Aggregate Excess Losses relating to any Default which arises prior to the relevant Retirement Effective Date.
In such circumstances, and as further provided in the Default Rules, the Retiring Member may be required to maintain some or all of its Contribution until after the completion of the default management process related to the relevant Default, notwithstanding that the Retirement Effective Date might occur prior to such time.
Once all such FCM Contracts have been closed-out or transferred, such Retiring Member shall be entitled to request that the Clearing House releases and returns to it any collateral held by the Clearing House for such Retiring Member.
Following the service of such a notice, the relevant Clearing Member will become a Retiring Member or a Resigning Member (as the case may be) and will be required to close out or transfer all Contracts registered in its name or all Contracts registered in its name in connection with the specified Service or Services, respectively, by the date specified in the relevant notice.
Once all such FCM Contracts have been closed-out or transferred, such Retiring Member shall be entitled to request that the Clearing House releases and returns to it any cover held by the Clearing House for the purpose of collateralizing the Retiring Member's obligations.
A Retiring Member or a Resigning Member shall continue to be liable under its Rule21 indemnity in respect of Aggregate Excess Losses relating to any Default which arises prior to the Retirement Effective Date or prior to the relevant Resignation Effective Date, respectively.
Retirement takes effect on the Retirement Effective Date, which is the later of: (i) the retirement date specified in the notice of retirement; and (ii) the date on which all Contracts registered in the Retiring Member's name have been closed out or transferred so as to ensure that there are no remaining open Contracts to which the Retiring Member is a party.
The Clearing House shall notify the Retiring Member, Retiring Agent Member, or the Resigning Member or Resigning Agent Member of any steps taken under this Rule.
Following the service of such a notice, the relevant FCM Clearing Member will become a Retiring Member or a Resigning Member (as the case may be) and will be required to close out or transfer all FCM Contracts registered in its name or all FCM Contracts registered in its name in connection with the specified FCM Clearing Service or FCM Clearing Services, respectively, by the date specified in the relevant notice.