Secure Payment System definition
Secure Payment System. (or "SPS") means the system established by LME Clear to facilitate the payment of cash amounts between LME Clear and Members using Settlement Accounts at Approved Settlement Banks, as more specifically described in the Clearing Procedures; "Securities Collateral" means Collateral provided in the form of securities; "Securities System Operator" has the meaning set out in the Settlement Finality Procedure; "Security Document" means any document at any time pursuant to which a Member creates a Security Interest or other collateral arrangement in favour of LME Clear (excluding any collateral arrangement in favour of LME Clear on behalf of or on trust for Clients of the Member); "Security Interest" means any mortgage, charge, pledge, lien or other encumbrance collateralising any obligation of any person or any other type of preferential arrangement (including title transfer and retention arrangements) having a similar effect; "Seller" means whichever party (LME Clear or the Member) under a Contract has: