SEOCH Failure to Pay Event definition

SEOCH Failure to Pay Event means an event arising from the failure of SEOCH to make all relevant payments under an OCH Contract to a SEOCH Participant by the end of the relevant SEOCH Failure to Pay Grace Period, provided that no such event shall occur if (1) such failure to pay arises as a result of technical or administrative reasons beyond the control of SEOCH; or (2) during the SEOCH Failure to Pay Grace Period, SEOCH has exercised its powers under Clearing Rules 723F(3)(a) and/or 723F(3)(b);“SEOCH Failure to Pay Grace Period”means the period from (but excluding) the day on which SEOCH receives a Failure to Pay Notice from a SEOCH Participant to (and including) the 21st Business Day following such day;“SEOCH Insolvency Event”means an event relating to the insolvency of SEOCH as referred to in Clearing Rule 723G;"SEOCH Member"means a person who is duly registered under one of the categories of SEOCH membership set out in the Clearing Rules effective immediately prior to the Scheme Effective Date;"SEOCH Participant"means a person who is duly registered, pursuant to Chapter 3 of these Clearing Rules, under one of the categories of SEOCH Participantship set out in Clearing Rule 302, and "SEOCH Participantship" shall be construed accordingly;"Settlement Amount"has the same meaning as in the Standard Contract;“Settlement Bank”means a bank appointed by SEOCH from time to time as being eligible for money settlements in relation to clearing services provided by SEOCH through either internal fund transfers or fund transfers to and from a Designated Bank;“Settlement Currency”means the currency in which a Contract shall be settled, which currency shall be the Currency of the Contract unless otherwise specified by SEOCH or the Exchange;"Settlement Day"has the same meaning as in the CCASS Rules;“Special Block Trade Margin”means the margin required by SEOCH pursuant to Clearing Rule 615A;“Specific Securities Collateral”means collateral in a CCMS Collateral Account that is used to cover short call positions to exclude the covered short call positions from calculation of margin requirement and that is provided by a SEOCH Participant to SEOCH in the form of the underlying securities of such positions;"Standard Contract"has the same meaning as in the Options Trading Rules;
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SEOCH Failure to Pay Event means an event arising from the failure of SEOCH to make all relevant payments under an OCH Contract to a SEOCH Participant by the end of the relevant SEOCH Failure to Pay Grace Period, provided that no such event shall occur if (1) such failure to pay arises as a result of technical or administrative reasons beyond the control of SEOCH; or (2) during the SEOCH Failure to Pay Grace Period, SEOCH has exercised its powers under Clearing Rules 723F(3)(a) and/or 723F(3)(b);“SEOCH Failure to Pay Grace Period”means the period from (but excluding) the day on which SEOCH receives a Failure to Pay Notice from a SEOCH Participant to (and including) the 21st Business Day following such day;“SEOCH Insolvency Event”means an event relating to the insolvency of SEOCH as referred to in Clearing Rule 723G;“Termination Value Payable”means, under the contract termination process, the amount payable by each relevant SEOCH Participant to SEOCH with respect to each of its clearing accounts pursuant to Section 13A.1.1 of the Operational Clearing Procedures;“Termination Value Receivable”means, under the contract termination process, the amount payable by SEOCH to each relevant SEOCH Participant with respect to each of its clearing accounts pursuant to Section 13A.1.1 of the Operational Clearing Procedures;“Total Clearing Accounts Cum MTM(t)”means, with respect to any Business Day t during the Loss Distribution Period, the sum of the Total Clearing Accounts Currency Cum MTM(t) in all Settlement Currencies;“Total Clearing Accounts Currency Cum MTM(t)”means, with respect to each Business Day t during the Loss Distribution Period, the sum of the Total Clearing Accounts Currency MTM for each Business Day from (and including)
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Examples of SEOCH Failure to Pay Event in a sentence

  • Liability of SEOCH under a SEOCH Failure to Pay Event or a SEOCH Insolvency Event 723I.

  • Calculations of Net Payments under a SEOCH Failure to Pay Event or a SEOCH Insolvency Event 723H.

  • Upon the occurrence of a Clearing Service Termination Event, the clearing and settlement services in relation to OCH Contracts, including the Relevant CP Contracts, will be wound down in accordance with Clearing Rules 1301 to 1304.(4) Upon the occurrence of a SEOCH Failure to Pay Event, if SEOCH has not taken any action under Clearing Rules 723F(3)(a) or 723F(3)(b) above, the relevant SEOCH Participant may terminate and liquidate all the Relevant CP Contracts by delivering a notice to SEOCH.

  • Upon the designation of an Early Termination Date pursuant to either Clearing Rule 723F(3) or 723F(4) in respect of a SEOCH Failure to Pay Event or pursuant to Clearing Rule 723G in respect of a SEOCH Insolvency Event, SEOCH shall, without prejudice to any other rights under the Clearing Rules, terminate the OCH Contract between SEOCH and the relevant SEOCH Participant in accordance with Clearing Rules 723H to 723I.

Related to SEOCH Failure to Pay Event

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Potential Failure to Pay means the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, without regard to any grace period or any conditions precedent to the commencement of any grace period applicable to such Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • Delay Event means any event set out at Clause 5.19.4 [Delay Events].

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

  • default value means a value derived from a typical value by the application of pre-determined factors and that may, in circumstances specified in this Directive, be used in place of an actual value;’;

  • Specified Event of Default means any Event of Default under Section 8.01(a), (f) or (g).

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).

  • Company Event of Default bears the meaning ascribed thereto in Section 13.1; “Company Notice of Default” bears the meaning ascribed thereto in Section 13.2;

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • ii) Event means any event described in Section 11(a)(ii) hereof.

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Failure to Pay means, after the expiration of any applicable Grace Period (after the satisfaction of any conditions precedent to the commencement of such Grace Period), the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • GEP Failure means Seller’s failure to produce Delivered Energy in an amount equal to or greater than the Guaranteed Energy Production amount for the applicable Performance Measurement Period.

  • Unmatured Event of Default means any event which, with the giving of notice, the passage of time or both, would constitute an Event of Default.

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • MI Failure means when an MI report: a) contains any material errors or material omissions or a missing mandatory field; or b) is submitted using an incorrect MI reporting Template; or c) is not submitted by the reporting date(including where a Nil Return should have been filed);

  • Owner Event of Default has the meaning specified in Section 16.2.

  • Senior Event of Default means an Event of Default under (and as defined in) the Senior Facilities Agreement.

  • Specified Event has the meaning given to such term in the definition of “Consolidated EBITDA.”

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.