Examples of Settlement Entity in a sentence
In order to secure claims of the respective Settlement Entity regarding a delayed submission of Emission Rights or Guarantees of Origin under due futures to the registry account of the respective Settlement Entity and/or regarding a failure to procure Emission Rights on the in- ternal inventory account of the Trading Participant obliged to effect delivery in time, ECC may calculate a Margin-Requirement (Delivery Margin).
In case a third party is involved in the sched- uling or nomination process of a control area or on a hub, respectively, due to statutory or regulatory requirements for a market area, neither ECC nor the respective Settlement Entity shall be liable for errors or disturbances of the scheduling or nomination caused by that third party.
In as far as the net accounts concern a payment, in the relationship to Trading Participants each of the net accounts is settled by ECC as the paying agent of the Settlement Entity so that the Trading Participants are obliged to make payments to ECC as the paying agent of the Settlement Entity or receive a payment from ECC as the paying agent of the Settlement Entity.
Every Clearing Member and the respective Settlement Entity authorise ECC (i) to summarise a payment to be provided by the Clearing Member to ECC as the paying agent of the Settle- ment Entity with a payment owed by the Clearing Member to ECC in the same currency and (ii) a payment to be provided by ECC as the paying agent of the Settlement Entity to the Clearing Member with a payment in the same currency owed by ECC to the Clearing Member.
ECC guarantees the Trading Participants the fulfilment of these Transac- tions by the respective Settlement Entity in accordance with the Contract.
ECC and the respective Settlement Entity shall not be liable in case scheduling or nom- ination is impossible due to that third party.
As a result of this, the Clearing Member is obliged towards the respective Settlement Entity to deliver or accept delivery the commodity on which the future is based and the respective Settlement En- tity, in turn, is obliged towards ECC to deliver and/or accept delivery of said commodity.
The respective Settlement Entity accedes to the contractual relationship as a new con- tractual partner by ECC assigning the claims to delivery and/or claims to acceptance of delivery and payment which it holds towards the Clearing Member to the respective Settlement Entity; at the same time, corresponding delivery obligations and/or ac- ceptance of delivery and payment obligations towards ECC arise on the part of the re- spective Settlement Entity.
The Settlement Entity assigns to ECC corresponding claims against the Trading Participant to pro- tect the risk that a Trading Participant does not fulfil its contractual obligations towards the Settlement Entity.
In as far as these Clearing Conditions do not expressly provide for a different regulation, ECC and the respective Settlement Entity shall not be liable towards third parties who are not par- ticipants in market themselves, with regard to losses which might be incurred, cases of dam- age, consequential damage or lost profits which have been incurred in connection with Trans- actions concluded on the market or registered there in any case.