Common use of Default of the General Clearing Member Clause in Contracts

Default of the General Clearing Member. 1bis In case of default of the General Clearing Member, the Non-Clearing Member may avail itself - without the consent of the Defaulting General Clearing Member - of a Designated Clearing Member to which the Contractual Positions and relevant existing guarantees of the Non-Clearing Member shall be transferred on the terms and conditions indicated in the Regulations. The Designated Clearing Member shall be allowed to operate only if it has entered into with the Non-Clearing Member the "Agreement between General Clearing Member and Non-Clearing Member” (Minimum Clauses) pursuant to the provisions of the Regulations and better explained in paragraph g) of the Premises.