Common use of Ongoing Liability Clause in Contracts

Ongoing Liability. Notwithstanding the provisions of section 5.2 or section 5.3 above, if the Applicant becomes a terminated market participant or is terminated as a program participant or otherwise ceases to be a market participant or program participant, as the case may be, the Applicant shall remain subject to and liable for all of its obligations and liabilities as a market participant and/or program participant which were incurred or arose under the market rules prior to the date on which the termination order was issued or the date on which the Applicant otherwise ceased to be a market participant and/or program participant, as the case may be, regardless of the date on which any claim relating thereto may be made.

Appears in 2 contracts

Sources: Participation Agreement, Participation Agreement