Common use of Termination by CME Clause in Contracts

Termination by CME. (i) CME may terminate this User Agreement with at least sixty (60) days advance notice if CME plans to cease operating as a TR. (ii) CME may terminate this User Agreement or suspend Company’s access to the System if: (1) Any Fees due hereunder from Company to CME are past due; (2) Company breaches any material obligation of this User Agreement, which for the avoidance of doubt includes violations of the Rules; provided, however, that CME shall provide Company with notice of any such breach (which notice shall include appropriate CME contact information with respect to the matter) and Company shall have thirty (30) days from receipt of such notice to cure such breach. If Company contacts such CME personnel during the cure period, such personnel will make reasonable efforts to provide Company with guidance as to the nature of the breach and steps Company may be able to take to effectuate a cure thereof. If Company cures such breach to CME’s reasonable satisfaction within the cure period, then CME shall not terminate this User Agreement; provided, however, that CME shall have the right to suspend Company’s access to the System during the cure period in its reasonable discretion; (3) Company shall have a receiver or administrative receiver appointed of it or over any part of its undertaking or assets or shall pass a resolution for winding-up (otherwise than for the purpose of a bona fide scheme of solvent amalgamation or reconstruction) or a court of competent jurisdiction shall make an order to that effect or if the Company shall become subject to an administration order or shall enter into any voluntary arrangement with its creditors; (4) Such termination is required by applicable law, EMIR rule or regulation, direction of ESMA, court order; or (5) Company ceases doing business as a going concern. (iii) Notwithstanding parts (i) and (ii) of this paragraph and in accordance with TR Rule 501, in the event that ESMA directs CME to suspend Company’s access to the System for any reason, including a finding by ESMA that Company violated the Rules, Company shall not be entitled to submit Derivative Data for any derivative transactions entered into following the date of receiving notice from ESMA and/or CME. Any such suspension of access shall continue for the duration determined by ESMA. Company may, however, continue to submit required Derivative Data for derivatives that had been reported to CME prior to receiving such notice and access Derivative Data to which Company is or was a party.

Termination by CME. (i) CME may terminate this User Agreement with at least sixty (60) days advance notice if CME plans to cease operating as a TR. (ii) CME may terminate this User Agreement or suspend Company’s access to the System if: (1) Any Fees due hereunder from Company to CME are past due; (2) Company breaches any material obligation of this User Agreement, which for the avoidance of doubt includes violations of the Rules; provided, however, that CME shall provide Company with notice of any such breach (which notice shall include appropriate CME contact information with respect to the matter) and Company shall have thirty (30) days from receipt of such notice to cure such breach. If Company contacts such CME personnel during the cure period, such personnel will make reasonable efforts to provide Company with guidance as to the nature of the breach and steps Company may be able to take to effectuate a cure thereof. If Company cures such breach to CME’s reasonable satisfaction within the cure period, then CME shall not terminate this User Agreement; provided, however, that CME shall have the right to suspend Company’s access to the System during the cure period in its reasonable discretion; (3) Company shall have files a receiver or administrative receiver appointed of it or over any part of its undertaking or assets or shall pass a resolution for winding-up petition under the Bankruptcy and Insolvency Act (otherwise than for the purpose of a bona fide scheme of solvent amalgamation or reconstructionCanada) or a court of competent jurisdiction shall make an order to that effect any other insolvency law, becomes insolvent or if the Company shall become subject to an administration order or shall enter into has any voluntary arrangement with its creditorsinvoluntary petition for bankruptcy filed against it; (4) Such termination is required by applicable lawCanadian Laws and Regulations, EMIR rule Commission Order or regulation, direction of ESMA, court order; or (5) Company ceases doing business as a going concern. (iii) Notwithstanding parts (i) and (ii) of this paragraph and in accordance with TR CTR Rule 501504, in the event that ESMA the Commission directs CME to suspend Company’s access to the System for any reason, including a finding by ESMA the Commission that Company violated the Rules, Company shall not be entitled to submit Derivative Derivatives Data for any derivative derivatives transactions entered into following the date of receiving notice from ESMA the Commission and/or CME. Any such suspension of access shall continue for the duration determined by ESMAthe Commission. Company may, however, continue to submit required Derivative Derivatives Data for derivatives that had been reported to CME prior to receiving such notice and access Derivative Derivatives Data to which Company is or was a party.

Termination by CME. (i) CME may terminate this User Agreement with at least sixty (60) days advance notice if CME plans to cease operating as a TRan SDR. (ii) CME may terminate this User Agreement or suspend Company’s access to the System if: (1) Any Fees due hereunder from Company to CME are past due; (2) Company breaches any material obligation of this User Agreement, which for the avoidance of doubt includes violations of the Rules; provided, however, that CME shall provide Company with notice of any such breach (which notice shall include appropriate CME contact information with respect to the matter) and Company shall have thirty (30) days from receipt of such notice to cure such breach. If Company contacts such CME personnel during the cure period, such personnel will make reasonable efforts to provide Company with guidance as to the nature of the breach and steps Company may be able to take to effectuate a cure thereof. If Company cures such breach to CME’s reasonable satisfaction within the cure period, then CME shall not terminate this User Agreement; provided, however, that CME shall have the right to suspend Company’s access to the System during the cure period in its reasonable discretion; (3) Company shall have files a receiver petition under the Federal Bankruptcy Act or administrative receiver appointed of it any insolvency law, becomes insolvent or over has any part of its undertaking or assets or shall pass a resolution involuntary petition for winding-up (otherwise than for the purpose of a bona fide scheme of solvent amalgamation or reconstruction) or a court of competent jurisdiction shall make an order to that effect or if the Company shall become subject to an administration order or shall enter into any voluntary arrangement with its creditorsbankruptcy filed against it; (4) Such termination is required by applicable law, EMIR rule CFTC directive, regulation or regulation, direction of ESMA, court order; or (5) Company ceases doing business as a going concern. (iii) Notwithstanding parts (i) and (ii) of this paragraph and in accordance with TR CME Rule 501, in the event that ESMA the CFTC directs CME to suspend Company’s access to the System for any reason, including a finding by ESMA the CFTC that Company violated the Rules, Company shall not be entitled to submit Derivative Swap Data for any derivative swap transactions entered into following the date of receiving notice from ESMA the CFTC and/or CME. Any such suspension of access shall continue for the duration determined by ESMAthe CFTC. Company may, however, continue to submit required Derivative Swap Data for derivatives swaps that had been reported to CME prior to receiving such notice and access Derivative Swap Data to which Company is or was a party.