Capped additional contribution by non-defaulting members limits and structures replenishment obligations after defaults. Contributors must make monthly Core SGF contributions before the month; where Core SGF is used, members must replenish their individual usage immediately but only once within a thirty calendar day period from the Clearing Corporation's notice of default. Failure to replenish is temporarily met first by the Clearing Corporation and then by the regulator. Layer VII allows a single-call capped additional contribution by non-defaulting members within the same thirty day window, permits unconditional resignation subject to settlement and dues, caps contributions by segmental limits, and allows allocation of unrecovered losses to the prior layer with regulator approval.
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Provisions expressly mentioned in the judgment/order text.
Capped additional contribution by non-defaulting members limits and structures replenishment obligations after defaults.
Contributors must make monthly Core SGF contributions before the month; where Core SGF is used, members must replenish their individual usage immediately but only once within a thirty calendar day period from the Clearing Corporation's notice of default. Failure to replenish is temporarily met first by the Clearing Corporation and then by the regulator. Layer VII allows a single-call capped additional contribution by non-defaulting members within the same thirty day window, permits unconditional resignation subject to settlement and dues, caps contributions by segmental limits, and allows allocation of unrecovered losses to the prior layer with regulator approval.
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