Whole Section

  • 8.1 The Settlement Bank

    • 8.1.1

      The Settlement Bank shall agree to abide by these DVP Rules as a condition of its participation in DVP Settlement. The Settlement Bank shall act as the paying and collecting agent for each Principal which it represents for the settlement of the Net Debit Balance or Net Credit Balance (as the case may be).

    • 8.1.2

      CDP shall be irrevocably authorised by the Principal to pay the Net Credit Balance to, and/or to receive the payment of the Net Debit Balance from, the Settlement Bank in accordance with these DVP Rules. CDP shall not be responsible or liable to the Principal for any delay or failure of the Settlement Bank to pay the Net Credit Balance to the Principal.

    • 8.1.3

      The Settlement Bank shall maintain such communications facilities and on-line access to CDP as may be required from time to time by CDP.