Whole Section

  • 11.1 SB Default Notice

    • 11.1.1

      Where a Settlement Bank has defaulted on its payment obligations to CDP pursuant to Rule 8.3.4, CDP shall give notice to the Clearing Bank that the Settlement Bank has failed to pay the Net-Net Debit Balance or any part thereof (the "SB Default Notice"). The SB Default Notice shall specify the Settlement Bank who has defaulted and the amount of default. The SB Default Notice shall be delivered to the Clearing Bank as soon as possible upon, and in no event later than one (1) hour after, the occurrence of the default.

      Amended on 25 February 201125 February 2011.