Past version: Effective up to 25 Apr 2013
Each Clearing Member shall indemnify and agree to keep indemnified CDP, its officers, employees, representatives and agents ("Indemnified Persons") from and against any loss or liability reasonably incurred or suffered by the Indemnified Persons where such loss or liability arose out of:—
(1) any breach by the Clearing Member of its obligations under the Clearing Rules and/or Clearing Directives; or
(2) any wilful, unlawful or negligent act or omission by a Clearing Member.