The Clearing House may declare that a Trigger Event has occurred in respect of the Connect Counterparty and/or Connect Broker when it determines, in its sole discretion, that any of the following has occurred:
a. Failure of the Connect Counterparty to provide collateral to meet the margin or collateral requirements within the agreed timelines; or
b. The Connect Counterparty fails to meet its settlement obligations to the Connect Broker, whether partially or wholly, and such failure results in the Connect Broker failing to meet its settlement obligations to the Clearing House.
Added on 29 July 2022.