failed member
Defined in 1 dictionary — U.S. Code
United States Code
12 U.S.C. § 4402 — for purposes of this subchapter (2 versions over time)
The term “failed member” means any member that—
(A) fails to satisfy a covered clearing obligation when due,
(B) has commenced or had commenced against it insolvency, liquidation, reorganization, receivership (including the appointment of a receiver), conservatorship, or similar proceedings, or
(C) has generally ceased to meet its obligations when due.