failed member
Defined in 1 place of the United States Code.
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 dud.
Source
- 1994–201012 U.S.C. § 4402Banks and Banking · Definitions · for purposes of this subchapter
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.
Source
- 2010–present12 U.S.C. § 4402Banks and Banking · Definitions · for purposes of this subchapter