10. DEFAULT EVENTS
10.1 The following constitute Default events that result in the initiation of the Default Management Process by FXCH;
(i) Failure to meet Margin Requirements: where a member fails to maintain margin above the Closeout Margin Level to cover all open positions in its account and/or any of its sub-accounts/client accounts.
(ii) Insolvency: where a member is or is likely to become insolvent.