Examples of Defaulting Member in a sentence

However, in contrast to the Existing Agreement, the proposed Restated Agreement would provide a different approach to the liquidation process by delineating a sequence of coordinated steps the Clearing Organizations are required to take depending upon whether or not the other Clearing Organization elects to treat the Cross-Margining Participant as a Defaulting Member under its default, and they would reserve the right to amend the threshold from time to time.
In such event, each Clearing Organization would promptly transfer, liquidate or otherwise close out the Eligible Positions in the Cross-Margining Account carried for the Defaulting Member at that Clearing Organization.46 Each of the foregoing liquidation routes is described in detail below.
First, the Clearing Organizations would attempt in good faith to conduct a joint liquidation in which the Parties jointly transfer, liquidate or close out the Eligible Positions in the Cross-Margining Accounts carried for the Defaulting Member (the “Relevant Positions”).46 Second, in the event a Clearing Organization determines that jointly transferring, liquidating or closing out the Relevant Positions is not feasible or advisable, the proposed 45 Id.
Organizations are required to take depending upon whether or not the other Clearing Organization elects to treat the Cross-Margining Participant as a Defaulting Member under its Rules.

More Definitions of Defaulting Member

Defaulting Member has the meaning set forth in Section 13.1 hereof.

Defaulting Member. A Member which fails to make his Additional Contribution as required herein.

Defaulting Member is defined in Section 7.01.

Defaulting Member has the meaning set forth in Section 9.1.

Defaulting Member has the meaning set forth in Section 6.2(a).

Defaulting Member is defined in Section 3.3.

Defaulting Member shall have the meaning ascribed to such term in Section 9.1.