Examples of Defaulting Participant in a sentence
ICE Clear Credit may, in consultation with the CDS Default Committee, divide the portfolio of a Defaulting Participant into discrete Auctions, each consisting of one or more Lots (each, a “ Lot”) as it considers appropriate.
These Default Auction Procedures (the “ Auction Terms”) govern the auctioning of one or more Lots (as defined below) representing a Contract or notional amount of Contracts to which a Defaulting Participant is or was a party, where such auction (“Auction”) is administered by ICE Clear Credit pursuant to Rule 20- 605(d)(v) of the ICE Clear Credit Rules (the “Rules”).
This clause 13 applies if any of us commits a default that amounts to a Material Default (Defaulting Participant).
In particular, ICE Clear Credit makes no representation or warranty as to whether any CDS Contract recorded in the House Account or Client-Origin Account of the Defaulting Participant is correctly recorded in such account or as to whether any consent of any Customer or Affiliate of the Defaulting Participant is required to any Auction or the termination of Contracts to which a Defaulting Participant is party.
Contracts will be established with the Winning Bidder pursuant to the termination of relevant Contracts between the Defaulting Participant and ICE Clear Credit and the establishment of new, economically identical Contracts between ICE Clear Credit and the Winning Bidder pursuant to Rule 20-605.