Past version: Effective from 22 Apr 2013 to 16 Jul 2019
In the event that the buying customer does not pay any part of the purchase consideration for any New Purchase Contract to CDP by such time as CDP may determine:
(1) CDP shall be entitled (but not obliged) to force-sell any or all securities due from CDP to such customer at such time and price as CDP may determine. CDP has no liability for any losses to the buying customer or the Defaulting Clearing Member arising from the force-sale of securities. The resulting proceeds of such force-sale shall be held by CDP towards satisfaction of any liabilities of the customer to CDP in accordance with Rule 8; and
(2) any securities due from the customer to CDP (if not set-off pursuant to Rule 8.4.2(1)) shall be settled in accordance with Rule 8.5.
Amended on 22 April 201322 April 2013.