The central counterparty shall ensure that, in the event of a participant's default, the collateral and positions held by the participant on behalf of an indirect participant can be transferred to another participant indicated by the indirect participant.
A participant shall be considered to be in default if:
it does not meet the admission requirements concerning the participant's financial capacity by the deadline set by the central counterparty; or
compulsory winding-up proceedings were initiated against it for the purposes of general execution.
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