Auction RAST definition

Auction RAST means a Representative Auction-Settled Transaction between a Participating Bidder as Buyer and a Participating Bidder as Seller formed pursuant to the relevant Credit Derivatives Auction Settlement Terms.

Auction RAST means a bilateral agreement on terms equivalent to the Representative Auction- Settled Transaction entered into between two Participating Bidders pursuant to Section 18 of these Credit Derivatives Auction Settlement Terms for which (i) the Floating Rate Payer Calculation Amount is equal to the Quotation Amount with respect to the relevant Market Position Trade or Matched Limit Order Trade, as applicable, and (ii) (A) Seller is the Participating Bidder whose Physical Settlement Buy Request forms part of such Market Position Trade or whose Physical Settlement Buy Request, Limit Bid or Initial Market Bid, as applicable, forms part of such Matched Limit Order Trade and (B) Buyer is the Participating Bidder whose Physical Settlement Sell Request forms part of such Market Position Trade or whose Physical Settlement Sell Request, Limit Offer or Initial Market Offer, as applicable, forms part of such Matched Limit Order Trade; provided that, (I) in the case of the Matched Limit Order Trades containing the highest Offer or the lowest Bid, as applicable, the Quotation Amount will, if necessary, be reduced to reflect the size of the remaining Open Interest, and (II) in the event that there are multiple Matched Limit Orders stating the highest Offer or lowest Bid, as applicable, then such Matched Limit Orders will be filled Pro Rata against the remaining Open Interest, subject to the Rounding Convention.

Examples of Auction RAST in a sentence

• Each such match of Physical Settlement Requests is a "Market Position Trade" and the corresponding Auction RAST will be entered into by the relevant Participating Bidders in accordance with Section 18 of these Credit Derivative Auction Settlement Terms.

• The corresponding Auction RAST will be entered into in accordance with Section 18 of these Credit Derivative Auction Settlement Terms and will not be conducted or effected by, or through, any Administrator.

• A Market Position Trade and the corresponding Auction RAST is not conducted or effected by, or through, any Administrator.

• Each Participating Bidder whose Valid Physical Settlement Request or Matched Limit Order, as applicable, forms part of either a Market Position Trade or a Matched Limit Order Trade will be deemed to have entered into an Auction RAST in respect of such Market Position Trade or Matched Limit Order Trade.

• For the avoidance of doubt, if the Relevant Buyer is able to obtain one or more such Full Quotations on the same Business Day within five Business Days of a Valuation Date, the Final Price determined in accordance with the Valuation Method (and the provisions of the following paragraphs) shall apply to the Auction RAST and each Related RAST, in each case, to the extent that such Credit Derivative Transaction is not a Loan Settled Transaction.