Defaulting Joint Rates Service Clearing Member means a Joint Rates Service Clearing Member who is a Defaulter;
Defaulting Participant means a Participant which the Project Committee has declared to be in substantial breach of this Consortium Agreement or the PPP Allowance Agreement in accordance with Sections 3.5 and 6.5 of this Consortium Agreement;
Clearing Participant means a person admitted as a participant under the Clearing Rules.
Benchmark Transition Event means the occurrence of one or more of the following events with respect to the then-current Benchmark: