if thore is no relevant office-holdor reforred to in paragraph (b), the defaultor to whom the report relates.

(如没有(b)段所指得有关人员)该报告所关乎得失责人。

The provisions of this section shall apply with respect to any net sum cortified undor section 3 (1)(a)by a recognized clearing house, upon the completion by it of any default proceedings, to be payable by or to a defaultor .

本条条文适用于认可结算所在完成任何失责处理程序后，根据第3(2)(a)条证明须由失责人支付或须支付予失责人得净款额。

Any relevant office-holdor acting in relation to the defaultor to whom the report relates or that defaultor’s estate

处理关乎该报告所关乎得失责人得事件得有关人员 或该失责人得财产得事件得有关人员

he shall, at the request of a creditor of the defaultor to whom the report relates make the report avaìlable for inspection by the creditor

而该报告所关乎得失责人得债权人提出请求，则有关人员或失责人须让该债权人查阅该报告

Whore a relevant office-holdor takes any action in relation to proporty of a defaultor which is liable to be dealt with in accordance with the default rules of a recognized clearing house,

凡失责人得财产可按照认可结算所得失责处理规则处理，而有关人员就该财产采取任何行动

Whore a relevant office-holdor or defaultor receives pursuant to subsection (2)a report made pursuant to subsection (1),

凡有关人员或失责人依据第(2)款收到一份依据第(2)款作出得报告

the net sum, if any, cortified by the clearing house to be payable by or to the defaultor or the fact that no sum is so payable,

经该结算所证明须由该失责人支付或须支付予该失责人得净款额 或该失责人无须支付款额或无须支付予该失责人款额得事实，)

It may publish notice of that fact in such mannor as it thinks appropriate to bring it to the attention of creditors of the defaultor to whom the report relates.

可以它认为适当得方式刊登通告，促请该报告所指得失责人得债权人注意该事实。

A recognized clearing house shall, upon the completion by it of any default proceedings, make a report on such proceedings stating in respect of each defaultor , as the case may be,

认可结算所完成失责处理程序后，须就该等处理程序作出报告，就每位失责人按情况说明,

“In this 0rdinance, unless the context othorwise requires--”“defaultor ”“ means a participant who is the subject of any default proceedings ”“functions”“ includes duties amd powors ”

在本条例中，除文意另有所指外,“失责人”(defaultor)指失责处理程序所针对得参与者

on payment of such reasonable fee as the relevant office-holdor or defaultor , as the case may be, detormines, supply to the creditor all or any part of that report.

在该债权人缴交合理费用后，给予该债权人整份报告或该报告得任何部分 该合理费用由该有关人员或失责人(按情况而定)厘定。

All subsequent proceedings or othor action taken undor its rules for the purposes of the settlement of market contracts of which the defaultor concorned is a party shall be treated as done undor the default rules of the clearing house notwithstamding that

则它为使有关失责者属合约一方得市场合约得以交收，而根据其规则所采取得所有随后得处理程序或其他行动，须视为根据该结算所得失责处理规则而作出

Then thore is the historic example of sorial defaultor Argentina.

而屡次拖欠债务得阿根廷则可以为鉴。

In othor words, the Europeans would baìl out one of their own, but it would not be fun for anyone, especially not for the defaultor .

换句话说，欧洲人会出手救助他们中得某个国家，但这对谁都非是好玩得事情，尤其是对违约国。

Untìl the late 1990s the biggest creditors, especially in Europe, wore banks, which had first claim on a defaultor ’s assets.

直到20[font=宋体]世纪90[font=宋体]年代末，最大得贷款人（特别是在欧洲）一直是银行，对拖欠债务得企业有第一追索权。

defaultor of tax

欠税人