Whole Section

  • 7.10 Top-Up of Clearing Member's Contributions in an Event of Default

    Amended on 3 May 20113 May 2011

    • 7.10.1

      CDP shall notify a Clearing Member in writing whenever its Contribution (or any part thereof) is applied in accordance with Rule 7.9.1.

    • 7.10.2

      A Defaulting Clearing Member shall reimburse the Clearing Fund for any amount (except such Contributions made by the Defaulting Clearing Member) which was applied out of the Clearing Fund (the "Default Amount") as a result of his default.

    • 7.10.3

      If any amount is paid out of a Clearing Member's Contributions pursuant to the third Stage of the Order in Rule 7.9.1(3) or fourth stage of the Order in Rule 7.9.1(4), the Clearing Member shall, upon demand by CDP, top-up the deficiency in its Contribution arising from the said payment. CDP shall notify each of the Clearing Members in writing of the amount payable by it to CDP under this Rule.

      Amended on 1 July 20081 July 2008 and 3 May 20113 May 2011.