11.1.1

Past version: Effective up to 24 Feb 2011

Where, pursuant to the Clearing Bank Deed and in accordance with Rule 10.1.2 the Clearing Bank has paid the Net-Net Debit Balance or any shortfall thereof on behalf on any Settlement Bank, the Clearing Bank shall give notice to CDP that the Settlement Bank has failed to pay the Net-Net Debit Balance or any part thereof (the "SB Default Notice"). The SB Default Notice shall specify the Settlement Bank who has defaulted and the amount of default. The SB Default Notice shall be delivered to CDP as soon as possible upon, and in no event later than one (1) Settlement Day after, the occurrence of the default.