All margins deposited with the Clearing House by Clearing Members shall be retained by the Clearing House in whole or in part, as the Clearing House may deem necessary but subject to these Rules and in particular Rule 7.18 and Rule 7.03.1, may be returned to the Clearing Member when the positions for which such margins have been deposited have been liquidated. Notwithstanding the foregoing, the Clearing House may retain margins for freight forward contracts for tanker voyage routes in relation to any potential Flat Rate adjustment, even after the positions of the Clearing Member have been liquidated.

Amended on 27 March 200627 March 2006.