Past version: Effective up to 02 May 2011

Subject to the provisions of Rule 7.9, payments out of the Clearing Fund shall be in the following order:—

(1) firstly, against the Contributions made by the Defaulting Clearing Member;
(2) secondly, against CDP Contributions;
(3) thirdly, against the Contributions made by all other Clearing Members on a pro rata basis in the Proportion;
(4) fourthly, against such policy(ies) of insurance (if any) as may be in effect at the time; and
(5) lastly, against CDP's Standby Line of Credit,

(the "Order", and each stage thereof shall be referred to as a "Stage" of the Order or as a certain "Stage of the Order").