Past version: Effective up to 21 Apr 2013

Immediately upon CDP declaring that an Event of Default has occurred in respect of any Clearing Member, such Clearing Member (the "Defaulting Clearing Member") shall be deemed:—

(1) to be in breach of its obligations to CDP under its Novated Contracts; and
(2) to be unable to meet its obligations to CDP

and to the extent permitted by law, Rules 8.2 to 8.7 herein shall apply.

Added on 23 January 200923 January 2009.