Subject to Rule 8, the obligation of CDP to make delivery of securities to a buying customer pursuant to a New Purchase Contract shall be discharged by CDP transferring such securities to the Securities Account of the buying customer at such time as CDP may determine after payment by the buying customer. Title and right to such securities shall not at any time pass to the Defaulting Clearing Member.

Amended on 3 April 20083 April 2008, 22 April 201322 April 2013 and 10 December 201810 December 2018.