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7.9.1

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 Collateralised Contributions required from all other non-Defaulting Clearing Members on a pro rata basis of each Clearing Member's required Collateralised Contribution to the aggregate required Collateralised Contributions made by all other non-Defaulting Clearing Members';
(4) fourthly, against the Contingent Contributions required from all other non-Defaulting Clearing Members on a pro rata basis of each Clearing Member's required Contingent Contribution to the aggregate required Contingent Contributions made by all other non-Defaulting Clearing Members';
(5) fifthly, against such policy(ies) of insurance (if any) as may be in effect at the time; and
(6) lastly, against any other contributions to the Clearing Fund,

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

Amended on 3 May 20113 May 2011