(1) All Purchasers shall pay all Premiums due on Options purchased to their Trading Members by 12.30 p.m. on the Market Day following the Options transaction date.

(2) Premiums due to Writers on all Options written (except for Scrip-Covered Call Options) may be withheld by Trading Members and applied in set-off (whether partial or whole) against the margins required to be deposited by the Writers.

(3) All Writers of Scrip-Covered Call Options shall be entitled to receive all Premiums due on such Options from their Trading Members by 12.30 p.m. on the Market Day following the Options transaction date.