(1) a Clearing Member fails duly to perform or is, in the opinion of CDP, in breach of any provision of these Clearing Rules or Clearing Directives or of any agreement, understanding or arrangement which the Clearing Member has from time to time with CDP;

(2) a Clearing Member, not being an Exempt Person, ceases to hold a valid Capital Markets Services Licence under the SFA or ceases to be authorised to conduct banking business in Singapore pursuant to section 4 of the Banking Act (Chapter 19);

(3) without prejudice to the generality of Rule 8.1.1(1), a Clearing Member defaults in payment of any sum payable to CDP or payable under these Clearing Rules or Clearing Directives towards the Clearing Fund;

(4) a Clearing Member fails to pay when due any sum due and payable, including margins required by CDP, or is otherwise in material default under the terms of any loan or other agreement relating to the Clearing Member's indebtedness, or threatens or proposes to suspend, stop, defer or reschedule payment or to default under the terms of such loan or agreement;

(5) a Clearing Member is insolvent, or unable to pay its debts when they fall due, or a judicial management or winding up petition is presented, or a notice of a proposal for a resolution for its winding-up is given, or an arrangement or assignment or composition is proposed or made for the benefit of creditors or any of them, or if CDP considers in its absolute discretion that the occurrence of any such events or their equivalent is imminent or likely in any jurisdiction;

(6) in respect of a Clearing Member, a liquidator (including a provisional liquidator), receiver, judicial manager, trustee, administrator or similar officer is appointed or a scheme of arrangement requiring creditors' consent and involving the compromise or rescheduling of debts is proposed or made, or if CDP considers in its absolute discretion that the occurrence of any such events or their equivalent is imminent or likely in any jurisdiction;

(7) any distress, execution or other process is levied or enforced or served upon or against any property or assets of a Clearing Member;

(8) without prejudice to the generality of Rule 8.1.1(1), any failure by the Clearing Member to comply with or settle any of its financial obligations under the Clearing Rules, the Clearing Directives, SGX-ST Rules, SGX-ST Directives or the rules and regulations of any exchange or clearing house in which it is a participant or member; or

(9) in view of the Clearing Member's financial or operating conditions, CDP, in its absolute discretion, considers it necessary or desirable to protect its own interests and/or the interests of other Clearing Members;