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 8.9 herein shall apply.
Added on 23 January 200923 January 2009 and 22 April 201322 April 2013.