A Seller of a deliverable Futures Contract who does not effect delivery as required by this Rules or the Contract Specifications, and a Buyer of a deliverable Futures Contract who does not take delivery as required by this Rules or the Contract Specifications, shall be in default. In the event of default at Settlement of a deliverable Futures Contract, the rights and obligations of the Member of the Buyer or Seller who is in default, shall be as specified in the relevant Contract Specifications.