In the event of the Clearing House becoming aware of a Clearing Member becoming insolvent or being deemed insolvent after having given any relevant delivery notices or acceptance notices with respect to its Delivery Obligations to the Clearing House, then, notwithstanding the preceding, the Clearing House shall be entitled but not obliged to permit the relevant Sellers or Buyers (as the case may be) of the Clearing Member (if their identities can be readily ascertained and verified) to be directly substituted for such Clearing Member to the extent necessary to effect and/or complete delivery. None of the requirements for delivery, including notices, instructions, payment, etc., shall be waived by the Clearing House in exercising such option. Moreover, substitution shall in no way relieve the insolvent Clearing Member of its obligations to the Clearing House and/or the counterparty clearing member with regard to any claims arising out of that delivery.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.