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6.02A.7 Matching and Re-Novation

a. The contract between a Selling Member or Buying Member and the Clearing House shall be novated and a new contract shall arise between such persons as are matched in accordance with the relevant Contract Specifications (such process being described as "re-novation") at such time, and upon such conditions being met, in accordance with the relevant Contract Specifications for:
(i) such re-novation to be effective; or
(ii) the cessation of the Clearing House as a central counterparty.
b. The new contract arising from the re-novation shall simultaneously discharge and replace pro tanto the Contract between the Selling Member or Buying Member and the Clearing House, and the Clearing House shall be released from its obligations as a central counterparty. For the avoidance of doubt, re-novation only applies to matched positions relating to lot sizes equal to or more than the minimum size prescribed under the relevant Contract Specifications for physical delivery.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007, 1 October 20091 October 2009, 22 February 201022 February 2010 and 22 April 201022 April 2010.