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6.02A.7B Posting of Performance Deposits and Payment of Contract Value

Unless otherwise provided in the relevant Contract Specifications, Performance Deposits and contract value shall, for the purposes of Rule 6.02A.7 and Rule 7.04.3.3, be deemed to have been posted or paid as follows:

6.02A.7B.1 where posting or payment is in cash, upon Confirmation of the relevant Payment Instruction by the Settlement Bank of such Clearing Member that is undertaking Delivery Obligations in a delivery contract; and
6.02A.7B.2 where posting or payment is in the form of an irrevocable letter of credit or any other security, upon receipt of the irrevocable letter of credit or other security by the Clearing House, provided that the said irrevocable letter of credit or other security is in a form and issued by a bank acceptable to the Clearing House.

Added on 22 February 201022 February 2010 and amended on 26 April 201326 April 2013.