(1) Regardless of whether the Clearing Fund may have been applied, CDP shall be absolutely entitled to claim from a Defaulting Clearing Member (as a debt owing to CDP) all losses suffered by CDP arising from or in connection with its default.

(2) Any amount recovered by CDP after the Clearing Fund is applied in connection with an Event of Default shall first be used to make good any loss that CDP has suffered arising from or in connection with the Event of Default and that has not been met by the Clearing Fund. Any amount that remains thereafter shall then, subject to the provisions of this Rule 7.12, be attributed back to each source of contribution that was applied from the Clearing Fund, in the reverse of the order in which the source was paid out. The amount to be attributed back to each source of contribution shall not exceed the amount paid out from that source of contribution.