7A.07.1
A non-defaulting Clearing Member may exercise its rights under Rule 7A.07 if the Clearing House:
Added on 7 August 20127 August 2012.
7A.07.2
While any of the circumstances set out in Rule 7A.07.1 continue, the nondefaulting Clearing Member may, at any time by notice in writing to the Clearing House, specify a date (the "Termination Date") for the termination and liquidation of all Contracts to which it is a party in accordance with Rule 7A.07.4 below.
Added on 7 August 20127 August 2012.
7A.07.3
In the event a Clearing Member exercises its rights under Rule 7A.07.2, the Clearing House may, in its absolute discretion and by notice in writing, take any steps necessary to terminate any related Contract or close out any related positions held with any other Clearing Member, notwithstanding that such Clearing Member is not in default of any of its obligations.
Added on 7 August 20127 August 2012.
7A.07.4
Upon the specification of a Termination Date:
Added on 7 August 20127 August 2012 and amended on 2 May 20162 May 2016.
7A.07.5
If a Termination Amount determined pursuant to Rule 7A.07.4 above is a positive amount, the Clearing House shall pay it to the Clearing Member and if any such Termination Amount is a negative amount, the Clearing Member shall pay it to the Clearing House, in either case in accordance with Rule 7A.07.6. The Clearing House shall notify the Clearing Member of each such Termination Amount, and by which party it is payable, as soon as practicable after the calculation thereof.
Added on 7 August 20127 August 2012.
7A.07.6
A Termination Amount shall be paid in the Base Currency by the close of business on the business day following notification pursuant to Rule 7A.07.5 above.
Added on 7 August 20127 August 2012.
7A.07.7
For the purposes of any calculation required to be made under this Rule 7A.07, the Clearing House may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as it shall reasonably select.
Added on 7 August 20127 August 2012.
7A.07.8
The rights of the Clearing House and the Clearing Members under this Rule 7A.07. shall be in addition to, and not in limitation or exclusion of, any other rights which the Clearing House or the Clearing Member may have.
Added on 7 August 20127 August 2012.