The Settlement Bank's maximum liability for a Principal under the Letter of Guarantee and Indemnity at any time on a Settlement Day (exclusive of liability for a Block Trade affirmed in accordance with Rule 13) shall be a value that is equal to the highest positive value (together with interest thereon) derived from any of the following formulae; i.e.
(A - B) or [(A - B) + (C - D)] or (C - D)
| where | A | = | is the total value of all matched and validated receiving instructions due on the current Settlement Day |
| B | = | is the total value of all matched and validated delivery instructions due on the current Settlement Day | |
| C | = | is the total value of all receiving instructions matched and validated in advance on the current Settlement Day | |
| D | = | is the total value of all delivery instructions matched and validated in advance on the current Settlement Day. |
Amended on 3 October 20093 October 2009.