Common use of Replacement of the General Clearing Member Clause in Contracts

Replacement of the General Clearing Member. 11.1 In the event that the Trading Client replaces the General Clearing Member (hereinafter referred to as the "Ceasing General Clearing Member") with another General Clearing Member: a) the Parties declare that they agree that effective from the time when CC&G receives the "Agreement between General Clearing Member –- Trading Client" (Minimum Clauses) signed with the new General Clearing Member and notifies the effectiveness of the same to the New General Clearing Member and to the Ceasing General Clearing Member, the new General Clearing Member shall take over in its relationships with CC&G, all the Contractual Positions already registered with CC&G in the name of the Trading Client; b) CC&G shall transfer the guarantees relating to the Trading Client and deriving from the membership of this to the Section/s through the Ceasing General Clearing Member. The foregoing is applicable within the limits allowed by the chosen account structure. 11.2 The provisions of the previous paragraphs shall be applied as far as they are compatible with the prevailing rules of the Settlement Services, including those relating to preliminary verification requirements, with particular reference to the positions to be settled within the most stringent timeframes, and with the rules of the Collateral Management Service.

Replacement of the General Clearing Member. 11.1 In the event that the Trading Client Non-Clearing Member replaces the General Clearing Member (hereinafter referred to as the "Ceasing General Clearing Member") with another General Clearing Member: a) the Parties declare that they agree that effective from the time when CC&G receives the "Agreement between General Clearing Member –- Trading Client" (Minimum Clauses) signed with the new General Clearing Member and notifies the effectiveness of the same to the New General Clearing Member and to the Ceasing General Clearing Member, the new General Clearing Member shall take over in its relationships with CC&G, all the Contractual Positions already registered with CC&G in the name of the Trading ClientNon-Clearing Member; b) CC&G shall transfer the guarantees relating to the Trading Client Non-Clearing Member and deriving from the membership of this to the Section/s through the Ceasing General Clearing Member. The foregoing is applicable within the limits allowed by the chosen account structure. 11.2 The provisions of the previous paragraphs shall be applied as far as they are compatible with the prevailing rules of the Settlement Services, including those relating to preliminary verification requirements, with particular reference to the positions to be settled within the most stringent timeframes, and with the rules of the Collateral Management Service. 11.3 In case of replacement of the General Clearing Member due to default on its part, pursuant to Article

Replacement of the General Clearing Member. 11.1 In the event that the Trading Client Non-Clearing Member replaces the General Clearing Member (hereinafter referred to as the "Ceasing General Clearing Member") with another General Clearing Member: a) the Parties declare that they agree that effective from the time when CC&G receives the "Agreement between General Clearing Member –- Trading Client" (Minimum Clauses) signed with the new General Clearing Member and notifies the effectiveness of the same to the New General Clearing Member and to the Ceasing General Clearing Member, the new General Clearing Member shall take over in its relationships with CC&G, all the Contractual Positions already registered with CC&G in the name of the Trading ClientNon-Clearing Member; b) CC&G shall transfer the guarantees relating to the Trading Client Non-Clearing Member and deriving from the membership of this to the Section/s through the Ceasing General Clearing Member. The foregoing is applicable within the limits allowed by the chosen account structure. 11.2 The provisions of the previous paragraphs shall be applied as far as they are compatible with the prevailing rules of the Settlement Services, including those relating to preliminary verification requirements, with particular reference to the positions to be settled within the most stringent timeframes, and with the rules of the Collateral Management Service. 11.3 In case of replacement of the General Clearing Member due to default on its part, pursuant to Article B.6.2.1 of the Regulations, Article 5bis shall apply.