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(i) _—without-prio-warning—terminate by notice without prior warning individual
single or all GC Pooling Repo Transactions or

(ii)_notify the relevant ISA Direct Light License Holder of the existence of such
reason to terminate by notice and grant a grace period, which may be extended,
to remedy the relevant reason for a termination by notice. Upon-granting-of a
grace-period-Eurex Clearing AG shall be entitled to terminate by notice
individual single or all GC Pooling Repo Transactions, if the reason for a
termination by-notice-is not completely remedied by the ISA Direct Light License
Holder within the grace period.

(3) The right of Eurex Clearing AG to terminate GC Pooling Repo Transactions with an
ISA Direct Light License Holder in accordance with Number 3.10 shall remain
unaffected.

Automatic termination of GC-Pooling Repo-Transactions

If, at any time, a-circumstances comes-into-existencearise with regard-respect to the ISA
Direct Light License Holder, which constitutes a Termination Event (Beendiguagsgrund)
pursuant to Chapter | Part 1 Number 7.2.1 Paragraph (5), an automatic termination of the
all GC Pooling Repo Transactions concluded between Eurex Clearing AG and such the
FelevantlSA Direct Light License Holder shall occur with take-immediate effect and
without further notice as of the occurrence of such circumstances. with theThe legal
consequences of the automatic termination shall be determined in accordance with as
described in Number 3.5.3. without the requi ofa termination by notice p t

Legal consequences of a Termination sft te ination-by noth te ti
aati ee

(a) Acceleration of Term Leq

If & Clearing AG terminates b: i ingle or all GC Pooling Repo
Transactions between Eurex Clearing AG and with-the ISA Direct Light License
Holder are terminated pursuant to Number 3.5.1 or if such Transactions-are-subject
to-automatic termination pursuantie Number 3.5.2, the following shall occur:

(i)__the Term Leg of the terminated GC Pooling Repo Transaction shall be put
forwardaccelerated to the earlier Business Day on which the termination by
notice takes-effectbecomes effective -or the automatic termination of GC Pooling
Repo Transactions occurs, and

(ii)_ the obligations of the ISA Direct Light License Holder and of Eurex Clearing AG
arisingfromunder the Term Leg of the relevant GC Pooling Repo Transactions
shall become immediately due upon such termination by notice or automatic
termination.

im for damages

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(2)

vis-a-vis the ISA Direct Light License Holders_or; the Clearing Members;the-DG
Market Participants-ortndirect Client Market Participants in connection with any
information or notices received by Eurex Clearing AG or given to the ISA Direct Light
License Holders or, the Clearing Members,the-DC-Market Participant Indirect

Glient Market Participants via the respective multilateral trading facility, as the case
may be.

Eurex Clearing AG shall validate any information regarding the Original GC Pooling
Repo Transactions transmitted to it via a multilateral trading facility on or after the
Start Date of the respective Repo Transactions.

With+egard-to-In case of an Original GC Pooling Repo Transactions under ia-which
the ISA Direct Light License Holder is-acts asthe Cash Provider (“Cash Provider
Transaction’), the inclusion of such a-Original GC Pooling Repo Transactions in
the Clearing and the establishment of GC Pooling Repo Transactions pursuant
Number 3.2.1_-Paragraph (1) above requires that the ISA Direct Light License Holder
has paid in advance the purchase price owed under the Front Leg of the Original GC
Pooling Repo Transaction to-have-previously paid into the relevant cash account

. or the relevant other TPCM
and Clearstream Banking AG,Clearstream Banking S.A. or the relevant other TPCM
te-haves confirmed to Eurex Clearing AG the receipt of such payment.

If receipt of payment is confirmed until a certain point in time with regard to a
Business Day as specified by Eurex Clearing AG _ (‘Novation Cut-Off Time”),
novation shall take place on the same Business Day provided that Eurex
Clearing AG does not refuse the inclusion of the Original GC Pooling Repo
Transaction in the Clearing for other reasons.

If receipt of payment anditsis confirmed after the Novation Cut-Off Time.

ti h Busi Day_hi ft h-certain-peint inti
a pi

specified by Eurex Clearing AG, novation shall not take place on such Business Day
and Clearstream Banking AG,Clearstream Banking S.A. or the relevant other TPCM
will, on such Business Day, return the payment received to the ISA Direct Light
License Holder. Novation of the Original GC Pooling Repo Transaction may be
carried out in corresponding application of this Paragraph (3) on any following
Business Day until and excluding the day which had been agreed on for fulfilment of
the Term Leg (the “End Date”).

Withregard-toin case of an Original GC Pooling Repo Transactionsin_under which
the ISA Direct Light License Holder -istheacts as Cash Taker (“Cash Taker
Transaction”), the inclusion of such ar-Original GC Pooling Repo Transaction in the
Clearing and the establishment of GC Pooling Repo Transactions pursuant to
Number 3.2.1 Paragraph (1) above is subject to_the fulfilment -satisfaction-of

the Nevation-criteria fora Cash Taker Transaction Novation Criteria.

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3.10

3.101,

Termination of a Clearing Agreement with an ISA Direct Light License Holder

Each party to a Clearing Agreement with an ISA Direct Light License Holder may
terminate this-such Clearing Agreement at any time by giving not less than 30 calendar
days’ prior notice to the respective other party provided that such Clearing Agreement will
remain applicable on the effective date of the termination notice and thereafter if and as
long as any GC Pooling Repo Transactions entered into under such Clearing Agreement
is outstanding and has not been redeemed or otherwise finally settled.

The right to terminate a Clearing Agreement with an ISA Direct Light License Holder
for serious cause (aus wichtigem Grund) shall remain unaffected.

Change of Settlement or Collateral Management Infrastructure relating to GC
Pooling Repo Transactions with an ISA Direct Light License Holder

Part 1 Number 1.5 (including, without limitation, the provisions on the GC Pooling
Migration Date and the actions to be taken as a consequence set out in Part 1

Number 1.5 (7)) shall apply mutatis mutandis with respect to GC Pooling Repo
Transactions to which an ISA Direct Light License Holder is a party and references in
Part 1 Number 1.5 to the Clearing Member shall, for such purpose, be read as references
to the relevant ISA Direct Light License Holder.

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shall be set-off with each other.

The only remaining obligation shall be the payment of the agreed Repo Interest.

terest el do-not othe furthe rt
ig POR; y pay

Pi
delivery_The payable Repo ilnterest_s-shall be calculated for the period as of the
Contractual Settlement Date (including) of the Front Leg until the Accelerated

Repurchase Date (excluding). the-basis-of the period of delivery;

h. forth iod-from-thi hase-date-tinch )-untiLthe B:
pi

pi
Day-to-which- the Termt ds d-lexclusive).
y g-

Repo-ti

If a negative Repo linterest has been agreed upon, the calculation of the rRepo

interest no longer applies 4 Ch ig AG ble t t the pi it
Busi D: mn d hase-date-of the Term 4h
y P is

In case of the non-payment of the cash amount by the Cash Provider, the
following shall apply:

(c

With respect to the Cash Provider, the provisions under Paragraph (b) above
shall apply accordingly.

With respect to the Cash Taker, Eurex Clearing AG shall re-transfer the
Securities to the Cash Taker versus the payment of the agreed repurchase price
and the agreed Repo Interest (if any).

d) The contractual penalty for a failure to -deliver Securities or-cash-pursuant to
Chapter | Part | Number 14.2.2 shall not apply._In case of failure to pay cash, the
contractual penalty pursuant to Chapter | Part | Number 14.2.2 shall apply. In

respect of a failure to deliver CSDR Penalty In-Scope Securities the provisions
on penalties set out in Chapter | Part 1 Number 1.4.4 (2) apply.

(bb2) GC Pooling Repo Transactions
(a) _If, under a GC Pooling Repo Transaction,

(i)__ the © agMe oHSAD Cc gMe acting-asC-cash
Ttaker fails to deliver Securities selected and instructed by CmaxX or the
other TCPM on the Contractual Settlement Date of the Front Leqwhich-are

dmnissible for the-delivery-in-th tive-basket-and-the-undert

ying
the-due-date-of the Front
g. OF

¥

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The ISA Direct Light License Holder must indemnify Eurex Clearing AG against any
and all damages resulting from the premature payment date of the Term Leg and
release Eurex Clearing AG from any and all damages claims by third parties, in
particular by Clearing Members with which Eurex Clearing AG has concluded
corresponding GC Pooling Repo Transactions.

3.5.4 Occurrence of an Insolvency Termination Event with regard-respect to thean ISA
Direct Light License Holder

(1) As of the occurrence of an Insolvency Termination Event pursuant to Chapter | Part
1_No 7.2.2 with respect to the
the-assets-of the-ISA Direct Light License Holder, all current and future primary
obligations (including payment and delivery obligations) arising from any GC Pooling
Repo Transactions between Eurex Clearing AG and the relevant ISA Direct Light
License Holder, which have not been terminated by notice pursuant to Number 3.5.1
or automatically terminated pursuant to Number 3.5.2, shall expire (aufl6sende
Bedingung) upon-opening-of such-proceedingsupon occurrence of the Insolvency
Termination Event and shall no longer be required to be performed by the relevant
debtor. The expiration of claims affects all claims arising from the relevant
GC Pooling Repo Transaction independently of the time they came into existence
or would have come into existence otherwise.

3.5.5 Information obligationsUndertakings-of the ISA Direct _ Light License Hold

(1) The ISA Direct Light License Holder shall immediately notify Eurex Clearing AG
without undue delay ef about

i) any circumstances entitling Eurex Clearing AG to_exercise the termination right

termination by-notice-of GC Pooling Repo Ti tions-pursuant to

Number 3.5.1,

(ii) any circumstances constituting an automatic termination pursuant to Number
3.5.2, and;

(ii) mn y-terminatis " to Number 3.5.2 andany
circumstances constituting an insolvency Termination Event with respect to the
ISA Direct Light License Holder. events-pursuant to Number 3.5.4. in retationto

____To the extent the ISA Direct Light License Holder, with regard to such circumstances.
or events, is subject to a statutory obligation to publisheise, in particular an obligation
to publish ad hoc notificationspublisity pursuant to Regulation (EU) No 596/2014,
sueh-the notification pursuant to this Glause+Paragraph (1) must be earried-out
ipamediatelymade -without undue delay after having-complied-with the statutory
obligation to-publicisethe relevant stutory publication obligation has been met.

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delivery-dateContractual Settlement Date of the Front Leg shall be settled -mustbe
compensated bilaterally between the parties to the Original GC Pooling Repo

Transaction. and {subject matter of the legal 4 si g ink
ist ith Eurex-Clearing AG pi to Number 3.2.4 Paragraph{1)
resultof such novation.
(3) The rights of Eurex Clearing AG pursuant to Part 2 Number 2.6-7.1 shall remain
unaffected.
3.6.2 Failure to deliver_or pay on the Contractual Settlement Date-by the delivery-day-of
the Term Leg
(1) In the event that the ISA Direct Light License Holder which is-obliged to deliver fails
to deliver the underlying securities of-th 4 t Gash Provider T tion-on the

delivery-dayContractual Settlement Date of the Term Leg of the Cash Provider
Transaction and pursuant to the instructions of Eurex Clearing AG, Eurex
Clearing AG shall be entitled to enforce its pledges {including by way of
appropriation).
accordance with the provisions of the relevant pledge agreement entered into in
accordance with Number 3.4-

(2) The rights of Eurex Clearing AG pursuant to Part 2 Number 2.6-7.2 shall remain
unaffected.

3.7 Limitation and Suspension of Clearing

Upon the occurrence of a Termination Event pursuant to Number 3.5.1, a Termination
Event pursuant to Number 3.5.2 or an Insolvency Termination Event pursuant to Number

3.5.4 with respect to the ISA Direct Light License Holder, Eurex Clearing AG may —i#a

to terminate-by-neti to Number 3.5.-4-a Termination Event tte
24 Pt PI

Number 3.5.2 insot t ding to Number 3.5.4 uspend or
restrict the Clearing of GC Pooling Repo Transactions with the affected ISA Direct Light
License Holder; in particular, Eurex Clearing AG may one or more times suspend or
restrict the novation of new GC Pooling Repo Transactions pursuant to Number 3.2 under
the-Clearing Agreement- between Eurex Clearing AG and such ISA Direct Light License
Holder. Eurex Clearing AG shall notify the respective multilateral trading facility and the
ISA Direct Light License Holder of the decision to suspend or restrict the Clearing. Eurex
Clearing AG shall specify, in the notification, a reasonable period of time during which

such suspension or restriction shall apply.

3.9 Settlement Date Exposure Netting

The provisions under Part 2 Number 2.6 shall apply accordingly to an ISA Direct Light
License Holder.

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(ii)__issue all relevant notices and take all relevant measures necessary or expedient for

such pledge to become effective-and-assignstoEurex-Clearing AG its-claims-vis-a-
i n derof-such iti

Ch Banking AG f

3.4.2 Clearstream Ban!

basis-of th iti lected-b: t to the SB X.
y PA

If the holder of the ISA Direct Light License Holder uses a securities account with
Clearstream Banking S.A. for the settlement of GC Pooling Repo Transactions (“CBL

Settlement Account”

(6) To the extent it a ged for it Clearst Banking SA.
lovant other TPCM has-b: il] be-notified to Eurex Clearing AG orth
til of GC Pooling Repo T ct , the ISA Direct Light License Holder shall:

be-obligedto

(i) __pursuant to and in accordance with a pledge agreement substantially in a form
provided by Eurex Cleraing AG, pledge to Eurex Clearing AG all Securities which

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2.140

Investment limits for pending Euro GC Pooling Repo Transactions
after 16:00 (Frankfurt am Main time)

With+egardtoin case of GC Pooling Repo Transactions qualifying as Same Day Repo

Transactions and which are concluded on at a multilateral trading facility after

16:00 (Frankfurt am Main time)-en-atrading day and whese delivery day ofthe Frent Leg
ceincides-with their trade date, the following special provisions shall apply:

[1

Risk limitation possibil

ies for Clearing Agents

For the avoidance of doubt, the Clearing Agent shall subject to and in accordance with
the rules of the respective multilateral trading facility be entitled to suspend the trading of
the ISA Direct Clearing Member at the multilateral trading facility. In this case no new
Repo Transactions may be included in the Clearing.

GC Pooling Repo Transactions relating to the GC Pooling CTD Basket
Transactions

tl

(3) By way of derogation from Chapter | Part +2 Subpart A Number Subpart A4.3.2.2, a
re-use of Securities which a Clearing Member or ISA Direct Clearing Member has
received as collateral in relation to GC Pooling CTD Basket Transactions is not
possible.

Tax

.] (1) Deduction or withholding of Taxes

The parties to the Repo Transaction shall make all payments under the Repo
Transaction without any deduction or withholding for or on account of any Tax unless
such deduction or withholding is required by any applicable law.

If a party to a Repo Transaction that is required to make a payment (in such
capacity, the “Payer’) is so required to make a deduction or withholding from the
payment owed by it, the Payer shall:

Led

(2) Reimbursement of Eurex Clearing AG by the Clearing Member or ISA Direct
Clearing Member acting as Payer

If Eurex Clearing AG is required to pay any additional amount to the Recipient in
accordance with Paragraph (1) (d) (for the purposes of this Number 2.119 the
“Eurex Clearing Gross-up Amount’), the relevant Clearing Member or ISA Direct
Clearing Member which is acting as Payer in relation to Eurex Clearing AG shall pay
to Eurex Clearing AG an amount equal to the Eurex Clearing Gross-up Amount. If
the relevant Clearing Member or ISA Direct Clearing Member acting as Payer in

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potential claim for damages and/or default interest based on the same
facts. In the scope of its application, this contractual penalty takes
precedence over the contractual penalty provided in Chapter | Part 1
Number 14.2.2.

(b) Failure to Deli the-due-date of the Term
g
2.7.2 Failure to deliver or to pay on the Contractual Settlement Date of the Term Leq
{ RepoTi i ther-than-GC Pooling Repo i
Ps ig Rep

(1) Repo Transactions (other than GC Pooling Repo Transactions)

(a)_If, under a Repo Transaction other than a GC Pooling Repo Transaction, on the
Contractual Settlement Date due-date-of the Term Leg, the Clearing Memberor

ISA Direct Ch 1g- Merb ti Cash ider- Provider fails to

deliver the Securities, Eurex Clearing AG shall be entitled

i)_ to make-a+replacement purchaseconduct a buy-in with respect to the
undelivered relevant Ssecurities as_of fromon - the 5" Business Day

following-+the-due-date-oafter the Contractual Settlement Date off the Term

Leg and to deliver the. purchased Securities se-to the relevant Cash Taker

(ii)_or nth f-a-wholly-or partially fulif a repk buy-in
purchase-is (partially or fully) unsuccessful, to perform a cash settlement.

Eurex Clearing AG shall be obliged to conduct a buy-in or a cash settlement
pursuant to this Paragraph (a), if the Cash Taker (or the Clearing Agent acting
in the name of the Cash Taker in its capacity as ISA Direct Clearing Member)
requests in writing that Eurex Clearing AG shall conduct a buy-in or a cash
settlement.

(b) The replacement buy-in and the cash settlement shall be conducted are
performed pursuant to the provisions under Chapter V Part 2 Number 2.2
(without application of the provisions on contractual penalties_pursuant to
providedin-Chapter V Part 2 Number 2.2 (6)).

Notwithstanding Chapter V Part 2 Number 2.2.1 Paragraph (3) (b) (aa), the
cash settlement amount is-determined bythe highestshall be the higher of

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(i)__-the Clearing Merb ISA Direct Clearing Member-acting-as- Cash
Pprovider fails to transfer the agreed i ‘ive-cash amount on

the _Contratual Settlement Date-due-date-of the Front Leg,

the provisions under Paragraph (1) (a), (b) and (c) {a}{aa)-shall apply mutatis
mutandis, unless provided otherwise herein.

(b) __In addition, the following provision shall apply:

HE-th ditions-provided i ° 4Lare-fulfilled

(i) _The Clearing Member or ISA Direct Clearing Member acknowledges that
Clearstream Banking S.A. or the relevant other TPCM informs Eurex
Clearing AG about any failure to deliver or pay. Clearstream Banking AG

inf

E; Clearing AG-—Clearsti Banki A-orthe-rel t
SAG: gSA-

i
d/or the Clearing Memb: ISA Direct Clearing Member is-not
'- SF

responsible for such faiture_Tthe failing Clearing Member or ISA Direct
Clearing Member shall pay, in accordance with the instructions received
from Eurex Clearing AG, a contractual penalty in the amount of 0.015 per
cent of the relevant unpaid due amount (in case of a failure to deliver
Securities, the amount shall be determined based on the agreed purchase
price of the GC Pooling Repo Transaction), but no less than EUR 1,500
and not more than EUR 15,000 per Business Day on which the failure

continues=oF th ponding-equivalent y-other Ch gc vi
determined -by-E: Clearing AG-= per Busi Day-at whieh th
gs Pe y
st faiLfirst i t he th

The contractual penalty shall not apply, if such failure to deliver Securities
or such failure to provide the cash amount results from a Force Majeure
Event, a Market Disorder Event, or if the Clearing Member or ISA Direct
Clearing Member is not responsible for such failure. -Clearing AG-per-day.

In unreasonable scenarios, Forthe-purposes-of equity-and_proportionality,
Eurex Clearing AG may under consideration of the interest of the relevant
Clearing Member or ISA Direct Clearing Member (partly or fully) refrain

from charging a refrain from-applying the-contractual penalty orlowerits
amount.

The right of Eurex Clearing AG to claim further damages or and/or-default
interest shall remain unaffected, provided that any amount received as a
contractual penalty under this provision shall be deducted from any

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are at present or will in the future be deposited in such securities account; pursuant

to-apledgeag t to-_be separately entered into-and

(ii) _to issue all relevant notices to and take all relevant measures necessary or

expedient for the perfection of such pledge. Fhe-pledge-agreement shall-be-entered

3.4.3 Release of pledged Securities

For the avoidance of doubt, the release of Securities booked into the relevant CBF
Settlement Account or CBL Settlement Account pledged in favour of Eurex Clearing AG
is performed by CmaX or the other TPCM. After each Settlement Date Exposure Netting
pursuant to Number 2.6, Eurex Clearing AG submits the required Exposure Adjustment
Requests to CmaxX or the relevant other TPCM to adjust the relevant exposures and to
initiate the required Securities transfer. After receipt of the Exposure Adjustment
Requests, Cmax or the relevant other TPCM adjusts the relevant exposures and selects
the relevant Securities forming part of the relevant Securities Basket to be transferred.

3.5 Termination of GC Pooling Repo Transactions

GC Pooling Repo Transactions established between Eurex Clearing AG and an ISA
Direct Light License Holder shall be terminated end-with the legal consequences
pursuant to Number 3.5.3, if

i) Eurex Clearing AG exercises its termination right es by notice such Transactions

pursuant to Number 3.5.1 or

ii)_if AT tis i tically terminatedan automatic termination occurs
pursuant to Number 3.5.2.

Thetegat a fe insoh a In case of the occurrence of an
Insolvency Termination Event with respect to the -with-regardto-the-ISA Direct Light
License Holder, the provisions under -are-deseribedin-Number 3.5.4 shall apply.

3.5.1 Termination right_by-notice-of GC Pooling Repo Transactions.

(1) Eurex Clearing AG shall be entitled to terminate by notice_-withthetegal

4 <4 ibedin- Number 3.5.3_individuatsingle or all GC Pooling
Repo Transactions established between Eurex Clearing AG and with-ISA Direct
Light License Holders prior-tobefore -the-the obligations arising-fromunder the Term
Leg of the relevant GC Pooling Repo Transaction(s) becomeing due and payable
provided that if with regard to the SA Direct Light License Holder_a-circumstances
arise with respect to the ISA Direct Light License Holder -comes-into-existence-which
constitutes a Termination Event (Beendigungsgrund)-pursuant to Chapter | Part 1
Number 7.2.1 Paragraph (2) to Paragraph (4) or Paragraph (6) to Paragraph (11).

(2) Whenever Eurex Clearing AG is entitled to exercise its termination righte by-netice
GC-Pooling Repo-Transactions pursuant to Paragraph (1), Eurex Clearing AG itmay

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th i ivalenti ther Clearing Ci determined-b:

The contractual penalty shall not apply, if such failure to deliver Securities or
such failure to transfer the re-purchase price results from a Force Majeure Event,
a Market Disorder Event, or if the Clearing Member or ISA Direct Clearing
Member is not responsible for such failure.

In unreasonable scenarios, Eurex Clearing AG may under consideration of the
interest of the relevant Clearing Member or ISA Direct Clearing Member (partly
or fully) refrain from charging a contractual penalty, Forthe-purposes- of equity

4 tionality, Eurex Clearing AG- may th "|

plying

The right of Eurex Clearing AG to claim further damages and/or default interest
shall remain unaffected, provided that any amount received as a contractual
penalty under this provision shall be deducted from any potential claim for
damages and/or default interest based on the same facts. In the scope of its
application, this contractual penalty takes precedence over the contractual
penalty provided in Chapter | Part 1 Number 14.2.2.

2.7.3 Other Provisions
2) Mi forth in PR: h-{4)-shall-be-bindi the Clearing Memb: ISA
grap! g ig
Direct Clearing Member which did-not receive delivery-in-t

(3a) The defaulting Cash Taker or Cash Provider failing to deliver or pay under Number
2.7.1 or 2.7.2 Clearing Member-ortSA Direct Clearing Member shall bear the costs
arising from any measures taken by Eurex Clearing AG pursuant to such provisions.
Paragraph (1).

(4b) The right to claim further damages shall be excluded for the Clearing Member or ISA
Direct Clearing Member which did not receive delivery or payment on the
Contractual Settlement Date. in-time-

(8c) If on the relevant Contractual Settlement Date or the relevant a-delivery day only a
partial delivery of sSecurities occurs, the provisions under Number 2.7.1 and
Number 2.7.2 Paragraphs-above shall apply accordingly with regard to the
outstanding partial deliveries. Due to different average price calculation ofthe +2S.
systenrat the Settlement Location and the system of Eurex Clearing AG concerning
partial deliveries, it may occur for incomplete deliveries on the delivery day, that the
Clearing Member obliged to deliver is credited an amount which, in total, exceeds
the selling price. Eurex Clearing AG shall notify the Clearing Member obliged to
deliver accordingly and is authorised to debit any exceeding amounts accordingly
and te credit these amounts to the buyer. The Clearing Member obliged to-deliver

that labl 1 RTGS.

ps
euroSIC- Account.

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(IV) _In case the Exposure Adjustment Request submitted to Cmax or the

relevant other TPCM can only be partially fulfilled, Eurex Clearing AG
partially allocates the delivered Securities among the Netted
Transactions forming part of the Surplus Block on basis of a pre-
defined and non-discretionary algorithm. Such allocation shall
constitute a legally binding obligation between Eurex Clearing AG and
the Clearing Member or ISA Direct Clearing Member.

The delivery and payment obligations arising from the Surplus Block
shall be deemed partially discharged as of the point in time when the
relevant securities and cash amounts are actually debited and
credited from the relevant securities and cash accounts by the
relevant Settlement Location.

Offset Block

0)

After the occurrence of the Settlement Date Exposure Netting, Eurex

qu)

Clearing AG enters cash-only instructions into the systems of the
relevant payment bank (each a “Payment Instruction”) relating to
the payment obligation arsing from the Netted Transactions which are
allocated to the Offset Block.

All delivery and payment obligations arising from all Netted

Transactions allocated to the Offset Block shall be deemed
discharged as of the point in time when the relevant cash amounts
are actually debited and credited from the relevant cash accounts by
the relevant payment bank.

iv) Strange Nets

In case of the following scenarios (each a “Strange Net’), the following

shall apply:

w

In case the Settlement Date Netting of all Netted Transactions

forming part of the same Net Processing Unit results in no delivery
obligation and no payment obligation, Eurex Clearing AG does not
submit an Exposure Adjustment Request and does not enter any

Payment Instruction.

All delivery and payment obligations arising from all Netted

(uy)

Transactions forming part of the same Net Processing Unit shall be
deemed discharged as of the beginning of the Contractual Settlement
Date of all Netted Transactions.

In case the Settlement Date Netting of all Netted Transactions

forming part of the same Net Processing Unit results in a cash-only
obligation, without any delivery obligation, Eurex Clearing AG does
not submit an Exposure Adjustment Request and enters only the
relevant Payment Instructions.

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f) _ the applicant has provided evidence of an own participation authorisation
(including, where relevant, of the entering into the related documentation)
regarding Xemac,-CmaxX and/or any other TPCM as Eurex Clearing AG may
from time to time reasonably require, subject to Number 3.10 below.

When taking the decision to require the ISA Direct Light Licence Holder to
participate in another TPCM, Eurex Clearing AG shall take taking-into account
the interests of Eurex Clearing AG under the Clearing Conditions,
developments in the market infrastructure and the collateral management
offering as well as the interests of the Clearing Members and ISA Direct Light
License Holders, and, in respect of any such requirement affecting an entity

already holding an ISA Direct Light License,-subject to Number 3.10 below;

g) the applicant has

A twith-Clearst B

(ii) a dedicated cash account of the applicant with Clearstream Banking S.A.
for the settlement of GC Pooling Repo Transactions; or

(iii} a dedicated cash account of the applicant with a relevant other TPCM for
the settlement of GC Pooling Repo Transactions;

h) _ the applicant has securities settlement accounts pursuant to Chapter | Part 1
Number 2.1.2 Paragraph (4) (a) (eeff);

bel
The following provisions are not applicable to ISA Direct Light License Holders:

(J

b) Chapter | Part 2 Subparts C and D, Part 3, 4, 5 and 6;

c) the Termination provisions and consequences pursuant to Chapter | Part 1

Number 7 and Chapter | Part 2 Subpart A Number 6-and-Subpart-C-Number 8,
as well as a close-out with respect to Eurex Clearing AG pursuant to Chapter |
Part 1 Number 9;

d) the obligation to have available own funds in accordance with Chapter | Part 1
Number 2.1.2 Paragraph (3);

e) the Margin Requirement pursuant to Chapter IV Part 1 Number 1.2 together
with Chapter | Part 1 Number 3 and Chapter | Part 2 Subpart A Number 4 and,
Subpart B Number 5-and-Subpart-C- Number 6;

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2.124

Part 3

3.1

relation to Eurex Clearing AG is required to make any deduction or withholding in
respect of the amount so payable by it, Paragraph (1) shall apply mutatis mutandis.

Termination of GC Pooling Repo Transactions denominated in USD

tl

Special Conditions regarding the Clearing of GC Pooling Repo
Transactions with ISA Direct Light License Holders and
corresponding GC Pooling Repo Transactions with Clearing
Members

Ll

ISA Direct Light License
[.]

(2) The ISA Direct Light License entitles the holder of such License (the "ISA Direct
Light License Holder") to clear Own Transactions

(i) as the buyer within the purchase agreement and the seller within the
re-purchase agreement (“Cash Provider”) and,

(ii) to the extent that the Novation-criteriaforaCash Taker Transaction Novation
Criteria pursuant to Number 3.2.2 Paragraph (4) are complied with in each
case, as the seller within the purchase agreement and the buyer within the re-
purchase agreement ("Cash Taker’).

Related GC Pooling Repo Transactions are included in the Clearing by way of
novation subject to and pursuant to Number 3.2.

(5) The prerequisites to be fulfilled for the granting of the ISA Direct Light License (and
which shall be complied with as long as the relevant ISA Direct Light License is held)
are the following:

[.]

c) _ if the ISA Direct Light License is granted that includes the Clearing of
GC Pooling Repo Transactions which qualify as Eurex Repo Transactions:
admission for participation in trading in the Select Invest Seqment on Eurex
Repo GmbH Select Enterprise in relation to GC Pooling Repo Select:

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(i) __the settlement price of the respective class of securities as determined
by Eurex Clearing AG,

(ii) _ the selling price, and
(iii) the purchase price of the relevant Eurex Repo Transaction,

and in each case, plus a premium of 300 basis points, accrued interest and the
applicable repo rate.

The contractual penalty for a failure to deliver Securities o¢-cash-pursuant to
Chapter | Part | Number 14.2.2 shall not apply._In respect of a failure to deliver
CSDR Penalty In-Scope Securities the provisions on penalties set out in
Chapter | Part 1 Number 1.4.4 (2) apply.

(c)__ If, under a Repo Transaction other than a GC Pooling Repo Transaction, on the
Contractual Settlement Date of the Term Leg, the Cash Taker fails to transfer
the owed re-purchase price, the contractual penalty pursuant to Chapter | Part |

Number 14.2.2 shall apply.

(2) GC Pooling Transactions
(a) If, under a GC Pooling Repo Transaction, on the due date of the Term Leg

(i)__the Clearing h eror Basic SA Direct Cleari
Pprovider fails to deliver the owed Securities, or

(ii) _the Cle Clearing Member ac eCash
Ttaker fails to provide the-respectivetransfer the owed re-purchase price

Clearing Memb: ISA Direct Ch 1g Member is-not ible-f 4

is Pi
failure; the failing Clearing Member or ISA Direct Clearing Member shall pay, in
accordance with the instructions received from Eurex Clearing AG, a contractual
penalty in the amount of 0.015 per cent of the relevant unpaid due amount (in
case of a failure to deliver Securities, the amount shall be determined based on
the agreed purchase price of the GC Pooling Repo Transaction), but no less
than EUR 1,500 and no more than EUR 15,000 per Business Day on which the

i i i" d \ her-Cleari
failure continues.: tl ps g eq te ry ot ig
Cc determined-bs Clearing AG is Day-at-which-th
¥ ye ig per B y
tH fait r hi than EUR-15.000

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Clearing Conditions of Eurex Clearing AG

(2) Ifthe ISA Direct Light License Holder culpably-does not comply with its information

obligations under Paragraph (1) at all or in due time, the following shall apply: with its
formati dertakings-p' to Paragraph (4),

a) The ISA Direct Light License Holder itmustshall indemnify Eurex Clearing AG
against any and-altdamages resulting thereof and release Eurex Clearing AG
from any and all damages-claims for damages by third parties, in particular by
Clearing Members with which Eurex Clearing AG has concluded corresponding
GC Pooling Repo Transactions.;

b) andaAny and-altclaims for damages claims-by-the ISA Direct Light License
Holder may have vis-a-vis Eurex Clearing AG due to fulfilment of the Term Leg
of the relevant GC Pooling Repo Transaction occurring after the point in time
determined pursuant to Number 3.5.3 shall be excluded.

3.6 Failure to_deliver or pay -Fulfil
3.6.1 Failure to deliver or pay on the Contractual Settlement Date of theFulfil by the
delivery day-of the Front Leg

(1) Ifp-the-eventthat an Original GC Pooling Repo Transaction is included in the
Clearing by way of novation eAly-after the Contractual Settlement Date -agreed
delivery day of the Front Leg irrespective of whatever reason (-due—+this-beingin
particular because due-to-the-the prerequisites pursuant to Number 3.2.2.
Paragraph(3) to Paragraph-(5) were not fulfilled) Ret having been complied with at

th d-deli day-of the Front
‘s ¥

cael

(a) in case of a Cash Provider Transaction for the ISA Direct Light License Holder,
the Clearing Member with which Eurex Clearing AG has concluded a
corresponding GC Pooling Repo Transaction-as-a- result of nevation, or

(b) in case of a Cash Taker Transaction for the ISA Direct Light License Holder, the
ISA Direct Light License Holder respectively,

has to pay to Eurex Clearing AG on-the-delivery-day-of the Ferm-Leg_the unreduced
Repo linterest on the Contractual Settlement Date of the Term Legfor-the-entire

i ‘ the F ip full.
Eurex Clearing AG will distribute-pay out the unreduced such-Repo ilnterest to

(i)__in case of Paragraph (a), the ISA Direct Light License Holder or

(ii)_in case of Paragraph (b), the Clearing Member the-Gash Provider of the
corresponding GC Pooling Repo Transaction.

(2) OtherAny claims arising between the parties to the Original GC Pooling Repo
Transaction from or in connection with a novation taking place-after the agreed

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(b)

Page 25
(i) _the Clearing Merab ISA Direct Clearing Member acting as eCash
Ttaker fails to deliver the owed Securities, -or
(ii) _the Clearing Memb ISA Direct Clearing Member acting as-cCash
Pprovider fails to provide-transfer the respective-owed cash-amountpuchase

rice,

Eurex Clearing AG shall be entitled to determine an earlier repurchase date with
respect to the Term Leg of the relevant Repo Transaction on either the present
Business Day or at the latest (including) on the Contractual Settlement Date of

the Term Leg (“Accelerated Repurchase Date”).

The acceleration of the repurchase date in case of items (i) and (ii) applies in
both cases to

(l)__ the Term Leg of the Repo Transaction between Eurex Clearing AG and the
Cash Taker and

(ll)_the Term Leg of the corresponding Repo Transaction between Eurex
Clearing AG and the Cash Provider.

Eurex Clearing AG shall be obliged to determine an Accelerated Repurchase
Date pursuant to this Paragraph (i), if the Cash Provider and-orn-request ofthe
Clearing Member ortSA Direct Clearing Member(or the Clearing Agent acting in

the name of the relevant ISA Direct Clearing Member), which did not receive the
relevant Securities under ,in-respectto-the corresponding Repo Transaction

between Eurex Clearing AG and such-Clearing Member or SA Direct Clearing
Memberthe Cash Provider on the Contractual Settlement Date of the Front Leg,

requests in writing that Eurex Clearing AG shall determine an Accelerated

Repurchase Date. -aets,+ Waid A provid abe bscr her PHOS
ive delivery-of the Securities ini i (ii), h-takerand-did
" the deli cash in-tis bliged-to-set-th +B D.
¥ -oblig Pi Ys
tthe Jatest the delivery day of the Term L d 4 hase-dat
y day g P

In case of the non-delivery of Securities by the Cash Taker, the following shall

apply:

As-a-consequence-thereteUpon the determination of an Accelerated Repurchase
Date with respect to the relevant Repo Transactions,; the-all mutual obligations
arising outofthis.

(i)__ from the Front Leg and the Term Leg of suchthe relevant Repo Transaction
between Eurex Clearing AG and the Cash Taker and

(ii) __ from the Front Leg and the Term Leg of the corresponding Repo
Transaction between Eurex Clearing AG and the Cash Provider which-had

cei

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The “Novationeriteriafor-a-Cash Taker Transaction Novation Criteria” shall be
satisfied fulfilled upon the determination by Eurex AG that

b) the Nominal Size (Neminafwert}of the relevant Cash Taker Transaction does
not exceed the relevant Maximum Cash Taker Nominal Size and

c) the Settlement Amount of the relevant Cash Taker Transaction does not exceed
the relevant Maximum Cash Taker Settlement Amount.

In this regard, the following shall apply:

“Maximum Cash Taker Nominal Size” (Maximaler Cash Taker Nominalwert}
specifies the — in view of an inclusion in the Clearing — maximum permissible
Nominal Size of a Cash Taker Transaction, such amount being determined by Eurex
Clearing AG in each individual case as:

Led

“Maximum Cash Taker Settlement Amount” (Maximaler-Cash+Taker
Settlement Betrag’) specifies the — in view of an inclusion in the Clearing —
maximum permissible Settlement Amount of a Cash Taker Transaction, such
amount being determined by Eurex Clearing AG in each individual case as:

Lal

“Settlement Amount’, in relation to a GC Pooling Repo Transaction, means an
amount equal to the re-purchase price plus (to the extent not already comprised
therein) the Repo linterest with respect to relevant GC Pooling Repo Transaction.

If Eurex Clearing AG determines that the Nevation-eriteriafora-Cash Taker
Transaction Novation Criteria have been satisfied on a Business Day until the point
in time specified by Eurex Clearing AG, novation in the relevant Cash Taker
Transaction shall be carried out on such Business Day provided that Eurex
Clearing AG does not refuse inclusion in the Clearing for other reasons.

If Eurex Clearing AG determines that the Nevation-eriteriafora-Cash Taker
Transaction Novation Criteria have not or not in due time been complied with on a
Business Day until the point in time specified by Eurex Clearing AG, novation in the
relevant Cash Taker Transaction shall not be carried out on such Business Day.
Eurex Clearing AG will notify the respective multilateral trading facility accordingly by
electronic means on such Business Day.

Novation of the Original GC Pooling Repo Transaction may be carried out in
corresponding application of this Paragraph (4) on any following Business Day until
and excluding the agreed End Date of the Original GC Pooling Repo Transaction.

Eurex Clearing AG may reject the inclusion of Original GC Pooling Repo
Transactions in the Clearing — even though the requirements of the Paragraphs (3)

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Clearing Conditions of Eurex Clearing AG

with Number 1.1.8-9 (in case of an Indirect Client Market Participant applied mutatis
mutandis pursuant to Number 1.1.13) of the General Clearing Provisions), if any.

3.3 Fulfilment of Obligations regarding Delivery and Payment

(1) With regardrespect to the-te the procedures for delivery and payment resulting
frernunder GC Pooling Repo Transactions involving ISA Direct Light License
Holders, the provisions under Part 2 Number 2.2 (2) (d) and-2.4-shall apply

accordingly provided that

i) the with-the-provision that payments of the purchase price shall be are-settled
via the cash account pursuant to Number 3.1-Paragraph (5)-4tem (g) managed
bymaintained with Clearstream Banking AG,-Clearstream Banking S.A. or the
relevant other TPCM forthe SA Direct-Light_icense- Holderand

(ii)_ thatthe delivery of the securities shall be -to-be-transferredis-settled via the
securities settlement account pursuant to Number 3.1-Paragraph (5)}1tem (h)

managed by Clearstream Banking AG_maintained with Clearstream
Banking S.A. or the relevant other TPCM-for the 4SA Direct Light License
Holder.

(2). The ISA Direct Light License Holder is obliged to

(i)__instruct Clearstream Banking AG, Clearstream Banking S.A. or the relevant
other TPCM to honour any debit instructions (Lastschriften) from its cash
account pursuant to Number 3.1 Paragraph-(5) Htera-(g) (including any debit
instructions with respect to any fees raised by Eurex Clearing AG) and to

3.4 Pledges regarding the Securities delivered to the ISA Direct Light License Holder
3.4.1 Clearstream Banking AG as Settlement Location

If the ISA Direct Light License Holder uses a securities account with Clearstream

Banking AG for the settlement of GC Pooling Repo Transactions (“CBF Settlement
Account’), To-the-extent iti t ged-for it by Clearst Banking AG
has-be ill-be-notified-toE. Ch AG for the-settl tof

GC Pooling Repo-Transactions,the ISA Direct Light License Holder shall

(i) pursuant to and in accordance with a pledge agreement substantially in a form

provided by Eurex Cleraing AG, pledge by entering into the Clearing Agreement
pledges-to Eurex Clearing AG all Ssecurities and-book-entry ities (Guischath
Wertpap: nung) (in-this Part 3 jointly referred to-as“Securities”) which are at

present or will in the future be deposited in such securities account;and

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Reporting

All delivery and payment obligations arising from all Netted

a

Transactions forming part of the same Net Processing Unit shall be
deemed discharged as of the beginning of the Contractual Settlement
Date of all Netted Transactions.

In case the Settlement Date Netting of all Netted Transactions

forming part of the same Net Processing Unit results in a cash-onh
instruction, without any delivery obligation, Eurex Clearing AG
submits the relevant Exposure Adjustment Requests.

All delivery and payment obligations arising from all Netted

dau)

Transactions forming part of the same Net Processing Unit shall be
deemed discharged as of the point in time when the relevant cash
amounts are actually debited and credited from the relevant cash
accounts by the relevant payment bank.

In case the Settlement Date Netting results in a delivery obligation

(IV)

only, without any payment obligation, Eurex Clearing AG will submit
Exposure Adjustment Requests.

In such case, the provisins under Paragraph (2) (a) (ii) (II) to (IV)
above shall apply accordingly here.

In case the Settlement Date Netting results in a delivery obligation

and a payment obligation for one (but not for the other) party, Eurex
Clearing AG will submit Exposure Adjustment Requests.

In such case, the provisins under Paragraph (2) (a) (ii) (II) to (IV)
above shall apply accordingly here.

The provisions under Number 2.5.3 shall apply accordingly to Settlement Date Exposure

Netting.
2.7 Failure to Deliver_or to Pay

A to-mak tor-deli hen-due-shall-b cLby-th

pay ¥ g
ilure-to-Del the-due-date-of the Front
g

2.7.1 Failure to deliver or pay on the Contractual Settlement Date of the Front Leg
(aa) Repo T: ti ther than-GC Pooling RepoTi r
& Pi ig Rep

(1) Repo Transactions (other than GC Pooling Repo Transaction)

(a) If, under a Repo Transaction other than a GC Pooling Repo Transaction, on the
Contractual Settlement Date due-date-of the Front Leg

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All delivery and payment obligations arising from all Netted

Transactions forming part of the same Net Processing Unit shall be
deemed discharged as of the point in time when the relevant cash
amounts are actually debited and credited from the relevant cash
accounts by the relevant payment bank.

(b)_ Single Instruction Netting

(i)__Under the Single Instruction Netting, the payment obligation arising from

the Offset Block and the Surplus Block shall be instructed by CmaxX or the

relevant other TPCM provided that no Strange Net has occurred (“Single

Instruction Netting”).
ii) Surplus Block

The provisions under Paragraph (a) (ii) above shall apply accordingly to

Single Instruction Netting.
iii) _Offset Block

aw

Notwithstanding Strange Nets, Eurex Clearing AG does not enter any

ay

Payment Instruction with respect to the Offset Block.

The results of the Settlement Date Exposure Netting with respect to

(ut)

the Offset Block forms part of the Exposure Adjustment sent to Cmax
or the relevant other TCPM by Eurex Clearing AG pursuant to
Paragraph (ii) (I) above.

After receipt of the Exposure Adjustment Requests, CmaX or the

(IV)

relevant other TPCM shall adjust the relevant exposures and shall
enter the required Payment Instructions into the systems of the

relevant payment bank.

Alldelivery and payment obligations arising from all Netted

Transactions allocated to the Offset Block shall be deemed
discharged as of the point in time when the relevant cash amounts
are fully debited and credited from the relevant cash accounts by the

relevant payment bank.

(iv) Strange Nets

In case of the following scenarios (each a “Strange Net”), the following

shall apply:

Ww

In case the Settlement Date Exposure Netting of all Netted

Transactions forming part of the same Net Processing Unit results in
no delivery obligation and no payment obligation, Eurex Clearing AG
does not submit any Exposure Adjustment Request.

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3.2 Conclusion of Transactions by way of Novation

Le

3.2.1 Novation

(1)

Whenever the relevant ISA Direct Light License Holder and the Clearing Member or,
as the case may be, the relevant DC Market Participant or Indirect Client Market
Participant (acting on behalf of the Clearing Member in accordance with Chapter |
Part 1 Number 1.1.8 of the General Clearing Provisions and {in case of an Indirect
Client Market Participant applied mutatis mutandis pursuant to Chapter | Part 1
Number 1.1.13 of the General Clearing Provisions)-of the-General-Clearing
Provisions} transmits via a multilateral trading facility a GC Pooling Repo
Transaction pursuantte Number 3.2.2 Paragraph+Ho Eurex Clearing AG
(‘Original GC Pooling Repo Transaction’) and whenever Eurex Clearing AG
accepts such Original GC Pooling Repo Transaction pursuant to this Number 3.2 for
inclusion in the Clearing, Eurex Clearing AG will interpose itself by way of novation
as central counterparty and the Original GC Pooling Repo Transaction shall —
pursuanttothis- Chapter 1¥—be cancelled and replaced by two related GC Pooling
Repo Transactions

[1

The GC Pooling Repo Transactions resulting from the novation shall not be
subject to the valid existence of the Original GC Pooling Repo Transactions
(abstract novation).

Chapter | Part +1 Number 1.2.2 Paragraph (6) applies mutatis mutandis.

Following the conclusion of GC Pooling Repo Transactions by way of novation
pursuant to Paragraph (1), Eurex Clearing AG will on the same Business Day send
corresponding confirmations to the ISA Direct Light License Holders and the
Clearing Members and the DC Market Participant_or Indirect Client Market
Participants, if any. The actual time of conclusion of a GC Pooling Repo Transaction
by way of novation is referred to in this Chapter IV as the “Novation Time”.

3.2.2 Novation Principles and Criteria

(1)

Original GC Pooling Repo Transactions have to be transmitted to Eurex Clearing AG
in a standardised form via an approved multilateral trading facility.

Eurex Clearing AG makes no representation, whether expressed or implied, as to
the complete and timely performance of the duties and obligations of the respective
multilateral trading facility vis-a-vis the ISA Direct Light License Holders and; the
Clearing Members,

Eurex Clearing AG assumes no liability to the ISA Direct Light License Holders_or ;

the Clearing Members_-the DC- Market Participants-ortndirect Client Market
Participants-for any act or failure to act by the respective multilateral trading facility

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or (4) respectively have been complied with particularly if: the following-conditions

a)

the Original GC Pooling Repo Transaction is-erntered inte the system -of Eurex
facility anddoes not comply-complies with the requirements of the contractual
framework of the respective multilateral trading facility (including,in-particular, if
the transaction is entered via Eurex Repo GmbH, the GTCs of Eurex Repo
GmbHthe-F Conditions for Participat \d Trading on-E

Repo-GmbH):

counterparties to the anovated_Original GC Pooling Repo Transaction (other
than Eurex Clearing AG) are not an ISA Direct Light License Holder and a
Clearing Member of Eurex Clearing AG; in case of DC-Related Transactions of
a Clearing Member, the novated GC Pooling Repo Transaction relates toa DC
Market Participant of the relevant Clearing Member;

the Clearing License of the relevant Clearing Member and the ISA Direct Light
License of the relevant ISA Direct Light License Holder are not suspended
or restricted;

any of the following occurs:

(i)__a Termination Date has net-occurred with respect to the relevant Clearing
Member,

(ii)_circumstances have arisen with respect to the ISA Direct Light License
Holder constituting a Termination Event pursuant to Chapter | Part 1
Number 7.2.1 Paragraph (2) to Paragraph (4) or Paragraph (6) to
Paragraph (11

(ii) _-ora termination or automatic termination has occurred with respect to the
relevant ISA Direct Light License Holder pursuant to Number 3.5.1 or
Number 3.5.2, orand

(iv) an Insolvency Termination Event has occurred with respect to the relevant
ISA Direct Light License Holder pursuant to Number 3.5.4; ne Termination

a GC PReoling Repo Ti tion-with- the ISA Direct Light Li Hold
ig Reps ig
p -to-Number-3.5-h: -and-th n i
titling EurexCh fe! to Number 3.54o-at tion-of
GAG -p 1
such Transaction;

(6) Original GC Pooling Repo Transactions shall be novated with the content relevant
in accordance with the contractual framework of the respective multilateral trading
facility and on the basis of the information which Eurex Clearing AG has received via
the respective multilateral trading facility from the relevant ISA Direct Light License
Holder and the Clearing Member or the relevant DC Market Participant or Indirect
Client Market Participants (acting on behalf of the Clearing Member in accordance

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