Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 19

5.1

5.4

(be) in case of a pledge in Cmax, the Securities have been released in accordance with
the applicable rules for that service.

Variation Margin

Variation Margin Requirement
Le]

and in each case in accordance with Chapter VIII Part 2 Number 2.1.7; Part3
Number 3-7, Part 4 Number 4-4 or Part 53 Number 5.1.7, as applicable.

Ll

Redelivery of Variation Margin

Subject to the occurrence of a Clearing Member Termination Date or an Insolvency Event
or Failure to Pay Event, any Redelivery Claim with respect to Variation Margin (i) shall
become due on any Business Day, if and to the extent that, on such Business Day, a
profit amount has been determined in respect of the Proprietary Standard Agreement or
with respect to the Client Transaction Accounts relating to the relevant Internal Omnibus
Cash Account (as applicable) for the benefit of such Variation Margin Provider in
accordance with Chapter VIII Part 2 Number 2.1.7;Part-3-Number-34.7,Part4
Nuraber-4-4-7 or Part 53 Number 5.1.7, as applicable, (the relevant amount shall be the
“Redelivery Amount’) and (ii) shall be decreased and discharged accordingly (subject to
a minimum value of zero) if and to the extent equivalent Eligible Margin Assets in form of
cash have been actually delivered to the Variation Margin Provider by the Variation
Margin Taker. For the avoidance of doubt, if the profit amount determined for the benefit
of the Variation Margin Provider is higher than its relevant Redelivery Claim with respect
to Variation Margin as of such time, the payment of the excess amount by the other party
constitutes itself a delivery of Variation Margin. In such case the roles of the Variation
Margin Provider and Variation Margin Taker will be reversed.

Lo]

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 13

3.6

6.1

Margin Requirement, a “Currency Margin Excess”), pay to each such Clearing
Member and ISA Direct Clearing Member (without prior notice) an amount in one or
more of the Relevant Currency up to the relevant Currencies Margin Excess (with
the aggregate of such payments to all relevant Clearing Members and ISA Direct
Clearing Members not exceeding the Relevant Currency Surplus).

If one or more Currency Margin Excesses exist with respect to more than one
Clearing Member or ISA Direct Clearing Member, Eurex Clearing AG may distribute
such payments (up to an aggregate of the Relevant Currency Surplus) across such
Clearing Members and ISA Direct Clearing Members in its reasonable discretion
(billiges Ermessen). When exercising such discretion, Eurex Clearing AG will take
into account, inter alia, the amount of the relevant Currency Margin Excess of the
relevant Clearing Members and ISA Direct Clearing Members and the absolute
amount of Eligible Margin Assets in the form of cash in the Relevant Currencies
provided by each such Clearing Member and ISA Direct Clearing Member. Any such
payment shall discharge the corresponding Redelivery Claim of the receiving
Clearing Member or ISA Direct Clearing Member.

Use of third-party securities accounts to provide Eligible Margin Assets in the form
of Securities by way of pledges or by way of full title transfer

(1)

If the Clearing Member, pursuant to the applicable provisions of the Clearing
Conditions, is required to provide Eligible Margin Assets in the form of Securities to
Eurex Clearing AG by way of pledge or by way of full title transfer, Eurex

Clearing AG may, in its reasonable discretion, decide that the Clearing Member may,
for the purpose of granting such pledges or transferring full title in such Securities,
use securities accounts of a third party with Clearstream Banking AG or Clearstream
Banking S.A. (such third party, a “Third-Party CM Account Holder” and the
decision to allow a specific Third-Party CM Account Holder a “Third-Party CM
Account Holder Permission’).

LJ

Default Fund

L..

]

Contributions to the Default Fund

L..

]

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 23

6.3.4
6.3.4.1

6.5

6.5.3

voting rights or elections in relation to corporate actions, which may arise from the
Relevant ISA Pledged Securities and with respect to which Eurex Clearing AG
exercised its appropriation right, the provisions of Number 6.6.4 shall apply mutatis
mutandis.

(4) Eurex Clearing AG agrees not to exercise its appropriation right for the purpose of
finally applying the relevant Securities to cover losses resulting from the default of

another Clearing Member.

(5)_The information statement set out in Appendix 12 of the Clearing Conditions in
accordance with Article 15 of the Regulation on transparency of securities financing
transactions and of reuse (Regulation (EU) 2015/2365) applies.

Actual Delivery and Aggregate Value

Subject to Number 3.2.2 Paragraph (2) and (3) of the General Clearing Provisions, the
term “actually delivered” when used in the ISA Provisions means at any time and with
respect to an Eligible Margin Asset:

(iiiv) with respect to an Eligible Margin Asset to which Number 6.3.2.3 applies, (i) the
actual credit of an Eligible Margin Asset to a securities account designated by the
Clearing Member, which in the case of Eurex Clearing AG shall be the relevant ISA

Securities Margin Account or the relevant Eurex Clearing ISA Securities Margin
Account,-er;in-th ta-deli an-Eligible Margi tin-the-f f

7 ¥ ig @

transferin Xemae, or

(iv) otherwise in the event of a set-off pursuant to Number 1.3 of the General Clearing
Provisions and Number 12, the legal effectiveness of such set-off.

The term “actual delivery” shall be interpreted accordingly.

Ll

Redelivery of Margin in the form of cash or securities; Release of Eligible Margin
Assets in the form of Securities

Le]

The redelivery or release request made in accordance with Number 6.5.1 or 6.5.2,
respectively, shall be processed by Eurex Clearing AG during the same Business Day;
the Eligible Margin Assets to be released shall be specified by the Clearing Member

412-22 (100)_h
Public


Eurex04e

Clearing Conditions of Eurex Clearing AG “as of 24.10.2022...”

Page 4

The-Clearing Memb the-Clearing Agent(acti behalf-ofthe ISA Direct
g- gAgt 'g-
Clearing Member). ire-that Seth tC; £ certain-bi d-sell
'g- yy Feq iy
Ti f hall-fe Lof-th t-Off Clust hol rt

P. h-(9). h-Clearing Memb: the-Clearing Agent (acti
grap! ig: ig Ag iS)
behalf ofthe ISA Direct Clearing Member} i furth: tion ft

i iy Fe P
the Net P; i thed_and-block the set-off of Setth tI fj
rtain-sellT hich: iz Ch AG
g- i ig
th  Claims-from-buyT tions-t Seti t Claims m

behalf-of the ISA Direct Clearing Member).
t-off-with. + to- Chapter_Land-Chapter-V.
{s}Sel Pp iP iP
The-set-off-with respect toi Ty i J-FWBT1 . hall
d. ith th licabl isi der Chapter or Chapte
PP Pt iP i
ve
This-shall-not-apply-with- tto-E Ty i dF WB ti
PP HY Pp 7
hich. luded-priorto-2 tember 2024-and-which. ttlad.

(bd) Declaration of Set-off

Eurex Clearing AG shall declare the set-off by (i) the provision (Zurverfiigung-
stellung) of the daily internal cash account (set out in Number 4.3) statement
with respect to any set-off pursuant to Paragraph (1)-(a) above, or (ii) the
ision-of the-settled cash-t i rtorthe-actual sett! t deli
P P ¥
rt-Ust-Liek with tt t-off tto-P: hb)
P P P y P grap

412-22 (100)_h
Public


Eurex04e

Clearing Conditions of Eurex Clearing AG As of 24.10.2022

Page 20

Part 4 Individual Segregated Account Provisions
(.]
6 Margin

[J
6.3 Delivery and Booking of Eligible Margin Assets

[J
6.3.2 Delivery of Eligible Margin Assets in the form of Securities

[J
6.3.2.2 If the Clearing Member, with respect to the relevant Internal ISA Margin Account, has

submitted a Security Interest Margin Election or if Margin in the form of Securities shall
be provided with respect to ISA CASS Transactions,

Ll

(1) The Clearing Member shall instruct Clearstream Banking AG, Clearstream
Banking S.A. or SIX SIS AG in a timely manner to transfer the relevant Securities
to the relevant ISA Pledged Securities Account or ISA CASS Pledged Securities
Account and authorises Clearstream Banking AG, Clearstream Banking S.A. or
SIX SIS AG to inform Eurex Clearing AG of such transfer. If the Clearing Member
uses a securities account with a Third-Party CM Account Holder in accordance with
Part 1 Number 3.6 for purposes of the ISA Provisions, the Clearing Member shall
ensure that such Third-Party CM Account Holder provides the relevant instructions
to Clearstream Banking AG or Clearstream Banking S.A. or that the Clearing
Member is authorised to provide such instructions.

(2) The Clearing Member will (in form and substance as required by Eurex Clearing AG)
grant a pledge to Eurex Clearing AG over all Securities which are or will be credited
to the relevant ISA Pledged Securities Account, the relevant ISA CASS Pledged
Securities Account or the relevant securities account with a Third-Party CM Account
Holder (used in accordance with Part 1 Number 3.6 for purposes of the ISA
Provisions), as applicable.

(34) To the extent required or expedient under its national laws, the Clearing Member will
arrange for the due filing and registration with any relevant competent authority or

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 26

(2)

If Eurex Clearing AG exercises such appropriation right in respect of any Relevant

(3)

ISA Direct Pledged Securities, the ISA Direct Clearing Member shall have a claim
against Eurex Clearing AG for redelivery of securities that are equivalent to such
Relevant ISA Direct Pledged Securities; such redelivery claim shall become due at
the same time the Difference Claim in relation to the relevant ISA Direct Standard
Agreement (for which the Relevant ISA Direct Pledged Securities constituted ISA
Direct Margin immediately prior to the appropriation) becomes due in accordance
with Number 10.6.2, provided that, Eurex Clearing AG may, in its discretion, either
(A) discharge such redelivery claim by transferring to the ISA Direct Clearing
Member securities equivalent to such Relevant ISA Direct Pledged Securities before
the Difference Claim in relation to the relevant ISA Direct Standard Agreement
becomes due, (B) set off the value of such Relevant ISA Direct Pledged Securities
against the amount of the relevant Difference Claim or (C) include the value of the
Relevant ISA Direct Pledged Securities in the determination of the relevant
Difference Claim (as a position in favour of the ISA Direct Clearing Member).

If Eurex Clearing AG receives, in relation to the Relevant ISA Direct Pledged

(4)

Securities with respect to which Eurex Clearing AG exercised its appropriation right
a payment of interest, dividends, or other distributions in the form of securities
(‘Securities Income”), or any payment of interest, dividends or other distribution in
cash (“Cash Income”), Eurex Clearing AG shall transfer to the ISA Direct Clearing
Member securities equivalent to and in the same value as the relevant Securities
Income and pay to the ISA Direct Clearing Member a cash amount equivalent to and
in in the same currency as the relevant Cash Income, respectively. With respect to
any voting rights or elections in relation to corporate actions, which may arise from
the Relevant ISA Direct Pledged Securities and with respect to which Eurex
Clearing AG exercised its appropriation right, the provisions of Part 4 Number 6.6.4

shall apply mutatis mutandis.

The information statement set out in Appendix 12 of the Clearing Conditions in

accordance with Article 15 of the Regulation on transparency of securities financing
transactions and of reuse (Regulation (EU) 2015/2365) applies.

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 22

6.3.2.4

With respect to a Xemac-CmaxX account (with Clearstream Banking AG or
Clearstream Banking S.A.) of which the Third-Party CM Account Holder is the
account holder, the transfer shall be carried out in accordance with the provisions of
Appendix 14.

If the Clearing Member, with respect to the relevant Internal ISA Margin Account, has

submitted a Security Interest Margin Election, then pursuant to the relevant pledge
agreement and subject to the provisions set out therein, each pledge granted by the
Clearing Member to Eurex Clearing AG over Securities which are or will be credited to the
relevant ISA Pledged Securities Account (or the relevant securities account with a Third-
Party CM Account Holder used in accordance with Part 1 Number 3.6 for purposes of the
ISA Provisions) with Clearstream Banking AG, includes a right of Eurex Clearing AG (that
is conditional upon the occurrence of a Termination Event or an Insolvency Termination
Event and a Termination with respect to the relevant ISA Standard Agreement (for which
the relevant Securities constituted Margin immediately prior to the appropriation)) to
appropriate one or more of such Securities (the “Relevant ISA Pledged Securities”) and
to make use of the Relevant ISA Pledged Securities. The following provisions apply with
respect to such appropriation and re-use right:

(1)_ Eurex Clearing AG shall only be entitled to exercise such appropriation right and
right of use to contain losses and liquidity pressures resulting from the default of the
relevant Clearing Member.

(2) If Eurex Clearing AG exercises such appropriation right in respect of any Relevant
ISA Pledged Securities, the Clearing Member shall have a claim against Eurex
Clearing AG for redelivery of securities that are equivalent to such Relevant ISA
Pledged Securities; such redelivery claim shall become due at the same time the
Difference Claim in relation to the relevant ISA Standard Agreement (for which the
Relevant ISA Pledged Securities constituted Margin immediately prior to the
appropriation) becomes due in accordance with Number 11.2, provided that, Eurex
Clearing AG may, in its discretion, either (A) discharge such redelivery claim by
transferring to the Clearing Member securities equivalent to such Relevant ISA
Pledged Securities before the Difference Claim in relation to the relevant ISA
Standard Agreement becomes due, (B) set off the value of such Relevant ISA
Pledged Securities against the amount of the Difference Claim in relation to the
relevant ISA Standard Agreement or (C) include the value of the Relevant ISA
Pledged Securities in the determination of the Difference Claim in relation to the
relevant ISA Standard Agreement (as a position in favour of the Clearing Member).

(3) If Eurex Clearing AG receives, in relation to the Relevant ISA Pledged Securities
with respect to which Eurex Clearing AG exercised its appropriation right, a payment
of interest, dividends, or other distributions in the form of securities (“Relevant
Securities Income”), or any payment of interest, dividends or other distribution in
cash (“Relevant Cash Income”), Eurex Clearing AG shall transfer to the Clearing
Member securities equivalent to and in the same value as the Relevant Securities
Income and pay to the Clearing Member a cash amount equivalent to and in in the
same currency as the Relevant Cash Income, respectively. With respect to any

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 17

4.3.2.4

4.3.2.5

the trading of GC Pooling Repos and using the R Jated type of contract in Cmax
Xemac-may, upon request, provide Proprietary Margin in Xeraae-CmaxX also via the
account of a settlement institution within the meaning of Chapter IV Part 1 Number 1.1.2
Paragraph 2 (b), provided that such settl institution is-domiciled_in-G y..

[el

Pursuant to the relevant pledge agreement and subject to the provisions set out therein,
each pledge granted by the Clearing Member to Eurex Clearing AG over Securities
which are or will be credited to the relevant Pledged Securities Account (or the relevant
securities account with a Third-Party CM Account Holder used in accordance with Part 1
Number 3.6 for purposes of the Elementary Clearing Model Provisions) with Clearstream
Banking AG-or+{ii)-4 ith-Number-4-3.2.2, includes a right of Eurex

Clearing AG (that is conditional upon the occurrence of a Termination Event or an
Insolvency Termination Event and a Clearing Member Termination Date) to appropriate
one or more of such Securities (the “Relevant Pledged Securities”) and to make use of
the Relevant Pledged Securities. The following provisions apply with respect to such
appropriation and re-use right:

Lo]

Number 4.3.2.4 applies mutatis mutandis with respect to each pledge granted by the

Clearing Member to Eurex Clearing AG over Securities which are or will be credited to
the relevant Omnibus Pledged Securities Account (or the relevant securities account with
a Third-Party CM Account Holder used in accordance with Part 1 Number 3.6 for
purposes of the Elementary Clearing Model Provisions and providing Omnibus Margin)
with Clearstream Banking AG, provided that:

(a) Eurex Clearing AG's right to appropriate the Relevant Pledged Securities and to
make use of the Relevant Pledged Securities is conditional upon the occurrence of a
Termination Event or an Insolvency Termination Event and a Termination with
respect to the relevant Omnibus Standard Agreement (to which the relevant
Securities were allocated pursuant to Number 4.4 at the time of such appropriation);

(b)_ The redelivery claim of the Clearing Member upon the exercise of Eurex Clearing
AG's appropriation right becomes due at the same time as the Difference Claim in
relation to the relevant Omnibus Standard Agreement (to which the relevant
Securities were allocated pursuant to Number 4.4 at the time of such appropriation);

(c)_ References to the Difference Claim in Number 4.3.2.4 (2) shall be read as reference
to the Difference Claim in relation to the relevant Omnibus Standard Agreement (to
which the relevant Securities were allocated pursuant to Number 4.4 at the time of
such appropriation); and

(d)_ Eurex Clearing AG agrees not to exercise its appropriation right for the purpose of
finally applying the relevant Securities to cover losses resulting from the default of
another Clearing Member.

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 9

(i)

(ii)

a securities account or sub-account with Clearstream Banking AG,
Clearstream Banking S.A. or with SIX SIS AG, pledged to Eurex

Clearing AG with respect to Proprietary Margin in accordance with the
Elementary Clearing Model Provisions (such account held by the Clearing
Member, or, in accordance with Chapter | Part 1 Number 3.6, by a third
party, the “Pledged Securities Account’); unless the Clearing Member

the-Collateral-M: t Syst £Ch
ig y

Proprietary Margin, and

one or more securities accounts or sub-accounts (including any subset of
securities booked on an account and identified by a common identifier) with
Clearstream Banking AG, Clearstream Banking S.A. or with SIX SIS AG,
pledged to Eurex Clearing AG with respect to Omnibus Margin in
accordance with the Elementary Clearing Model Provisions (each such
account held by the Clearing Member, or, in accordance with Chapter |
Part 1 Number 3.6, by a third party, an “Omnibus Pledged Securities

Account”)-unless-the-Cl g- Memb X to-grant-the pledg
d: ith Subpart A Number-4.3.2.2 of the E}. tary Cleari
pi weds ¥ 'g
Model Provisions i + of Oranibus- Margin:
P ‘iA;

(bb) for purposes of providing Margin in the form of Securities pursuant to the

ISA Provisions:

(i) in case the Eligible Margin Assets in form of Securities shall be
pledged in favour of Eurex Clearing AG: one or several securities
accounts or sub-accounts (including any subset of securities booked
on an account and identified by a common identifier) with Clearstream
Banking AG, Clearstream Banking S.A. or with SIX SIS AG, for
Securities pledged or to be pledged to Eurex Clearing AG with
respect to Margin for the purposes of the ISA Provisions (each such
account held by the Clearing Member, or, in accordance with Chapter
| Part 1 Number 3.6, by a third party, 3 an “ISA Pledged Securities

Account’)-unless-the-Ch gM to-grantth

(ii) in case the Eligible Margin Assets in the form of Securities shall be
provided to Eurex Clearing AG by transferring title:

(A) one or several securities accounts with Clearstream Banking AG
for each of its Disclosed Direct Clients pursuant to the ISA
Provisions and/or

(B) asecurities account with Clearstream Banking AG for several of
its Disclosed Direct Clients pursuant to the ISA Provisions,

412-22 (100)_h
Public


Eurex04e

Clearing Conditions of Eurex Clearing AG As of 24.10.2022

Page 6

(4) Each transfer of ownership in Securities (other than WP Credits) shall be made in
accordance with the relevant applicable laws and the relevant market practice.

LJ

(d) To the extent German law applies to the transfer of ownership in (i) Securities in
the form of bearer securities (Inhaberwertpapiere) and (ii) securities payable to
order equipped with a blank endorsement (blankoindossierte Orderwertpapiere)
which are governed by German law and held in collective safe custody
(Girosammelverwahrung) with Clearstream Banking AG (“German Securities’),
the following provisions shall additionally apply:

(8)—A dments-to-the Hold-/Rel Stat ith, t-to-E: Ty i d

FWB Transactions.

(8)_Once a settlement instruction has been submitted to the relevant Settlement
Location by Eurex Clearing AG, the Clearing Member or ISA Direct Clearing Member
(or, as applicable, the Clearing Agent) shall only be entitled to change settlement
instructions relating to a delivery obligation in the systems of the relevant Settlement
Location by setting, either in full or partially, such settlement instruction on “hold” or
“release” ("Hold-/Release-Status"). The Clearing Member or ISA Direct Clearing
Member (or, as applicable, the Clearing Agent) shall not change the settlement
instruction in any other way. In case of a securities account of a settlement institution
pursuant to Number 2.1.2 (7) of the General Clearing Conditions, the Clearing
Member or ISA Direct Clearing Member (or, as applicable, the Clearing Agent) shall
ensure that the settlement institution does only make changes to the relevant
settlement instruction relating to the Hold-/Release Status.

{9)_-S LP: ding Repo Ti "
« 1p g ig Rep
With + to Repo Ti ti E Clearing AG offe lectronicall
Pe P + gs ¥
pported -der-to-imp: the delivery-pi (the “Gross Delivery

412-22 (100)_h
Public


Eurex04e

Clearing Conditions of Eurex Clearing AG As of 24.10.2022

Page 5

aboeve,ortiii)-other means (including the provision of a corrected or amended
statement or report).

(ce) Effectiveness of Set-off

The effect of a set-off pursuant to this Paragraph (1) is that the claims included
in the set-off, to the extent that they correspond, are deemed to have expired at
the point in time at which they were firstly suitable for set-off against each other
(§ 389 German Civil Code (Buirgerliches Gesetzbuch) (“BGB’)).

(2) Set-off procedure across Standard Agreements
(a) General Rules

{aa} Eurex Clearing AG shall be entitled to set off cash payment
claims arising from Transactions other than Settlement Claims (the “Payment
Claims”) under a specific Standard Agreement with the Clearing Member with
other Payment Claims of the Clearing Member in the same currency which, in
each case, are due and payable under any other Standard Agreement.

—The Clearing Member and Eurex Clearing AG may agree in writing to
exclude the set-off of Payment Claims across Standard Agreements or to limit
such set-off to specific groups of Standard Agreements.

(bb) Further: Clearing AG-shall-be entitled to set off Ray: tClai d

Residual Pay it Claims_but excludi h cla hich to-be
ttled. inst Physical_Deli d fic Standard Ag} with

(b) Set-off Declaration

Eurex Clearing AG shall declare the set-off by (i) the provision (Zurverftigung-
stellung) of the daily internal cash account (set out in Number 4.3) statement
with respect to any set-off pursuant to Paragraph (2) (a)-(aa) above, or (ii) by

the settled cash-t ti tor the actual setth t deli rt Ust
Pt yep

Liefe with. tt t-off. tto-R: h12)a)4bb)
iy i graph «

iP Ps
abeve,_or{i} other means (including the provision of a corrected or amended
statement or report).

1.4 Settlement of Transactions

Ll

1.4.2 Settlement of Transactions in Securities

Lo]

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 18

4.3.4
4.3.4.1

46

4.6.2

4.6.2.1

4.6.2.2

Actual Delivery and Aggregate Value

Subject to Number 3.2.2 Paragraph (2) and (3) of the General Clearing Provisions,
the term “actually delivered” when used in the Elementary Clearing Model Provisions
means at any time and with respect to an Eligible Margin Asset:

(iiiv) otherwise in the event of a set-off pursuant to Number 1.3 of the General Clearing
Provisions and Number 7, the legal effectiveness of such set-off.

The term “actual delivery” shall be interpreted accordingly.

L.]

Redelivery of Margin in the form of cash; Release of Eligible Margin Assets in the
form of Securities

[el

Subject to the occurrence of a Clearing Member Termination Date or an Insolvency Event
or Failure to Pay Event, Eligible Margin Assets in the form of Securities shall be released
if a Clearing Member, prior to the then applicable cut-off time specified by Eurex

Clearing AG with respect to each of Clearstream Banking AG, Clearstream Banking S.A.
and SIX SIS AG, as applicable, with respect to any Business Day, requests a release of
pledged Securities by Eurex Clearing AG if and to the extent that the requirements set
out in Number 4.6.1 are met (taking into account a release request of the Clearing
Member pursuant to this Number 4.6.2).

The release request pursuant to Number 4.6.2 shall be processed by Eurex Clearing AG
during the same Business Day; the Eligible Margin Assets to be released shall be
selected by the Clearing Member. This shall alco apply-in the case of a pledge pursuant

to. Number 4.3.2.2 by EE: the ity shall-be rel

is used Securities shall be released according to the applicable rules for that service.

Le]

The relevant pledge shall be released by Eurex Clearing AG if and as soon as

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 8

Clearing Members

Clearing License

Ll

General Prerequi

Le]

ites for Clearing Licenses

(3) The applicant for a Clearing License must

Le

(d) Should an applicant have insufficient own funds, equivalent regulatory capital or
assets under management for a Clearing License, Eurex Clearing AG may
allow that the shortfall may be made up by collateral in cash or securities
accepted by Eurex Clearing AG. The cash and securities collateral shall
safeguard compliance with the contractual obligations of the respective Clearing
Member and with all other claims of Eurex Clearing AG vis-a-vis the respective
Clearing Member in connection with the Clearing of its contracts (provision
of collateral).

Securities collateral shall be posted by transfer of ownership for security
purposes (Eigentumstibertragung zu Sicherungszwecken) into a custody
account with Clearstream Banking AG-in-Xemac-+the-relevantiransferis.
Earmarking}, Clearstream Banking S.A. (also using, with respect to accounts
with Clearstream Banking AG and/or accounts with Clearstream Banking S.A.
the Triparty Collateral Management Service Cmax of Clearstream Banking S.A.
(“CmaX’)) or SIX SIS AG.

Eurex Clearing AG may, in its reasonable discretion, decide that the Clearing
Member may, for the purpose of transferring full title in such Securities, use
securities accounts of a third party with Clearstream Banking AG_or
Clearstream Banking S.A.. Number 3.6 shall apply accordingly.

(4) The applicant (other than an applicant that intends to become an OTC IRS
U.S. Clearing Member) shall have available the following accounts:

(a) Securities Accounts:

(aa) for purposes of providing Margin in the form of Securities accordance with
the Elementary Clearing Model Provisions:

412-22 (100)_h
Public


Eurex04e
As of 24.10.2022
Page 24

Clearing Conditions of Eurex Clearing AG

in the redelivery or release request. Fhis-shal-also-apply in the-case-of a pledge

In the case Cmax is used, Securities shall be released according to the applicable rules
for that service.

Ll

6.5.4 The release of the relevant pledge by Eurex Clearing shall become effective if and as
soon as

(a) the relevant Securities have been credited to a securities account of the Clearing
Member or to a securities account of a depositary, a settlement institution or
a custodian designated by the Clearing Member at a deposit bank or a central
securities depository; or

(be) in case of a pledge in Cmax, the Securities have been released in accordance
with the applicable rules for that service.

7 Variation Margin
7A Variation Margin Requirement
[J
712 Eurex Clearing AG will calculate net variation margin requirements separately with

respect to each relevant Internal ISA Cash Account, reflecting the sum of the calculations
with respect to all ISA Transaction Accounts relating a certain Disclosed Direct Client, in
accordance with Chapter VIII Part 2 Number 2.1.7 Paragraph (3) or Chapter VIII Part 35
Number 5.1.7, as applicable.

Ll

74 Redelivery of Variation Margin

Subject to the occurrence of a Clearing Member Termination Date or an Insolvency Event
or Failure to Pay Event, any Redelivery Claim with respect to Variation Margin (i) shall
become due on any Business Day, if and to the extent that, on such Business Day, a
profit amount has been determined in respect of the ISA Transaction Accounts relating to
the relevant Internal ISA Cash Account (as applicable) for the benefit of such Variation
Margin Provider in accordance with Chapter VIII Part 2 Number 2.1.7 Paragraph (3) or

412-22 (100)_h
Public


Chapter | of the Clearing Conditions of Eurex Clearing AG

General Provisions

As of 24.10.2022

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 11

2.4

2.41

(7)

Spi
[.
Spi
[.
(2)

The applicant is not required to maintain Securities Accounts pursuant to
Paragraph (4) (a) (aa) to (ddee) if and to the extent that it makes use of
securities accounts of a Third-Party CM Account Holder in accordance with
Number 3.6 or if it provides Margin in the form of cash only.

LJ

Eurex Clearing AG may, upon written application and upon submission of
appropriate evidence, permit the applicant or a Clearing Member that the
prerequisites for the granting of a Clearing License pursuant to

Paragraph (4) (a) (eeff) above as well as — optionally — the prerequisites pursuant to
Paragraph (5) (e) will be fulfilled by one or more settlement institutions on behalf of
and for the applicant or the Clearing Member, respectively. The Clearing Member
shall ensure that the appointed settlement institution(s) complies with the Clearing
Conditions. Eurex Clearing AG is authorised to request at any time written evidence
regarding the compliance with the Clearing Conditions in accordance with

Sentence 1 and 2; the costs shall be borne by the Clearing Member. Eurex Clearing
AG will provide the settlement institution with the relevant reports.

ecific Provisions for Clearing Agents and ISA Direct Clearing Members

]

ecial prerequisites in respect of ISA Direct Clearing Members
]

With respect to each applicant for an ISA Direct Clearing License, the applicant shall
procure that the following accounts are available (as applicable):

(a) Securities Accounts:

(aa) With respect to the Clearing of Transactions for ISA Direct Clearing
Members and for purposes of granting pledges over the Securities that
shall form part of the ISA Direct Margin to Eurex Clearing AG in
accordance with the ISA Direct Provisions:

[el

(C) one securities account or sub-account of a third party acceptable to
Eurex Clearing AG (“Third Party Account Holder”) with Clearstream
Banking AG or Clearstream Banking S.A., to which the pledges with
respect to ISA Direct Margin in accordance with the ISA Direct
Provisions relate; and/or

412-22 (100)_h
Public


Eurex04e

Clearing Conditions of Eurex Clearing AG “as of 24.10.2022...”

Page 10
in each case if applicable-andifthe-Glearing Member ck rt
x in-order-to-transfer title to-th ities which form part of th:

Margin pursuant to the ISA Provisions to Eurex Clearing AG; the
Securities are attributed to the relevant Disclosed Direct Client,
respectively, in the case of (A), by booking them into the securities
account and in the case of (B), by booking them into the securities
account and stating the specific customer identifier pursuant to Part 4
Number 3.6 (such account held by the Clearing Member, or, in
accordance with Chapter | Part 1 Number 3.6, by a Third-Party CM
Account Holder, the “ISA Securities Margin Account”); or

(cc) one or more securities accounts or sub-accounts (including any subset of
securities booked on an account and identified by a common identifier) with
Clearstream Banking AG, Clearstream Banking S.A. or with SIX SIS AG,
pledged to Eurex Clearing AG with respect to Omnibus Margin for ECM
CASS Transactions in accordance with Part 2 Subpart D (each_such
account held by the Clearing Member, or, in accordance with Chapter |
Part 1 Number 3.6, by a third party, a “CASS Omnibus Pledged

Securities Account’), unlessthe Clearing Memb: Xi to-grant
the pledges-i d ith Subpart A Number-4.3.2.2 of th
pledg P el
El tary Clearing Model P:
¥ ig ;

(dd) one or more securities accounts or sub-accounts (including any subset of
securities booked on an account and identified by a common identifier) with
Clearstream Banking AG, Clearstream Banking S.A. or with SIX SIS AG,
pledged to Eurex Clearing AG with respect to Margin for ISA CASS
Transactions in accordance with Part 4 (each such account held by the
Clearing Member, or, in accordance with Chapter | Part 1 Number 3.6, by a
third party, an “ISA CASS Pledged Securities Account’)-unlessthe

i b

Ch M. X t tthe pledges i a ith
is gi PIES

Number6.3.2.2 P. ph{3) of the ISA Pi

(eeff) settlement securities accounts required for the Physical
Delivery of Securities (including WP Credits and Swiss intermediated
securities) for the relevant Transaction Types, which shall be maintained
with a Settlement Location and which must be connected with a
corresponding cash account.

412-22 (100)_h
Public


Eurex04e

Clearing Conditions of Eurex Clearing AG As of 24.10.2022

Page 7

| ti ith th f the Gi Deli M: tC

Members,-Glearing-Agents-(acting-on-behalf-of their SA Direct Cleari

(b}—With. + tothe -fulfilmentof-deli d. tobligati ising-fi
Pt ¥ pay ig 'g-
RepoT " ith. dtoG ities_P: (4) shall net bi
1p ig + gFap!
licable-and-the-followi isi ILas-to-P. h4Z)-(unk
PP gt grap! €
thi idedin-the-rel a 1-C} P; ) shall
PI Ps 'g- PPI

{B)_th tj h-netting-has-b: ied-out by the Seti t

(Cc)

412-22 (100)_h
Public


Eurex04e
As of 24.10.2022
Page 21

Clearing Conditions of Eurex Clearing AG

register of any security interest granted or to be granted pursuant to or in
accordance with this Number 6.3.2 and will evidence the due filing and registration of
such security interest to Eurex Clearing AG.

6.3.2.3 If the Clearing Member, with respect to the relevant Internal ISA Margin Account, has
submitted a Title Transfer Margin Election, the following applies:

Le]

(2) In the case of a transfer of Eligible Margin Assets in the form of Securities by the
Clearing Member to Eurex Clearing AG pursuant to Paragraph (1), the Clearing
Member shall:

(i) _ if such transfer is made through securities accounts with Clearstream
Banking AG-{otherthan-by-using Xemae), instruct (or have instructed
Clearstream Banking AG in a timely manner to transfer the relevant Securities
to the ISA Securities Margin Account with Clearstream Banking AG and
authorises (or have auhorised) Clearstream Banking AG to inform Eurex
Clearing AG of such transfer and to apply the customer identifier of the relevant
Disclosed Direct Client in accordance with Number 3.6 (a “CBF Instruction’);
and

(ii) if such transfer is made through securities accounts of Eurex Clearing AG with
Clearstream Banking S.A. (each account notified by Eurex Clearing AG to the
Clearing Member for such purposes from time to time, a “Eurex Clearing ISA
Securities Margin Account’), instruct Clearstream Banking S.A. in a timely
manner to transfer all right, title and interest in and to the relevant Securities to
the relevant Eurex Clearing ISA Securities Margin Account and apply the
customer identifier of the relevant Disclosed Direct Client in accordance with
Number 3.6 (a “CBL Instruction”).

[el

(4) With respect to a transfer of Securities (i) to an ISA Securities Margin Account with
Clearstream Banking AG or Clearstream Banking S.A. of which the Third-Party CM
Account Holder is the account holder or (ii) on an ISA Securities Margin Account with
Clearstream Banking S.A. held by the Clearing Member, the transfer shall be carried
out in accordance with the provisions of Appendix 14.

412-22 (100)_h
Public


Eurex04e
Clearing Conditions of Eurex Clearing AG As of 24.10.2022

Page 3

The set-off of all Settlement Claims arising from Eurex Transactions, Eurex
Repo Transactions and FWB Transactions shall occur in accordance with the
applicable provisions under Chapter II, Chapter IV or Chapter V.

p Juste f Seth t-Clai h-a-“Set-Off Cluster’).
Atany-time, t-Off Cluster-shall-bi posed-of Set t Clail r

()—the Seth tClaii hall-relate-to-S iti ith-th iti
identifier:

(the Settl t Clai hall-be-settled-in-th: y-and

Ui) _the Seth t Claii hall-be-settled-b: diting-th Secutiti

412-22 (100)_h
Public


Eurex04e
As of 24.10.2022
Page 14

Clearing Conditions of Eurex Clearing AG

6.1.2 Provision of the Contributions to the Default Fund

(1) The Clearing Members and Clearing Agents shall provide the Contributions to the
Default Fund in cash amounts and/or in Securities accepted by Eurex Clearing AG
by way of a transfer of all rights, title and interest in respect of such cash amounts
and/or Securities to Eurex Clearing AG using the security accounts with Clearstream

Banking AG or Clearstream Banking S.A., unless otherwise specified below.
1 the relevant-transfer is effected by labelling the relevant ities-with

(2) Eurex Clearing AG may, in its reasonable discretion, decide that the Clearing
Member may, for the purpose of transferring full title in such Securities, use
securities accounts of a third party with Clearstream Banking AG or Clearstream
Banking S.A.. Number 3.6 shall apply accordingly.

For Contributions provided in the form of cash amounts, Numbers 3.4.4 and 3.4.5 of
these General Clearing Provisions apply mutatis mutandis, and for Contributions
provided in the form of Securities, Part 4 Numbers 6.6.1, 6.6.2, and 6.6.4 apply
mutatis mutandis.

(5) With respect to Securities provided by the Clearing Member or the Clearing Agent to
Eurex Clearing AG as CM Contributions or ISA Direct Clearing Member
Contributions using securities accounts with Clearstream Banking AG (rctuding
Xemac}or Clearstream S.A., Eurex Clearing AG reserves the right to make use of
such Securities in its discretion in order to support its operations as central
counterparty for purposes of liquidity management in relation to its clearing activities
by obtaining refinancing from the Eurosystem or entering into repo transactions with
commercial counterparties.

The information statement set out in Appendix 12 to the Clearing Conditions in
accordance with Article 15 of the Regulation on transparency of securities financing
transactions and of reuse (Regulation (EU) 2015/2365) is applicable to Eurex
Clearing AG and the Clearing Member or Clearing Agent, if the Clearing Member
or Clearing Agent provides Securities to Eurex Clearing AG as CM Contributions or
ISA Direct Clearing Member Contributions, respectively, using securities accounts

with Clearstream Banking AG or Clearstream Banking S.A.fincludingXemas).

9 Termination Rules with respect to Eurex Clearing AG
Ll

9.3 The following events shall constitute a Failure to Pay Event or an Insolvency Event with
respect to Eurex Clearing AG:

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 16

Part 2

Part 2

43

4.3.2
4.3.2.1

4.3.2.2

Elementary Clearing Model Provisions

L.]

Subpart A: General Elementary Clearing Model Provisions
[.]

Margin
Ll

Delivery of Eligible Margin Assets
Lo]

Delivery of Eligible Margin Assets in the form of Securities

In order to provide Eligible Margin Assets in the form of Securities

Lo]

(1) The Clearing Member shall instruct Clearstream Banking AG, Clearstream
Banking S.A. or SIX SIS AG in a timely manner to transfer the relevant Securities to
the Pledged Securities Account, Omnibus Pledged Securities Account or CASS.
Omnibus Pledged Securities Account, as applicable, and authorizes Clearstream
Banking AG, Clearstream Banking S.A. or SIX SIS AG to inform Eurex Clearing AG
of such transfer. If the Clearing Member uses a securities account with a Third-Party
CM Account Holder in accordance with Part 1 Number 3.6, the Clearing Member
shall ensure that such Third-Party CM Account Holder provides the relevant
instructions to Clearstream Banking AG or Clearstream Banking S.A. or that the
Clearing Member is authorised to provide such instructions.

Notwithstanding Number-4.3.2.4a Clearing Memb r ide-Eligible Margi
Toe ¥ Pt ig g

ig
Assets-in-the-f £S, iti Margin-by-pledge-by-usi the-basis-of th

Earmarking—Only Ffor the provision of Proprietary Margin to Eurex Clearing AG via
Xemac-CmaxX and to the extent not provided otherwise in Chapter IV Part 2 Number 2.9,
a Clearing Member may also use Securities which it has received as collateral — in
accordance with Number 3.2 of the Terms and Conditions for Participation and Trading
on Eurex Repo GmbH or the corresponding provision in the terms and conditions of
another multilateral trading facility, if applicable — in relation to GC Pooling Repo
transactions. Notwithstanding Number 4.3.2.1, a Clearing Member participating in

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 2

1.2.4

1.3

concluded with Eurex Clearing AG (for the purposes of Paragraph (c) each an
“Original Transaction”)

Certain Definitions and Interpretation
Lo]

(2) “Clearing Currency” means either Euro (“EUR”), Swiss Francs (“CHF”) or British
Pounds (“GBP”) as agreed in writing between Eurex Clearing AG and the Clearing
Member in respect of each Standard Agreement or between Eurex Clearing AG and
the Clearing Agent (acting on behalf of the relevant ISA Direct Clearing Member) in
respect of the ISA Direct Clearing Meraber Agreement (as defined in Part 6
Number 1), provided that all Standard Agreements linked to a particular internal
margin account need to have the same Clearing Currency. In these Clearing
Conditions “Euro” means the lawful currency of the member states of the European
Union that continue to have adopted the single currency in accordance with the
Treaty establishing the European Community (signed in Rome on March 25, 1957),
as amended by the Treaty on the European Union (signed in Maastricht on
February 7, 1992), the Treaty of Amsterdam (signed in Amsterdam on October 2,
1997), the Treaty of Nice (signed in Nice on February 26, 2001) and the Treaty of
Lisbon (signed in Lisbon on December 13, 2007).

Set-off

Set-off of claims between the Clearing Member or ISA Direct Clearing Member and
Eurex Clearing AG

[J

(1) Set-off Procedure within Standard Agreements

(a) Set-off of Cash Claims

Eurex Clearing AG shall be entitled to set off any of its cash claims under a
specific Standard Agreement against other cash claims of the Clearing Member
or ISA Direct Clearing Member under that Standard Agreement, in each case
excluding Settlement Claims- hand Residual Pay it Claims (each

defined in Paragraph (b) below).

“Settlement Claims” means, with respect to Transactions that provide fora
Physical Delivery, (i) all payment and delivery claims arising from Transactions
under Chapter II from, and including, the time of the exercise or assignment
(Zuteilung) of the relevant Transaction and (ii) all payment and delivery claims
arising from Transactions under Chapters IV and V.

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 25

Part 6

Part 6

7.6

7.6.5

Chapter VIII Part 53 Number 5.1.7, as applicable, (the relevant amount shall be the
“Redelivery Amount”) and (ii) shall be decreased and discharged accordingly (subject to
a minimum value of zero) if and to the extent equivalent Eligible Margin Assets in form of
cash have been actually delivered to the Variation Margin Provider by the Variation
Margin Taker. For the avoidance of doubt, if the profit amount determined for the benefit
of the Variation Margin Provider is higher than its relevant Redelivery Claim with respect
to Variation Margin as of such time, the payment of the excess amount by the other party
constitutes itself a delivery of Variation Margin. In such case the roles of the Variation
Margin Provider and Variation Margin Taker will be reversed.

Ll

ISA Direct Provisions

Ll

Subpart A: General ISA Direct Provisions
[1

ISA Direct Margin

Le]

Delivery of Eligible Margin Assets in the form of Securities
Lo]

Pursuant to the relevant pledge agreement and subject to the provisions set out therein.

each pledge granted by the ISA Direct Clearing Member to Eurex Clearing AG over
Securities which are or will be credited to the relevant ISA Direct Pledged Securities
Account (or the relevant securities account of the Clearing Agent or a Third Party Account
Holder used for purposes of the ISA Direct Provisions) with Clearstream Banking AG.
includes a right of Eurex Clearing AG (that is conditional upon the occurrence of an an
ISA Direct Clearing Member Termination Event or an ISA Direct Clearing Member
Insolvency Termination Event and an ISA Direct Clearing Member Termination Date) to
appropriate one or more of such Securities (the “Relevant ISA Direct Pledged
Securities”) and to make use of the Relevant ISA Direct Pledged Securities. The
following provisions apply with respect to such appropriation and re-use right:

(1) Eurex Clearing AG shall only be entitled to exercise such appropriation right and
right of use to contain losses and liquidity pressures resulting from the default of the
relevant ISA Direct Clearing Member.

412-22 (100)_h
Public


Eurex04e

Clearing Conditions of Eurex Clearing AG “as of 24.10.2022...”

Page 1
AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED,
DELETIONS ARE CROSSED OUT.
[J
Part 1 General Clearing Provisions
1 General Rules
14 Scope of Application
[LJ
1.1.2 The Clearing Procedures refer to the following types of Transactions (each a

“Transaction Type”) resulting from:
Le]

(4) the novation of (i) OTC Interest Rate Derivative Transactions pursuant to
Chapter VIII Part 2 and (ii) OTC NDF Transactions pursuant to Chapter VIII Part 35.

[el

1.2 Clearing Procedures

[el

1.2.2 Conclusion of Transactions and Transfer of Transactions
[J
(4) Transfer of Transactions

(a) Subject to the terms and conditions set out in the Special Clearing Provisions
and this Paragraph (45), a Clearing Member or an ISA Direct Clearing Member
(the “Transferor Clearing Member” for the purposes of Paragraph (a) through
(c)) may with the consent of Eurex Clearing AG transfer a Transaction

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 12

3.2

3.2.5

(D) such other securities account or sub-account as may be agreed
between the applicant and Eurex Clearing AG

(each such account, sub-account or subset identified by a common
identifier, an “ISA Direct Pledged Securities Account”), unless the ISA
Direct Margin shall be provided by using an Accepted Collateral
Management System.

“Accepted Collateral Management System” means CmaX,Xemae; the
triparty collateral management service of SIX SIS (“TCM SIX SIS”) and any
other collateral management system accepted by ECAG.

General Provisions regarding Margin and Variation Margin
[J

Eligible Margin Assets and Valuation; Large Exposures

(2) Eurex Clearing AG determines that the sum of {i}any Remaining Margin Amounts in

the Relevant Currencies andi} any Prefunding Amounts paid to Eurex Clearing AG
inthe Relevant Currencies_in-accordance-with_ Chapter Vill that is held with a

particular commercial bank (or group of connected commercial banks) exceeds or will
exceed any large exposure limit with respect to such commercial bank (or group of
connected commercial banks) and to which Eurex Clearing AG is subject pursuant to
Art. 395 CRR or any other comparable regulatory requirement (the amount of such
excess with respect to one or more commercial banks (or group(s) of connected
commercial banks), the “Relevant Currency Surplus”),

then Eurex Clearing AG shall be entitled to take the following measures to enable Eurex
Clearing AG to comply with the relevant large exposure limit pursuant to Art 395 CRR or
any other comparable regulatory requirement:

(a)_{a}——Eurex Clearing AG may, with respect to Clearing Members and ISA Direct
Clearing Members in respect of which an amount of Eligible Margin Assets in one or
more of the Relevant Currencies in excess of the applicable margin requirement,
Default Margin Requirement or Default ISA Direct Margin Requirement (as relevant)
has been actually delivered to Eurex Clearing AG and has not been returned, repaid
or applied (such excess in one or more of the Relevant Currencies, with respect to
each such margin requirement, Default Margin Requirement or Default ISA Direct

412-22 (100)_h
Public


Clearing Conditions of Eurex Clearing AG

Eurex04e
As of 24.10.2022
Page 15

13.1.6

Ll

A “Redelivery Default” occurs if:

[el

For the purposes of this Number 9.3.6, a performance will be considered not to have
been made by Eurex Clearing AG (a) if no corresponding Securities have been credited
to a securities account of the Clearing Member or of the ISA Direct Clearing Member (or
of the Clearing Agent acting for the account of the relevant ISA Direct Clearing Member)
or to a securities account of a depositary, a settlement institution or a custodian
designated by the Clearing Member or the ISA Direct Clearing Member (or the relevant
Clearing Agent acting on behalf of the relevant ISA Direct Clearing Member) at a deposit
bank or a central securities depository-eris-netreleasedin-Xemae; or (b) if no
corresponding amount has been credited to the relevant account of the relevant Clearing
Member or the ISA Direct Clearing Member (or the Clearing Agent acting for the account
of the relevant ISA Direct Clearing Member) or to an account of a correspondent bank
designated by the Clearing Member or the ISA Direct Clearing Member (or the Clearing
Agent acting on behalf of the relevant ISA Direct Clearing Member).

Le]

Termination of Clearing Agreements, Clearing Licenses, ISA Direct Clearing
Licenses an Client-Related Standard Agreements; Market Disorders Event,
Impossibility Event, Force Majeure Event

Termination of Clearing Agreements, Clearing Licenses and ISA Direct Clearing
Licenses

Lo]

Eurex Clearing AG or the Clearing Member may terminate an Omnibus Standard
Agreement or ISA Standard Agreement (each a “Client-Related Standard Agreement”)
at any time provided that all Transactions cleared under the relevant Client-Related
Standard Agreement have been fully cancelled, closed or discharged prior to the
termination. Such termination requires written notice to the Clearing Member or Eurex
Clearing AG. The termination shall take effect 30 days after receipt of the termination
notice. The Clearing Member shall inform any Direct Client, Indirect Client Market
Participant and any other Indirect Client to which the relevant Client-Related Standard
Agreement relates, without undue delay after the Clearing Member has either submitted
or received the termination notice pursuant to this Number 13.1.6.

[el

412-22 (100)_h
Public