Withdrawal of Clearing Membership

A Clearing Member may request to begin the withdrawal process as a Clearing Member upon written notice in a form and manner specified by the Clearinghouse. The Clearinghouse will process the formal withdrawal request within 30 days of receipt of the withdrawal form. Within or prior to the 30-day period, the Clearing Member will remain subject to all obligations of a Clearing Member under the Rules.

A Clearing Member that has provided the Clearinghouse with notice that it seeks to withdraw its status is subject to the following requirements, obligations and provisions:

1. the Clearing Member must use all reasonable efforts to close-out all of house and customer open positions;

2. after notifying the Clearinghouse, the Clearing Member shall only be entitled to submit transactions for clearing which can be demonstrated to have the overall effect of reducing open positions in any Contract or risks to the Clearinghouse, whether by hedging, novating, transferring, terminating, liquidating or otherwise closing out such positions;

3. the Clearinghouse may call for additional initial Margin until such time as all of such Clearing Member's open positions have been terminated, and such Clearing Member shall provide such additional initial Margin to the Clearinghouse as is requested in a timely manner;

4. the withdrawing Clearing Member may be obligated to participate in default auctions; and

5. if there is a default, the withdrawing Clearing Member in question shall remain liable for any unapplied assessments.

Any withdrawal notice issued by a Clearing Member shall be irrevocable by the Clearing Member and membership may only be reinstated pursuant to a new application for membership following the close-out of all house and customer open positions.