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4.2.2 Default in a Deliverable Futures Contract

A Seller of a deliverable Futures Contract who does not effect delivery as required by this Rules or the Contract Specifications, and a Buyer of a deliverable Futures Contract who does not take delivery as required by this Rules or the Contract Specifications, shall be in default. In the event of default at Settlement of a deliverable Futures Contract, the rights and obligations of the Member of the Buyer or Seller who is in default, shall be as specified in the relevant Contract Specifications.