Circular issued pursuant to the Default Regulations of LCH.Clearnet LLC:

1. With respect to all Contracts with a Clearing Member with registered offices in Switzerland and incorporated under the laws of Switzerland ("Swiss Clearing Member”), the following events shall constitute an Automatic Early Termination Event (as defined in the rulebook):

   1. The declaration of bankruptcy (Konkurseröffnung/ouverture de la faillite) over the Swiss Clearing Member according to the Swiss Federal Act on Forced Debt Collection and Bankruptcy dated 11 April 1889 as amended ("DCBA"); or

   2. The order of a Swiss Clearing Member's insolvent liquidation (Bankenkonkurs / faillite bancaire) according to the Swiss Banking Act dated 8 November 1934 as amended ("BankA").

2. Save as set out in 1 (a) or 1 (b) above, no other event which is capable of constituting an event of default shall be an event to which Automatic Early Termination is required to apply and in particular and without limitation: 

   1. The order of protective measures (Schutzmassnahmen / mesures protectrices) and the commencement of restoration proceedings (Sanierungsverfahren / procédure d’assainissement) according to the BankA;

   2. The grant of a debt moratorium (Nachlassstundung / sursis concordataire) according to the DCBA or the grant of a corporate law moratorium (Konkursaufschub / ajournement de la faillite) according to the Swiss Code of Obligations dated 30 March 1911 as amended.