5.1.1 Payment Against Title Documents

Each Trading Member shall cooperate with its sponsoring Clearing Member to enable each Clearing Member to effect delivery of Title Documents against payment as contemplated in the Clearing Rules and the relevant Contract Specifications. "Title Documents" refers to bills of lading, title certificates, endorsed warehouse receipts or any other equivalent documents evidencing title to the underlying Commodity and any other documents required to release payment, as contemplated in the relevant Contract Specifications.

Amended on 26 January 200726 January 2007.