3. Prior to the termination of any of the contracts referred to in paragraph 1, the resolution authority shall take the following steps:
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(a)
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require the CCP under resolution to value each contract, and update the account balances of each clearing member;
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(b)
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determine the net amount payable by or to each clearing member, taking account of any due but unpaid variation margin, including variation margin due as a result of the contract valuations referred to in point (a); and
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(c)
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notify each clearing member of the determined net amounts and require the CCP to pay or collect them accordingly.
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The clearing members shall, without undue delay, communicate the application of such tool to their clients and the way in which such application affects them.