5.11.3 Qualifying Subordinated Loan
(1) A General Clearing Member shall obtain the prior approval of CDP if it enters a subordinated loan agreement in a format other than the format prescribed by CDP from time to time.
(2) Each General Clearing Member incorporated in Singapore, shall immediately notify CDP when it draws down a qualifying subordinated loan
, no later than the date of draw down.
(3) A General Clearing Member incorporated in Singapore:—
(a) shall not repay, whether in part or in full, any subordinated loan principal before the maturity date without the prior approval of CDP;
(b) shall not repay, whether in part or in full, any subordinated loan principal that has matured:—
(i) unless the Clearing Member notifies CDP at least one (1) Market Day before the date of repayment;
(ii) if the financial resources of the Clearing Member, are less than 150% of its total risk requirement;
(iii) in the case of a General Clearing Member, if its aggregate indebtedness exceeds 600% of its aggregate resources;
(iv) if such a repayment will cause an event in Rules 5.11.3 (2)(b)(ii) or (iii) to occur; or
(v) if CDP has prohibited in writing such a repayment.