For the purpose of Rule 5.1C.1, a qualifying letter of credit is a legally enforceable and irrevocable letter of credit that:—

(1) is made in favour of CDP;
(2) is issued by a bank approved by, and in a form acceptable to CDP; and
(3) does not include any letters of credit provided by the Clearing Member to satisfy any other requirement imposed by CDP.

Added on 1 July 20081 July 2008.