Past version: Effective up to 06 Aug 2012

For the purpose of Rule 2.07C.1, a qualifying letter of credit is a legally enforceable and irrevocable letter of credit that:—

2.07C.2.1 is made in favour of the Clearing House;
2.07C.2.2 is issued by a bank approved by, and in a form acceptable to the Clearing House; and
2.07C.2.3 does not include any letters of credit provided by the Clearing Member to satisfy Rule 7 or any other requirement imposed by the Clearing House.

Amended on 10 August 200710 August 2007.