For the purpose of Rule 2.08C.1, a qualifying letter of credit is a legally enforceable and irrevocable letter of credit that:—

2.08C.2.1 is made in favour of the Clearing House;
2.08C.2.2 is issued by a bank approved by, and in a form acceptable to the Clearing House; and
2.08C.2.3 does not include any letters of credit provided by the Clearing Member to satisfy Chapter 7 or Chapter 7A or any other requirement imposed by the Clearing House.

Amended on 10 August 200710 August 2007 and 7 August 20127 August 2012.