(a) its ultimate holding company furnishes a letter of undertaking to the Clearing House, guaranteeing to meet that Clearing Member's financial obligations and liabilities to the Clearing House. If the ultimate holding company is restricted by law or regulations from furnishing such letter of undertaking, the Clearing House may consider a Related Corporation of the Clearing Member furnishing the same;

(b) its parent group net worth is at all times, at least $1.5 billion; and

(c) it has, at all times, Sufficient Credit.

"Sufficient Credit" refers to liquidity facilities available to a Clearing Member that are not less than twice the aggregate Maintenance Margins with respect to Open Positions of Proprietary Trades in Contracts of Customers granted Bypass Privileges.