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2.3.5

Where the Principal is itself a Settlement Bank, the Principal shall not be required to furnish CDP with a Letter of Guarantee and Indemnity pursuant to Rule 2.3.1(b) if the Principal appoints itself to act as Settlement Bank to comply with Rule 2.3.1(a). In such case, any of the DVP Rules applicable to a Settlement Bank shall be performed by the Principal in its capacity as a Settlement Bank.