2.3.1
The payment facility requirements of Principals are that:
Refer to Annex A — Letter of Guarantee and Indemnity from Settlement Bank.
Amended on 3 October 20093 October 2009.
2.3.2
Subject to Rule 2.3.4, the settlement facility requirements of Principals are that the Principal has appointed one or more Depository Agents who:
Amended on 3 October 20093 October 2009.
2.3.3
Unless approved by CDP, the Principal may not appoint more than one Depository Agent to be its agent for the purposes of Rule 4.
2.3.4
Where the Principal is itself a Depository Agent, the Principal shall not be required to appoint another Depository Agent to be its agent for the purposes of Rule 4. In such case, any of the DVP Rules applicable to a Depository Agent shall be performed by the Principal in its capacity as Depository Agent.
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.