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3.15.4

Qualifying Subordinated Loan

(a) A Trading Member shall obtain the prior approval of SGX-ST if it enters a subordinated loan agreement in a format other than the format prescribed by SGX-ST from time to time.
(b) Where a Trading Member draws down a qualifying subordinated loan, the Trading Member shall notify SGX-ST no later than the date of draw down of the qualifying subordinated loan.
(c) A Trading Member shall not repay, whether in part or in full, any subordinated loan principal before the maturity date without the prior approval of SGX-ST.
(d) A Trading Member shall not repay, whether in part or in full, any subordinated loan principal that has matured:
(i) unless the Trading Member notifies SGX-ST at least one Market Day before the date of repayment;
(ii) if its financial resources is less than 150% of its total risk requirement;
(iii) if its aggregate indebtedness exceeds 600% of its aggregate resources;
(iv) if such a repayment will cause an event in Rule 3.15.4(d)(ii) or (iii) to occur; or
(v) if SGX-ST has prohibited in writing such a repayment.

Added on 3 June 20193 June 2019.