Common use of Guarantee Fund Clause in Contracts

Guarantee Fund. (1) The Member, is obliged to participate in the guarantee fund, which is managed and represented by Takasbank, and established to meet the Member’s and other settlement members’ losses over the collateral in the event of default, in accordance with the sequence in 2nd paragraph of the 4th Article. (2) The Member is obliged to entrust assets in quantity and type as demanded by Takasbank, as guarantee fund contribution, to Takasbank in accordance with the procedure and principles in the relevant legislation. (3) Whenever the guarantee fund falls below the level laid down in the relevant legislation due to losses caused by market price changes, use of the fund, increase in the Member’s guarantee fund contribution liabilities and other reasons, margin call is made by Takasbank to the Member to top up the guarantee fund. The margin call is made via Member screen- provided by Takasbank- messages and reports. The Member accepts that the call reaches it, the instant it was generated on the system, without the need for further warning or notification. The Member’s obligation starts the instant the call reaches it. The Member is obliged to meet the margin call, in the period defined in the Procedure. (4) The Member warranties to deposit the additional guarantee fund contribution, which may be demanded in accordance with the relevant legislative provisions, within the period, set by Takasbank. The Member accepts that it has no right of appeal, in the event that the deposited guarantee fund contributions and the additional fund contributions are used for other settlement members’ debt, in accordance with the relevant legislation. In case that the Member’s guarantee fund contribution is resorted to for another settlement member’s debt, any resource obtained from legal pursuit of the settlement member, is used to return to the Member his deposited share of expended contribution, in accordance with the sequence and principles defined in the legislation. The return is made equally. The Member, accepts, declares and warrants that, in the event of the use of guarantee fund contribution to pay off other clearing members’ debt by Takasbank and the legal enforcement on such debtor bears no or partial result resulting in the failure to meet the loss partially or fully, it shall not make any claims against Takasbank. (5) The remainder of cash TRY guarantee fund contributions -established by the Member-, after deducting the obligatory requirements, are remunerated considering the credit risk and liquidity conditions, under the best possible conditions by Takasbank.This process, is performed under Takasbank limits. Tax and other legal obligations are deducted from the gross remuneration. The interest balance is added to the Member’s account.

Guarantee Fund. (1) The Member, Member is obliged to participate in the guarantee fund, which is managed and represented by Takasbank, and established to meet the Member’s and other settlement members’ SLM trader’s losses over beyond the collateral in the event of default, in accordance with the sequence in 2nd paragraph of the 4th Article. (2) . The Member is obliged to entrust assets in quantity and type as demanded by Takasbank, as guarantee fund contribution, to Takasbank in accordance with the procedure and principles in the relevant legislation. (3) . Whenever the SLM guarantee fund falls below the level laid down predetermined in the relevant legislation due to losses caused by market price changes, use of the fund, increase in the Member’s guarantee fund contribution liabilities and other reasons, margin call is made by Takasbank to the Member Members to top up the guarantee fund. The margin call is made via Member screen- screen-provided by Takasbank- messages and reports. The Member accepts that the call reaches it, the instant it was generated on the system, without the need for further warning or notification. The Member’s obligation starts the instant the call reaches it. The Member is obliged to meet the margin call, in the period defined in the Procedure. (4) . In the event of failing to perform the obligation, the default interest rate in the relevant legislation is charged to the Member. The Member warranties to deposit the additional guarantee fund contribution, which may be demanded in accordance with the relevant legislative provisions, within the period, set by Takasbank. The Member accepts that it has no right of appeal, in the event that the deposited guarantee fund contributions and the additional fund contributions are used for to pay off the other settlement members’ debtorganizations trading in theSLM, in accordance with the relevant legislation. In case that the Member’s guarantee fund contribution is resorted to for another settlement member’s debt, any resource obtained from legal pursuit of the settlement member, is used to return to the Member his deposited share of expended contribution, in accordance with the sequence and principles defined in the legislation. The return is made equally. The Member, accepts, declares and warrants that, in the event of the Takasbank’s use of guarantee fund contribution to pay off settle other clearing members’ debt by Takasbank SLM trader’s debt, and the legal enforcement on such pursuit onsuch debtor bears no or partial result resulting in the failure to meet the loss partially or fully, it shall not make any claims against Takasbank. (5) The remainder of cash TRY guarantee fund contributions -established by the Member-, after deducting the obligatory requirements, are remunerated considering the credit risk and liquidity conditions, under the best possible conditions by Takasbank.This process, is performed under Takasbank limits. Tax and other legal obligations are deducted from the gross remuneration. The interest balance is added to the Member’s account.