Common use of Guarantee Fund Clause in Contracts

Guarantee Fund. 1) The Member must participate in the guarantee fund being represented and managed by Takasbank, which has been established to cover any loss exceeding the collateral due to the default of the Member or other institutions trading in Borsa Istanbul Swap Market. 2) The Member is obliged to deliver the assets at the amount and type required by Takasbank as guarantee fund contribution in accordance with the principles and procedures stipulated in the legislation. 3) A guarantee fund contribution call shall be issued to the Member by Takasbank when the guarantee fund falls below the level set forth by the relevant legislation in the event the guarantee fund established for Borsa Istanbul Swap Market losses value as a result of the price changes in the market, use of the guarantee fund contributions, increase in the Member’s guarantee fund contribution obligations and for other reasons. 4) A guarantee fund contribution call shall be issued by sending an electronic mail or delivering a message to the Member’s screens provided by Takasbank and/or by way of reporting. The Member accepts the delivery and its receipt of the call at the creation moment of the call in the system without the need for any further warning and notice. 5) The responsibility of the Member starts at the moment the guarantee fund contribution call issued by Takasbank is received by the Member. The time period for fulfilling the call shall be stipulated by Takasbank in the Procedure. Should the obligation be failed to be fulfilled, a default interest shall be charged at a rate set forth in the relevant legislation. 6) The Member accepts that it shall have no right to object to the use of its deposited guarantee fund contributions and additional guarantee fund contributions by Takasbank due to the debts of other clearing and settlement members in accordance with the relevant legislation. If the guarantee fund contributions of the Member have been resorted due to the debts of another clearing and settlement member, the funds generated from the proceeding of the obligor clearing and settlement member shall be used in accordance with the order and principles stipulated in the relevant legislation to return the contributions deposited by the Member and used due to the debts of other member. The return shall be made on a pro-rata basis. 7) The Member accepts, declares and undertakes that it shall not raise any claim against Takasbank should the guarantee fund contributions of the Member be used by Takasbank due to the debts of other clearing and settlement members and if the debts are failed to be covered either in whole or in part because of the legal proceeding initiated by Takasbank against the obligor institutions to remain partially or completely inconclusive.

Guarantee Fund. 1) The Member must participate in the guarantee fund being represented and managed by Takasbank, which has been established to cover any loss exceeding the collateral due to the default of the Member or other institutions trading in Borsa Istanbul Swap Debt Securities Market. 2) The Member is obliged to deliver the assets at the amount and type required by Takasbank as guarantee fund contribution in accordance with the principles and procedures stipulated in the legislation. 3) A guarantee fund contribution call shall be issued to the Member by Takasbank when the guarantee fund falls below the level set forth by the relevant legislation in the event case of depreciation in the guarantee fund established for Borsa Istanbul Swap Debt Securities Market losses value as a result because of the price changes in the market, use of the guarantee fund contributions, increase in the Member’s guarantee fund contribution obligations and for other reasons. 4) A guarantee fund contribution call shall be issued by sending an electronic mail or delivering a message to the Member’s screens provided by Takasbank and/or by way of reporting. The Member accepts the delivery and its receipt of the call at the creation moment of the call in the system without the need for any further warning and notice. 5) The responsibility of the Member starts at the moment the guarantee fund contribution call issued by Takasbank is received by the Member. The time period for fulfilling the call shall be stipulated by Takasbank in the Procedure. Should the obligation be failed to be fulfilled, a default interest shall be charged at a rate set forth in the relevant legislation. 6) The Member accepts that it shall have no right to object to the use of its deposited guarantee fund contributions and additional guarantee fund contributions by Takasbank in accordance with the relevant legislation due to the debts of other clearing and settlement members in accordance with the relevant legislationmembers. If the guarantee fund contributions of the Member have been resorted due to the debts of another clearing and settlement member, the funds generated from the proceeding of the obligor clearing and settlement member shall be used in accordance with the order and principles stipulated in the relevant legislation to return the contributions deposited by the Member and used due to the debts of other member. The return shall be made on a pro-rata basis. 7) The Member accepts, declares and undertakes that it shall not raise any claim against Takasbank should the guarantee fund contributions of the Member be used by Takasbank due to the debts of other clearing and settlement members and if the debts are failed to be covered either in whole or in part because of the legal proceeding initiated by Takasbank against the obligor institutions to remain partially or completely inconclusive. 8) The balance remaining after deducting the portion to be set aside as compulsory reserve of the cash Turkish Lira guarantee fund contributions provided by the Member shall be accrued interest with the best possible conditions by Takasbank by taking the credit risk and liquidity conditions into account. The accrual process shall be performed within Takasbank limits. Tax and other legal liabilities shall be deducted together with Takasbank commission from the gross interest amounts earned from interest accrual. The remaining interest amount shall be credited to the collateral account of the Member.

Guarantee Fund. 1) The Member must participate in the guarantee fund being represented and managed by Takasbank, which has been established to cover any loss exceeding the collateral due to the default of the Member or other institutions trading in Borsa Istanbul Swap Money Market. 2) The Member is obliged to deliver the assets at the amount and type required by Takasbank as guarantee fund contribution in accordance with the principles and procedures stipulated in the legislation. 3) A guarantee fund contribution call shall be issued to the Member by Takasbank when the guarantee fund falls below the level set forth by the relevant legislation in the event the guarantee fund established for Borsa Istanbul Swap Money Market losses value as a result of the price changes in the market, use of the guarantee fund contributions, increase in the Member’s guarantee fund contribution obligations and for other reasons. 4) A guarantee fund contribution call shall be issued by sending an electronic mail or delivering a message to the Member’s screens provided by Takasbank and/or by way of reporting. The Member accepts the delivery and its receipt of the call at the creation moment of the call in the system without the need for any further warning and notice. 5) The responsibility of the Member starts at the moment the guarantee fund contribution call issued by Takasbank is received by the Member. The time period for fulfilling the call shall be stipulated by Takasbank in the Procedure. Should the obligation be failed to be fulfilled, a default interest shall be charged at a rate set forth in the relevant legislation. 6) The Member accepts that it shall have no right to object to the use of its deposited guarantee fund contributions and additional guarantee fund contributions by Takasbank due to the debts of other clearing and settlement members in accordance with the relevant legislation. If the guarantee fund contributions of the Member have been resorted due to the debts of another clearing and settlement member, the funds generated from the proceeding of the obligor clearing and settlement member shall be used in accordance with the order and principles stipulated in the relevant legislation to return the contributions deposited by the Member and used due to the debts of other member. The return shall be made on a pro-rata basis. 7) The Member accepts, declares and undertakes that it shall not raise any claim against Takasbank should the guarantee fund contributions of the Member be used by Takasbank due to the debts of other clearing and settlement members and if the debts are failed to be covered either in whole or in part because of the legal proceeding initiated by Takasbank against the obligor institutions to remain partially or completely inconclusive.

Guarantee Fund. 1) The Member must participate in the guarantee fund being represented and managed by Takasbank, which has been established to cover any loss exceeding the collateral due to the default of the Member or other institutions trading in Borsa Istanbul Swap Money Market. 2) The Member is obliged to deliver the assets at the amount and type required by Takasbank as guarantee fund contribution in accordance with the principles and procedures stipulated in the legislation. 3) A guarantee fund contribution call shall be issued to the Member by Takasbank when the guarantee fund falls below the level set forth by the relevant legislation in the event case of depreciation in the guarantee fund established for Borsa Istanbul Swap Money Market losses value as a result because of the price changes in the market, use of the guarantee fund contributions, increase in the Member’s guarantee fund contribution obligations and for other reasons. 4) A guarantee fund contribution call shall be issued by sending an electronic mail or delivering a message to the Member’s screens provided by Takasbank and/or by way of reporting. The Member accepts the delivery and its receipt of the call at the creation moment of the call in the system without the need for any further warning and notice. 5) The responsibility of the Member starts at the moment the guarantee fund contribution call issued by Takasbank is received by the Member. The time period for fulfilling the call shall be stipulated by Takasbank in the Procedure. Should the obligation be failed to be fulfilled, a default interest shall be charged at a rate set forth in the relevant legislation. 6) The Member accepts that it shall have no right to object to the use of its deposited guarantee fund contributions and additional guarantee fund contributions by Takasbank in accordance with the relevant legislation due to the debts of other clearing and settlement members in accordance with the relevant legislationmembers. If the guarantee fund contributions of the Member have been resorted due to the debts of another clearing and settlement member, the funds generated from the proceeding of the obligor clearing and settlement member shall be used in accordance with the order and principles stipulated in the relevant legislation to return the contributions deposited by the Member and used due to the debts of other member. The return shall be made on a pro-pro- rata basis. 7) The Member accepts, declares and undertakes that it shall not raise any claim against Takasbank should the guarantee fund contributions of the Member be used by Takasbank due to the debts of other clearing and settlement members and if the debts are failed to be covered either in whole or in part because of the legal proceeding initiated by Takasbank against the obligor institutions to remain partially or completely inconclusive.