3.1. Criteria for Eligible Collateral

We expect Validators to solely and exclusively recognize assets as Eligible Collateral when such assets conform to the criteria below.

i. Criteria for the Eligibility of Assets:

• United States Treasury Bills with a remaining time to maturity of 90 days or less.

ii. Ancillary Criteria for the Eligibility of Assets:

• So-called In-Transit Cash, defined as Cash Equivalents in an amount equal to placed-and-executed-but-not-yet-settled buy orders for assets defined in (i). In case such orders are ultimately canceled, settled, or never settled, such balances shall no longer be recognized.

• So-called In-Transit Securities, defined as executed-but-not-yet-settled sell orders for assets defined in (i) (at the time of purchase) in case, for the avoidance of doubt, neither the securities nor balances in Cash Equivalents are listed in the Collateral Storage (and more specifically Securities and Cash Account of the SPV).

It is important to highlight that aside from the preceding exceptions, neither Cash Equivalents nor any other type of asset should be considered Eligible Collateral.