Short position limit

In respect of an eligible currency, the maximum short position a Settlement Member may have at any time in that eligible currency and, unless otherwise reduced pursuant to the CLS Bank Rules, shall equal (i) the total amount of all available committed liquidity facilities in such eligible currency (or such lesser amount that CLS Bank may determine from time to time) minus (ii) the amount of the largest available committed liquidity facility among such liquidity facilities (after taking into account any amounts already drawn.