Participating Margin is collected from Clearing Members (CMs) who participated in Swap Connect and may be utilized when Shanghai Clearing House (SHCH) defaults. Each CM with Northbound Swaps clearing shall provide Participating Margin determined based on the margin requirement of equal but opposite terms of Northbound Swap portfolio of each of its Position Account with a multiplier with reference to the net exposure of inter-CCP positions between SHCH and OTC Clear.