(i) A national bank or a federal credit union association that purchases a credit derivative classified as credit risk for credit risk for credit risk not covered by Part F of that party is not required to calculate a separate counterparty credit risk, in accordance with provisions 3.134 or 3.135. As long as the national bank or the Bundessparkassenverband does so consistently for all these credit derivatives and all of these credit derivatives subject to a master clearing agreement are or excludes from any measure used to determine counterparty credit risk for all relevant counterparties for risk-based capital purposes. When a bank, as a representative, arranges a repo transaction (i.e. pension/reverse-repurchase and credit transactions) between a client and a third party and gives the client the guarantee that the third party will meet its obligations, the risk to the bank is the same, as if the bank had entered into the transaction as capital. Under these conditions, a bank must calculate capital requirements as if it were the capital manager itself. The effects of master clearing agreements on securities financing operations (SFTs) can be taken into account when calculating capital requirements under the conditions and requirements set out in THE CRE22.62 to CRE22.65. If LFS is subject to a control compensation agreement, whether held in the bank portfolio or in the trading portfolio, a bank cannot recognize the offset effects when calculating the capital. In this case, each transaction is subject to a capital charge, as if there were no tribal compensation agreement. (i) calculating replacement fees. Notwithstanding paragraph (c) (6) of this section, a national bank or federation of federal savings banks designates several clearing sets subject to a single variation contract to be allocated a single margin of variation where the consideration must reserve the additional margin of variation, calculated under the following formula: (iii) a national bank or a federal savings bank association may also apply the internal modeling method of derivative contracts; marginala loans and eligible repurchase transactions subject to a qualified inter-product clearing agreement where: (A) E corresponds to the value of the exposure (the sum of the current fair values of all instruments, gold and cash lent, sold or accounted for as collateral for the counterparty by the National Bank or the federal association of the counterparty credit union in connection with the transaction (or netting set); The CRE22.65 formula is used to calculate credit venture capital requirements for SFT counterparties with clearing agreements.