(12)In accordance with the Policy Manual, variation margin is to be called no later than at the end of the following business day and be collected no later than two business days after it has been called. Footnote 64 to the Policy Manual states that if variation margin is exchanged at less than a daily frequency, the number of days in between the collection of variation margin should be added to the 10-day horizon used for the calculation of initial margin under the internal model approach. In case variation margin is exchanged at a varying frequency between the calculations of initial margin amounts, the number of days to be added to the 10-day horizon should be the maximum number of days in between variation margin collections within this period.