Template:ISDA English Law Credit Support Annex 1995 3(c)

3(c) Exchanges.

(i) Unless otherwise specified in Paragraph 11, the Transferor may on any Local Business
Day by notice inform the Transferee that it wishes to transfer to the Transferee Eligible Credit
Support specified in that notice (the "New Credit Support") in exchange for certain Eligible Credit
Support (the "Original Credit Support") specified in that notice comprised in the Transferor's
Credit Support Balance.

(ii) If the Transferee notifies the Transferor that it has consented to the proposed exchange,
(A) the Transferor will be obliged to transfer the New Credit Support to the Transferee on the first
Settlement Day following the date on which it receives notice (which may be oral telephonic notice)
from the Transferee of its consent and (B) the Transferee will be obliged to transfer to the
Transferor <brEquivalent Credit Support> in respect of the Original Credit Support not later than the
Settlement Day following the date on which the Transferee receives the New Credit Support, unless
otherwise specified in Paragraph 11(d) (the "Exchange Date"); provided that the Transferee will
only be obliged to transfer Equivalent Credit Support with a Value as of the date of transfer as
close as practicable to, but in any event not more than, the Value of the New Credit Support as of
that date.