Template:Nutshell 2018 CSD 4(e)

4(e) Substitutions.

(i) On any Local Business Day the Chargor may send a “Substitution Notice” informing the Secured Party that it wishes to substitute new Eligible Credit Support (IM) (the “Substitute Credit Support (IM)”) into the Segregated Accounts in place of specified Posted Credit Support (IM) (the “Original Credit Support (IM)”).

(ii) The Chargor must obtain the Secured Party’s consent to the proposed substitution. The Chargor must transfer the Substitute Credit Support (IM) to the Segregated Accounts on the Local Business Day following receipt the Secured Party’s consent (or the date of the Substitution Notice if the consent requirement is disapplied).

(iii) Upon transfer of the Substitute Credit Support (IM) into the Segregated Accounts (that date the “Substitution Date”), the Secured Party must instruct the Custodian (IM) to transfer Original Credit Support (IM) as if the Chargor had demanded it under Paragraph 3(b) after the Notification Time on the Substitution Date. The Value of the Original Credit Support (IM) when transferred must be as close as practicable to, but not more than, the Value of the Substitute Credit Support (IM) at that time as calculated by the Calculation Agent (IM).