Template:Nutshell 2016 CSA 3(c)

3(c) Exchanges.

(i) On any Local Business Day the Transferor may ask the Transferee to exchange some “New Credit Support (VM)” for some “Original Credit Support (VM)” already in its Credit Support Balance (VM).

(ii) If the Transferee consents:

(A) the Transferor must transfer the New Credit Support (VM) to the Transferee on the Settlement Day after it receives the Transferee’s consent; and

(B) the Transferee must transfer to equivalent Original Credit Support (VM), with a prevailing Value as close as practicable to, but not more than, that of the New Credit Support (VM), to the Transferor on the Settlement Day after the Transferee receives the New Credit Support (VM) (the “Exchange Date”).