Template:Nutshell GMRA 8

8. Substitution
8(a) At any time the parties may agree to vary the Transaction by substituting Purchased Securities for other Securities having a prevailing Market Value at least equal to the Market Value of the original Purchased Securities for which they are to be exchanged (“New Purchased Securities”).
8(b) The parties will substitute the Securities by simultaneous transfer.
8(c) Once varied under this paragraph, a Transaction will continue as though the Purchased Securities included the New Purchased Securities instead of the ones that the parties substiuted.
8(d) The same goes for Margin Securities under any Transaction. Where they make any transfers through a settlement system whose rules require a payment to accompany any transfer the parties must make offsetting payments outside that settlement system, for value the same day, so that the substitution of Margin Securities does not give rise to any net cash payment by either party.