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

3(b) Calculations. All calculations of Value and Exposure for purposes of Paragraphs 2 and 4(a) will
be made by the relevant Valuation Agent as of the relevant Valuation Time. The Valuation Agent will
notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the
Notification Time on the Local Business Day following the applicable Valuation Date (or, in the case of
Paragraph 4(a), following the date of calculation).