Exchange of collateral agreement
Article 3
The exchange of collateral agreement referred to in point (g) of the first subparagraph of Article 2(2) shall include at least the following terms: (a) the levels and type of collateral required; (b) the segregation arrangements; (c) the netting set to which the exchange of collateral refers; (d) the procedures for notification, confirmation and adjustment of margin calls; (e) the procedures for settlement of margin calls for each type of eligible collateral; (f) the procedures, methods, timeframes and allocation of responsibilities for the calculation of margins and the valuation of collateral; (g) the events that are considered to be default or termination events; (h) the law applicable to the non-centrally cleared OTC derivative contract; (i) the law applicable to the exchange of collateral agreement.