Article 3
Exchange of collateral agreement
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.