# Article 3 — Exchange of collateral agreement **Commission Delegated Regulation (EU) 2016/2251 · binding · OJ L 340, 15.12.2016 · dated 4 Oct 2016 [in force]** *In force · Consolidated version of 14 February 2023 · Checked against EUR-Lex on 20 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R2251-20230214)* 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. **SECTION 2 — Eligibility**