Merge pull request #267033 from bandersmsft/exchange-bullet

MCM - Update Exchange article for Exchange policy date consistency

Author: prmerger-automator[bot]

articles/cost-management-billing/reservations/exchange-and-refund-azure-reservations.md

@@ -6,7 +6,7 @@ ms.reviewer: primittal
 ms.service: cost-management-billing
 ms.subservice: reservations
 ms.topic: how-to
-ms.date: 11/30/2023
+ms.date: 2/22/2024
 ms.author: banders
 ---
 
@@ -77,7 +77,7 @@ When you exchange reservations, the new purchase currency amount must be greater
 ## Exchange nonpremium storage for premium storage
 
 You can exchange a reservation purchased for a VM size that doesn't support premium storage to a corresponding VM size that does. For example, an _F1_ for an _F1s_. To make the exchange, go to Reservation Details and select **Exchange**. The exchange doesn't reset the term of the reserved instance or create a new transaction.
-If you're exchanging for a different size, series, region or payment frequency, the term is reset for the new reservation. 
+If you're exchanging for a different size, series, region, or payment frequency, the term is reset for the new reservation. 
 
 ## How transactions are processed
 
@@ -93,17 +93,17 @@ If the original reservation purchase was made from an overage, the refund is ret
 
 For customers that pay by wire transfer, the refunded amount is automatically applied to the next month’s invoice. The return or refund doesn't generate a new invoice.
 
-For customers that pay by credit card, the refunded amount is returned to the credit card that was used for the original purchase. If you've changed your card, [contact support](https://portal.azure.com/#blade/Microsoft_Azure_Support/HelpAndSupportBlade/newsupportrequest).
+For customers that pay by credit card, the refunded amount is returned to the credit card that was used for the original purchase. If you changed your card, [contact support](https://portal.azure.com/#blade/Microsoft_Azure_Support/HelpAndSupportBlade/newsupportrequest).
 
 ### Pay-as-you-go invoice payments and CSP program
 
-The original reservation purchase invoice is canceled and then a new invoice is created for the refund. For exchanges, the new invoice shows the refund and the new purchase. The refund amount is adjusted against the purchase. If you only refunded a reservation, then the prorated amount stays with Microsoft and it's adjusted against a future reservation purchase. If you bought a reservation at pay-as-you-go rates and later move to a CSP, the reservation can be returned and repurchased without a penalty.
+The original reservation purchase invoice is canceled and then a new invoice is created for the refund. For exchanges, the new invoice shows the refund and the new purchase. The refund amount is adjusted against the purchase. If you only refunded a reservation, then the prorated amount stays with Microsoft and it gets adjusted against a future reservation purchase. If you bought a reservation at pay-as-you-go rates and later move to a CSP, the reservation can be returned and repurchased without a penalty.
 
 Although a CSP customer can’t exchange, cancel, renew, or refund a reservation themself, they can ask their partner to do it on their behalf.
 
 ### Pay-as-you-go credit card customers
 
-The original invoice is canceled, and a new invoice is created. The money is refunded to the credit card that was used for the original purchase. If you've changed your card, [contact support](https://portal.azure.com/#blade/Microsoft_Azure_Support/HelpAndSupportBlade/newsupportrequest).
+The original invoice is canceled, and a new invoice is created. The money is refunded to the credit card that was used for the original purchase. If you changed your card, [contact support](https://portal.azure.com/#blade/Microsoft_Azure_Support/HelpAndSupportBlade/newsupportrequest).
 
 ## Cancel, exchange, and refund policies
 
@@ -118,12 +118,12 @@ Azure has the following policies for cancellations, exchanges, and refunds.
 - The new reservation's lifetime commitment should equal or be greater than the returned reservation's remaining commitment. Example: for a three-year reservation that's 100 USD per month and exchanged after the 18th payment, the new reservation's lifetime commitment should be 1,800 USD or more (paid monthly or upfront).
 - The new reservation purchased as part of exchange has a new term starting from the time of exchange.
 - There's no penalty or annual limits for exchanges.
-- Exchanges will be unavailable for all compute reservations - Azure Reserved Virtual Machine Instances, Azure Dedicated Host reservations, and Azure App Services reservations - purchased on or after **January 1, 2024**. Compute reservations purchased **prior to January 1, 2024** will reserve the right to **exchange one more time** after the policy change goes into effect. For more information about the exchange policy change, see [Changes to the Azure reservation exchange policy](reservation-exchange-policy-changes.md).
+- Through a grace period, you will have the ability to exchange Azure compute reservations (Azure Reserved Virtual Machine Instances, Azure Dedicated Host reservations, and Azure App Services reservations) **until at least July 1, 2024**. In October 2022, it was announced that the ability to exchange Azure compute reservations would be deprecated on January 1, 2024. This policy’s start date remains January 1, 2024 but with this grace period you now have until at least July 1, 2024 to exchange your Azure compute reservations. Compute reservations purchased prior to the end of the grace period will reserve the right to exchange one more time after the grace period ends. For more information about the exchange policy change, see  [Changes to the Azure reservation exchange policy](reservation-exchange-policy-changes.md).
 
 **Refund policies**
 
 - We're currently not charging an early termination fee, but in the future there might be a 12% early termination fee for cancellations.
-- The total canceled commitment can't exceed 50,000 USD in a 12-month rolling window for a billing profile or single enrollment. For example, assume you have a three-year reservation (36 months). It costs 100 USD per month. It's refunded in the 12th month. The canceled commitment is 2,400 USD (for the remaining 24 months). After the refund, your new available limit for refund is 47,600 USD (50,000-2,400). In 365 days from the refund, the 47,600 USD limit increases by 2,400 USD. Your new pool is 50,000 USD. Any other reservation cancellation for the billing profile or EA enrollment depletes the same pool, and the same replenishment logic applies.
+- The total canceled commitment can't exceed 50,000 USD in a 12-month rolling window for a billing profile or single enrollment. For example, assume you have a three-year reservation (36 months). It costs 100 USD per month. It gets refunded in the 12th month. The canceled commitment is 2,400 USD (for the remaining 24 months). After the refund, your new available limit for refund is 47,600 USD (50,000-2,400). In 365 days from the refund, the 47,600 USD limit increases by 2,400 USD. Your new pool is 50,000 USD. Any other reservation cancellation for the billing profile or EA enrollment depletes the same pool, and the same replenishment logic applies.
 - Azure doesn't process any refund that exceeds the 50,000 USD limit in a 12-month window for a billing profile or EA enrollment.
     - Refunds that result from an exchange don't count against the refund limit.
 - Refunds are calculated based on the lowest price of either your purchase price or the current price of the reservation.
@@ -146,7 +146,7 @@ If you have questions or need help, [create a support request](https://portal.az
     - [What are Azure Reservations?](save-compute-costs-reservations.md)
     - [Manage Reservations in Azure](manage-reserved-vm-instance.md)
     - [Understand how the reservation discount is applied](../manage/understand-vm-reservation-charges.md)
-    - [Understand reservation usage for your Pay-As-You-Go subscription](understand-reserved-instance-usage.md)
+    - [Understand reservation usage for your pay-as-you-go subscription](understand-reserved-instance-usage.md)
     - [Understand reservation usage for your Enterprise enrollment](understand-reserved-instance-usage-ea.md)
     - [Windows software costs not included with reservations](reserved-instance-windows-software-costs.md)
     - [Azure Reservations in the CSP program](/partner-center/azure-reservations)