From the II terms and conditions;
When a Member notifies II of his or her desire to cancel a Confirmation seven days or more prior to the first date of occupancy of the Host Accommodations being canceled, the Member will be entitled to request substitute exchange accommodations, as long as the Member requests travel occurring no later than 12 months following the date on which the Member cancels said Confirmation for Host Accommodations. However, the time period in which the Member is entitled to request substitute exchange accommodations is limited, as follows:
(i) When a Member notifies II of his or her desire to cancel the Confirmation 60 days or more prior to the first date of occupancy of his or her Host Accommodations, the Member may request substitute exchange accommodations at any time from the date of cancellation up to 24 hours prior to the first date of occupancy of such substitute exchange accommodations.
(ii) Where the Member notifies II of his or her desire to cancel the Confirmation 59 days to 14 days prior to the first date of occupancy of his or her Host Accommodations, the Member may request substitute exchange accommodations 59 days to 24 hours prior to the first date of occupancy of such substitute exchange accommodations.
(iii) When a Member notifies II of his or her desire to cancel the Confirmation from 13 to seven days prior to the first date of occupancy of his or her Host Accommodations, the Member may request substitute exchange accommodations from limited travel destinations 30 days to 24 hours prior to the first date of occupancy of such substitute exchange accommodations.
(iv) II will retain the exchange fee paid initially to secure the canceled Confirmation.