Template talk:ISDA English Law Credit Support Annex 2016 4(a): Difference between revisions

Template talk:ISDA English Law Credit Support Annex 2016 4(a) (view source)

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-{{csaprov|4(a)}} '''{{csaprov|Disputed Calculations or Valuations}}'''. If a party (a “'''{{csaprov|Disputing Party}}'''”) reasonably disputes (I) the {{csaprov|Valuation Agent}}’s calculation of a {{csaprov|Delivery Amount (VM)}} or a {{csaprov|Return Amount (VM)}} or (II) the {{csaprov|Value}} of any transfer of {{csaprov|Eligible Credit Support (VM)}} or {{csaprov|Equivalent Credit Support (VM)}}, then:
+{{csaprov|4(a)}} '''{{csaprov|Disputed Calculations or Valuations}}'''. If a party (a “'''{{csaprov|Disputing Party}}'''”) reasonably disputes (I) the {{csaprov|Valuation Agent}}’s calculation of a {{csaprov|Delivery Amount}} or a {{csaprov|Return Amount}} or (II) the {{csaprov|Value}} of any transfer of {{csaprov|Eligible Credit Support}} or {{csaprov|Equivalent Credit Support}}, then:
-:(1) the {{csaprov|Disputing Party}} will notify the other party and the {{csaprov|Valuation Agent}} (if the {{csaprov|Valuation Agent}} is not the other party) not later than the close of business on the date that the transfer is due in respect of such {{csaprov|Delivery Amount (VM)}} or {{csaprov|Return Amount (VM)}} in the case of (I) above, or, in the case of (II) above, the {{csaprov|Local Business Day}} following the date of transfer;
+:(1) the {{csaprov|Disputing Party}} will notify the other party and the {{csaprov|Valuation Agent}} (if the Valuation Agent is not the other party) not later than the close of business on the {{csaprov|Local Business Day}} following, in the case of (I) above, the date that the demand is received under Paragraph {{csaprov|2}} or, in the case of (II) above, the date of transfer;
-:(2) in the case of (I) above, the appropriate party will transfer the undisputed amount to the other party not later than the close of business on the date that the transfer is due in respect of such {{csaprov|Delivery Amount (VM)}} or {{csaprov|Return Amount (VM)}};
+:(2) in the case of (I) above, the appropriate party will transfer the undisputed amount to the other party not later than the close of business on the {{csaprov|Settlement Day}} following the date that the demand is received under Paragraph {{csaprov|2}};
-:(3) the parties will consult with each other in an attempt to resolve the dispute; and <br>
+:(3) the parties will consult with each other in an attempt to resolve the dispute; and
-{{ISDA English Law Credit Support Annex 2016 4(a)(4)}}
+:(4) if they fail to resolve the dispute by the Resolution Time, then:
-Following a recalculation pursuant to this Paragraph, the {{csaprov|Valuation Agent}} will notify each party (or the other party, if the {{csaprov|Valuation Agent}} is a party) as soon as possible but in any event not later than the {{csaprov|Notification Time}} on the {{csaprov|Local Business Day}} following the {{csaprov|Resolution Time}}. The appropriate party will, upon demand following such notice given by the {{csaprov|Valuation Agent}} or a resolution pursuant to (3) above and subject to Paragraph {{csaprov|3(a)}}, make the appropriate transfer. <br>
+::(i) in the case of a dispute involving a {{csaprov|Delivery Amount}} or {{csaprov|Return Amount}}, unless otherwise specified in Paragraph {{csaprov|11(c)}}, the {{csaprov|Valuation Agent}} will recalculate the {{csaprov|Exposure}} and the {{csaprov|Value}} as of the {{csaprov|Recalculation Date}} by:
+:::(A) utilising any calculations of that part of the {{csaprov|Exposure}} attributable to the {{isdaprov|Transactions}} that the parties have agreed are not in dispute;
+:::(B) calculating that part of the {{csaprov|Exposure}} attributable to the {{isdaprov|Transactions}} in dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating {{isdaprov|Market Quotation}}, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular {{isdaprov|Transaction}}, then fewer than four quotations may be used for that {{isdaprov|Transaction}}, and if no quotations are available for a particular {{isdaprov|Transaction}}, then the {{csaprov|Valuation Agent}}’s original calculations will be used for the {{isdaprov|Transaction}}; and
+:::(C) utilising the procedures specified in Paragraph {{csaprov|11(e)(ii)}} for calculating the {{csaprov|Value}}, if disputed, of the outstanding {{csaprov|Credit Support Balance}};
+::(ii) in the case of a dispute involving the {{csaprov|Value}} of any transfer of Eligible Credit Support or {{csaprov|Equivalent Credit Support}}, the {{csaprov|Valuation Agent}} will recalculate the {{csaprov|Value}} as of the date of transfer pursuant to Paragraph {{csaprov|11(e)(ii)}}.
+Following a recalculation pursuant to this Paragraph, the {{csaprov|Valuation Agent}} will notify each party (or the other party, if the {{csaprov|Valuation Agent}} is a party) as soon as possible but in any event not later than the {{csaprov|Notification Time}} on the {{csaprov|Local Business Day}} following the {{csaprov|Resolution Time}}. The appropriate party will, upon demand following such notice given by the {{csaprov|Valuation Agent}} or a resolution pursuant to (3) above and subject to Paragraph {{csaprov|3(a)}}, make the appropriate transfer.