Template:ISDA English Law Credit Support Deed 2018 5(a): Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{imcsdprov|5(a)}} '''{{imcsdprov|Disputed Calculations or Valuations}}'''. If a party (a “'''{{imcsdprov|Disputing Party}}'''”) disputes (I) the {{imcsdprov|Calculation A...") |
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::(A) in the case of a dispute involving a {{imcsdprov|Delivery Amount (IM)}} or {{imcsdprov|Return Amount (IM)}}, the {{imcsdprov|Calculation Agent (IM)}} will recalculate the {{imcsdprov|Credit Support Amount (IM)}} and {{imcsdprov|Value}} as of the {{imcsdprov|Recalculation Date}} by using the procedures specified in Paragraph {{imcsdprov|13}} for calculating the {{imcsdprov|Credit Support Amount (IM)}}, and for calculating the {{imcsdprov|Value}}, if disputed, of {{imcsdprov|Posted Credit Support (IM)}}; and <br> | ::(A) in the case of a dispute involving a {{imcsdprov|Delivery Amount (IM)}} or {{imcsdprov|Return Amount (IM)}}, the {{imcsdprov|Calculation Agent (IM)}} will recalculate the {{imcsdprov|Credit Support Amount (IM)}} and {{imcsdprov|Value}} as of the {{imcsdprov|Recalculation Date}} by using the procedures specified in Paragraph {{imcsdprov|13}} for calculating the {{imcsdprov|Credit Support Amount (IM)}}, and for calculating the {{imcsdprov|Value}}, if disputed, of {{imcsdprov|Posted Credit Support (IM)}}; and <br> | ||
::(B) in the case of a dispute involving the {{imcsdprov|Value}} of any transfer of {{imcsdprov|Eligible Credit Support (IM)}} or {{imcsdprov|Posted Credit Support (IM)}}, the {{imcsdprov|Calculation Agent (IM)}} will recalculate the {{imcsdprov|Value}} as of the date of transfer pursuant to Paragraph {{imcsdprov|13}}. <br> | ::(B) in the case of a dispute involving the {{imcsdprov|Value}} of any transfer of {{imcsdprov|Eligible Credit Support (IM)}} or {{imcsdprov|Posted Credit Support (IM)}}, the {{imcsdprov|Calculation Agent (IM)}} will recalculate the {{imcsdprov|Value}} as of the date of transfer pursuant to Paragraph {{imcsdprov|13}}. <br> | ||
Following a recalculation pursuant to this Paragraph 5, the {{imcsdprov|Calculation Agent (IM)}} will notify each party (or the other party, if the {{imcsdprov|Calculation Agent (IM)}} is a party) not later than the {{imcsdprov|Notification Time}} on the {{imcsdprov|Local Business Day}} following the {{imcsdprov|Resolution Time}}. The appropriate party will, upon demand following that notice by the {{imcsdprov|Calculation Agent (IM)}} or a resolution pursuant to Paragraph 5(a)(iii) above and subject to Paragraphs 4(a) (if applicable) and 4(c), make the appropriate transfer. <br> | Following a recalculation pursuant to this Paragraph {{imcsdprov|5}}, the {{imcsdprov|Calculation Agent (IM)}} will notify each party (or the other party, if the {{imcsdprov|Calculation Agent (IM)}} is a party) not later than the {{imcsdprov|Notification Time}} on the {{imcsdprov|Local Business Day}} following the {{imcsdprov|Resolution Time}}. The appropriate party will, upon demand following that notice by the {{imcsdprov|Calculation Agent (IM)}} or a resolution pursuant to Paragraph {{imcsdprov|5(a)(iii)}} above and subject to Paragraphs {{imcsdprov|4(a)}} (if applicable) and {{imcsdprov|4(c)}}, make the appropriate transfer. <br> | ||
Latest revision as of 13:52, 21 April 2021
5(a) Disputed Calculations or Valuations. If a party (a “Disputing Party”) disputes (I) the Calculation Agent (IM)’s calculation of a Delivery Amount (IM) or a Return Amount (IM) or (II) the Value of any transfer of Eligible Credit Support (IM) or Posted Credit Support (IM), then:
- (i) the Disputing Party will notify the other party and the Calculation Agent (IM) (if the Calculation Agent (IM) is not the other party) not later than the close of business on (x) the date that the transfer is due in respect of such Delivery Amount (IM) or Return Amount (IM) in the case of (I) above, or (y) the Local Business Day following the date of transfer in the case of (II) above;
- (ii) subject to Paragraph 4(a) (if applicable), 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 Delivery Amount (IM) or Return Amount (IM);
- (iii) the parties will consult with each other in an attempt to resolve the dispute; and
- (iv) if they fail to resolve the dispute by the Resolution Time, then:
- (A) in the case of a dispute involving a Delivery Amount (IM) or Return Amount (IM), the Calculation Agent (IM) will recalculate the Credit Support Amount (IM) and Value as of the Recalculation Date by using the procedures specified in Paragraph 13 for calculating the Credit Support Amount (IM), and for calculating the Value, if disputed, of Posted Credit Support (IM); and
- (B) in the case of a dispute involving the Value of any transfer of Eligible Credit Support (IM) or Posted Credit Support (IM), the Calculation Agent (IM) will recalculate the Value as of the date of transfer pursuant to Paragraph 13.
- (A) in the case of a dispute involving a Delivery Amount (IM) or Return Amount (IM), the Calculation Agent (IM) will recalculate the Credit Support Amount (IM) and Value as of the Recalculation Date by using the procedures specified in Paragraph 13 for calculating the Credit Support Amount (IM), and for calculating the Value, if disputed, of Posted Credit Support (IM); and
Following a recalculation pursuant to this Paragraph 5, the Calculation Agent (IM) will notify each party (or the other party, if the Calculation Agent (IM) is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice by the Calculation Agent (IM) or a resolution pursuant to Paragraph 5(a)(iii) above and subject to Paragraphs 4(a) (if applicable) and 4(c), make the appropriate transfer.