Template:Nutshell 1995 CSA 4(a)

4(a) Disputed Calculations or Valuations. If a Disputing Party reasonably disputes the value of a Delivery or Return Amount or the the Value of any Eligible Credit Support:

(1) it must notify the other party and the Valuation Agent by close of business on the Local Business Day following receipt of the demand or transfer:

(2) any undisputed amount must be transferred by close of business on the Settlement Day following the demand date

(3) the parties will try resolve the dispute; and

(4) if they haven’t done so by the Resolution Time, then:

(i) For Delivery and Return Amounts, the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by:

(A) keeping any part of the calculations that aren't disputed;

(B) calculating the disputed portion of the Exposure by seeking four (or if not available, fewer) mid-market quotations from Reference Market-makers and taking the average; provided that if no quotations are available the Valuation Agent’s original calculations will stand; and

(C) using the procedures in Paragraph 11(e)(ii) to calculate the Value of the outstanding Credit Support Balance;

(ii) If the Value of any Equivalent Credit Support is disputed the Valuation Agent will recalculate the Value as of the date of transfer pursuant to Paragraph 11(e)(ii).

The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) by the Notification Time on the Local Business Day following the Resolution Time. Then the appropriate transfer has to be made.