Template:ISDA English Law Credit Support Annex 1995 4(a)

4(a) Disputed Calculations or Valuations. If a party (a "Disputing Party") reasonably disputes (I) the
Valuation Agent’s calculation of a Delivery Amount or a Return Amount or (II) the Value of any transfer
of Eligible Credit Support or Equivalent Credit Support, then:

(1) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation
Agent is not the other party) not later than the close of business on the Local Business Day
following, in the case of (I) above, the date that the demand is received under Paragraph 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 <brSettlement Day> following the date that the
demand is received under Paragraph 2;

(3) the parties will consult with each other in an attempt to resolve the dispute; and

(4) if they fail to resolve the dispute by the Resolution Time, then:

(i) in the case of a dispute involving a Delivery Amount or Return Amount, unless
otherwise specified in Paragraph 11(c), the Valuation Agent will recalculate the Exposure
and the Value as of the Recalculation Date by:

(A) utilising any calculations of that part of the Exposure attributable to the
Transactions that the parties have agreed are not in dispute;

(B) calculating that part of the Exposure attributable to the Transactions in
dispute by seeking four actual quotations at mid-market from Reference Market-
makers for purposes of calculating Market Quotation, and taking the arithmetic
average of those obtained; provided that if four quotations are not available for a
particular Transaction, then fewer than four quotations may be used for that
Transaction, and if no quotations are available for a particular Transaction, then
the Valuation Agent’s original calculations will be used for the Transaction; and

(C) utilising the procedures specified in Paragraph 11(e)(ii) for calculating the
Value, if disputed, of the outstanding Credit Support Balance;

(ii) in the case of a dispute involving the Value of any transfer of Eligible Credit
Support or Equivalent Credit Support, the Valuation Agent will recalculate the Value as of
the date of transfer pursuant to Paragraph 11(e)(ii).

Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the
other party, if the Valuation Agent is a party) as soon as possible but in any event not later than the
Notification Time on the Local Business Day following the Resolution Time. The appropriate party will,
upon demand following such notice given by the Valuation Agent or a resolution pursuant to (3) above and
subject to Paragraph 3(a), make the appropriate transfer.