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

:::(A) utilising any calculations of that part of the {{csaprov|Exposure}} attributable to the {{csaprov|Covered Transaction}}s that the parties have agreed are not in dispute;  

:::(B) (I) if this Agreement is a 1992 ISDA Master Agreement, calculating the {{csaprov|Exposure}} for the {{csaprov|Covered Transaction}}s in dispute by seeking four actual quotations at midmarket from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained, or (II) if this Agreement is an ISDA 2002 Master Agreement or a 1992 ISDA Master Agreement in which the definition of {{isdaprov|Loss}} [[and/or]] {{isdaprov|Market Quotation}} has been amended (including where such amendment has occurred pursuant to the terms of a separate agreement or protocol) to reflect the definition of {{isdaprov|Close-out Amount}} from the pre-printed form of the ISDA 2002 Master Agreement as published by ISDA, calculating that part of the {{csaprov|Exposure}} attributable to the {{csaprov|Covered Transaction}}s in dispute by seeking four actual quotations at mid-market from third parties for purposes of calculating the relevant {{isdaprov|Close-out Amount}}, and taking the arithmetic average of those obtained; [[provided that]], [[in either case]], if four quotations are not available for a particular {{csaprov|Covered Transaction}}, then fewer than four quotations may be used for that {{csaprov|Covered Transaction}}, and if no quotations are available for a particular {{csaprov|Covered Transaction}}, then the {{csaprov|Valuation Agent}}’s original calculations will be used for the {{csaprov|Covered Transaction}}; and  

::(ii) in the case of a dispute involving the {{csaprov|Value}} of any transfer of {{csaprov|Eligible Credit Support (VM)}} or {{csaprov|Equivalent Credit Support (VM)}}, the {{csaprov|Valuation Agent}} will recalculate the {{csaprov|Value}} as of the date of transfer pursuant to Paragraph {{csaprov|11(f)(ii)}}. <br>  

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.