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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: | | {{vmcsaprov|4(a)}} '''{{vmcsaprov|Disputed Calculations or Valuations}}'''. If a party (a “'''{{vmcsaprov|Disputing Party}}'''”) reasonably disputes (I) the {{vmcsaprov|Valuation Agent}}’s calculation of a {{vmcsaprov|Delivery Amount (VM)}} or a {{vmcsaprov|Return Amount (VM)}} or (II) the {{vmcsaprov|Value}} of any transfer of {{vmcsaprov|Eligible Credit Support (VM)}} or {{vmcsaprov|Equivalent Credit Support (VM)}}, 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 {{vmcsaprov|Disputing Party}} will notify the other party and the {{vmcsaprov|Valuation Agent}} (if the {{vmcsaprov|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 {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Return Amount (VM)}} in the case of (I) above, or, in the case of (II) above, the {{vmcsaprov|Local Business Day}} following 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 date that the transfer is due in respect of such {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Return Amount (VM)}}; |
| :(3) the parties will consult with each other in an attempt to resolve the dispute; and | | :(3) the parties will consult with each other in an attempt to resolve the dispute; and <br> |
| :(4) if they fail to resolve the dispute by the {{csaprov|Resolution Time}}, then:
| | {{ISDA English Law Credit Support Annex 2016 4(a)(4)}} |
| ::(i) in the case of a dispute involving a {{csaprov|Delivery Amount (VM)}} or {{csaprov|Return Amount (VM)}}, unless otherwise specified in Paragraph 11, the {{csaprov|Valuation Agent}} will recalculate the {{csaprov|Exposure}} and the {{csaprov|Value}} as of the Recalculation Date by:
| | Following a recalculation pursuant to this Paragraph, the {{vmcsaprov|Valuation Agent}} will notify each party (or the other party, if the {{vmcsaprov|Valuation Agent}} is a party) as soon as possible but in any event not later than the {{vmcsaprov|Notification Time}} on the {{vmcsaprov|Local Business Day}} following the {{vmcsaprov|Resolution Time}}. The appropriate party will, upon demand following such notice given by the {{vmcsaprov|Valuation Agent}} or a resolution pursuant to (3) above and subject to Paragraph {{vmcsaprov|3(a)}}, make the appropriate transfer. <br> |
| :::(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;
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| :::(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
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| :::(C) utilising the procedures specified in Paragraph {{csaaprov|11(f)(ii)}} for calculating the {{csaprov|Value}}, if disputed, of the outstanding {{csaprov|Credit Support Balance (VM)}};
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| ::(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>
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| 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. | |