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{{ | {{vmcsaprov|4(a)}} '''{{vmcsaprov|Disputed Calculations or Valuations}}'''. If a {{vmcsaprov|Disputing Party}} disputes any collateral call (the {{vmcsaprov|Value}} of either the {{vmcsaprov|Exposure}} or the {{vmcsaprov|Credit Support}} being transferred): | ||
*it must give notice by close of business on the date the transfer is due (if a {{ | *it must give notice by close of business on the date the transfer is due (if a {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Return Amount (VM)}}) or, the {{vmcsaprov|Local Business Day}} following the date of transfer (if a transfer of {{vmcsaprov|Eligible Credit Support (VM)}} or {{vmcsaprov|Equivalent Credit Support (VM)}}); | ||
*it must transfer any undisputed amount by close of business on the date the transfer is due; | *it must transfer any undisputed amount by close of business on the date the transfer is due; | ||
*the parties will try resolve the dispute. If by the {{ | *the parties will try resolve the dispute. If by the {{vmcsaprov|Resolution Time}} they haven’t: | ||
**'''Disputes as to {{ | **'''Disputes as to {{vmcsaprov|Exposure}}''': the {{vmcsaprov|Valuation Agent}} will recalculate the disputed portion of the {{vmcsaprov|Exposure}} as of the {{vmcsaprov|Recalculation Date}} by: | ||
***averaging mid-market quotations for the {{isdaprov|Market Quotation}} from four {{isdaprov|Reference Market-maker}}s (if a {{1992ma}}-style close out mechanism); or from four third parties for the {{isdaprov|Close-out Amount}} (for a {{2002ma}}-style close out mechanism), in either case from those parties who will provide one (and if none will, the {{ | ***averaging mid-market quotations for the {{isdaprov|Market Quotation}} from four {{isdaprov|Reference Market-maker}}s (if a {{1992ma}}-style close out mechanism); or from four third parties for the {{isdaprov|Close-out Amount}} (for a {{2002ma}}-style close out mechanism), in either case from those parties who will provide one (and if none will, the {{vmcsaprov|Valuation Agent}}’s original calculations will stand); and | ||
***calculating the outstanding {{ | ***calculating the outstanding {{vmcsaprov|Credit Support Balance}} as per Paragraph {{vmcsaprov|11(f)(ii)}}; | ||
**'''Disputes as to {{ | **'''Disputes as to {{vmcsaprov|Credit Support}} {{vmcsaprov|Value}}''': recalculating the {{vmcsaprov|Value}} as of the date of transfer. <br /> | ||
The {{ | The {{vmcsaprov|Valuation Agent}} will notify each party by the {{vmcsaprov|Notification Time}} on the {{vmcsaprov|Local Business Day}} following the {{vmcsaprov|Resolution Time}}. Then the appropriate transfer has to be made. <br> |