Common use of Dispute Escalation Procedures Clause in Contracts

Dispute Escalation Procedures. Any difference of interpretation which may arise concerning the construction, meaning, effect, or operation of the Agreement or any other matters arising out of or in connection with the Agreement shall in the first instance be referred to the Facility Managers. If the matter is not satisfactorily resolved by discussions between the Manager and the Facility Managers in a timely manner, they will escalate the matter to the next level of management of the FRBNY and the Manager in accordance with the hierarchy set out in table below (“Hierarchy”). The FRBNY and the Manager and their respective representatives in the Hierarchy shall meet promptly to attempt to resolve the matter. If any of the representatives are unable to attend any meeting, a substitute may be appointed provided that such substitute has substantially the same seniority and is authorized to settle the unresolved matter. If a matter cannot be resolved at one level, the parties will continue to escalate through the Hierarchy unless and until the matter is resolved or the parties, acting in good faith, are unable to resolve the matter following discussions at the Third Level. The levels of escalation are as follows: FRBNY Manager First Level Facility Manager – Senior Vice President, Markets Group Head of Financial Markets Advisory Group Second Level Executive Vice President, Markets Head of International and Corporate Strategy Third Level President Chief Executive Officer