What I meant by let the referee handle it is that he makes the final decision and reports it to the table. Of course you would both have to talk to let each other know what you saw.
5.10.1C does not refer to the clock - it only covers the mistakes of officials in counts such as 3 seconds, 5 closely guarded, 5 throw-in, 10 second backcourt. If the official had properly counted to 10 in this situation and then noticed the clock was at :12, the referee would order :02 placed on the clock.
The key between B and D is the word after. Let's say the clock is counting down from :10.0. You are looking at the clock after a made basket when A2 requests a time out, and you blow the whistle when the clock shows :07.3. In this situation, you must allow for lag time in stopping the clock. If the clock shows anything between :06.3 and :07.3, the time cannot be corrected. If the time is less than :06.3, the clock is set to :06.3 - not :07.3.
Same time situation, and there is an OOB violation called. You whistle, put your hand up, and then look up at the clock. Because you were not looking at the clock when the whistle was blown, the lag time was the time between your whistle and when you looked at the clock. Here, if you looked up and saw :07.3, the clock would be reset to :07.3 if it showed anything less than :07.3.
In the original situation, if you whistled and then looked up at the clock, time should have been reset to :04.3.
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