ACCOUNTING SETTLEMENT Sample Clauses
The ACCOUNTING SETTLEMENT clause establishes the procedures and timelines for reconciling and finalizing financial transactions between parties. Typically, it outlines how and when payments, reimbursements, or adjustments are calculated and exchanged, often specifying the documentation required and the process for resolving discrepancies. This clause ensures that all parties have a clear, agreed-upon method for settling accounts, thereby reducing the risk of disputes and promoting financial transparency.
ACCOUNTING SETTLEMENT. For each Accounting Period as defined in Section 1.01, the Accounting Settlement will be equal to (1) minus (2), minus (3), minus (4) where:
(1) Equals the Reinsurance Premiums as determined in accordance with Section B of this Exhibit D.
(2) Reinsurance Claims as determined in accordance with Section C. of this Exhibit D.
(3) Commissions and Premium Tax as determined in accordance with Section D of this Exhibit D.
(4) Modco Reserve Adjustment as determined in accordance with Section F of this Exhibit D. For the avoidance of doubt, each of the amounts determined above, including the Accounting Settlement may be a positive or negative number.
ACCOUNTING SETTLEMENT. Auctioneers will maintain accurate records of the bidding during the Auction and accurate records of all Negotiated Sales. A preliminary accounting for all items sold at the Auction will be provided to IBIO immediately following the Auction. All Sales Proceeds from the Auction of the Equipment will be collected by Auctioneers. Auctioneers will deliver to IBIO an itemized accounting setting forth the purchase price for each item sold together with an itemization of Sale Expenses within Fourteen (14) calendar days of the Auction. At the time of the delivery of the accounting, remittance will be made to IBIO of the Sales Proceeds, less the Guaranteed Amount, Expenses, and the portion of Sales Proceeds due to Auctioneer (which are over $2,300,000) pursuant to Section 9f (iii). All amounts in this Agreement are to be paid in U.S. Dollars. Copies of all records of the sale of the Equipment shall be maintained at Auctioneers’ offices for a period of one (1) year following completion of the Auction and at all times during that one (1) year period shall be available to IBIO upon reasonable advance notice.
ACCOUNTING SETTLEMENT. Prior to the Closing, Seller shall have caused all accounts receivable and all accounts payable, trade payables and other indebtedness of the Company to be transferred to Seller or a Non-Company Affiliate. After the Closing, invoices for goods purchased, or services performed, prior to the Closing Date will be for the account of Seller and invoices for goods purchased, or services performed, on and after the Closing Date shall be for the account of Purchasers. Purchasers shall have all responsibility and liability for Company's performance of its obligations and commitments arising after Closing. After the Closing, Purchasers shall promptly remit to Seller any invoices for which Seller is responsible pursuant to this Section 6.5, and Seller shall promptly pay them. After the Closing, Seller shall promptly remit to Purchasers any invoices for which Purchasers are responsible pursuant to this Section 6.5, and Purchasers shall promptly pay their pro rata share of them.