ANNUAL RECONCILIATION AMOUNT. The Annual Reconciliation Amount is a payment by each Partner to the Host Authority (if positive) or to each Partner from the Host Authority (if negative) in respect of reconciliation differences between the amounts which have accrued due during the relevant Contract Year and payments actually made through each Partner’s Monthly Payments and Quarterly Payments in respect of the relevant Contract Year. The Annual Reconciliation Amount shall be due and payable on the last Business Day of the Payment Period following the Payment Period in which the Annual Report is delivered pursuant to the Project Agreement by the Contractor to the Authority or on the date of delivery of the Annual Report in respect of the final Contract Year and no interest for late payment shall be due from either Party to the other in respect of any period occurring before such due date for payment. The Annual Reconciliation Amount in respect of the Final Contract Year shall result in an amount due from the Authority to the Contractor (or vice versa) and payable in accordance with clause 45.3 (Final Payment Periods) of the Project Agreement.
ANNUAL RECONCILIATION AMOUNT. Within fifteen (15) days of the end of the Term the Parties shall reconcile the Total Annual Payment paid by HRT O&G in the previous Year against the Minimum Annual Fee (the result of such reconciliation the “Annual Reconciliation Amount”). For purposes of this reconciliation, the Total Annual Payment will be the total sum of all amounts paid by HRT O&G during the full twelve (12) month period of the Term, which shall be calculated in USD based on the Exchange Rate as of the date of each monthly invoice (before its conversion into BRL).
