Bank Calculation Certificate Clause Samples
A Bank Calculation Certificate clause defines the process by which a bank provides a formal statement detailing the calculations used to determine amounts payable under a contract, such as interest, fees, or repayment sums. Typically, the bank prepares and delivers this certificate to the relevant parties, and the figures it contains are considered conclusive unless a clear error is identified. This clause ensures transparency and efficiency in financial dealings by providing an authoritative source for payment calculations, thereby reducing disputes and streamlining the administration of financial obligations.
Bank Calculation Certificate. Any request for compensation pursuant to Section 3.6 shall be accompanied by a statement of an officer of the Bank requesting such compensation and describing the methodology used by such Bank in calculating the amount of such compensation, which methodology (i) may consist of any reasonable averaging and attribution methods and (ii) in the case of Section 3.6(b) hereof shall be consistent with the methodology used by such Bank in making similar calculations in respect of loans or commitments to other borrowers.