Calculation Date Calculations Clause Samples
The "Calculation Date Calculations" clause defines how and when specific financial or contractual calculations are to be performed based on a designated calculation date. It typically outlines the methodology for determining values such as payments, interest, or adjustments that depend on the status or data available as of that date. For example, it may specify that interest accrues up to the calculation date or that market values are assessed as of that day. This clause ensures consistency and clarity in how key figures are determined, reducing disputes and ambiguity regarding the timing and basis of calculations.
Calculation Date Calculations. (a) As soon as reasonably practicable after each Calculation Date (a “Relevant Calculation Date”), but in no event later than 12:00 noon (New York City time) on the second Business Day prior to the succeeding Payment Date, the Calculation Agent shall, based on the Calculation Date Information received by the Calculation Agent, and based on information known to it or Relevant Information provided to it, make the following determinations and calculations (and each of the Trustee and the Issuer (for itself and on behalf of the Servicer) agrees to provide any Relevant Information reasonably requested by the Calculation Agent for the purpose of making such determinations and calculations):
(i) the Available Collections Amount for such Payment Date;
(ii) (x) the amount of Collections received during the period commencing the day immediately following the Calculation Date that preceded such Relevant Calculation Date and ending on such Relevant Calculation Date, (y) the amount, if any, to be transferred to the Collection Account from, or otherwise withdrawn from, the Interest Reserve Account and the Capital Account as of the Relevant Calculation Date on such Payment Date in accordance with Section 3.7, and (z) the amount of payments, if any, made pursuant to Section 2.5(d) from each of the Collection Account and the Capital Account;
(iii) the balance of funds on deposit in each Account other than the Collection Account on such Relevant Calculation Date and the amount of interest and earnings (net of losses and investment expenses), if any, on investments of funds on deposit therein from the day immediately following the Calculation Date that preceded such Relevant Calculation Date and ending on such Relevant Calculation Date;
(iv) the balance of funds on deposit in the Collection Account on such Relevant Calculation Date and the amount of interest and earnings (net of losses and investment expenses), if any, on investments of funds on deposit therein from the day immediately following the Calculation Date that preceded such Relevant Calculation Date and ending on such Relevant Calculation Date;
(v) Taxes owed by the Issuer;
(vi) (x) all other Expenses due and payable on such Payment Date and not previously paid or reimbursed, and to be paid or reimbursed, pursuant to Section 3.6(a)(ii), in the amounts shown on all supporting documentation therefor and attached to the Calculation Date Information received by the Calculation Agent, and (y) all Expenses previously re...
Calculation Date Calculations