Common use of Calculation of and Adjustments to the Spinco Special Cash Payment Clause in Contracts

Calculation of and Adjustments to the Spinco Special Cash Payment. (a) No later than five Business Days prior to the anticipated Distribution Date, and following reasonable consultation with RMT Parent, GPC shall, at its expense, prepare and submit to SpinCo and RMT Parent a written statement (the “Estimated Statement”) prepared and calculated in accordance with the accounting principles, policies, practices and methods described on Attachment II applied on a consistent basis (the “Accounting Principles”) and setting forth, in reasonable detail using the format in the illustrative example attached to the Accounting Principles, GPC’s good faith estimates of (i) Estimated Net Working Capital, (ii) Estimated Net Debt of SpinCo, (iii) Estimated Net Debt of RMT Parent), (iv) the RMT Parent Expense Reimbursement, (v) the SpinCo Expense Reimbursement, (vi) the Equity Award True-up and (vii) the SpinCo Special Cash Payment. Each of GPC, SpinCo and RMT Parent shall provide the others in a timely fashion with all information and supporting documentation reasonably requested by any of them in connection with the preparation and review of the Estimated Statement. SpinCo may (and, at RMT Parent’s request, shall) provide GPC with comments to the Estimated Statement, and GPC, SpinCo and RMT Parent shall cooperate reasonably and in good faith to address any such comments and mutually agree on the Estimated Statement to the maximum extent practicable under the circumstances, and GPC shall reflect any such mutually agreed comments in the Estimated Statement used for determining the payment of the SpinCo Special Cash Payment made pursuant to Section 3.02(b).

Appears in 2 contracts

Samples: Separation Agreement (Essendant Inc), Separation Agreement (Genuine Parts Co)

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Calculation of and Adjustments to the Spinco Special Cash Payment. (a) No later than five ten (10) Business Days prior to the anticipated Spinco Distribution Date, and following reasonable consultation with RMT ParentPartner, GPC Remainco shall, at its expense, prepare and submit to SpinCo Spinco and RMT Parent Partner a written statement (the “Estimated Statement”) setting forth, in reasonable detail, Remainco’s good faith estimates of the amounts of (i) Net Working Capital of Spinco as of immediately prior to the Spinco Distribution prepared and calculated in accordance with the accounting principles, policies, practices and methods described on Attachment II applied on a consistent basis Accounting Principles (including the example calculation of Net Working Capital set forth in Schedule 1.1(4)) (Accounting Principles”) and setting forth, in reasonable detail using the format in the illustrative example attached to the Accounting Principles, GPC’s good faith estimates of (i) Estimated Net Working Capital”), (ii) Spinco Indebtedness as of immediately prior to the Spinco Distribution (“Estimated Net Debt of SpinCoSpinco Indebtedness”), (iii) the Spinco Expense Reimbursement (“Estimated Net Debt of RMT Parent), Spinco Expense Reimbursement”) and (iv) the RMT Parent Expense Reimbursement, (v) the SpinCo Expense Reimbursement, (vi) the Equity Award True-up and (vii) the SpinCo Spinco Special Cash PaymentPayment (reflecting any deduction of the French Consideration to the extent applicable). Each of GPCRemainco, SpinCo Spinco and RMT Parent Partner shall provide the others in a timely fashion with all information and supporting documentation reasonably requested by any of them in connection with the preparation and review of the Estimated Statement. SpinCo Spinco may (and, at RMT ParentPartner’s request, shall) provide GPC Remainco with comments to the Estimated Statement, and GPCRemainco, SpinCo Spinco and RMT Parent Partner shall cooperate reasonably and in good faith to address any such comments and mutually agree on the Estimated Statement to the maximum extent practicable under the circumstancescomments, and GPC Remainco shall reflect any such mutually agreed comments upon changes in the Estimated Statement used for determining the payment of the SpinCo Spinco Special Cash Payment made pursuant to Section 3.02(b2.5(b).

Appears in 1 contract

Samples: Separation and Distribution Agreement (International Flavors & Fragrances Inc)

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Calculation of and Adjustments to the Spinco Special Cash Payment. (a) No a)No later than five Business Days prior to the anticipated Distribution Date, and following reasonable consultation with RMT Parent, GPC shall, at its expense, prepare and submit to SpinCo and RMT Parent a written statement (the “Estimated Statement”) prepared and calculated in accordance with the accounting principles, policies, practices and methods described on Attachment II applied on a consistent basis (the “Accounting Principles”) and setting forth, in reasonable detail using the format in the illustrative example attached to the Accounting Principles, GPC’s good faith estimates of (i) Estimated Net Working Capital, (ii) Estimated Net Debt of SpinCo, (iii) Estimated Net Debt of RMT Parent), (iv) the RMT Parent Expense Reimbursement, (v) the SpinCo Expense Reimbursement, (vi) the Equity Award True-up and (vii) the SpinCo Special Cash Payment. Each of GPC, SpinCo and RMT Parent shall provide the others in a timely fashion with all information and supporting documentation reasonably requested by any of them in connection with the preparation and review of the Estimated Statement. SpinCo may (and, at RMT Parent’s request, shall) provide GPC with comments to the Estimated Statement, and GPC, SpinCo and RMT Parent shall cooperate reasonably and in good faith to address any such comments and mutually agree on the Estimated Statement to the maximum extent practicable under the circumstances, and GPC shall reflect any such mutually agreed comments in the Estimated Statement used for determining the payment of the SpinCo Special Cash Payment made pursuant to Section 3.02(b).

Appears in 1 contract

Samples: Separation Agreement (Essendant Inc)

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