Determinations and Reconciliation Clause Samples
The "Determinations and Reconciliation" clause establishes the process by which parties assess, verify, and adjust financial or operational figures under a contract. Typically, this involves one party providing calculations or statements (such as invoices or performance metrics), which the other party can review and, if necessary, dispute or request adjustments. The clause outlines timelines, methods for resolving discrepancies, and procedures for finalizing agreed-upon amounts. Its core function is to ensure accuracy and fairness in contractual settlements, reducing the risk of disputes over payments or performance outcomes.
Determinations and Reconciliation. The Cash Manager may make all the determinations referred to in paragraph 1.1 on the basis of any reasonable and proper assumptions as the Cash Manager considers appropriate.
Determinations and Reconciliation. 4.9.1 In the event that the relevant Performance Report is not prepared with respect to a Determination Period (any such Determination Period being a "relevant Determination Period" for the purposes of this Clause 4.9) immediately prior to an Interest Payment Date, then the Cash/Bond Administrator shall use the Monthly Reports in respect of the three most recent Determination Periods (or, where there are not at least three previous Monthly Reports, all previous Monthly Reports) for the purposes of calculating the amounts available to the Issuer to make payments, as set out in this Clause 4.9. If the Performance Report relating to the Determination Period is subsequently received, the Cash/Bond Administrator will make the reconciliation calculations and reconciliation payments as set out in sub-clause 4.
Determinations and Reconciliation. (a) In the event that the Cash Manager does not receive a Servicer Report with respect to a Collection Period (each such period, a "Determination Period"), the Cash Manager may use the three most recently received Servicer Reports in respect of the preceding Collection Periods (or, where there are not at least three previous Servicer Reports, any previous Servicer Reports) for the purposes of calculating the amounts available to the Issuer to make payments, as set out in Condition 6.8(b). When the Cash Manager receives the Servicer Report relating to the Determination Period, it will make the reconciliation calculations and reconciliation payments as set out in Condition 6.8(c). Any: (i) calculations properly made on the basis of such estimates in accordance with Conditions 6.8(b) and/or 6.8(c); (ii) payments made under any of the Notes and Transaction Documents in accordance with such calculations; and (iii) reconciliation calculations and reconciliation payments made as a result of such reconciliation calculations, each in accordance with Conditions 6.8(b) and/or 6.8(c), shall be deemed to be made in accordance with the provisions of the Transaction Documents and will in themselves not lead to an Event of Default and no liability will attach to the Cash Manager in connection with the exercise by it of its powers, duties and discretion for such purposes.
(b) In respect of any Determination Period, the Cash Manager shall, on the Calculation Date immediately following the Determination Period:
(i) determine the Interest Determination Ratio (as defined above) by reference to the three most recently received Servicer Reports (or, where there are not at least three previous Servicer Reports, any previous Servicer Reports) received in the preceding Collection Periods;
(ii) calculate the Revenue Receipts for such Determination Period as the product of (A) the Interest Determination Ratio and (B) all collections received by the Issuer during such Determination Period (the "Calculated Revenue Receipts"); and
(iii) calculate the Redemption Receipts for such Determination Period as the product of
(A) 1 minus the Interest Determination Ratio and (B) all collections received by the Issuer during such Determination Period (the "Calculated Redemption Receipts").
(c) Following the end of any Determination Period, upon receipt by the Cash Manager of the Servicer Report in respect of such Determination Period, the Cash Manager shall reconcile the calculations made in accor...
Determinations and Reconciliation. In respect of any relevant Determination Period, to the extent the Servicer or Servicer Consultant has not provided such relevant information and calculations in the Service Report to the Cash Administrator, the Cash Administrator shall: determine the Interest Determination Ratio; calculate the Revenue Receipts for such relevant Determination Period as the product of: