Common use of Errors in Escrow Documents Clause in Contracts

Errors in Escrow Documents. 3.1 Any feature of the Escrow Documents which is in the reasonable opinion of the Secretary of State an error will be addressed as follows: (a) if rectification of such an error would (as the case may be) over the Franchise Term result in a net increase in the amount of Franchise Payments payable by the Secretary of State to the Franchisee or a net decrease in the amount of Franchise Payments payable by the Franchisee to the Secretary of State then such error shall be rectified provided that there shall not be a restatement of the Annual Franchise Payment Components; (b) if rectification of such an error would (as the case may be) over the Franchise Term result in a net decrease in the amount of Franchise Payments payable by the Secretary of State to the Franchisee or a net increase in the amount of Franchise Payments payable by the Franchisee to the Secretary of State then such error shall be rectified and the values of the Annual Franchise Payment Components shall be restated where appropriate. (c) A record of the error shall be noted in the Record of Assumptions and, if applicable, the Financial Model, and in each relevant Change Model. (d) As soon as reasonably practicable after the date of the rectification of the error, the Franchisee shall (unless otherwise agreed by the Secretary of State) deliver to the Secretary of State a certificate from independent auditors approved by the Secretary of State confirming that the error has been rectified as required by this paragraph 3 and is now in the required form in accordance with paragraph 1.1, 1.3 or 1.4 as the case may be.

Errors in Escrow Documents. 3.1 Any feature of the Escrow Documents which is in the reasonable opinion of the Secretary of State an error will be addressed as follows: (a) if rectification of such an error would (as the case may be) over the Franchise Term result in a net increase in the amount of Franchise Payments payable by the Secretary of State to the Franchisee or a net decrease in the amount of Franchise Payments payable by the Franchisee to the Secretary of State then such error shall be rectified provided that there shall not be a restatement of the Annual values of the Periodic Franchise Payment ComponentsComponents and the Profit Share Components and the Target Revenue Amounts; (b) if rectification of such an error would (as the case may be) over the Franchise Term result in a net decrease in the amount of Franchise Payments payable by the Secretary of State to the Franchisee or a net increase in the amount of Franchise Payments payable by the Franchisee to the Secretary of State then such error shall be rectified and the values of the Annual Periodic Franchise Payment Components and the Profit Share Components and the Target Revenue Amounts shall be restated where appropriate.; (c) A a record of the error shall be noted in the Record of Assumptions and, if applicable, the Financial Model, ; and in each relevant Change Model. (d) As as soon as reasonably practicable after the date of the rectification of the error, the Franchisee shall (unless otherwise agreed by the Secretary of State) deliver to the Secretary of State a certificate from independent auditors approved by the Secretary of State confirming that the error has been rectified as required by this paragraph 3 and is now in the required agreed form in accordance with paragraph paragraphs 1.1, 1.3 1.2(a), 1.2(b) or 1.4 1.2(c) as the case may be.

Errors in Escrow Documents. 3.1 Any feature of the Escrow Documents which is in the reasonable opinion of the Secretary of State an error will be addressed as follows: (a) if rectification of such an error would (as the case may be) over the Franchise Term result in a net increase in the amount of Franchise Payments payable by the Secretary of State to the Franchisee or a net decrease in the amount of Franchise Payments payable by the Franchisee to the Secretary of State then such error shall be rectified provided that there shall not be a restatement of the values of the Annual Franchise Payment Components; (b) if rectification of such an error would (as the case may be) over the Franchise Term result in a net decrease in the amount of Franchise Payments payable by the Secretary of State to the Franchisee or a net increase in the amount of Franchise Payments payable by the Franchisee to the Secretary of State then such error shall be rectified and the values of the Annual Franchise Payment Components shall be restated where appropriate. (c) A a record of the error shall be noted in the Record of Assumptions and, if applicable, the Financial Model, and in each relevant Change Model.; and (d) As as soon as reasonably practicable after the date of the rectification of the error, the Franchisee shall (unless otherwise agreed by the Secretary of State) deliver to the Secretary of State a certificate from independent auditors approved by the Secretary of State confirming that the error has been rectified as required by this paragraph 3 and is now in the required form in accordance with paragraph 1.11.2(a), 1.3 1.2(b) or 1.4 1.2(c) as the case may be.. Schedule 9.4344 Year 1 Where text has been omitted from the document, this is because the Director General Rail or Secretary of State has decided to exclude the text in accordance with the provisions within the Freedom of Information Xxx 0000. Year 6 (optional extension of up to 3 RPs)

Errors in Escrow Documents. 3.1 Any feature of the Escrow Documents which is in the reasonable opinion of the Secretary of State an error will be addressed as follows: (a) if rectification of such an error would (as the case may be) over the Franchise Term result in a net increase in the amount of Franchise Payments payable by the Secretary of State to the Franchisee or a net decrease in the amount of Franchise Payments payable by the Franchisee to the Secretary of State then such error shall be rectified provided that there shall not be a restatement of the Annual Franchise Payment Components; (b) if rectification of such an error would (as the case may be) over the Franchise Term result in a net decrease in the amount of Franchise Payments payable by the Secretary of State to the Franchisee or a net increase in the amount of Franchise Payments payable by the Franchisee to the Secretary of State then such error shall be rectified and the values of the Annual Franchise Payment Components shall be restated where appropriate. (c) A record of the error shall be noted in the Record of Assumptions and, if applicable, the Financial Model, and in each relevant Change Model. (d) As soon as reasonably practicable after the date of the rectification of the error, the Franchisee shall (unless otherwise agreed by the Secretary of State) deliver to the Secretary of State a certificate from independent auditors approved by the Secretary of State confirming that the error has been rectified as required by this paragraph 3 and is now in the required form in accordance with paragraph 1.1, 1.3 or 1.4 as the case may be.. Franchisee Year FAT Amount49 Year 1 (part) £[Insert Amount] Year 2 £[Insert Amount] Year 3 £[Insert Amount] Year 4 £[Insert Amount] Year 5 £[Insert Amount] Year 6 £[Insert Amount] Year 7 £[Insert Amount] Year 8 £[Insert Amount] Year 9 £[Insert Amount] Year 10 £[Insert Amount] Year 11 £[Insert Amount] Year 12 £[Insert Amount] Year 13 £[Insert Amount] Year 14 £[Insert Amount] Year 15 £[Insert Amount] Year 16 (core) £[Insert Amount] Year 16 (extension) £[Insert Amount] 49 This amount to be calculated as 0.1% of total revenue for each Franchisee Year