General Settlement. Procedures If on any day the Outstanding Balance of a Pool Receivable is either reduced or cancelled as a result of (i) any cancellation of a Contract prior to the date on which the Seller has made funds available to or for the account of any related Obligor, or (ii) any prepayment by any Obligor of amounts payable to the Seller under a Contract, or (iii) any adjustment, or any other modification to, termination of, or rejection of, any Contract by any Selling Party or any Affiliate thereof (other than in the case of any adjustment or modification, in respect of a Pool Receivable which shall have remained unpaid for 26 days or more from the original due date therefor, made in accordance with the provisions of Section 6.4 by the Collection Agent), or (iv) a setoff in respect of any claim by the Obligor thereof against any Selling Party or any Affiliate thereof (whether such claim arises out of the same or a related transaction or an unrelated transaction), the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation and shall make the deposit required in connection therewith pursuant to Section 5.1(h) unless a different date is specified by the Facility Agent in which case such payment shall be made on such date specified by the Facility Agent. If on any day any of the representations or warranties in Section 4.1(h) is no longer true with respect to a Pool Receivable, the Seller shall be deemed to have received on such day a Collection in full of such Pool Receivable and shall make the deposit required in connection therewith pursuant to Section 5.1(h). Except as stated in the preceding sentences of this Section 2.7 or as otherwise required by law or the underlying Contract, all Collections received from an Obligor of any Receivable shall be applied (A) to Receivables then outstanding of such Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, except if payment is designated by such Obligor for application to specific Receivables, and (B) first, to principal and other amounts owed by such Obligor in respect of such Receivable other than accrued interest and late fees, and, second, to accrued interest and late fees in respect of such Receivable.
General Settlement. Subject to the condition precedent of the effectiveness of the assignment set forth in Section 2 above and to the extent that such waiver can be legally enforced, the Parties, on behalf of themselves and any affiliated companies, hereby agree to waive all known and unknown claims against each other, which may exist in connection with the JV Agreement.
General Settlement. Clients will only be entitled to receive the benefits of ‘netting’ in respect of purchase and sale transactions effected on the same business day. Netting will not be permitted in any other circumstances. The settlement date for all transactions is shown clearly on the contract note and cannot be changed once the deal has been completed. If you sell any investments through us and then receive a benefit in respect of the investment(s) to which you are not entitled you must give up the benefit to us. We will collect it and pass it on to the relevant exchange. Your entitlement is established by reference to the date recorded by the relevant exchange and not the date upon which the relevant Company Registrar registered the relevant transaction. If due to an administrative error we issue to you more than the proper amount of investments you must return all documentation to us for rectification immediately. If you do not return all documentation and/or investments to which you are not entitled then at our option we may purchase replacement investments. The purchase value and the costs of making such a replacement purchase shall become a debt due from you to us that must be paid to us immediately.
General Settlement
