Ledger. 6.1 No cash consideration will be paid in connection with the Closing of any Transfer Transaction. Instead, upon the Closing of each Transfer Transaction, each Party shall receive a credit to the “Ledger” for the Agreed-Upon Value of the Asset transferred to the other party and a debit for the Agreed-Upon Value of the Asset received from the other party. By way of example, if the Agreed-Upon Value of the Asset(s) transferred by the District to the City exceeds the Agreed-Upon Value of the Asset(s) received from the City, then the transaction would result in a net credit impact to the District’s Ledger balance and a net debit impact to the City’s balance. No Transfer Transaction may be closed if it would cause the cumulative net debit balance for either party to exceed in the aggregate the Maximum Differential Amount (defined in Section 6.3 below). The net debit for any particular transaction could exceed the Maximum Differential Amount if the party receiving the debit has an existing cumulative net aggregate credit balance in its Ledger at least equal to or greater than the excess.
Appears in 4 contracts
Samples: Master Agreement, Master Agreement, Master Agreement
