Common use of Offset and Adjustment Account Clause in Contracts

Offset and Adjustment Account. In order to enable an accounting follow-up of the performance of the Mandates, it is agreed to record, in a Sub-Account named Offset and Adjustment Account, the following operations: (i) on the credit side, cashing of Transferred Receivables, 72208170 44 (ii) on the debit side, information on transfers, cheques for cashing and bills due as itemised in the “settlements situation” files forwarded by each of the French Sellers, in accordance with the technical methods approved by the Parties, as well as pursuant to Clause 5.1.1.2(b)(i). In principle, the balance of the Offset and Adjustment Account should be zero. In practice, this will not be the case due to the time difference of operations. If there are credit balances relating to payments of amounts which are not related to Transferred Receivables, such balances will thus be charged to the Current Account, after evidence from the relevant French Seller substantiating them as indicated in Clause 7.3(e). In case of a debit balance of the Offset and Adjustment Account, such balance may be applied to a Deferred Availability Account.

Offset and Adjustment Account. In order to enable an accounting follow-up of the performance of the Mandates, it is agreed to record, in a Sub-Account named Offset and Adjustment Account, the following operations: (i) on the credit side, cashing of Transferred Receivables, 72208170 44, (ii) on the debit side, information on transfers, cheques for cashing and bills due as itemised in the “settlements situation” files forwarded by each of the French Sellers, in accordance with the technical methods approved by the Parties, as well as pursuant to Clause 5.1.1.2(b)(i). In principle, the balance of the Offset and Adjustment Account should be zero. In practice, this will not be the case due to the time difference of operations. If there are credit balances relating to payments of amounts which are not related to Transferred Receivables, such balances will thus be charged to the Current Account, after evidence from the relevant French Seller substantiating them as indicated in Clause 7.3(e). In case of a debit balance of the Offset and Adjustment Account, such balance may be applied to a Deferred Availability Account.