Variation Ledger. For the purposes of this clause, an accounting ledger (the Variation Ledger) shall be established. The forecasted balance of the Variation Ledger in each of Contract Years 2019 and 2020 is attached in Appendix 2. The balance of the Variation Ledger shall be applied as provided in this Collective Agreement. In respect of each Contract Year: if the actual total payments made from the Player Payment Pool were less than the actual Player Payment Pool the amount of such difference will be added to the Variation Ledger; if the actual total payments made from the Player Payment Pool exceeded the actual Player Payment Pool, the amount of such difference will be subtracted from the Variation Ledger; if the actual total payment made from the Player Payment Pool matched the actual Player Payment Pool, no adjustment will be made to the Variation Ledger. At the end of each Contract Year and subject to clause 11.4: if the Variation Ledger has a balance in excess of the forecasted Variation Ledger balance, the amount of that excess shall be allocated towards the future expenditure from the Player Payment Pool or other initiatives as may be agreed for the benefit of Players. The parties will meet to discuss how this amount shall be allocated for the benefit of Players. In the course of such discussions, the Players’ reasonable wishes, as presented by the RPC, shall be accorded paramount importance. However, the parties expressly record that there may be a need to retain, in whole or in part, an excess balance in order to offset against a revised NZRU Player Generated Revenue forecast which reveals an upcoming negative balance below the forecasted Variation Ledger balance occurring within the Term of this Collective Agreement. The parties agree that in such circumstances serious consideration will be given to retaining, in whole or in part, an excess balance to offset, in whole or in part, a forecasted negative balance below the forecasted Variation Ledger. In the event that no agreement can be reached on these issues, the parties may rely upon the problem resolution provisions in this Collective Agreement. if the Variation Xxxxxx has a balance equal to the forecasted Variation Ledger no action need be taken. if the Variation Ledger has a balance below the forecasted Variation Ledger, the amount of that balance shall be carried forward to the following Contract Year (including, for the avoidance of doubt, Contract Year 2021). The parties have agreed a provisional five-year...
Variation Ledger. 11.1 For the purposes of this clause, an accounting ledger (the Variation Ledger) shall be established. The forecasted balance of the Variation Ledger in each of Contract Years 2016, 2017 and 2018 is attached in Appendix 2. The balance of the Variation Ledger shall be applied as provided in this Collective Agreement.
