VARIATION OF GLOBAL DEDUCTION PERCENTAGE Sample Clauses

VARIATION OF GLOBAL DEDUCTION PERCENTAGE. 5.6.1 The Global Deduction Percentage shall be varied to the extent determined by LND if LND, acting reasonably, having complied with Clauses 5.6.3 and 5.6.4, determines that: (a) the quality of covenant of the Customer base taken as a whole has materially deteriorated or is likely to do so; and (b) the quality of the Purchased Receivables taken as a whole has materially deteriorated or is likely to do so. 5.6.2 The amount of any variation of the Global Deduction Percentage under Clause 5.6.1 shall be the extent of the deteriorations referred to in Clause 5.6.1. 5.6.3 LND shall give the Initial Client at least six months' written notice of the possibility of an increase of the Global Deduction Percentage specifying the reason for such possible increase (and the amount of any proposed variation). 5.6.4 If the Initial Client, within one (1) month of receipt of the notice from LND in Clause 5.6.3, gives written notice to LND that it disagrees with the reason(s) specified by LND in its notice then LND and the Initial Client shall consult with each other in good faith to determine whether, and if so, to what extent, that the Global Deduction Percentage shall be varied. Any agreement in respect of such variation between LND and the Initial Client shall be binding on all the Clients. In the absence of agreement the determination of LND under Clause 5.6.1 shall be binding on all the Clients and the Global Deduction Percentage varied accordingly. 5.6.5 LND may, at its sole discretion, reduce the Global Deduction Percentage on written notice to the Initial Client. Such reduction shall take effect from the date of such notice. 5.6.6 If the Global Deduction Percentage is increased under this Clause and the Initial Client refinances the Invoice Discount Facility the Initial Client shall not pay the refinancing fee under Clause 7.5 unless the Global Deduction Percentage is 20 per cent. or less.
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