Common use of Where NAV Charging Arrangements provide Clause in Contracts

Where NAV Charging Arrangements provide. for negative charges resulting in a credit in favour of the New Appointee or a credit in favour of the New Appointee arises under clause 11.10, such credit shall be settled by deducting the credit from any positive Charges made within the same payment period. To the extent that any credits exceed the positive Charges made within the same payment period they shall be carried forward for settlement in the next payment period (for as many iterations as shall be necessary).

Where NAV Charging Arrangements provide. for negative charges resulting in a credit in favour of the New Appointee or a credit in favour of the New Appointee arises under clause 11.109.10, such credit shall be settled by deducting the credit from any positive Charges made within the same payment period. To the extent that any credits exceed the positive Charges made within the same payment period they shall be carried forward for settlement in the next payment period (for as many iterations as shall be necessary).