Common use of Calculation Procedures Clause in Contracts

Calculation Procedures. 5.1 Process for compensation calculation (a) IP OpCo shall within twenty (20) Business Days of the Discontinuation Date provide a written report to the Secretary of State and the Independent Technical Assessor setting out: (i) the Total Compensation Amount, including details and methodology of calculation of the Discontinuation Date Adjusted RCV, the Allowable Project Spend and any Additional Allowable Project Spend incurred between the end of the preceding Charging Year and the Discontinuation Date; (ii) the Senior Debt Liabilities and the Senior Debt Compensation as certified on behalf of the Secured Creditors pursuant to clause 9.6 of the Security Trust and Intercreditor Deed; (iii) the Equity Compensation payable pursuant to clause 5.4 (Calculation of Equity Compensation outside Special Administration), including details and methodology of calculation of the Residual Compensation Amount and the Base Case Equity Compensation Amount; and (iv) an updated Expenditure Forecast that is current as at the Discontinuation Date, taking into account the relevant event referred to in clause 3.1 which gave rise to the election to Discontinue; (b) the Independent Technical Assessor shall, within twenty (20) Business Days of the receipt of the written report provided by IP OpCo pursuant to clause 5.1(a), review and provide a written report to the Secretary of State and IP OpCo as to its verification of the Total Compensation Amount, including the Discontinuation Date Adjusted RCV, the Allowable Project Spend and any Additional Allowable Project Spend incurred between the end of the preceding Charging Year and the Discontinuation Date, the Senior Debt Liabilities, the Senior Debt Compensation and the Equity Compensation; (c) the Secretary of State shall by notice in writing, within twenty (20) Business Days of receipt of the report referred to in clause 5.1(b), confirm whether or not it agrees with the Total Compensation Amount, the Senior Debt Liabilities, the Senior Debt Compensation Amount and the Equity Compensation set out in such report and the report provided under clause 5.1(a), and, if not, set out the reasons for such disagreement and the amounts that the Secretary of State believes should be the Total Compensation Amount, the Senior Debt Liabilities, the Senior Debt Compensation Amount and the Equity Compensation; (d) within ten (10) Business Days of receipt of the notice under clause 5.1(c), IP OpCo shall confirm whether or not it agrees with the amounts notified by the Secretary of State under clause 5.1(c) and, if IP OpCo does not agree, either Party may refer the Dispute for determination in accordance with clause 23 (Jurisdiction and Disputes); and (e) where the Secretary of State issues, or is deemed to have issued, a Discontinuation Notice while IP OpCo is in Special Administration, clause 5.3 (Calculation of Equity in Special Administration) shall apply to determine the Equity Compensation (Special Administration).