Common use of Certain Exceptions Clause in Contracts

Certain Exceptions. Notwithstanding anything to the contrary set forth above in Section 5.02, if, with respect to any particular transaction(s), it is impracticable under the circumstances to comply with the procedures set forth in this Section 5.03 (including the time periods specified herein), the Parties shall cooperate to find a mutually agreeable alternative that shall achieve substantially similar economic results from the point of view of the Paying Party or the Receiving Party, as applicable, including the paying of interest at an interest rate equal to the Prime Rate on the date or the closest preceding date to the date such payment was due to the Paying Party or the Receiving Party, as applicable, for the period of time starting on the date such payment was due and ending on the date such payment is made such that the Paying Party shall not incur any material interest expense or the Receiving Party shall not be deprived of any material interest income; provided, however, that if a Collecting Party cannot comply with the procedures set forth in Section 5.03(a)(ii) because it does not become aware of a Receipt on behalf of the Receiving Party in time (e.g., because of the commingling of funds in an account), such Collecting Party shall remit such Receipt without interest thereon to the Receiving Party within ten (10) Business Days after it becomes aware of such Receipt.

Appears in 4 contracts

Samples: Transition Services Agreement (GE Vernova Inc.), Transition Services Agreement (GE HealthCare Technologies Inc.), Transition Services Agreement (GE Healthcare Holding LLC)

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Certain Exceptions. Notwithstanding anything to the contrary set forth above in Section 5.02, ifIf, with respect to any particular transaction(s), it is impracticable under the circumstances to comply with the procedures set forth in this Section 5.03 2.03(d)(iii) (including the time periods specified herein), the Parties shall cooperate to find a mutually agreeable alternative that shall achieve substantially similar economic results from the point of view of the Paying Party or the Receiving Party, as applicableresults, including the paying of interest at an interest rate equal to the Prime Rate prime rate published in the eastern edition of The Wall Street Journal or a comparable newspaper if The Wall Street Journal shall cease publishing the prime rate on the date or the closest preceding date to the date such payment was due to the Paying Party or the Receiving Party, as applicable, for the period of time starting on the date such payment was due and ending on the date such payment is made such that the Paying Party shall not incur any material interest expense or the Receiving Party shall not be deprived of any material interest income; provided, however, that that, notwithstanding anything to the contrary in Section 11.06 of the Disclosure Letter, if a Collecting Party cannot comply with the procedures set forth in Section 5.03(a)(ii2.03(d)(iii)(2) because it does not become aware of a Receipt on behalf of the Receiving Party in time (e.g., because of the commingling of funds in an account), such Collecting Party shall remit such Receipt without interest thereon to the Receiving Party within ten (10) Business Days business days after it becomes aware of such Receipt.

Appears in 3 contracts

Samples: Separation and Distribution Agreement (General Electric Co), Separation and Distribution Agreement (GE Vernova Inc.), Separation and Distribution Agreement (GE Vernova LLC)

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Certain Exceptions. Notwithstanding anything to the contrary set forth above in Section 5.02above, if, with respect to any particular transaction(s), it is impossible or impracticable under the circumstances to comply with the procedures set forth in subsections (a) and (b) of this Section 5.03 5.5 (including the time periods specified hereintherein), the Parties shall will cooperate to find a mutually agreeable alternative that shall will achieve substantially similar economic results from the point of view of the Paying Party or the Receiving Other Party, as applicable, the case may be; including the paying of interest at an interest the rate equal to set forth in Section 1.3(d) of the Prime Rate on the date or the closest preceding date to the date such payment was due to Asset Purchase Agreement by the Paying Party or to the Receiving Party, as applicable, Other Party for the period of time starting on the date such payment was due and ending on the date such payment is made such that the Paying Party shall will not incur any material interest expense or the Receiving Other Party shall will not be deprived of any material interest income; provided, however, that if a Collecting Receiving Party cannot comply with the procedures set forth in subsection (b) of this Section 5.03(a)(ii) because it does not become aware of a Receipt on behalf of the Receiving Other Party in time (e.g., e.g. because of the commingling of funds in an account), such Collecting Receiving Party shall remit such Receipt without interest thereon to the Receiving Other Party within ten (10) Business Days one business day after it becomes aware of such Receipt.

Appears in 1 contract

Samples: Transition Services Agreement (American Building Control Inc)

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