Daily Settlement Amounts Sample Clauses
Daily Settlement Amounts. (a) Citi shall determine, for each Refinery and each Product Group on each day, a daily settlement amount (“Daily Settlement Amount”) equal to (i) the sum of, for each Product Group (other than the Crude Oil Product Group), the Daily Net Product Sales Volume for such Product times the applicable Daily Value plus (ii) the product of (A) the Daily Net Crude Sales Volume and (B) the applicable Daily Value minus (iii) in respect of all Product Groups and all Refineries, an estimate of Ancillary Costs, which shall be denoted as a positive number, for such day to the extent not directly invoiced to the Delek Entities, subject to the terms and conditions herein. The Daily Settlement Amount for each Refinery shall be aggregated and if such Aggregate Daily Settlement Amount is a positive number, such aggregate amount shall be due from Citi to DKTS and if such aggregate amount is a negative number, then the absolute value thereof shall be due from DKTS to Citi, in each case, on the Business Day immediately following the date on which Citi invoices DKTS of the Aggregate Daily Settlement Amount. With respect to the foregoing calculations and determinations:
(i) if inventory data needed for the applicable invoice date per Schedule E has not been reported Citi will (other than with respect to Ratable Crude Oil – Pipelines Purchases and Ratable Crude Oil – Pipelines Sales) use the inventory data for the day occurring during the thirty (30) day period preceding such calendar day that results in the smallest Daily Net Crude Sales Volume or the smallest Daily Net Product Sales Volume (as the case may be); and
(ii) if Citi determines a Daily Settlement Amount using any inventory data covered by sub-section (i) above or determines that any inventory data it has used in such determination was inaccurate, then Citi may, at its option, adjust future Daily Settlement Amounts (not more than once per calendar week) to take account of any corrected inventory data or any inventory data that, if available, would have complied with sub-section (i) above.
(b) For any Business Day, the Daily Settlement Amount to be determined and invoiced by Citi shall be the Daily Settlement Amount for that day; provided that if such Business Day is followed by one or more non-Business Days (whether weekends or Bank Holidays), then Citi shall reasonably determine and advise to DKTS the Daily Settlement Amount for that Business Day as well as the Daily Settlement Amount for each of such following non-Bus...
Daily Settlement Amounts. (a) On the Closing Date, the Reinsurer shall establish a separate bank account (the “Daily Settlement Account”) in its own name for the payment of Daily Settlement Amounts and shall authorize at least two signatories who shall be representatives of the Company and approved by the Reinsurer to make deposits to, and withdrawals from, the Daily Settlement Account.
(b) By 10:00 a.m. Eastern Time each Business Day following the Closing Date during the term of this Agreement, the Company shall calculate the Daily Settlement Amount for the prior Business Day. Promptly following such calculation, the Company shall forward to the Reinsurer a report in the form of Schedule G - Part II that shall provide the details of such calculation (the “Daily Settlement Report”). Prior to 6:00 p.m. of such Business Day, the Company or the Reinsurer, as appropriate, shall deposit into the Daily Settlement Account an amount equal to such Daily Settlement Amount owed by such party to the other. The party to whom such Daily Settlement Amount is owed shall have a right to withdraw such deposited amount at any time following such deposit.
(c) The Company shall keep true and complete records, in accordance with Applicable Law and its record management practices in effect from time to time for the Company’s insurance business not covered by this Agreement, clearly recording the deposits in and withdrawals from the Daily Settlement Account. The Company will make available to the Reinsurer or its designated representative, or shall furnish to the Reinsurer or its designated representative, upon request of the Reinsurer or its designated representative, copies of all such records. All copies furnished in the ordinary course of business shall be furnished by the Company at the Company’s cost, which shall be included in the Expense Allowance. Any extraordinary costs reasonably incurred by the Company in response to requests from the Reinsurer shall be reimbursed by the Reinsurer.
(d) The parties agree to deliver to the depository bank such depository resolutions, signature cards, and other documents as may be requested of them in order to use such accounts at the depository bank in accordance with the provisions of this Section 6.2.
(e) Upon a termination of this Agreement pursuant to Article VII, the Reinsurer shall close the Daily Settlement Account and any closing balance therein shall be the property of the Reinsurer.
Daily Settlement Amounts. (a) On the Closing Date, the Reinsurer shall establish a separate bank account (the "Daily Settlement Account") in its own name for the payment of Daily Settlement Amounts and shall authorize at least two signatories who shall be representatives of the Company and approved by the Reinsurer to make deposits to, and withdrawals from, the Daily Settlement Account.
(b) By 10:00 a.