Losses on Disposition Sample Clauses

Losses on Disposition. (1) The Government shall indemnify and hold harmless the Bank against, and shall pay to the Bank, an amount equal to the aggregate amount of all Losses in respect of all Loss Dispositions of Subject Corporate Bonds. (2) The Bank shall deliver to the Government following each Settlement Period in which a Loss Disposition occurs a Settlement Statement setting out each Loss Disposition during the Settlement Period, as well as, in respect of each such Loss Disposition and the related Subject Corporate Bond, the Cost of such Subject Corporate Bond at the time of such 111668474 v9 Loss Disposition, the Net Proceeds to the Bank in relation to such Subject Corporate Bond and such Loss Disposition and the Loss. Any and all such calculations and determinations made by the Bank in the Settlement Statement shall be conclusive and binding upon the Government, absent manifest error. (3) The Government shall pay to the Bank, in accordance with Section 5.1, on the second Business Day following delivery by the Bank of a Settlement Statement in respect of a Settlement Period, the Settlement Amount for such Settlement Period, as set out in the Settlement Statement. (4) If, upon reviewing a Settlement Statement, the Government determines in good faith that such Settlement Statement contains one or more material errors, the Government may, by notice to the Bank given within one Business Day after receipt (each, an "Error Notice"), bring such error or errors to the attention of the Bank, provided that delivery of an Error Notice shall not relieve the Government of its obligation to pay the Settlement Amount shown on such Settlement Statement in accordance with Section 5.1. The Bank shall consider each Error Notice in good faith and give notice to the Government within a reasonable time after receipt as to whether it agrees or disagrees with the Government's determination. If the Bank agrees, it shall rectify the errors set out in the Error Notice by making appropriate corrections and adjustments to the next succeeding Settlement Statement and the Settlement Amount set out therein. (5) Any Loss Disposition in a Settlement Period which is not set out in a Settlement Statement delivered in relation to such Settlement Period may be set out in any subsequent Settlement Statement and in that case the Loss shall not change, will be set out separately on the subsequent Settlement Statement and will be recoverable by the Bank as if it had occurred in the subsequent Settlement Period to ...