Margin Inaccuracy Clause Samples
Margin Inaccuracy. If any annual audited financial statements delivered under Clause 22.8(d)(i) (Financial Statements) demonstrate that the Margin:
(a) should have been varied in accordance with Clause 9.7 (Margin Adjustment) when it has not been; or
(b) should not have been varied in accordance with Clause 9.7 (Margin Adjustment) when it has been, in either case by reason of an inaccuracy in the relevant financial statements for an Accounting Quarter, the Parent shall pay to the Agent for the account of the Banks such additional amount of interest as would have been payable had the Margin been set at the correct level as demonstrated by the audited financial statements.
Margin Inaccuracy. If any annual audited financial statements delivered under Clause 19.4 (Financial Statements) demonstrate that the Margin:
(a) should have been varied in accordance with Clause 6.5 (Margin Adjustment) when it has not been; or
(b) should not have been varied in accordance with Clause 6.5 (Margin Adjustment) when it has been, in either case by reason of an inaccuracy in the Relevant Monthly Management Accounts, payments of interest shall following receipt of the relevant audited financial statements by the Facility Agent be adjusted by such amount as the Facility Agent shall determine is necessary to give effect to the correct variation in the Margin as demonstrated by the audited accounts. The Facility Agent’s determination of the adjustments payable under this Clause 6.6 shall be prima facie evidence of such adjustments and the Facility Agent shall provide Bidco with reasonable details of the calculation of such adjustments.
Margin Inaccuracy. If any annual audited financial statements delivered under Clause 16.6(d) (Financial Statements) demonstrate that the Margin:
(a) should have been varied in accordance with Clause 6.6 (Margin Adjustment) when it has not been; or
(b) should not have been varied in accordance with Clause 6.6 (Margin Adjustment) when it has been, in either case by reason of an inaccuracy in the relevant quarterly consolidated financial statements, payments of interest shall following receipt of the relevant audited financial statements by the Facility Agent be adjusted (downwards or, as the case may be, upwards) by such amount as the Facility Agent shall determine is necessary to give effect to the correct variation in the Margin as demonstrated by the audited financial statements. The Facility Agent’s determination of the adjustments payable under this Clause 6.7 (Margin Inaccuracy) shall, save in the case of manifest error, be conclusive and the Facility Agent shall provide the Obligors’ Agent with reasonable details of the calculation of such adjustments.