Recalculations Clause Samples
The Recalculations clause establishes the process for adjusting previously determined figures, such as payments, fees, or quantities, when new information or errors are discovered. Typically, this clause outlines the circumstances under which recalculations may occur, the method for making adjustments, and the timeline for implementing changes. Its core practical function is to ensure accuracy and fairness in contractual dealings by allowing corrections to be made if initial calculations prove to be incorrect or incomplete.
Recalculations. A member shall report all changes to the State that may affect eligibility and POWER Account contributions, including changes in income or family size, such as a death, divorce, birth or a family member moving out of the household. The State will notify the Contractor if a member's POWER Account contribution changes as a result of the reported change. The Contractor shall begin billing the new POWER Account contribution in the billing cycle immediately following the change.
Recalculations. If any of the District's metering devices are found to be defective or inaccurate by more than +/- 0.2%, it shall be adjusted, repaired, replaced, and/or re-calibrated to bring the metering device to within the specifications provided for herein. If any of the District's metering devices are not found to be defective or inaccurate by more than the variances stated herein, then such Meters shall not be re-calibrated unless the District determines to do so.
Recalculations. 2.1.3.1 Property DSCR (and the components thereof) and Property LTV Ratio shall each be recalculated (i) as of each Advance Request, (ii) as of each Affiliate Borrower Advance Request; (iii) as of each Borrower Advance Renewal Request, or deemed renewal under Section 4.3.3, (iv) as of each Affiliate Borrower Advance Renewal for the Sponsor Borrower Loan under Section 4.3.3 of the Affiliate Borrower Credit Agreement, (v) on or about the date of each Valuation performed in accordance with Section 3.4.1, (vi) as of each addition to or release from the Collateral Pool, (vii) as of each repayment of any principal portion of the Borrower Advance, (vii) as of the exercise of the First Extension Option (if applicable), or the Second Extension Option (if applicable), (ix) as of the Expansion Option Date, and (x) upon the occurrence of any Material Adverse Change. Each recalculation of Property Stressed Debt Service and the Property LTV Ratio shall be based on Lender’s then current underwriting policies, consistently applied.
Recalculations. If after the payment of the Gross-Up Payment the Company exhausts its remedies described in subsections (c) and (d) of this section 6 and the Executive is required to make a payment of Excise Tax in an amount that is greater than the amount that the Accounting Firm assumed the Executive would be required to pay at the time of calculation of the Gross-up Payment, the Accounting Firm will recalculate the Gross-Up Payment. If the recalculated Gross-Up Payment is greater than the amount of Gross-Up Payment paid to the Executive by the Company in accordance with paragraph (b) of this section, the Company will pay the Executive an amount equal to the difference within ten days of receipt of the Accounting Firm’s recalculation.
Recalculations. The Trust Property Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate (without double counting) the Issuer Share, the Issuer Share Percentage, the Seller Share, the Seller Share Percentage and the Minimum Seller Share on each Trust Calculation Date and on the date on which the Mortgages Trust terminates (each a Relevant Trust Calculation Date).
Recalculations. Recalculation of a student’s financial aid package is required under the following circumstances and results in an updated award letter that the student must sign and date.
Recalculations. From and after the date hereof, the Premises shall be deemed to contain Two Hundred Sixty-two Thousand One Hundred Ninety-five (262,195) square feet of Net Rentable Area with Two Hundred Forty-four Thousand Four Hundred Eight (244,408) square feet of Useable Area subject to verification as provided in the Lease.
Recalculations. 2.1.3.1 Aggregate Stressed Debt Service and LTV Ratio shall each be recalculated (i) as of each Loan Request, (ii) as of each Renewal Request, or deemed renewal under Section 4.3.3, (iii) on or about the date of each Valuation performed in accordance with Section 3.4.1, (iv) as of each addition or release of a Collateral Pool Property to or from the Collateral Pool, (v) as of each repayment of any principal portion of the Outstanding Borrowing Tranches, (vi) as of the exercise of the First Extension Option (if applicable), or the Second Extension Option (if applicable), (vii) as of the Expansion Option Date, and (viii) upon the occurrence of any Material Adverse Change. Each recalculation of Aggregate Stressed Debt Service and the LTV Ratio shall be based on Lender’s then current underwriting policies, consistently applied.
2.1.3.2 In the event of: (i) an addition of a Mortgaged Property to the Collateral Pool, Lender shall add the Net Operating Income of the Mortgaged Property to be added to the Collateral Pool to the most recent determination of Net Operating income for the existing Collateral Pool; (ii) a release of a Collateral Pool Property from the Collateral Pool, Lender shall subtract the Net Operating Income of the Collateral Pool Property released from the Collateral Pool from the most recent determination of the Net Operating Income for the Collateral Pool; or (iii) a substitution of a Collateral Pool Property in the Collateral Pool, Lender shall (x) add the Net Operating Income of the Mortgaged Property to be added to in the Collateral Pool to the most recent determination of Net Operating Income for the existing Collateral Pool and (y) subtract the Net Operating Income of the Collateral Pool Property released from the Collateral Pool from the most recent determination of Net Operating Income for the Collateral Pool.
Recalculations. If after the payment of the Gross-Up Payment CPS exhausts its remedies described in paragraphs (d) and (e) of this Section and the Associate is required to make a payment of Excise Tax in an amount that is greater than the amount that the Accounting Firm assumed the Associate would be required to pay at the time of calculation of the Gross-up Payment, the Accounting Firm shall recalculate the Gross-Up Payment. If the recalculated Gross-Up Payment is greater than the amount of Gross-Up Payment paid to the Associate by CPS in accordance with paragraph (b) of this section, CPS shall pay the Associate an amount equal to the difference within ten days of receipt of the Accounting Firm's recalculation.