Rectification Amounts Sample Clauses
The Rectification Amounts clause defines the process for correcting financial discrepancies or errors that arise under an agreement. Typically, this clause outlines how parties will identify, calculate, and settle any amounts that need to be adjusted due to mistakes, miscalculations, or incorrect payments. For example, if an overpayment or underpayment is discovered after a transaction, the clause specifies how the difference will be rectified between the parties. Its core practical function is to ensure that any financial errors are promptly and fairly addressed, maintaining the accuracy and integrity of the contractual relationship.
Rectification Amounts. (i) may not exceed S$50,000,000 in aggregate in respect of each Accounting Quarter;
(ii) (without prejudice to anything in paragraph (e)(i) above) may exceed the minimum amount required to cure or prevent any breach of financial covenant; and
(iii) made in respect of an Accounting Quarter shall be included in the relevant financial covenant calculations until such time as that Accounting Quarter falls outside a Relevant Period or until they have been repaid, redrawn or (as the case may be) released in accordance with paragraph (b) above.
Rectification Amounts. (i) may exceed the minimum amount required to cure or prevent any breach of financial covenant; and
(ii) made in respect of an Accounting Quarter shall be included in the relevant financial covenant calculations (except in the case of Consolidated Net Worth) until such time as that Accounting Quarter falls outside a Relevant Period.