Common use of Accounting between the Parties Clause in Contracts

Accounting between the Parties. The parties acknowledge that the operation of this Clause 5 and Schedule 1 may lead to a number of adjustments and payments between the parties which, in the absence of agreement between the Investors, shall be determined in accordance with Clause 9. The parties will put in place reasonable arrangements to record such adjustments and the liability to make such payments on the basis that, in order to avoid numerous de minimis matters having to be dealt with, the Investors will settle such Liabilities between themselves on a monthly basis (unless otherwise agreed). Paragraph

Appears in 2 contracts

Sources: Consortium and Shareholders’ Agreement (Banco Santander, S.A.), Consortium and Shareholders’ Agreement (Royal Bank of Scotland Group PLC)