Common use of Reconciliation Process Clause in Contracts

Reconciliation Process. The parties agree to reconcile portfolios as required by the Portfolio Reconciliation Risk Mitigation Techniques using the following process: (a) on each Data Delivery Date, HSBC will provide Portfolio Data to the Counterparty; (b) on each PR Due Date, the Counterparty will perform a Data Reconciliation; (c) if the Counterparty identifies one or more discrepancies which it determines, acting reasonably and in good faith, are material to the rights and obligations of the parties in respect of one or more Relevant Transaction(s), it will notify HSBC in writing as soon as reasonably practicable and the parties will consult with each other in an attempt to resolve such discrepancies in a timely fashion for so long as such discrepancies remain outstanding, using, without limitation, any applicable updated reconciliation data produced during the period in which such discrepancy remains outstanding; and (d) if the Counterparty does not notify HSBC that the Portfolio Data contains discrepancies by 4p.m. local time in the place of business of HSBC on the fifth Joint Business Day following the later of the PR Due Date and the date on which HSBC provided such Portfolio Data to the Counterparty, the Counterparty will be deemed to have affirmed such Portfolio Data.

Reconciliation Process. The parties agree to reconcile portfolios as required by the Portfolio Reconciliation Risk Mitigation Techniques using the following process: (a) on each Data Delivery Date, HSBC will provide Portfolio Data to the Counterparty;, (b) on each PR Due Date, the Counterparty will perform a Data Reconciliation;, (c) if the Counterparty identifies one or more discrepancies which it determines, acting reasonably and in good faith, are material to the rights and obligations of the parties in respect of one or more Relevant Transaction(s), it will notify HSBC in writing as soon as reasonably practicable and the parties will consult with each other in an attempt to resolve such discrepancies in a timely fashion for so long as such discrepancies remain outstanding, using, without limitation, any applicable updated reconciliation data produced during the period in which such discrepancy remains outstanding; , and (d) if the Counterparty does not notify HSBC that the Portfolio Data contains discrepancies by 4p.m. local time in the place of business of HSBC on the fifth Joint Business Day following the later of the PR Due Date and the date on which HSBC provided such Portfolio Data to the Counterparty, the Counterparty will be deemed to have affirmed such Portfolio Data.