Assessment Provisions Clause Samples
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Assessment Provisions. Whenever the Board of Trustees determines by means of an audit, annual certified financial statements, actuarial opinion, or otherwise that the assets of the Fund are less than the reserves which prudently should be maintained by the Fund, or which are required to be maintained by any applicable law, rule or regulation, then the Fund shall direct its Treasurer and the Fund Accountant (as defined in the Fund’s By-Laws) to assess each Member of the Fund that was a Member during the Fiscal Year (as defined below) in which the events or occurrences giving rise to such assessment occurred, the amount necessary (in the aggregate) to correct the deficiency. Members will be assessed pro rata based upon their annual contributions, provided that, in no event shall the annual total of any Member’s assessment exceed the greater of ten percent (10%) of that Member’s gross annual premium or contribution to the Fund for the most recent Fiscal or Fund Year, as such terms are defined herein and by the IPRF’s By-Laws, or the amount required under the applicable rule, law or regulation giving rise to the assessment. In the event of the inability of one or more Members, by reason of insolvency or otherwise, to pay such assessments, the Fund's Treasurer shall assess the other Members of the Fund for such unpaid amounts. Notwithstanding the foregoing, a Member's liability under this Section for assessments shall be limited to the period of such Member’s membership in the IPRF and the later of either the three (3)-year period commencing with the close of the most recent Fiscal Year during which the events, occurrences, or claims giving rise to such assessments happened, or the three (3)-year period beginning with the close of the Fiscal Year during which such Member's membership in the Fund was terminated.
Assessment Provisions. If at any time (a) any the electronic data base, O&M Monthly Report (or more frequent report) indicates or the Department is notified or otherwise becomes aware of a Noncompliance or (b) the Department serves notice of determination under Section 6.2.2, then, without prejudice to any other right or remedy available to the Department, the Department may assess Noncompliance Points in accordance with Section 4 of Division II, as revised from time to time, subject to the following terms and conditions:
6.3.1.1 The date of assessment shall be deemed to be the date of the initial notification under Section 6.2.
6.3.1.2 The number of points listed in Section 4 of Division II for any particular Noncompliance is the maximum number of Noncompliance Points that may be assessed for each event or circumstance that is a Noncompliance. The Department may, but is not obligated to, assess less than the maximum.
6.3.1.3 Subject to Section 6.5, the occurrence of a Noncompliance will result in assessment of Noncompliance Points according to the following table regarding cure. Notification Category: Percent Assessed Prior to Expiration of Applicable Cure Period (if any): Remaining Percent Assessed (a) if No Cure Period or (b) After Expiration of Applicable Cure Period without Full and Complete Cure (totaling 100%): Notification initiated by Developer under Section 6.2.1 0% 100% Notification initiated by the Department under Section 6.2.2 100% 0%
6.3.1.4 For the purpose of applying the foregoing table, if the Department, on the one hand, and Developer, on the other hand, deliver concurrent electronic or written notices under Section 6.2 of the same Noncompliance, Developer’s notice shall prevail. Notices shall be deemed to be concurrent if each sends its electronic or written notice before actually receiving the electronic or written notice from the other. Knowledge of the other’s electronic or written notice obtained prior to actual receipt of the notice shall have no effect on determining whether concurrent notice has occurred.
6.3.1.5 The total number of Noncompliance Offsets awarded to Developer shall be as provided under Section 6.3.4.