Deficiency Notice Clause Samples
A Deficiency Notice clause establishes a formal process for notifying a party when they have failed to meet certain obligations or requirements under a contract. Typically, this clause outlines how the notice should be delivered, what information it must contain, and the timeframe within which the recipient must respond or remedy the deficiency. For example, if a contractor does not complete work to the required standard, the client can issue a deficiency notice specifying the shortcomings and requesting corrective action. The core function of this clause is to ensure clear communication about performance issues and provide an opportunity to address problems before more serious remedies, such as termination, are pursued.
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Deficiency Notice. (a) In the event that the Servicer’s Certificate with respect to any Determination Date shall state that the amount of the Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (iii) and (iv) of Section 5.6(a) remaining after application of clauses (i) and (ii) of Section 5.6(a) (any such deficiency being a “Note Policy Claim Amount”), then on the Deficiency Claim Date immediately preceding such Distribution Date the Trustee, based solely on the information provided in the Servicer’s Certificate, shall deliver to the Indenture Collateral Agent, the Security Insurer, the fiscal agent of the Security Insurer, the Owner Trustee, the Insurer’s Agent and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a “Deficiency Notice”) in accordance with the terms of the Note Policy specifying the Note Policy Claim Amount for such Distribution Date.
(b) Any Deficiency Notice shall be delivered by 10:00 a.m., New York City time, on the related Deficiency Claim Date. The amounts distributed to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Note Distribution Account pursuant to Section 5.5.
Deficiency Notice. 44 SECTION 5.5. Additional Deposits...........................................44 SECTION 5.6. Distributions.................................................45 SECTION 5.7. Pre-Funding Account...........................................46 SECTION 5.8. Statements to Certificateholders and Noteholders..............47 SECTION 5.9. Net Deposits..................................................48 SECTION 5.10. Optional Deposits by the Insurer..............................48 ARTICLE V-A The Policy
Deficiency Notice. If a Participant fails to respond to a Compliance Notice or WAFWA disagrees with the Participant’s response, WAFWA may issue a written Deficiency Notice. A Deficiency Notice shall meet the requirements of Section XXIX(B)(6), below and shall require the Participant to submit, within 20 business days of the date of the Deficiency Notice or other specified time, a written explanation or statement in response that includes: (a) corrective steps taken by the Participant and results achieved; (b) a schedule and description of corrective steps that will be taken and results expected; or (c) a statement denying that the alleged failure has occurred, additional information supporting the statement and a request for resolution discussions. After coordination with FWS, WAFWA shall respond in writing to a Participant’s response and either: (a) accept the Participant’s response and provide a Notice of Resolution; or (b) not accept the Participant’s response.
Deficiency Notice. (a) In the event that the Servicer's ----------------- Certificate with respect to any Determination Date shall state that the amount of the Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Payment Date pursuant to clauses (i) through (v) of Section 5.6(a) (such deficiency being a "Deficiency Claim Amount"), then on the Deficiency Claim Date immediately preceding such Payment Date, the Indenture Trustee shall deliver to the Indenture Collateral Agent, the Insurer, the Owner Trustee, the Servicer and the Backup Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice"), specifying the Deficiency Claim Amount for such Payment Date.
(b) Any Deficiency Notice shall be delivered by 10:00 am, New York City time, on the related Deficiency Claim Date.
Deficiency Notice. (aka: DEFNOTICE) is notice to AEG as required by and using one of the methods provided in the TERMS and is notice of any DEFICIENCY, ERROR or errors and omissions. DEFNOTICE shall be timely filed such that AEG has an opportunity to correct during EVENT.
Deficiency Notice. 37 SECTION 5.5
Deficiency Notice. If a Partner fails to respond to a Compliance Notice or the Program Administrator disagrees with the Partner’s response, the Program Administrator may issue a written Deficiency Notice. A Deficiency Notice shall require the Partner to provide, within 30 calendar days of the date of the Deficiency Notice or other specified time, a written explanation or statement in response that includes: (a) corrective steps taken by the Partner and results achieved; (b) a schedule and description of corrective steps that will be taken and results expected; or (c) a statement denying that the alleged failure has occurred with additional information supporting the statement and a request for discussions. After coordination with the Advisory Committee, and the Service if necessary, the Program Administrator shall respond in writing to a Partner’s response and either: (a) accept the Partner’s response and provide a Notice of Resolution; or (b) not accept the Partner’s response.
Deficiency Notice. As soon as practicable following the end of each Contract Quarter under this Agreement, the Partnership Entities shall deliver to the HollyFrontier Entities a written notice (the “Deficiency Notice”) detailing any failure of the HollyFrontier Entities to meet their obligations under Section 2(a)(i), Section 2(c), Section 2(d) or Section 2(p), provided that the HollyFrontier Entities’ obligations pursuant to the Minimum Trunk Pipeline Revenue Commitment, Minimum Gathering Pipeline Revenue Commitment, Minimum ▇▇▇▇▇ Cross Pipeline Revenue Commitment and the Minimum Roswell Pipeline Revenue Commitment shall, in each case, be assessed on a quarterly basis for the purposes of this Section 9. The Deficiency Notice shall
(i) specify in reasonable detail the nature of any deficiency and (ii) specify the approximate dollar amount that the Partnership Entities believe would have been paid by the HollyFrontier Entities to the Partnership Entities if the HollyFrontier Entities had complied with their respective obligations pursuant to Section 2(a)(i), Section 2(c), Section 2(d) or Section 2(p), as applicable (the “Deficiency Payment”). The HollyFrontier Entities shall pay the Deficiency Payment to the Partnership Entities upon the later of: (A) ten (10) days after their receipt of the Deficiency Notice and (B) thirty (30) days following the end of the related Contract Quarter.
Deficiency Notice. If the Participant fails to respond to a Compliance Notice or WAFWA disagrees with the Participant’s response, WAFWA may issue a written Deficiency Notice. A Deficiency Notice shall meet the requirements of Section IV(B)(5), below and shall require the Participant to submit, within 20 business days of the date of the Deficiency Notice or other specified time, a written explanation or statement in response that includes: (a) corrective steps taken by the Participant and results achieved; (b) a schedule and description of corrective steps that will be taken and results expected; or (c) a statement denying that the alleged failure has occurred, additional information supporting the statement and a request for resolution discussions.
Deficiency Notice. Ampio shall have the right to reject any portion of any delivery of Product that deviates from Specifications without invalidating any remainder of such delivery. Ampio shall inspect the Product upon receipt thereof and shall give Ethypharm written notice (a “Deficiency Notice”) of all claims for Product that deviates from the Specifications within thirty (30) days after Ampio’s receipt thereof (or, in the case of any Defect not reasonably susceptible to discovery upon receipt by Ampio, within thirty (30) days after discovery thereof by Ampio, up until the final release of the Product in its commercial packaging). Should Ampio fail to provide Ethypharm with a Deficiency Notice within the applicable period, then the delivery shall be deemed to have been accepted by Ampio upon the expiration of such period. Notwithstanding the foregoing, if Ampio discovers that any Product materially deviates from Specifications after final release of the Product in its commercial packaging, such deviation was not reasonably susceptible to discovery upon receipt of the Product from Ethypharm, and Ampio reasonably determines that such deviation was due to Ethypharm’s manufacturing, Ampio may reject the delivery of such Product within thirty (30) days after discovery thereof by Ampio, up until the final expiration date of the Product.