Common use of Shortfall Amount Clause in Contracts

Shortfall Amount. i. In the event that during any Determination Period Carrier fails to meet the Cargo Commitment, it shall not be an Event of Default hereunder (and PHA shall have no remedies other than its right to payment of the Shortfall) if Carrier pays to PHA the “Shortfall Amount” as hereinafter provided. If Carrier fails to pay the Shortfall as hereinafter provided, such failure shall constitute an Event of Default affording PHA all rights and remedies set forth herein. PHA shall determine and xxxx Xxxxxxx the Shortfall Amount for the previous Determination Period on or after January 1 and July 1 of each year and Carrier shall pay the Shortfall Amount by no later than thirty (30) days from the date of invoice.

Shortfall Amount. i. In the event that during any Determination Period Carrier fails to meet the Cargo Commitment, it shall not be an Event of Default hereunder (and PHA shall have no remedies other than its right to payment of the Shortfall) if Carrier pays to PHA the “Shortfall Amount” as hereinafter provided. If Carrier fails to pay the Shortfall as hereinafter provided, such failure shall constitute an Event of Default affording PHA all rights and remedies set forth herein. PHA shall determine and xxxx Xxxxxxx the Shortfall Amount for the previous Determination Period on or after January 1 and July 1 of each year and Carrier shall pay the Shortfall Amount by no later than thirty (30) days from the date receipt of invoice.