Shortfall Credits Sample Clauses

The Shortfall Credits clause establishes a mechanism for addressing situations where a party fails to deliver the agreed quantity of goods or services. Typically, if a supplier underdelivers, the clause outlines how credits are calculated and applied to compensate the buyer, such as through future invoice deductions or account credits. This clause ensures that shortfalls are fairly remedied, protecting the buyer from losses due to incomplete fulfillment and incentivizing the supplier to meet their obligations.
Shortfall Credits. (a) If Customer pays any NGL Shortfall Fee with respect to any Quarter in the NGL Services Secondary Term or thereafter, then, subject to the other provisions of this Section 6.2, for a period of four Quarters from the end of the Quarter in which such NGL Shortfall Fee was accrued, Customer shall be entitled to a credit with respect to the NGL Fees payable by Customer during any such Quarter in connection with volumes of Customer NGLs Tendered into the Terminals System by Customer during any such Quarter, but only to the extent such volumes so Tendered are in excess of the applicable System NGL Estimate for such Quarter (each such volume credit, stated in Barrels, a “Shortfall Credit”). TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). (i) During any subsequent Quarter in which an earned Shortfall Credit may be utilized by Customer, Customer may only utilize such Shortfall Credit for volumes of Customer NGLs Tendered into the Terminals System by Customer in excess of the applicable System NGL Estimate for such Quarter as contained in the then-currently agreed Development Plan. (ii) The use of a Shortfall Credit shall result in Customer not being obligated to pay an NGL Fee attributable to volumes of Customer NGLs, stated in Barrels, Tendered into the Terminals System by Customer, but only up to the amount of such Shortfall Credit and only with respect to volumes of Customer NGLs so Tendered in excess of the applicable System NGL Estimate for such Quarter as contained in the then-currently agreed Development Plan. (b) Each Shortfall Credit shall expire at the end of the fourth full Quarter following the date on which the applicable Shortfall Fee was accrued. (c) Provider shall be responsible for keeping records and balances of any applicable Shortfall Credits that have been earned by Customer and providing such balances to Customer upon Customer’s request. (d) The Parties agree that, as of January 1, 2017, there shall be no outstanding “Terminals Shortfall Credits”, “Loading Shortfall Credits”, “Tank Car Shortfall Credits” and “NGL Shortfall Credits” (in each case, as such terms are defined in the Original Agreement), and any such amounts that (i) have accrued on or prior to January 1, 2017 pursuant to the Original Agreement, but...
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Shortfall Credits any payments due under Clause 18.5 of this Schedule 2; or
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Shortfall Credits. The Shortfall in any year shall be subject to reduction as follows: (a) the volume of any Logs purchased in that year by FCCL (and any of its Affiliates other than TimberWest and its Subsidiaries) as a result of, or in order to remedy, a default by TimberWest under this Agreement; (b) any credit to the Shortfall under Sections 8.2, 8.3 or 8.4 in respect of that year; and (c) at the option of FCCL, all or any part of the volume of Logs which remains an outstanding obligation to Fibre Suppliers at the end of that year in respect of wood chips purchased by FCCL under the Fibre Exchange Agreements during that year.
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Related to Shortfall Credits

  • Service Level Credits If Verint does not meet the Uptime Percentage levels specified below, Customer will be entitled, upon written request, to a service level credit (“Service Level Credit”) to be calculated, with respect to the applicable Hosted Environment, as follows: • If Uptime Percentage is at least 99.95% of the month’s minutes, no Service Level Credits are provided; or • If Uptime Percentage is 99.75% to 99.94% (inclusive) of the month’s minutes, Customer will be eligible for a credit of 5% of a monthly average fee derived from one-twelfth (1/12th) of the then-current annual fee paid to Verint; or • If Uptime Percentage is 99.50% to 99.74% (inclusive) of the month’s minutes, Customer will be eligible for a credit of 7.5% of a monthly average fee derived from one-twelfth (1/12th) of the then-current annual fee paid to Verint; or • If Uptime Percentage is less than 99.50% of the month’s minutes, Customer will be eligible for a credit of 10.0% of a monthly average fee derived from one-twelfth (1/12th) of the then-current annual fee paid to Verint. Customer shall only be eligible to request Service Level Credits if Customer notifies Verint in writing within thirty (30) days from the end of the month for which Service Level Credits are due. All claims will be verified against Verint’s system records. In the event after such notification Verint determines that Service Level Credits are not due, or that different Service Level Credits are due, Verint shall notify Customer in writing on that finding. With respect to any Services Level credits due under Orders placed directly by Customer on Verint, Service Level Credits will be applied to the next invoice following Customer’s request and Verint’s confirmation of available credits; with respect to any Service Level Credits due for SaaS Services under Orders placed on Verint by a Verint authorized reseller on Customer’s behalf, Service Level Credits will be issued by such reseller following Customer’s request and Verint’s confirmation of available credits and such Services Level Credits may only be used by Customer with respect to subsequent purchases of Verint offerings through that reseller. Service Level Credits shall be Customer’s sole and exclusive remedy in the event of any failure to meet the Service Levels. Verint will only provide records of system availability in response to Customer’s good faith claims.

  • Credits An employee shall earn sick leave credits at the rate of nine decimal three seven five (9.375) hours for each calendar month for which such employee receives pay for at least seventy-five (75) hours.