Performance Credit means credit due to City by Contractor with regard to Contractor’s service level obligations in Appendix D (Service Level Obligations).
Performance Credit means a letter of credit used directly or indirectly to cover a default in the performance of any non-financial or commercial obligations of the Company or any Subsidiary under specific contracts, and any letter of credit issued in favor of a bank or other surety who in connection therewith issues a guarantee or similar undertaking, performance bond, surety bond or other similar instrument that covers a default of any such performance obligations, that is classified as a performance standby letter of credit by the FRB and by the OCC.
Performance Credit means a standby letter of credit or Bank Undertaking used directly or indirectly to cover bid, performance, advance and retention obligations in support of the Borrowers’ work program.
Examples of Performance Credit in a sentence
Performance Credits shall not limit Customer Party’s right to recover, in accordance with this Agreement, any damages incurred by Customer as a result of Supplier’s failure to perform the Services in accordance with, or to – Broadridge Confidential; Kyndryl Confidential – 27 achieve, the Service Levels (but shall offset any such damages payable by Supplier in connection with the failure which resulted in the applicable Performance Credit).
More Definitions of Performance Credit
Performance Credit has the meaning set forth in Exhibit 3.
Performance Credit means credit due to City by Contractor with regard to Contractor’s service level obligations in Appendix C (Service Level Obligations).
Performance Credit means a credit in an amount set forth in Section 5 below payable to Customer by Vendor in connection with a Service Level Failure.
Performance Credit means credit, if any, due to City by Contractor with regard to Contractor’s service level obligations in the accompanying Purchase Order, Corresponding Documents and/or Exhibit 3 (Service Level Obligations: Minimum Requirements), as the case may be.
Performance Credit means the financial consequence associated with failure to meet the applicable performance standards or guarantees.
Performance Credit will be subtracted from the annual calculation of Net Performance Gain (Loss) (as described in #2 above) in the same Side-by-Side Calendar Year Portfolio in which the Performance Credit was generated (as described in #2 above) in each of the next seven years or until all securities in the same Side-by-Side Calendar Year Portfolio are liquidated, whichever occurs first. Performance Credits shall be deemed to include outstanding performance credits, if any, for purposes of performance fee calculations under the investment advisory and management agreement between Client and Equitable Capital Management Corporation (the "Equitable Capital Agreement") which this agreement replaces. For Side-by-Side Calendar Year Portfolios established through 1989, a Net Performance Gain can occur (and a Performance-Based Fee would be earned) in the event of a Portfolio Loss if the Hurdle Amount is negative by an amount greater than the Portfolio Loss and any applicable Performance Credits are less than the amount of such difference. Portfolio Gain (Loss) means for each Side-by-Side Calendar Year Portfolio during the computation period, the sum of any realized gains, earned or accrued interest and dividends, interest accrued on original issue discount instruments, any write-ups as provided in b) of the definition of "Asset-Based Fee" above minus any realized losses and any write-downs as provided in a) of such definition.
Performance Credit means, for any one Plan Year, the amount determined in accordance with Section 3.3.