Refund Shortfall definition

Refund Shortfall means the amount, if any, by which the funds deposited in the Settling Supplier Refund Escrow for refunds and interest to Non-Settling Participants based on the Allocation Matrix is insufficient to satisfy all refund awards made to Non-Settling Participants for any particular period, e.g., the Pre-October Period, the Pre-January 18, 2001 Period, or the Post-January 17, 2001 Period, as determined by FERC in the FERC Refund Determination and the FERC Interest Determination; and
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Refund Shortfall means the amount, if any, by which the funds deposited in the Reliant Refund Escrow for refunds to Non-Settling Participants based on the FERC Refund Allocation Matrix, are insufficient to satisfy all refund awards made to Non-Settling Participants for any particular period, e.g. the Pre-October Period, the Pre-January 18, 2001 Period, or the Post-January 17, 2001 Period, as determined by FERC.
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Refund Shortfall has the meaning set forth in Section 6.6.2.
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Examples of Refund Shortfall in a sentence

  • Subject to Section 6.9, the California Utilities shall be responsible for a share of any Refund Shortfall or Receivables Shortfall allocated to the Pre-October Period.

  • Subject to Section 6.9, the California Utilities shall be responsible for a share of any Refund Shortfall or Receivables Shortfall allocated to the Pre-January 18, 2001 Period.

  • Subject to Section 5.8, the California Utilities shall be responsible, and the Settling Supplier shall not be responsible, for any Refund Shortfall or Receivables Shortfall allocated to the period January 1, 2000 through October 1, 2000, inclusive.

  • Any such change in the Receivables Shortfall, Receivables Excess, Refund Shortfall, or Refund Excess pursuant to such a true-up shall benefit, or be the responsibility of, the California Parties.

  • Buyer and Seller agree that, except as required by Law, the receipt by Seller of any Tax refund amounts (inclusive of interest thereon) paid by Buyer to Seller pursuant to this Section 6.12(e), and the receipt by Buyer of any Refund Shortfall pursuant to this Section 6.12{e), shall be treated by them for Tax purposes as adjustments to the Purchase Price.

  • For the avoidance of doubt, Seller’s indemnification obligations pursuant to the immediately preceding sentence shall not be subject to the procedures set forth in Section 9.5. The Refund Shortfall shall be paid to Buyer immediately out of the Escrow Funds, and the Parties shall instruct the Escrow Agent without any delay to make such payment to Buyer.

  • None of the Mirant Parties, including MAEM, shall be responsible to Settling Participants or to Non-Settling Participants for a Receivables Shortfall or a Refund Shortfall relating to the Pre-January 18 Period or Post-January 17 Period, and the Mirant Parties shall not be entitled to claim any interest or right to a Receivables Excess or a Refund Excess relating to the Pre-January 18 Period or Post-January 17 Period.

  • The CAISO and/or PX shall distribute the Refund Shortfall to each Non-Settling Participant in the manner provided in the FERC Refund Determination.

  • Except with respect to the January PX Transactions, which shall be governed by Section 6.6.5.1, CERS shall be responsible for any Refund Shortfall or Receivables Shortfall allocated to the Post-January 17 Period, and shall be entitled to payment of any Refund Excess or Receivables Excess allocated to the Post-January 17 Period.

  • As set forth in more detail in Section 6.6.5, and subject to the limitations of Section 6.6.6, the California Parties shall pay to the CAISO and/or the PX, from the Mirant Refund Escrow, the California Litigation Escrow or otherwise, the Refund Shortfall for each Non-Settling Participant for the Pre-January 18 Period and the Post-January 17 Period.


More Definitions of Refund Shortfall

Refund Shortfall means the amount, if any, by which the funds deposited in the Settling Supplier Refund Escrow (PNM) for refunds and interest to Non-Settling Participants based on the Allocation Matrix are insufficient to satisfy all refund awards (other than those for which Settling Supplier remains responsible under Section 4.1.5) made to Non-Settling Participants for any particular period, e.g., the Pre-October Period, the Pre-January 18, 2001 Period, or the Post-January 17, 2001 Period, as determined by FERC in the FERC Refund Determination and the FERC Interest Determination; and (iv) “Refund Excess” means the amount, if any, by which the funds deposited in the Settling Supplier Refund Escrow (PNM) for refunds and interest to Non-Settling Participants based on the Allocation Matrix exceeds the amounts needed to satisfy all refund awards made to Non-Settling Participants for any particular period, e.g., the Pre-October Period, the Pre-January 18, 2001 Period, or the Post-January 17, 2001 Period, as determined by FERC in the FERC Refund Determination and the FERC Interest Determination. To the extent that a shortfall is created by the difference between (i) the actual amount of interest earned on the Cash Consideration during the period from the date such Cash Consideration was transferred by Settling Supplier to the Settling Supplier Refund Escrow and the Settlement Effective Date, and (ii) the amount of interest that would have been earned on the Cash Consideration during such period at the FERC Interest Rate, such shortfall shall be allocated to all Settling Participants pro rata (that is, in relation to the total refunds allocated to each Settling Participant in the Allocation Matrix). If, as a result of an order by a court of appeals that is no longer subject to appeal or a FERC order on remand of such court order, the FERC Receivables Determination and/or the FERC Refund Determination is/are changed in a way that increases or decreases the amount of the Receivables Shortfall, Receivables Excess, Refund Shortfall, or Refund Excess as determined above, there shall be a true-up for such change by way of refund or surcharge (or debit or credit to the applicable ISO or PX account), as appropriate, with interest at the FERC Interest Rate or such other rate as FERC may determine to be applicable, to give full effect to the change from the FERC Receivables Determination and/or the FERC Refund Determination. Any such change in the Receivables Shortfall, Receivables Excess,...
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Refund Shortfall is defined in Section 6.12(e).
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Related to Refund Shortfall

  • Available Funds Shortfall means, for any Payment Date and the related Collection Period, the positive difference, if any, of (i) the amount necessary to make all distributions required to be made pursuant to clauses (i) through (iii) of Section 2.08 over (ii) Collections on deposit in the Collection Account, to the extent received during or in respect of such Collection Period.

  • Curtailment Shortfall For any Distribution Date and for any Curtailment received in the Prior Period, an amount equal to one month’s interest on such Curtailment at the Pass-Through Rate for the applicable Mortgage Loan.

  • Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.

  • Finance Charge Shortfall shall have the meaning specified in Section 4.09.

  • Class A-P Collection Shortfall With respect to the Cash Liquidation or REO Disposition of a Discount Mortgage Loan and any Distribution Date, the excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount described in Section 4.02(b)(i)(C)(2).