Service Level Penalty Sample Clauses

Service Level Penalty. If during any month, the Servicer performs the servicing of the Mortgage Loans under this Agreement below acceptable tolerance levels set forth on Appendix 1, the Advancing Party shall, unless the Servicer cures the Exceedance as described below, be entitled to a Service Level Penalty in an amount calculated as set forth on Appendix 1, with respect to the related Performance Standard. Upon receipt of the report, the Advancing Party shall notify the Servicer of the below acceptable level occurrence and corresponding Exceedance, and the Servicer shall attempt to cure the deficiency during the applicable cure period. The Servicer shall have a period of sixty (60) days in which to cure such occurrence by bringing the related Performance Standard to within agreed to service levels in the second full month following the month in which such Exceedance occurs. For example, if in the month of March there is a Level 1 Exceedance for Right Party Contacts (as defined in Appendix 1), and the same Exceedance for Right Party Contacts occurs in both April and May, then in May, the Service Level Penalty will be imposed and payable by the Servicer pursuant to Section 7A.07 for all three monthly periods. If, however, in May the Servicer brings the Right Party Contacts within acceptable tolerance levels, there will be no Service Level Penalty imposed with respect to the March and April Exceedance. 122

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Service Level Penalty. Should A&P believe that a Service Level Violation has occurred, A&P shall give notice to C&S and C&S shall use its best efforts to immediately restore the Required Service Level. Following such notice, upon a Service Level Violation, A&P will be entitled to a penalty payment equal to: (i) the difference between the Required/Penalty Level and the average actual service level percentage during the Measurement Period, multiplied by (ii) the number of cases delivered during such Measurement Period, multiplied by (iii) * (the “Service Penalty Payment”); provided, that before any penalty is assessed the parties will meet to discuss the cause for such Service Level failure, what can be done to prevent future failure, and to determine, given the reasons for such failure, whether or not a penalty should be charged. Once it has been determined that the charge is appropriate, A&P will bxxx C&S for any such penalty and C&S will pay such bxxx within * . This penalty will not apply for the first Contract Quarter. In addition, during the period of any Service Level Violation, A&P may purchase from other sources Merchandise that is causing the Service Level to fall below the Required Service Level and any such purchases shall nonetheless be included as volume purchased under this Agreement.

Service Level Penalty. After a Service Level Default has occurred, C&S will be subject to a penalty payment (the “Service Level Penalty Payment”) for each subsequent [***] that C&S’ service level performance is below the Required Service Level until the Required Service Level is restored (the “Service Level Penalty Period”). The Service Level Penalty Payment shall be equal to: (i) the difference between [***] and [***] multiplied by (ii) [***], multiplied by (iii) [***]. The Service Level Penalty Payment shall be paid within [***] days of the end of [***] during which the Service Level Penalty Period occurs. The Service Level Penalty Payment shall be paid [***]. Once the Required Service Level is achieved, then the Service Level Default shall be cured, and new Measurement Periods shall begin. [***].

Related to Service Level Penalty

• Service Levels (1) DTI shall perform the Services in accordance with the service levels (the "Service Levels") as may be agreed to from time to time in writing by DTI and the Funds (the "Service Level Agreement"). Failure to perform in a manner which equals or exceeds the Service Levels shall result in fee credits ("Fee Credits") or the Funds' right to terminate this Agreement, as set forth in the Service Level Agreement.
• Service Level Service Provider will classify incidents at its own discretion. Such classifications shall be consistent with the priorities Service Provider set for itself as a recipient of services. Incidents classified using this methodology will be triaged as documented in Attachment A.
• Service Level Agreement Subject to the terms and conditions of this Agreement, Bank agrees to perform the custody services provided for under this Agreement in a manner that meets or exceeds any service levels as may be agreed upon by the parties from time to time in a written document that is executed by both parties on or after the date of this Agreement, unless that written document specifically states that it is not contractually binding. For the avoidance of doubt, Bank’s Service Directory shall not be deemed to be such a written document.
• SERVICE LEVEL DESCRIPTION The Fund Accounting Agreement is hereby amended by deleting the Service Level Description attached thereto and replacing it in its entirety with the Service Level Description attached hereto.
• Service Level Standards The parties agree to negotiate in good faith certain service level standards that, once agreed upon, will be incorporated into this Agreement subsequent to the effective date of the Agreement.
• Service Level Credits If vendor fails to provide the Services in accordance with the applicable Service Levels for any reason, except for Force Majeure Events (as defined in the Agreement), vendor will incur Service level Credits identified in and according to the schedule set forth in Attachment E-1 and/or Attachment E-2, provided that Vendor may earn back such Service level credits as provided under the provisions of Attachment E-1 and/or Attachment E-1, as the case may be. The Service Level credits will not limit Prudential's right to recover, in accordance with the terms of this Engagement Schedule, any other damages to which it may be entitled with respect to such failure to provide the Services in accordance with the Service Levels.
• Quality Service Standards/NAV Errors Price Associates and the Fund may, from time to time, agree to certain quality service standards, with respect to the Services hereunder. In the event Price Associates is the party responsible for causing an error in the computation of the net asset value for a Fund or share class of a Fund (“NAV Error”), the actions that are required to be taken as to such NAV Error shall be made in accordance with the Fund’s Net Asset Value Error Correction Policy and Procedures (“NAV Error Policy”) attached hereto as Schedule II.
• Performance Standard Consultant represents and warrants that Services will be performed in a thorough and professional manner, consistent with high professional and industry standards by individuals with the requisite training, background, experience, technical knowledge and skills to perform Services.
• Performance Standards The Custodian shall use its best efforts to perform its duties hereunder in accordance with the standards set forth in Schedule C hereto. Schedule C may be amended from time to time as agreed to by the Custodian and the Trustees of the Fund.
• Administrative Support Service Fees Within forty-five (45) days of the end of each calendar quarter, the Fund will make payments in the aggregate amount of 0.0625% (0.25% on an annual basis) of the average during that calendar quarter of the aggregate net asset value of the Shares computed as of the close of each business day (the "Service Fee"). Such Service Fee payments received from the Fund will compensate the Distributor for providing administrative support services with respect to Accounts. The administrative support services in connection with Accounts may include, but shall not be limited to, the administrative support services that a Recipient may render as described in Section 3(b)(i) below.