Deficiency Claims Sample Clauses

Deficiency Claims. To the extent that the value of the Collateral securing any Other Secured Claim is less than the Allowed amount of such Other Secured Claim, the undersecured portion of such Allowed Claim shall be treated for all purposes under this Plan as an Other General Unsecured Claim and shall be classified as a Class 6B Other General Unsecured Claim.
Sample 1
AutoNDA by SimpleDocs
Deficiency Claims. (a) In the event that (x) the Common Security Agent or any other Security Agent exercises foreclosure rights and consummates a foreclosure sale (or receives, or an Offshore Entity receives, insurance proceeds and condemnation awards) or (y) the Common Security Agent or any other Security Agent or any Offshore Entity receives insurance proceeds from a Total Loss or any other disposition in violation of this Agreement, the Amended Facility Agreements, in each case, in respect of any Ship (which shall not include UP OPAL or UP RUBI for purposes of this covenant) (or 100% of the Equity Interests of the Offshore Entity which owns such Ship), the proceeds of such sale (or such proceeds) shall be applied promptly to the extent proceeds are received by an Agent or within one Business Day of receipt of such proceeds by an Offshore Entity to the extent attributable to such Ship in the following order of priority: (i) an amount equal to fees and expenses in connection with such sale, if any, and any Agents Fees and Expenses of any Agent, (ii) an amount up to the amount of principal and other amounts due under the Amended Facility Agreement, the obligations in respect of which the sold Ship secured, to the Agent or Agents for such Amended Facility Agreement for the permanent reduction of principal, with such payments to be applied ratably based on the Allocated Loan Amounts for such Ship in inverse order of maturity under the Amended Facility Agreements against the Allocated Loan Amount for such Ship (and with respect to Ships with first lien, second lien and/or third lien priority claims, to repay such indebtedness in the order of priority), (iii) an amount up to the amount of principal and other amounts due under the Amended Facility Agreement the obligations in respect of which the sold Ship secured that were not otherwise paid pursuant to (ii) above, to the Agent or Agents for such Amended Facility Agreements for the permanent reduction of principal, with such payments to be applied ratably (based on the aggregate amount of principal outstanding across all such Amended Facility Agreements) with such payments applied within such Amended Facility Agreements in inverse order of maturity (and with respect to Ships with first lien, second lien and/or third lien priority claims, in the order of priority), (iv) to the Agents to be applied as a prepayment of the outstanding principal balances under the Amended Facility Agreements (including any Deficiency Claims) and the ...
Sample 1
Deficiency Claims. Insignificant deficiencies or rest work which do not impair the production of the in- stallation do not entitle the buyer to refuse acceptance. For the elimination of these deficiencies and the execution of the rest work fixed dates have to be scheduled in the acceptance report. For material deficiencies and legal deficiencies of the delivery Xxxxxx grants liability without possibility for further claims – with reservation section „Liability“ - as fol- lows: Material Deficiencies All parts that are proof to be defective because of circumstances that occurred be- fore the passing of the risk are either replaced faultlessly or repaired free of charge by Xxxxxx. The detection of such deficiencies has to be reported in writing to Xxxxxx within 5 days. If the contract partner acts contrary to his duty to report the deficien- cies within 5 days he has no claims for compensation or replacement. He loses his right to withdraw or to reduce the price. Replaced parts become property of Xxxxxx. Upon consultation with Xxxxxx the purchaser has to give the required time and op- portunity to carry out the necessary replacement deliveries and rework that seem necessary to Xxxxxx; otherwise Xxxxxx is not liable for the resulting consequences. Except in urgent cases of endangerment of the plant safety respectively to avoid disproportional large damage, whereat Xxxxxx has to be informed immediately, the purchaser has the right to remedy the deficiencies himself or let a third party do so, and to demand the resulting expenditures from Xxxxxx. From the directly resulting costs of the replacement or rework Xxxxxx will carry – as far as the complaint is justified – the cost for the replacement part including ship- ping. Xxxxxx will also carry the costs for the demounting and mounting as well as the possible required using of technicians and helpers, including traveling expenses, as far as this does not mean a disproportional encumbrance for Xxxxxx. The purchaser has, within the framework of legal rights, a right to withdraw from the contract if Xxxxxx – under consideration of legal exceptions – lets a set appro- priate time limit for rework or replacement delivery in case of a material deficiency, elapse without action. If the deficiency is only minor the purchaser has only the right for a reduction of the contract price. The right for a reduction of the contract price is otherwise excluded. Further claims are specified in section “Liability” of these conditions.
Sample 1

Related to Deficiency Claims

  • Tax Claims Notwithstanding any other provision of this Agreement, the control of any claim, assertion, event or proceeding in respect of Taxes of the Company (including, but not limited to, any such claim in respect of a breach of the representations and warranties in Section 3.22 hereof or any breach or violation of or failure to fully perform any covenant, agreement, undertaking or obligation in Article VI) shall be governed exclusively by Article VI hereof.

  • Pending Claims There are no (i) claims, demands, litigation, proceedings or governmental investigations pending or to Seller’s knowledge threatened, against Seller, the Manager or any Affiliate of any of them (collectively, “Seller Parties”) or related to the business or assets of the Hotel, except as set forth on Exhibit I attached hereto and incorporated herein by reference, (ii) special assessments or extraordinary taxes except as set forth in the Title Commitment or (iii) pending or threatened condemnation or eminent domain proceedings which would affect the Property or any part thereof. To Seller’s knowledge, there are no other: pending arbitration proceedings or unsatisfied arbitration awards, or judicial proceedings or orders respecting awards, which might become a lien on the Property or any portion thereof, pending unfair labor practice charges or complaints, unsatisfied unfair labor practice orders or judicial proceedings or orders with respect thereto, pending charges or complaints with or by city, state or federal civil or human rights agencies, unremedied orders by such agencies or judicial proceedings or orders with respect to obligations under city, state or federal civil or human rights or antidiscrimination laws or executive orders affecting the Hotel, or other pending, actual or, to Seller’s knowledge, threatened litigation claims, charges, complaints, petitions or unsatisfied orders by or before any administrative agency or court which affect the Hotel or might become a lien on the Hotel (collectively, the “Pending Claims”).

  • Warranty Claims This Contractual Warranty is provided by Xxxxxxxxx Electric and covers defects in workmanship and materials in your Product. This warranty period lasts from the date of purchase at the point of sale to you, the original end user, unless otherwise agreed in writing (the "Warranty Period"). This Contractual Warranty is transferable to subsequent owners but only for the unexpired portion of the Warranty Period.

  • Contested Claims In the event that the Indemnifying Party disputes the Claimed Amount, as soon as practicable but in no event later than ten (10) days after the receipt of the notice referenced in Section 10.2(b)(ii) hereof, the Parties will begin the process to resolve the matter in accordance with the dispute resolution provisions of Section 1.4 hereof. Upon ultimate resolution thereof, the Parties will take such actions as are reasonably necessary to comply with such agreement or instructions.

  • Deficiency Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency.

  • Maintenance of PMI Policy; Claims With respect to each Mortgage Loan with a loan-to-value ratio in excess of 80% for which a PMI Policy is both required and has been issued, the Servicer shall, to the extent permitted by Accepted Servicing Practices, maintain or cause the Mortgagor to maintain in full force and effect a PMI Policy insuring that portion of the Mortgage Loan in excess of 75% of value, and shall cause the Mortgagor to pay the premium thereon on a timely basis, until the loan-to-value ratio of such Mortgage Loan is reduced to 80% or PMI can otherwise no longer be mandated pursuant to applicable law. In the event that such PMI Policy shall be terminated, the Servicer shall attempt to obtain from another Qualified Insurer a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated PMI Policy. The Servicer shall not take any action which would result in noncoverage under any applicable PMI Policy of any loss which, but for the actions of the Servicer would have been covered thereunder. In connection with any assumption or substitution agreement entered into or to be entered into pursuant to this Agreement, the Servicer shall promptly notify the insurer under the related PMI Policy, if any, of such assumption or substitution of liability in accordance with the terms of such PMI Policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such PMI Policy. If such PMI Policy is terminated as a result of such assumption or substitution of liability, the Servicer shall obtain a replacement PMI Policy as provided above. With respect to each Mortgage Loan covered by a PMI Policy or LPMI Policy, the Servicer shall take all such actions on behalf of the Owner as are necessary to service, maintain and administer the related Mortgage Loan in accordance with such Policy and to enforce the rights under such Policy. Except as expressly set forth herein, the Servicer shall have full authority on behalf of the Owner to do anything it deems appropriate or desirable in connection with the servicing, maintenance and administration of such Policy; provided that the Servicer shall not take any action to permit any modification or assumption of a Mortgage Loan covered by a LPMI or PMI Policy, or take any other action with respect to such Mortgage Loan, which would result in non-coverage under such Policy of any loss which, but for actions of the Servicer, would have been covered thereunder. The Servicer shall cooperate with the PMI insurers and shall furnish all reasonable evidence and information in the possession of the Servicer to which the Servicer has access with respect to the related Mortgage Loan. The Servicer agrees to prepare and present, on behalf of itself and the Owner, claims to the insurer under any PMI Policy or LPMI Policy in a timely fashion in accordance with the terms of such PMI Policy or LPMI Policy and, in this regard, to take such action as shall be necessary to permit recovery under any PMI Policy or LPMI Policy respecting a defaulted Mortgage Loan. Pursuant to Section 3.04, any amounts collected by the Servicer under any PMI Policy or LPMI Policy shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05.

  • Litigation; Claims Any rights (including indemnification) and claims and recoveries under litigation of Seller against third parties attributable to the period on or prior to the Closing except to the extent relating to the Assumed Liabilities;

  • Disputed Claims 4.1 Notwithstanding paragraph 4.5 of this Schedule, payment by the Authority of all or any part of any invoice rendered or other claim for payment by the Contractor shall not signify approval of such invoice/claim. The Authority reserves the right to verify invoices/claims after the date of payment and subsequently to recover any sums which have been overpaid.

  • Priority of Claims (a) Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.03), if an Event of Default has occurred and is continuing, and the Applicable Collateral Agent or any First-Lien Secured Party is taking action to enforce rights in respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in any Bankruptcy Case of the Company or any other Grantor or any First-Lien Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Collateral by any First-Lien Secured Party or received by the Applicable Collateral Agent or any First-Lien Secured Party pursuant to any such intercreditor agreement with respect to such Shared Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First-Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”) shall be applied (i) FIRST, to the payment of all amounts owing to each Collateral Agent (in its capacity as such) pursuant to the terms of any Secured Credit Document, (ii) SECOND, subject to Section 1.03, to the payment in full of the First-Lien Obligations of each Series on a ratable basis, with such Proceeds to be applied to the First-Lien Obligations of a given Series in accordance with the terms of the applicable Secured Credit Documents, and (iii) THIRD, after payment of all First-Lien Obligations, to the Company and the other Grantors or their successors or assigns, as their interests may appear, or to whosoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. Notwithstanding the foregoing, with respect to any Shared Collateral upon which a third party (other than a First-Lien Secured Party) has a lien or security interest that is junior in priority to the security interest of any Series of First-Lien Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute) to the security interest of any other Series of First-Lien Obligations (such third party, an “Intervening Creditor”), the value of any Shared Collateral or Proceeds which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to be distributed in respect of the Series of First-Lien Obligations with respect to which such Impairment exists.

  • No Actions, Claims, Etc As of the date hereof, each of the Credit Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

Time is Money Join Law Insider Premium to draft better contracts faster.