DEFICIENCY OR ADDITIONAL PAYMENT Clause Samples
The DEFICIENCY OR ADDITIONAL PAYMENT clause establishes the process for addressing situations where a party has either underpaid or overpaid an amount due under the contract. In practice, this clause requires that if an audit or review reveals a shortfall or excess in payment, the responsible party must promptly pay the deficiency or the overpaid party must return the excess. This mechanism ensures that financial obligations are accurately settled, correcting errors and maintaining fairness between the parties.
DEFICIENCY OR ADDITIONAL PAYMENT. The Security Trustee shall have no responsibility whatsoever to any Fifth Issuer Secured Creditor as regards any deficiency or additional payment, as the case may be, which might arise because the Security Trustee is subject to any Tax in respect of the Fifth Issuer Charged Property or any part thereof or any income therefrom or any proceeds thereof or is required to make any withholding or deduction from any payment to any Fifth Issuer Secured Creditor.
DEFICIENCY OR ADDITIONAL PAYMENT. The Security Trustee shall have no responsibility whatsoever to any Secured Creditor as regards any deficiency or additional payment, as the case may be, which might arise because the Security Trustee is subject to any stamp, issue, registration, documentary and other fees, duties and taxes, including interest and penalties in respect of the Charged Assets or any part thereof or any income therefrom or any proceeds thereof or is required to make any withholding or deduction from any payment to any Secured Creditor.
DEFICIENCY OR ADDITIONAL PAYMENT. The Bond Trustee will have no responsibility whatsoever to any Secured Creditor as regards any deficiency or additional payment, as the case may be, which might arise because the Bond Trustee is subject to any Tax in respect of the Charged Property or any part thereof or any income therefrom or any proceeds thereof or is required by law to make any withholding or deduction from any payment to any Secured Creditor.
DEFICIENCY OR ADDITIONAL PAYMENT. The Security Trustee shall have no responsibility whatsoever to any Second Issuer Secured Creditor as regards any deficiency or additional payment, as the case may be, which might arise because the Security Trustee is subject to any Tax in respect of the Second Issuer Charged Property or any part thereof or any income therefrom or any proceeds thereof or is required to make any withholding or deduction from any payment to any Second Issuer Secured Creditor.
DEFICIENCY OR ADDITIONAL PAYMENT. The Ninth Issuer Security Trustee shall have no responsibility whatsoever to any Ninth Issuer Secured Creditor as regards any deficiency or additional payment, as the case may be, which might arise because the Ninth Issuer Security Trustee is subject to any Tax in respect of the Ninth Issuer Charged Property or any part thereof or any income therefrom or any proceeds thereof or is required to make any withholding or deduction from any payment to any Ninth Issuer Secured Creditor.