Insufficiency Clause Samples
The Insufficiency clause defines the parties' responsibilities and remedies if the subject matter of the agreement—such as goods, services, or information—proves to be inadequate or insufficient for its intended purpose. Typically, this clause outlines what constitutes insufficiency, the process for notifying the other party, and the steps required to address the issue, such as replacement, supplementation, or adjustment. Its core function is to ensure that both parties have a clear process for resolving situations where the deliverables do not meet agreed-upon standards, thereby minimizing disputes and ensuring contractual expectations are met.
Insufficiency. In the event that the proceeds of any sale or other disposition are insufficient to cover the principal of, and interest on, the Note plus the costs and expenses of the sale or other disposition, Pledgor shall be liable for such deficiency.
Insufficiency. If at any time Lender reasonably determines that the Property Tax and Insurance Escrow Fund is not or will not be sufficient to pay Property Taxes and Insurance Premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to delinquency of the Property Taxes and/or thirty (30) days prior to expiration of the Policies, as the case may be.
Insufficiency. In case required or missing information/document is not facilitated within given/informed time frame by the User, we will process the case with the available information and will be authorized to close the case and provide you the report given information only. If you have any concerns on progress of your order, contact Hello Verify via "Contact us" / Email or Call and we will be happy to assist you.
Insufficiency. Any statement or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever;
Insufficiency. Notwithstanding the foregoing provisions of this Article X, if there occurs an Insufficiency as provided in Section 13.2 of the Gas Agreement and Replacement Gas (as provided in the Gas Agreement) is provided to Songas from the Adjoining Blocks, then:
(a) If production facilities are already in place, then with respect to such Replacement Gas, (i) there will be 100% cost recovery (rather than 75%);
Insufficiency. Notwithstanding the foregoing, if Lender determines, in its good faith business judgment, that the Business Interruption Insurance Funds will not be sufficient to pay the items set forth in Section 9.3.2
(a) through Section 9.3.2(i) hereof during the remainder of the Restoration Period, Lender shall so inform Borrower in writing, and Borrower shall not thereafter be entitled to any disbursement to pay Operating Expenses pursuant to Section 9.3.2(i) hereof.
Insufficiency. If at any time it shall appear to the Escrow Agent that the available proceeds of the related Defeasance Obligations and cash balances in the applicable Escrow Fund will not be sufficient to make any payment due to the holders of any of the Refunded Bonds, the Escrow Agent shall notify the Authority immediately, and the Authority agrees that it will from any funds lawfully available and appropriated for such purpose make up the anticipated deficit so that no default in the making of any such payment will occur. The Escrow Agent shall in no manner be responsible for the Authority’s failure to make any payments to the Escrow Funds.
Insufficiency. Promptly and in any event within 15 days after any Loan Party or any ERISA Affiliate files a Schedule B (or such other schedule as contains actuarial information) to IRS Form 5500 in respect of a Plan with an Insufficiency, a copy of such IRS Form 5500 (including the Schedule B).
Insufficiency. If there is any insufficiency in this Guarantee, the relevant provisions in the Loan Agreement shall apply.