Residual Support Sample Clauses

The Residual Support clause defines the ongoing assistance or services that a party will provide after the main obligations of a contract have been fulfilled. Typically, this clause outlines the scope, duration, and limitations of post-completion support, such as technical help, maintenance, or troubleshooting, which may be available for a specified period or under certain conditions. Its core practical function is to ensure that the recipient continues to receive necessary support after the primary deliverables are completed, thereby addressing potential issues that may arise and providing reassurance regarding continued service.
Residual Support. As part of the residual support arrangement between GM and GMAC on vehicle leases dated between November 30, 2006 and December 23, 2008 and booked by GMAC where the underlying lease is from a GM Dealer: (i) The amount of residual support provided by GM to GMAC is considered to be the difference between the contract residual value (less any residual support provided by GMAC itself) and the Adjusted ALG value of such vehicle (“Original Residual Support Guaranty”). To reimburse GMAC (or GM), as applicable, for the amount by which the Original Residual Support Guaranty is not fully realized (or is in excess) at the end of the lease, at the conclusion of the lease contract, a true-up payment will be made by either GM or GMAC, as appropriate, which is calculated as the difference between the Actual Residual Support Payment Required and the Expected Residual Support Payment (“True-up Payment”). (A) The Expected Residual Support Payment (the “Expected Residual Support Payment”) was paid by GM at lease inception and represented that portion of the Original Residual Support Guaranty expected to be owed to GMAC upon remarketing of the returned lease vehicle. CONFIDENTIAL TREATMENT [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission (B) The Actual Residual Support Payment Required (the “Actual Residual Support Payment Required”) is calculated as follows: (1) For instances where the actual resale proceeds are less than the contract residual (less any residual support provided by GMAC itself), the difference between the contract residual value (less any residual support provided by GMAC itself) and the actual resale proceeds, up to a maximum of the Adjusted Residual Support Guaranty. (2) For instances where the actual resale proceeds are equal to or greater than the contract residual (less any residual support provided by GMAC itself), zero. (C) The amount of the Adjusted Residual Support Guaranty (the “Adjusted Residual Support Guaranty”) is calculated as follows: (1) For contracts terminating at scheduled maturity, the Adjusted Residual Support Guaranty is calculated to be 100% of the Original Residual Support Guaranty. (2) For contracts terminating prior to scheduled maturity (including defaults and situations where the Consumer never purchased or returned the vehicle (a “Skip”)), the Adjusted Residual Support Guaranty is calculated by divi...
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Related to Residual Support

  • Additional Support Under this Agreement, there shall be: (check one)

  • Operational Support 2.1 Party A agrees, according to the operational needs of Party B, to act as the guarantor of Party B in the contracts, agreements, or transactions entered into between Party B and third parties, in order to fully guarantee the performance by Party B of such contracts, agreements, and transactions. 2.2 Party A agrees, according to the operational needs Party B, to recommend directors and senior management to Party B and Party B agrees to appoint such personnel recommended by Party A to be its directors and senior management. The relevant personnel recommended by Party A pursuant to this Article shall meet the qualification requirements for directors and senior management under applicable laws. 2.3 To ensure the performance of this Agreement, Party A agrees to provide to Party B cooperative policy advice and guidance, which is consistent with the daily operation and financial management and the employment policy of Party B.

  • Technical Support State Street will provide technical support to assist the Fund in using the System and the Data Access Services. The total amount of technical support provided by State Street shall not exceed 10 resource days per year. State Street shall provide such additional technical support as is expressly set forth in the fee schedule in effect from time to time between the parties (the “Fee Schedule”). Technical support, including during installation and testing, is subject to the fees and other terms set forth in the Fee Schedule.

  • FINANCIAL SUPPORT 3.1 The financial support for the mobility period is EUR […], corresponding to EUR […] per month and EUR […] per extra days. 3.2 The amount for the mobility period shall be determined by multiplying the number of months of the mobility specified in article 2.3 with the rate applicable per month for the receiving country concerned. In the case of incomplete months, the financial support is calculated by multiplying the number of days in the incomplete month with 1/30 of the unit cost per month. 3.3 The reimbursement of costs incurred in connection with special needs, when applicable, shall be based on the supporting documents provided by the participant. 3.4 The financial support may not be used to cover similar costs already funded by EU funds. 3.5 Notwithstanding article 3.4, the grant is compatible with any other source of funding including revenue that the participant could receive working beyond its studies/traineeship as long as he/she carries out the activities foreseen in Annex I. 3.6 The financial support or part thereof shall be repaid if the participant does not comply with the terms of the agreement. If the participant terminates the agreement before it ends, he/she shall have to refund the amount of the grant already paid, except if agreed differently with the sending institution. However, when the participant has been prevented from completing his/her mobility activities as described in Annex I due to force majeure, he/she shall be entitled to receive the amount of the grant corresponding to the actual duration of the mobility period as defined in article 2.2. Any remaining funds shall have to be refunded, except if agreed differently with the sending institution. Such cases shall be reported by the sending institution and accepted by the National Agency.

  • Child Support (Applicable if the Party is a natural person, not a corporation or partnership.) Party states that, as of the date the Agreement is signed, he/she: a. is not under any obligation to pay child support; or b. is under such an obligation and is in good standing with respect to that obligation; or c. has agreed to a payment plan with the Vermont Office of Child Support Services and is in full compliance with that plan. Party makes this statement with regard to support owed to any and all children residing in Vermont. In addition, if the Party is a resident of Vermont, Party makes this statement with regard to support owed to any and all children residing in any other state or territory of the United States.