Common use of Shortfall Amount Clause in Contracts

Shortfall Amount. i. In the event that during any Determination Period Carrier fails to meet the Cargo Commitment, it shall not be an Event of Default hereunder (and PHA shall have no remedies other than its right to payment of the Shortfall) if Carrier pays to PHA the “Shortfall Amount” as hereinafter provided. If Carrier fails to pay the Shortfall as hereinafter provided, such failure shall constitute an Event of Default affording PHA all rights and remedies set forth herein. PHA shall determine and ▇▇▇▇ ▇▇▇▇▇▇▇ the Shortfall Amount for the previous Determination Period on or after January 1 and July 1 of each year and Carrier shall pay the Shortfall Amount by no later than thirty (30) days from the date of invoice. ii. The Shortfall Amount shall equal the Base Rate in effect for the applicable Determination Period reduced by the applicable Commitment Discount Level for the applicable Determination Period multiplied by the difference between 90% of the loaded containers delivered to or loaded at the Terminal Region during such Determination Period less the number of Carrier’s loaded containers moved through the Terminals during such Determination Period. iii. If Carrier requests PHA to allow a new waterborne service (“New Service”) carrying Carrier’s cargo to call Bayport Terminal or Barbours Cut Terminal and PHA denies such request due to a decision, condition, or circumstance under the control of PHA, Carrier’s loaded containers that are moved by the New Service and delivered to or loaded at the Terminal Region shall be included in the Cargo Commitment but shall not be counted toward Carrier’s Container Volume in determining Carrier’s Commitment Discount. If PHA later consents in writing to Carrier’s request and Carrier fails to begin the New Service at either Terminal within sixty (60) days of PHA’s consent, Carrier’s loaded containers that are moved by the New Service and delivered to or loaded at the Terminal Region shall no longer be included in the Cargo Commitment and shall not be counted toward Carrier’s Container Volume in determining Carrier’s Commitment Discount.

Shortfall Amount. i. In the event that during any Determination Period Carrier fails to meet the Cargo Commitment, it shall not be an Event of Default hereunder (and PHA shall have no remedies other than its right to payment of the Shortfall) if Carrier pays to PHA the “Shortfall Amount” as hereinafter provided. If Carrier fails to pay the Shortfall as hereinafter provided, such failure shall constitute an Event of Default affording PHA all rights and remedies set forth herein. PHA shall determine and ▇▇▇▇ ▇▇▇▇▇▇▇ the Shortfall Amount for the previous Determination Period on or after January 1 and July 1 of each year and Carrier shall pay the Shortfall Amount by no later than thirty (30) days from the date receipt of invoice. ii. The Shortfall Amount shall equal the Base Rate in effect for the applicable Determination Period reduced by the applicable Commitment Discount Level for the applicable Determination Period multiplied by the difference between 90% of the loaded containers delivered to or loaded at the Terminal Region during such Determination Period less the number of Carrier’s loaded containers moved through the Terminals during such Determination Period. iii. If Carrier requests PHA to allow a new waterborne service (“New Service”) carrying Carrier’s cargo to call Bayport Terminal or Barbours Cut Terminal and PHA denies such request due to a decision, condition, or circumstance under the control of PHA, Carrier’s loaded containers that are moved by the New Service and delivered to or loaded at the Terminal Region shall be included in the Cargo Commitment but shall not be counted toward Carrier’s Container Volume in determining Carrier’s Commitment Discount. If PHA later consents in writing to Carrier’s request and Carrier fails to begin the New Service at either Terminal within sixty (60) days of PHA’s consent, Carrier’s loaded containers that are moved by the New Service and delivered to or loaded at the Terminal Region shall no longer be included in the Cargo Commitment and shall not be counted toward Carrier’s Container Volume in determining Carrier’s Commitment Discount.