Shortfall Claim Sample Clauses
A Shortfall Claim clause defines the process by which a party can seek compensation if the actual amount received under an agreement is less than what was contractually owed. Typically, this clause outlines the steps for notifying the other party of the shortfall, the calculation of the deficit, and the timeframe for making a claim. Its core function is to ensure that parties have a clear mechanism to address and recover any underpayments, thereby reducing disputes and ensuring financial accountability.
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Shortfall Claim. The “Shortfall Claim” refers to any claim for relief, in connection with a BIA ISDA contract, alleging that the BIA and DOI failed to pay Plaintiffs the amount generated by multiplying each Plaintiff’s indirect cost rate by the BIA’s direct program base, less passthroughs and exclusions, pursuant to Office of Management and Budget (“OMB”) Circular A-87, 2 C.F.R. Part 225, OMB Circular A-21, 2 C.F.R. Part 220, and OMB Circular A-122, 2 C.F.R. Part 230, and other applicable law, or the full amount of any negotiated contract support costs. This claim also includes damages for Defendants’ alleged failure to pay indirect CSC on the portion of Direct Contract Support Costs (“DCSC”) that were not paid to Plaintiffs.
Shortfall Claim. 5.1.1 Each Consenting Beneficiary shall have an unsecured claim against the general estate of the Company in the amount of its 19/9 Shortfall (if any) (its “19/9 Shortfall Claim”, which may be zero) in accordance with and subject to the terms and conditions of this Clause 5.
5.1.2 Each 19/9 Shortfall Claim shall be deemed to have arisen upon the Administration Date.
Shortfall Claim. The Proposal provides for each Consenting Beneficiary to have a (potentially capped) unsecured shortfall claim against the Company. This unsecured shortfall claim offers some protection against the risk that, although LBI will be making a 100 per cent. distribution in respect of its allowed customer property claims, the ultimate value available for allocation to a Consenting Beneficiary may be less than the amount of the 19/9 Value of its LBI Asset Claims.