Where a Deficit occurs. If a Deficit occurs then the Participants must pay to the MRC, in their respective Fees Proportions:
Where a Deficit occurs Sample Clauses
Related to Where a Deficit occurs
Surplus; Shortage and Deficiency of Funds In accordance with RESPA, if there is a surplus of Funds held in escrow, Xxxxxx will account to Borrower for such surplus. If Xxxxxxxx’s Periodic Payment is delinquent by more than 30 days, Xxxxxx may retain the surplus in the escrow account for the payment of the Escrow Items. If there is a shortage or deficiency of Funds held in escrow, Lender will notify Borrower and Borrower will pay to Lender the amount necessary to make up the shortage or deficiency in accordance with RESPA. Upon payment in full of all sums secured by this Security Instrument, Xxxxxx will promptly refund to Borrower any Funds held by Xxxxxx.
Termination due to Event of Default (a) Termination due to Parties Event of Default
Possible Deficiency Insufficient cooling. Performance Standard – Builder will correct if the cooling system is not capable of maintaining a temperature of 78 degrees Fahrenheit under normal operating conditions. The temperature shall be measured in the center of the room, five feet above the floor. On extremely hot days where outside temperature exceeds 95 degrees Fahrenheit, a difference of 15 degrees from outside temperature will be maintained. All doors must remain open to ensure proper performance and rooms may vary by as much as four degrees and between floors the variance can be as much as 6 degrees. These conditions are specified in the ASHRAE handbook. Homes designed with open foyers, stairways, cathedral ceilings and bonus rooms over garages will usually cause abnormal variations from these standards. Any such variations are specifically excluded from this Warranty.
Authority Event of Default Any of the following events shall constitute an event of default by the Authority ("Authority Event of Default”), when not caused by a Developer Event of Default:
Performance Deficiency The Department or Customer may, in its sole discretion, notify the Contractor of the deficiency to be corrected, which correction must be made within a time-frame specified by the Department or Customer. The Contractor must provide the Department or Customer with a corrective action plan describing how the Contractor will address all issues of contract non-performance, unacceptable performance, and failure to meet the minimum performance levels, deliverable deficiencies, or contract non-compliance.
Change in pension value This is the change in present value of defined benefit and actuarial pension plans.
Developer Event of Default Any of the following events shall constitute an event of default by the Developer ("Developer Event of Default") unless such event has occurred as a result of a Force Majeure Event or the Authority Event of Default or any governmental action for reasons other than any breach, default or lapse on the part of the Developer:
Failure to Make Good a Deficiency If the Contractor does not make good a deficiency within a reasonable space of time fixed in a Notice of Non-Compliant Work, the Owner may do any of the following:
No Default No Default or Event of Default has occurred and is continuing.
Significant deficiencies (1) The Contracting Officer will provide an initial determination to the Contractor, in writing, of any significant deficiencies. The initial determination will describe the deficiency in sufficient detail to allow the Contractor to understand the deficiency.
