Credit Cap definition
Examples of Credit Cap in a sentence
Populate the appropriate percentages of the Call Off Contract Charges that should apply to the definition of Service Credit Cap in Call Off Schedule 1 (Definitions).
For the purposes of this Call Off Contract the Service Credit Cap means: In the period from the Call Off Commencement Date to the end of the first Call Off Contract Year [xxx]% of the Estimated Year 1 Call Off Contract Charges; and during the remainder of the Call Off Contract Period, [xxx]% of the Call Off Contract Charges payable to the Supplier under this Call Off Contract in the period of 12 Months immediately preceding the Month in respect of which Service Credits are accrued.
Populate the appropriate percentages of the Contract Charges that should apply to the definition of Service Credit Cap in Contract Schedule 1 (Definitions).
Also consider with Clauses 36.2.1(a) and 36.2.2 of the Template Call Off Terms and insert sum in the definition of Estimated Year 1 Call Off Contract Charges in Call Off Schedule 1 (Definitions)] 26 [Guidance Note: Some clauses in the Call Off Contract will be dependent on the amount which is the Estimated Year 1 Call Off Contract Charges, namely, Clauses 36.2.1(b)(i) to 36.2.1(b)(iii), 36.2.2(a) and the Definition of Service Credit Cap.
If Service Credits are required, populate the Service Levels/Service Credits and the definition of Service Credit Cap in Paragraph 88 of Annex 1 of Part A of that Call Off Schedule.
Overall Credit Cap is 15% of total MRC in a given month, and 10% of total annual SOW MRC for the year, even if multiple SLAs are not met.
For purposes of calculating compliance with the Credit Cap and the Debit Cap, any ACH Transmission originated after the close of any Fed ACH Business Day on a Friday but before the start of the Fed ACH Business Day on the following Monday shall be included in the aggregate amount of credit entries and debit entries originated on the prior Fed ACH Business Day.
The Old Brookdale Letters of Credit constitute and are deemed Lifecare Letters of Credit issued under this Agreement and the Master Letter of Credit Agreement and are included under the Lifecare Letters of Credit Cap.
For the avoidance of doubt a Service Period is set at one year: subject to paragraph 6.1.2, 10% of the Contract Charges payable to the school under this Contract in the Service Period immediately preceding the Month in respect of which Service Credits are accrued; and; in any Service Period the Service Credit Cap shall be no more than 10% Service Credits.
NetGain will investigate the SLA Event, and if able to verify the SLA Event, will provide the Customer a Service Credit to be applied to the Customer’s next invoice under this Agreement, provided that any Service Credits will not, in the aggregate, exceed the Service Credit Cap.