Performance Credit definition

Performance Credit means credit due to City by Contractor with regard to Contractor’s service level obligations in Appendix D (Service Level Obligations).

Performance Credit means a letter of credit used directly or indirectly to cover a default in the performance of any non-financial or commercial obligations of the Company or any Subsidiary under specific contracts, and any letter of credit issued in favor of a bank or other surety who in connection therewith issues a guarantee or similar undertaking, performance bond, surety bond or other similar instrument that covers a default of any such performance obligations, that is classified as a performance standby letter of credit by the FRB and by the OCC.

Performance Credit means a standby letter of credit or Bank Undertaking used directly or indirectly to cover bid, performance, advance and retention obligations in support of the Borrowers’ work program.

Examples of Performance Credit in a sentence

• For each similar failure in a subsequent month, the Performance Credit shall be increased by 5%.

• If Contractor fails to meet this obligation for a period of three successive calendar months, Contractor shall furnish City with a Performance Credit in the amount of 10% of the Commission Fees (as calculated on a monthly basis for the reporting month.

• For each similar failure in a subsequent month, the Performance Credit due for the particular SaaS Severity Level shall be increased by 5%.

• For each month (after the three successive calendar months) in which the Contractor fails to meet the obligation, the Performance Credit shall be increased by 5% (e.g., to 15%, 25%, 25%, and so forth).

• Where Contractor fails to provide a report for a service level standard described herein in the applicable timeframe, the service level standard shall be deemed to be completely failed for the purposes of calculating a Performance Credit.

More Definitions of Performance Credit

Performance Credit has the meaning set forth in Exhibit 3.

Performance Credit means a credit in an amount set forth in Section 5 below payable to Customer by Vendor in connection with a Service Level Failure.

Performance Credit means the financial consequence associated with failure to meet the applicable performance standards or guarantees.

Performance Credit means [***] percent of Supplier Xxxxxxxx Share. Performance Credits will be deemed to be reductions reflecting a diminution in the value of Services as a result of the failure to meet the Service Levels rather than liquidated damages or a penalty.

Performance Credit will be subtracted from the annual calculation of Net Performance Gain (Loss) (as described in #2 above) in the same Side-by-Side Calendar Year Portfolio in which the Performance Credit was generated (as described in #2 above) in each of the next seven years or until all securities in the same Side-by-Side Calendar Year Portfolio are liquidated, whichever occurs first. Performance Credits shall be deemed to include outstanding performance credits, if any, for purposes of performance fee calculations under the investment advisory and management agreement between Client and Equitable Capital Management Corporation (the "Equitable Capital Agreement") which this agreement replaces. For Side-by-Side Calendar Year Portfolios established through 1989, a Net Performance Gain can occur (and a Performance-Based Fee would be earned) in the event of a Portfolio Loss if the Hurdle Amount is negative by an amount greater than the Portfolio Loss and any applicable Performance Credits are less than the amount of such difference. Portfolio Gain (Loss) means for each Side-by-Side Calendar Year Portfolio during the computation period, the sum of any realized gains, earned or accrued interest and dividends, interest accrued on original issue discount instruments, any write-ups as provided in b) of the definition of "Asset-Based Fee" above minus any realized losses and any write-downs as provided in a) of such definition.

Performance Credit means, for any one Plan Year, the amount determined in accordance with Section 3.3.

Performance Credit means a credit in an amount calculated in accordance with Section 1.5 (Overview of Performance Credit Process for Service Level Failures) payable to Chordiant by Supplier in connection with Service Level Failures.