Insufficient Value Sample Clauses

The Insufficient Value clause defines the consequences and procedures when the value provided under a contract is deemed inadequate or does not meet agreed standards. Typically, this clause outlines the steps a party must take if they believe the goods, services, or consideration received are insufficient, such as notifying the other party and allowing an opportunity to remedy the deficiency. Its core function is to protect parties from receiving less than what was bargained for, ensuring fairness and providing a clear process for addressing shortfalls in value.
Insufficient Value. If, on a Valuation Date, the Account Value less the outstanding Policy Debt is less than or equal to zero, then this Policy will terminate for no value, subject to the Grace Period provision.
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Insufficient Value. If on a Valuation Date a Monthly Anniversary Day occurred during the Valuation Period and the Cash Surrender Value is equal to or less than zero, then the Policy will terminate for no value, subject to the Grace Period provision. During the Protected Period shown in Section 1 the Policy will not terminate by reason of insufficient value if the Policy satisfies the minimum premium test as described below. The Protected Period begins on the policy date shown in Section 1. If on a Valuation Date a Monthly Anniversary Day occurred during the Valuation Period and the Monthly Expense Charge plus the Monthly Cost of Insurance plus the Policy Debt exceed the Account Value then the Unpaid Policy Charges will be increased by the excess of these amounts over the Account Value. Any Unpaid Policy Charges will accumulate at interest at the Fixed Account interest rate. MINIMUM PREMIUM TEST. The Policy satisfies the minimum premium test if the Premiums paid less any Partial Surrenders and less any Policy Debt exceed the sum of the minimum monthly premiums which applied to the Policy in each Policy Month from the policy date to the Valuation Date on which the test is applied. The minimum monthly premium applicable to the Policy is shown in Section 1. The minimum monthly premium will be revised as a result of any of the following changes to the Policy:
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Insufficient Value. If the Net Cash Surrender Value on any Monthly Anniversary Day is not sufficient to cover the Cost of Insurance for the next month, this Policy will terminate subject to the Grace Period section. BASIS OF COMPUTATIONS. Guaranteed values are at least equal to those required by law. They are based on the Commissioners 1980 Standard Ordinary Mortality Table, Age Last Birthday. Where required, a detailed statement of the method of computation of values has been filed with the insurance department of the state in which this Policy was delivered. If the Net Investment Results credited to the Policy Value at all times from the date of issue should equal 4% with premiums and benefits determined accordingly under the terms of the Policy, then the resulting Cash Surrender Values will never be less than the minimum cash surrender values calculated according to the Standard Nonforfeiture Law using 4% and the Commissioners 1980 Standard Ordinary Mortality Table, Age Last Birthday. SURRENDER
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Related to Insufficient Value

  • Insufficient Funds If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.

  • Insufficient Shares The Company may at its option substitute for a Common Share issuable upon the exercise of Rights in accordance with the foregoing Section 11.1.2 a number of Preferred Shares or fraction thereof such that the current per share market price of one Preferred Share multiplied by such number or fraction is equal to the current per share market price of one Common Share. In the event that upon the occurrence of one or more of the events listed in Section 11.1.2 above there shall not be sufficient Common Shares authorized but unissued, or held by the Company as treasury shares, to permit the exercise in full of the Rights in accordance with the foregoing Section 11.1.2, the Company shall take all such action as may be necessary to authorize additional Common Shares for issuance upon exercise of the Rights, PROVIDED, HOWEVER, that if the Company determines that it is unable to cause the authorization of a sufficient number of additional Common Shares, then, in the event the Rights become exercisable, the Company, with respect to each Right and to the extent necessary and permitted by applicable law and any agreements or instruments in effect on the date hereof to which it is a party, shall: (A) determine the excess of (1) the value of the Adjustment Shares issuable upon the exercise of a Right (the "CURRENT VALUE"), over (2) the Purchase Price (such excess, the "SPREAD") and (B) with respect to each Right (other than Rights which have become void pursuant to Section 11.1.2), make adequate provision to substitute for the Adjustment Shares, upon payment of the applicable Purchase Price, (1) cash, (2) a reduction in the Purchase Price, (3) Preferred Shares or other equity securities of the Company (including, without limitation, shares, or fractions of shares, of preferred stock which, by virtue of having dividend, voting and liquidation rights substantially comparable to those of the Common Shares, the Board of Directors of the Company has deemed in good faith to have substantially the same value as Common Shares) (each such share of preferred stock or fractions of shares of preferred stock constituting a "COMMON STOCK EQUIVALENT")), (4) debt securities of the Company, (5) other assets or (6) any combination of the foregoing having an aggregate value equal to the Current Value, where such aggregate value has been determined by the Board of Directors of the Company based upon the advice of a nationally recognized investment banking firm selected in good faith by the Board of Directors of the Company; PROVIDED, HOWEVER, that if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the first occurrence of one of the events listed in Section 11.1.2 above, then the Company shall be obligated to deliver, to the extent necessary and permitted by applicable law and any agreements or instruments in effect on the date hereof to which it is a party, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price, Common Shares (to the extent available) and then, if necessary, such number or fractions of Preferred Shares (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. If the Board of Directors of the Company shall determine in good faith that it is unlikely that sufficient additional Common Shares could be authorized for issuance upon exercise in full of the Rights, the thirty (30) day period set forth above may be extended and re-extended to the extent necessary, but not more than ninety (90) days following the first occurrence of one of the events listed in Section 11.1.2 above, in order that the Company may seek stockholder approval for the authorization of such additional shares (such period as may be extended, the "SUBSTITUTION PERIOD"). To the extent that the Company determines that some action need be taken pursuant to the second and/or third sentences of this Section 11.1.3, the Company (x) shall provide that such action shall apply uniformly to all outstanding Rights, and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended as well as a public announcement at such time as the suspension is no longer in effect. For purposes of this Section 11.1.3, the value of a Common Share shall be the current per share market price (as determined pursuant to Section 11.4) on the date of the occurrence of a Trigger Event and the value of any "common stock equivalent" shall be deemed to have the same value as the Common Shares on such date. The Board of Directors of the Company may, but shall not be required to, establish procedures to allocate the right to receive Common Shares upon the exercise of the Rights among holders of Rights pursuant to this Section 11.1.3. Actions of the Company pursuant to this Section 11.1.3 shall require the vote of a majority of the Board of Directors.

  • Late or Insufficient Payment All invoiced balances under this Agreement that are not paid in full by the due date will be subject to the DSP or Illinois Commerce Commission late payment rules.

  • Non-Sufficient Funds Tenant shall be charged $ for each check that is returned to Landlord for lack of sufficient funds.

  • Remaining Balance In the event the Grantee does not submit invoices requesting all of the funds encumbered under this Grant Agreement, any remaining funds revert to the State. The State will notify the Grantee stating that the Project file is closed and any remaining balance will be disencumbered and unavailable for further use under this Grant Agreement.