Service credits clause samples

1.20Service Credits. In the event of unavailability or failure of the Colocation Space, Customer will receive Service Credits as set forth in the Service Level Agreement (“SLA”) attached hereto as Exhibit A. Customer acknowledges and agrees that Customer’s sole and exclusive remedies regarding the Colocation Space are those provided in the SLA.

Switch provides [***]% availability of the Switch Network in any calendar month, as calculated from the ingress to and egress from the Switch Network. For each cumulative hour or fraction thereof that Customer experiences Switch Network unavailability, Customer may request Service Credits. A Network Service Credit will be given only for those outages that were reported to Switch at the time of the outage. An outage is measured from the time it is reported to the time it is resolved.

A Power Service Credit will be given only for those interruptions that were reported to Switch at the time of the interruption. If Customer only has single-sided power, Customer will not receive Power Service Credits. Customer must perform fail-over testing procedures at least twice each year to ensure all Customer Equipment will function properly in the unlikely event of a single sided power interruption. This is for the Customer’s protection. Failure to perform this testing could result in forfeiture of Power Service Credits.

c)Fiscal Year Service Credits.At the end of the Fiscal Year, if necessary based on the Academy’s audited financial statements, K12 will issue Service Credits in an amount sufficient to balance the Academy’s budget and satisfy the Reserve Fund.Except as otherwise stated in Section 2.08(d), the Academy has no obligation to repay the Service Credits.

d)Repayment of Service Credits. At the end of each Fiscal Year, if the Academy has surplus funds that exceed the Reserve Fund, as evidenced by the Academy’s audited financial statement for such Fiscal Year, the Academy will repay the Service Credits issued by K12 for the prior Fiscal Year only, provided the basic state education funding per pupil did not exceed $6,000. In the event the basic state education funding per pupil exceeds $6,000 in the Fiscal Year in which a surplus is experienced, one hundred percent (100%) of the surplus attributable to per pupil funding up to and including $6,000 will be applied to repayment of Service Credits issued the prior Fiscal Year only; the Academy will retain twenty five percent (25%) of the surplus attributable to per pupil funding in excess of $6,000 and the remaining seventy five percent (75%) will be applied to repayment of Service Credits issued the prior Fiscal Year only.In no event will any payment exceed the sum of Service Credits issued the prior Fiscal Year.

3.2.3. Aggregate Cap on Service Credits.In no event shall Service Credits available pursuant to Sections3.2.1 and 3.2.2 in the aggregate (across all Services) exceed five percent (5%) of all Service Fees paid or payable by Customer for Services rendered during the relevant reporting period.

XML 48 R14.htm IDEA: XBRL DOCUMENT /* Do Not Remove This Comment */ function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } } v3.19.3 Employment Benefit Plans 9 Months Ended Sep. 30, 2019 Retirement Benefits [Abstract] Employment Benefit Plans Employment Benefit PlansDuring the first quarter of 2019, the Company amended its funded, noncontributory qualified pension plan, which covers most non-union employees, and its unfunded, non-tax-qualified pension plan, which covers certain officers and other employees (collectively, the Retirement Plans). Non-union employees hired on or after April 1, 2019 will not be eligible for the Retirement Plans and instead will receive an additional company contribution as part of the qualified 401(k) plan based on the employee’s age and years of service. Current employees will be transitioned away from the Retirement Plans within the next ten years, beginning October 1, 2019, and upon transition will be eligible for the additional company contribution. As a result of the plan amendments, the Company recognized a curtailment gain of $120 million in the first quarter of 2019 consisting of $117 million for the reduction in projected benefit obligation and $3 million for the recognition of prior service credits.Components of the net (benefit) cost for the periods presented below for certain employee benefit plans were as follows (in millions):Pension BenefitsThree Months Ended September 30,Nine Months Ended September 30,Net (Benefit) Cost2019201820192018Service cost$7$12$24$34Interest cost20206262Expected return on plan assets(41)(39)(120)(118)Amortization of net gain——(1)—Amortization of prior service credits——(3)—Curtailment gain ——(117)—Net (benefit) cost recognized$(14)$(7)$(155)$(22)Retiree Health and Welfare BenefitsThree Months Ended September 30,Nine Months Ended September 30,Net (Benefit) Cost2019201820192018Service cost$1$1$1$1Interest cost2266Amortization of prior service credits—(2)—(2)Net (benefit) cost recognized$3$1$7$5Service cost is included in compensation and benefits expense and the other components of net periodic benefit costs are included in other (income) expense, net in the Consolidated Statements of Income. X - ReferencesNo definition available.

3.3 Cumulative Service Credits. Availability Credits and Performance Event Credits awarded by Provider to a Recipient Party pursuant to this Section3 of Schedule 4.1 are cumulative in nature, and shall be awarded by Provider to the applicable Recipient Party, in accordance with Section2.1.5, in the Measurement Period in which a Recipient Party notifies Provider that the Default resulting in the award of such Service Credit occurred. Availability Credits will be calculated over each Measurement Period, and reflected as a credit against the Payment Processing Fees payable by the applicable Recipient Party in the applicable Invoice for the Calendar Quarter in which the Measurement Period falls pursuant to Section7.2. Provider’s liability to a Recipient Party for Availability Credits, Performance Event Credits, Emergency and High Priority Incident Service Level Credits, and Medium Priority Incident Service Level Credits are collectively capped at 100% of the total Payment Processing Fees paid by that Recipient Party during the applicable Measurement Period.

$ 2.0 $ 1.4 $ (3.7 ) $ (3.4 ) In the first quarter of 2013, the Company communicated a plan amendment to reduce health benefits to certain retired employees. Due to the risk of litigation at the time of the initial communication, the Company elected to defer the full recognition of the benefit arising from the plan amendment. Following a favorable court decision in the first quarter of 2016, the Company determined that it was now probable that it would realize the benefit from the plan amendment. As a result, the Company performed a re-measurement of the affected retiree plan liability as of March31, 2016. This remeasurement resulted in a $10.7 million reduction of accrued retiree benefit plan liabilities and a corresponding increase in prior service credits. These prior service credits will be amortized over the next eleven months after June30, 2016. In addition, we recorded a $0.9 million actuarial loss during the first quarter of 2016. See Note 10, “Accumulated Other Comprehensive Loss,” for information on the impact of the remeasurement on other comprehensive loss.