Common use of Notification of Events of Default Clause in Contracts

Notification of Events of Default. If the Event of Default is any one of the following: (a) a Serious Financial Breach (in the case of the Retailer only); (b) a material breach of the Defaulting Party’s obligations under this agreement that is not in the process of being remedied to the reasonable satisfaction of the other party; or (c) the Defaulting Party has failed on at least two previous occasions within the last 12 months to meet an obligation under this agreement within the time specified and has received notice of such failures from the other party in accordance with clause 20.1 and, whether each individual failure is in itself material or not, if all such failures taken cumulatively materially adversely affect the other party’s rights or the other party’s ability to carry out its obligations under this agreement or, if the Defaulting Party is the Retailer, the Distributor’s ability to carry out its obligations under any agreement with any other electricity retailer, then no earlier than 1 Working Day after the end of the timeframe set out in clause 20.1, the other party may issue a notice of termination in accordance with clause 21.2 and, if the breach is a Serious Financial Breach by the Retailer, the Distributor may notify the Electricity Authority in writing that the Retailer is in breach of this agreement and, if relevant, notify the clearing manager in accordance with Part 14 of the Code.

Notification of Events of Default. If the Event of Default is any one of the following:following:‌ (a) a Serious Financial Breach (in the case of the Retailer only); (b) a material breach of the Defaulting Party’s obligations under this agreement that is not in the process of being remedied to the reasonable satisfaction of the other party; or (c) the Defaulting Party has failed on at least two previous occasions within the last 12 months to meet an obligation under this agreement within the time specified and has received notice of such failures from the other party in accordance with clause 20.1 and, whether each individual failure is in itself material or not, if all such failures taken cumulatively materially adversely affect the other party’s rights or the other party’s ability to carry out its obligations under this agreement or, if the Defaulting Party is the Retailer, the Distributor’s ability to carry out its obligations under any agreement with any other electricity retailer, then no earlier than 1 Working Day after the end of the timeframe set out in clause 20.1, the other party may issue a notice of termination in accordance with clause 21.2 and, if the breach is a Serious Financial Breach by the Retailer, the Distributor may notify the Electricity Authority in writing that the Retailer is in breach of this agreement and, if relevant, notify the clearing manager in accordance with Part 14 of the Code.

Notification of Events of Default. If the Event of Default is any one of the following: (a) : a Serious Financial Breach (in the case of the Retailer only); (b) ; a material breach of the Defaulting Party’s obligations under this agreement that is not in the process of being remedied to the reasonable satisfaction of the other party; or (c) or the Defaulting Party has failed on at least two previous occasions within the last 12 months to meet an obligation under this agreement within the time specified and has received notice of such failures from the other party in accordance with clause 20.1 and, whether each individual failure is in itself material or not, if all such failures taken cumulatively materially adversely affect the other party’s rights or the other party’s ability to carry out its obligations under this agreement or, if the Defaulting Party is the Retailer, the Distributor’s ability to carry out its obligations under any agreement with any other electricity retailer, then no earlier than 1 Working Day after the end of the timeframe set out in clause 20.1, the other party may issue a notice of termination in accordance with clause 21.2 and, if the breach is a Serious Financial Breach by the Retailer, the Distributor may notify the Electricity Authority in writing that the Retailer is in breach of this agreement and, if relevant, notify the clearing manager in accordance with Part 14 of the Code.

Notification of Events of Default. If the Event of Default is any one of the following: (a) a Serious Financial Breach (in the case of the Retailer only); (b) a material breach of the Defaulting Party’s obligations under this agreement that is not in the process of being remedied to the reasonable satisfaction of the other party; or (c) the Defaulting Party has failed on at least two previous occasions within the last 12 months to meet an obligation under this agreement within the time specified and has received notice of such failures from the other party in accordance with clause 20.1 and, whether each individual failure is in itself material or not, if all such failures taken cumulatively materially adversely affect the other party’s rights or the other party’s ability to carry out its obligations under this agreement or, if the Defaulting Party is the Retailer, the Distributor’s ability to carry out its obligations under any agreement with any other electricity retailer, then no earlier than 1 Working Day after the end of the timeframe set out in clause 20.1, the other non-breaching party may (at its election): (d) issue a notice of termination in accordance with clause 21.2 and, 21.2;: and/or (e) in the case of an Event of Default by the Retailer: (i) prohibit the Retailer from using the Network to supply any Point of Connection which is not currently supplied by it; and/or (ii) exercise any other legal rights available to it; and/or (f) if the breach is a Serious Financial Breach by the Retailer, the Distributor may notify the Electricity Authority in writing that the Retailer is in breach of this agreement and, if relevant, notify the clearing manager in accordance with Part 14 of the Code.

Notification of Events of Default. If the Event of Default is any one of the following: (a) a Serious Financial Breach (in the case of the Retailer Trader only); (b) a material breach of the Defaulting Party’s obligations under this agreement that is not in the process of being remedied to the reasonable satisfaction of the other party; or (c) the Defaulting Party has failed on at least two previous occasions within the last 12 months to meet an obligation under this agreement within the time specified and has received notice of such failures from the other party in accordance with clause 20.1 and, whether each individual failure is in itself material or not, if all such failures taken cumulatively materially adversely affect the other party’s rights or the other party’s ability to carry out its obligations under this agreement or, if the Defaulting Party is the RetailerTrader, the Distributor’s ability to carry out its obligations under any agreement with any other electricity retailertrader, then no earlier than 1 Working Day after the end of the timeframe set out in clause 20.1, the other party may issue a notice of termination in accordance with clause 21.2 and, if the breach is a Serious Financial Breach by the RetailerTrader, the Distributor may notify the Electricity Authority in writing that the Retailer Trader is in breach of this agreement and, if relevant, notify the clearing manager in accordance with Part 14 of the Code.