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); or (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: (d) issue a notice of termination in accordance with clause 21.2; and/or (e) if the Retailer is the Defaulting Party, the Distributor may: (i) undertake a Temporary Disconnection of some or all of the ICPs supplied by the Retailer, in which case the Retailer will take all steps necessary to allow those disconnections to be made and will provide the information required by the Distributor in relation to such ICPs; and/or (ii) prohibit the Retailer from using the Network to supply any Point of Connection which is not currently supplied by it; and/or (iii) if the breach is a Serious Financial Breach and the Distributor has issued a notice of termination pursuant to sub-clause (d) and this agreement has terminated in accordance with clause 21.2, notify the Electricity Authority in writing that this agreement has terminated because of a Serious Financial Breach and, if relevant, notify the clearing manager in accordance with Part 14 of the Code. In exercising its rights under this clause 20.4(e)(iii), the Distributor shall ensure that its notification to the Electricity Authority and/or the clearing manager is not inaccurate or misleading; and/or (f) exercise any other legal rights available to it.

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); or; (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 may20.1: (d) the other party may issue a notice of termination in accordance with clause 21.2; and/or; (e) if the Retailer is the Defaulting Party, the Distributor may: (i) may undertake a Temporary Disconnection of some or all of the ICPs supplied by the Retailer, in which case the Retailer will take all steps necessary to allow those disconnections to be made and will provide the information required by the Distributor in relation to such ICPs; and/or; (iif) 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; (g) if the Retailer is the Defaulting Party and the Event of Default is a Serious Financial Breach, the Distributor may advise, or require the Retailer to advise, any one or more of the Consumers that a default event has occurred under this agreement and if it does so it will at the same time provide such Consumer(s) with details of the nature of the default (notwithstanding the provisions of clause 22), how it might affect their electricity supply and what steps the Consumer must or will have the option to take in the circumstances; (h) if the Retailer is the Defaulting Party, the Distributor may prohibit the Retailer from using the Network to supply any Point of Connection which is not currently supplied by it; (i) exercise its rights, if applicable, under clauses 20.7 to 20.14; and/or (iii) if the breach is a Serious Financial Breach and the Distributor has issued a notice of termination pursuant to sub-clause (d) and this agreement has terminated in accordance with clause 21.2, notify the Electricity Authority in writing that this agreement has terminated because of a Serious Financial Breach and, if relevant, notify the clearing manager in accordance with Part 14 of the Code. In exercising its rights under this clause 20.4(e)(iii), the Distributor shall ensure that its notification to the Electricity Authority and/or the clearing manager is not inaccurate or misleading; and/or (fj) exercise any other legal rights available to it.

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); or; (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 20.1, the other non-breaching party may:may (at its election): (d) issue a notice of termination in accordance with clause 21.2; and/or (e) if in the Retailer is case of an Event of Default by the Defaulting Party, the Distributor mayRetailer: (i) undertake a Temporary Disconnection of some or all of the ICPs supplied by the Retailer, in which case the Retailer will take all steps necessary to allow those disconnections to be made and will provide the information required by the Distributor in relation to such ICPs; and/or (ii) prohibit the Retailer from using the Network to supply any Point of Connection which is not currently supplied by it; and/or (iiiii) exercise any other legal rights available to it; and/or (f) if the breach is a Serious Financial Breach and by the Retailer, the Distributor has issued a notice of termination pursuant to sub-clause (d) and this agreement has terminated in accordance with clause 21.2, may notify the Electricity Authority in writing that the Retailer is in breach of this agreement has terminated because of a Serious Financial Breach and, if relevant, notify the clearing manager in accordance with Part 14 of the Code. In exercising its rights under this clause 20.4(e)(iii), the Distributor shall ensure that its notification to the Electricity Authority and/or the clearing manager is not inaccurate or misleading; and/or (f) exercise any other legal rights available to it.

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); or; (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 21.1 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 21.1, the other non-breaching party may:may (at its election): (d) issue a notice of termination in accordance with clause 21.222.2; and/or (e) if in the Retailer is case of an Event of Default by the Defaulting Party, the Distributor mayRetailer: (i) undertake a Temporary Disconnection of some or all of the ICPs supplied by the Retailer, in which case the Retailer will take all steps necessary to allow those disconnections to be made and will provide the information required by the Distributor in relation to such ICPs; and/or (ii) prohibit the Retailer from using the Network to supply any Point of Connection which is not currently supplied by it; and/or (iiiii) exercise any other legal rights available to it; and/or (f) if the breach is a Serious Financial Breach and by the Retailer, the Distributor has issued a notice of termination pursuant to sub-clause (d) and this agreement has terminated in accordance with clause 21.2, may notify the Electricity Authority in writing that the Retailer is in breach of this agreement has terminated because of a Serious Financial Breach and, if relevant, notify the clearing manager in accordance with Part 14 of the Code. In exercising its rights under this clause 20.4(e)(iii), the Distributor shall ensure that its notification to the Electricity Authority and/or the clearing manager is not inaccurate or misleading; and/or (f) exercise any other legal rights available to it.

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); or (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 may20.1: (d) the other party may issue a notice of termination in accordance with clause 21.2; and/or; (e) if the Retailer is the Defaulting Party, the Distributor may: (i) undertake a Temporary Disconnection of some or all of the ICPs supplied by the Retailer, in which case the Retailer will take all steps necessary to allow those disconnections to be made and will provide the information required by the Distributor in relation to such ICPs; and/or; (ii) prohibit the Retailer from using the Network to supply any Point of Connection which is not currently supplied by it; and/or; (iii) (if the breach is a Serious Financial Breach and the Distributor has issued a notice of termination pursuant to sub-clause (dBreach) and this agreement has terminated in accordance with clause 21.2, notify the Electricity Authority in writing that the Retailer is in breach of this agreement has terminated because of a Serious Financial Breach and, if relevant, notify the clearing manager in accordance with Part 14 of the Code. In exercising its rights under this clause 20.4(e)(iii), the Distributor shall ensure that its notification to the Electricity Authority and/or the clearing manager is not inaccurate or misleading; and/or (iv) (if the Event of Default is a Serious Financial Breach) advise, or require the Retailer to advise, any one or more of the Consumers that a default event has occurred under this agreement and if it does so it will at the same time provide such Consumer(s) with details of the nature of the default (notwithstanding the provisions of clause 22), how it might affect their electricity supply and what steps the Consumer must or will have the option to take in the circumstances. In communicating with the Consumers under this clause, the Distributor must ensure that the information contained in its notice to Consumers is not materially inaccurate or misleading, provided that the Distributor may rely on information provided to it by the Retailer (or its agents) for this purpose; (f) exercise its rights, if applicable, under clauses 20.7 to 20.14; and/or (g) exercise any other legal rights available to it.

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); or (b) or 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: (d) : issue a notice of termination in accordance with clause 21.2; and/or (e) and/or if the Retailer is the Defaulting Party, the Distributor may: (i) : undertake a Temporary Disconnection of some or all of the ICPs supplied by the Retailer, in which case the Retailer will take all steps necessary to allow those disconnections to be made and will provide the information required by the Distributor in relation to such ICPs; and/or (ii) and/or prohibit the Retailer from using the Network to supply any Point of Connection which is not currently supplied by it; and/or (iii) and/or if the breach is a Serious Financial Breach and the Distributor has issued a notice of termination pursuant to sub-clause (d) and this agreement has terminated in accordance with clause 21.2, notify the Electricity Authority in writing that this agreement has terminated because of a Serious Financial Breach and, if relevant, notify the clearing manager in accordance with Part 14 of the Code. In exercising its rights under this clause 20.4(e)(iii), the Distributor shall ensure that its notification to the Electricity Authority and/or the clearing manager is not inaccurate or misleading; and/or (f) and/or exercise any other legal rights available to it.