Delivery Default definition

Delivery Default has the meaning specified in Section 3.11(b) .

Delivery Default means the failure by a Party, for any reason not excused by the applicable provisions of the Storage Service Documents, to deliver or accept gas on any Gas Day in accordance with its obligations.

Delivery Default means the default of the physical Delivery of Gas as specified in Section 6.9.8.

Examples of Delivery Default in a sentence

• Such Delivery Default Payments shall be paid to such holder by the fifth day of the month following the month in which it has accrued or, at the option of the holder (by written notice to the Corporation by the first day of the month following the month in which it has accrued), shall be convertible into Common Stock in accordance with the terms of this Article VI.

• The waiver by a Party of a breach of or Delivery Default under any provision of these Contract Terms shall not be effective unless in writing and shall not be construed as a waiver of any subsequent breach of or Delivery Default under the same or any other provision of these Contract Terms.

• No Party shall be regarded as having committed a Delivery Default if the action or the performance of its obligations was contingent upon the opposite Party’s performance, which was not performed or not performed in the manner as stipulated in the Rules.

• Any act or omission by a Party or any applicable intermediary with respect to delivery, payment or other obligations provided in the Rules and these Contract Terms which has in the opinion of the Clearing House a material adverse effect on the Contract or orderly delivery thereunder shall constitute a "Delivery Default" under the Rules and these Contract Terms.

• Such Delivery Default Payments shall be paid to Holder by the fifth (5th) day of the month following the month in which they have accrued or, at the option of Holder (by written notice to the Borrower by the first day of the month following the month in which they have accrued), shall be convertible into Common Stock in accordance with the terms of this Article II.

More Definitions of Delivery Default

Delivery Default means the failure by Operator not otherwise permitted or excused pursuant to the provisions of this Agreement, to discharge its obligations to deliver Gas to Customer at the applicable Delivery Point(s) from Customer’s Gas Storage Inventory Account, following Customer’s proper nomination for such delivery pursuant to the provisions of this Agreement.

Delivery Default. - means a Clearing Participant failing to deliver or transfer to the Corporation in full any Deliverable required to be delivered or transferred by that Clearing Participant under or in connection with any Contract, including a failure to deliver or transfer a Deliverable in accordance with the Rules of the Exchange, unless such failure constitutes a Force Majeure Event affecting the relevant Clearing Participant.

Delivery Default means a Party’s unexcused failure during any Gas Day or Month of the Transaction Period to discharge its obligations, as specified in a Confirmation, to Deliver Gas to the other Party at the Receipt Point or the Delivery Point, as applicable.

Delivery Default means a party's failure during any Day or Month of the Transaction Period to discharge its obligations to deliver Gas to the other party at the Storage Point of Delivery, as required under the terms of a Transaction;

Delivery Default means, in respect of any Transaction, the failure by a Party, for any reason not excused by the applicable provisions of the AECO Hub Tariff, to deliver or accept Gas on any Gas Day in accordance with its obligations pursuant to that Transaction.

Delivery Default will be deemed to occur if there are three consecutive Default Periods, or five Default Periods, for the same particular Product within any calendar quarter. Upon the occurrence of a Delivery Default, Nortel may, upon written notice to Seller, reduce by up to [*] percent Nortel's Annual Commitment for the particular Product for that calendar quarter. Upon the occurrence of a second Delivery Default for the same particular Product within the same calendar quarter, Nortel may, upon written notice to Seller, reduce by up to an additional [*] percent Nortel's Annual Commitment for the particular Product for that calendar quarter. Upon the occurrence of a third Delivery Default for the same particular Product within the same calendar quarter, Nortel may, upon written notice to Seller, reduce by up to an additional [*] percent Nortel's Annual Commitment for the particular Product for that calendar quarter. In addition, and notwithstanding the terms of this Section 8.5, Seller herein recognizes Nortel's need to respond to increases in demand for the Products, and to the extent that Seller cannot meet such increases in demand, it is understood that Nortel may seek, at its sole discretion to have such increased demand fulfilled by another supplier. * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. If, at anytime within ninety (90) days from the date of written notice to Seller reducing a Nortel Annual Commitment pursuant to the foregoing provisions, there are no Default Periods for three consecutive weeks for the particular Product, then such reduction to Nortel's Annual Commitment for that particular Product will be reversed and returned to the original level of Nortel's Purchase Commitment for that particular Product prior to such reduction; provided, however, that if Nortel actually purchases and receives delivery of the total quantity by which Seller is in default under the Delivery Default of that particular Product from an alternative vendor for that particular Product covered by that Delivery Default, and if such alternative vendor makes a permanent investment in capital equipment, personnel and supply chain commitments in order to supply such Products, then Nortel will have no obligation to make up the value of the business Seller has lost due to such Delivery Default.

Delivery Default has the meaning ascribed thereto in Clause 13.1.