Serious Financial Breach definition

Serious Financial Breach means: a failure by the Trader to pay an amount due and owing that exceeds the greater of $100,000 or 20% of the actual charges payable by the Trader for the previous month, unless the amount is genuinely disputed by the Trader in accordance with clause 9.7; or a failure by the Trader to pay 100% of the actual charges payable by the Trader for the previous two months, unless the amount is genuinely disputed by the Trader in accordance with clause 9.7; or a material breach of clause 10 by the Trader;
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Examples of Serious Financial Breach in a sentence

  • Notwithstanding clauses 22.1 and 22.2, the Distributor may disclose Confidential Information to Consumers following an Event of Default that is a Serious Financial Breach or following an Insolvency Event in relation to the Retailer, for the purpose of notifying the Consumers that they may wish to engage another retailer for supply of electricity.

  • The Defaulting Party will remedy any breach within the following timeframe: in the case of a Serious Financial Breach by the Retailer, within 2 Working Days of the date of receipt of such notice; in any other case, within 5 Working Days of the date of receipt of such notice.

  • Despite clause 20.1, if either party is subject to an Insolvency Event, the other party may: immediately issue a notice of termination in accordance with clause 21.2; exercise any other legal rights available to it; and if the Insolvency Event involves 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.

  • Despite clause 18.1, if either party is subject to an Insolvency Event, the other party may: immediately issue a notice of termination in accordance with clause 19.2; exercise any other legal rights available to it; and if the Insolvency Event involves a Serious Financial Breach by the Trader, the Distributor may notify the Electricity Authority and/or the clearing manager clause 14.41(h) of the Code applies.

  • The Defaulting Party must remedy any breach within the following timeframe: in the case of a Serious Financial Breach by the Trader, within 2 Working Days of the date of receipt of such notice; or in any other case, within 5 Working Days of the date of receipt of such notice.

  • If the Retailer has committed a Serious Financial Breach, this clause will not apply to the Distributor and if either party is subject to an Insolvency Event, this clause will not apply to the party that is not subject to the Insolvency Event.

  • The Retailer must remedy any breach that is not a Serious Financial Breach within [5] Working Days of the date of receipt of such notice and any Serious Financial Breach within [2] Working Days of the date of such notice.

  • The Generator must remedy any breach that is not a Serious Financial Breach within 5 Working Days of the date of receipt of such notice and any Serious Financial Breach within 2 Working Days of the date of receipt of such notice.

  • Deleted: after at leastclause 20.1, the other party may commence termination of this agreement 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.

  • Such notice for termination will lapse if the Generator remedies the Serious Financial Breach prior to the notice of termination becoming effective or the Distributor withdraws or extends the effective date of its notice.

Related to Serious Financial Breach

  • Serious Breach means any breach defined as a Serious Breach in the Agreement or any breach or breaches which adversely, materially or substantially affect the performance or delivery of the Services or compliance with the terms and conditions of the Agreement or the provision of a safe, healthy and supportive learning environment or a breach of security that adversely affects the Personal Data or privacy of an individual. Failure to comply with Law, or actions or omissions by the Provider that endanger the Health or Safety of Learners, Provider Personnel, and all other persons including members of the public would constitute a Serious Breach;

  • Material Breach means a breach by either Party of any of its obligations under this Agreement which has or is likely to have a Material Adverse Effect on the Project and which such Party shall have failed to cure.

  • Intentional Breach means, with respect to any representation, warranty, agreement or covenant, an action or omission taken or omitted to be taken that the breaching party intentionally takes (or intentionally fails to take) and knows (or reasonably should have known) would, or would reasonably be expected to, cause a material breach of such representation, warranty, agreement or covenant.

  • Serious violation means OCC has made a valid finding when assessing a serious complaint that alleges:

  • Substantial Breach means a breach of any of clauses 3.8, 3.9, 4.1, 4.2, 5.1(c)(i) to 5.1(c)(xxiv) (inclusive), 17.1, 17.2, 31.2 or 31.7(c) of this Agreement;

  • Breach means an impermissible use or disclosure of electronic or non-electronic sensitive personal information by an unauthorized person or for an unauthorized purpose that compromises the security or privacy of Confidential Information such that the use or disclosure poses a risk of reputational harm, theft of financial information, identity theft, or medical identity theft. Any acquisition, access, use, disclosure or loss of Confidential Information other than as permitted by this DUA shall be presumed to be a Breach

  • Serious Misconduct means any misconduct identified as a ground for termination in the Motorola Code of Business Conduct, or the human resources policies, or other written policies or procedures.

  • Willful and Material Breach means a material breach that is a consequence of an act undertaken by the breaching party or the failure by the breaching party to take an act it is required to take under this Agreement, with knowledge that the taking of or failure to take such act would, or would reasonably be expected to, result in, constitute or cause a breach of this Agreement.

  • Willful Breach means a material breach that is a consequence of an act undertaken or a failure to act by the breaching party with the knowledge that the taking of such act or such failure to act would, or would reasonably be expected to, constitute or result in a breach of this Agreement.

  • Serious harm means harm, whether physical or

  • Serious traffic violation means a conviction when operating a commercial motor vehicle of:

  • Terminating Company Breach has the meaning specified in Section 10.01(b).

  • Non-Breaching Party has the meaning set forth in Section 9.3.

  • Data Breaches Party shall report to AHS, though its Chief Information Officer (CIO), any impermissible use or disclosure that compromises the security, confidentiality or privacy of any form of protected personal information identified above within 24 hours of the discovery of the breach. Party shall in addition comply with any other data breach notification requirements required under federal or state law.

  • Serious assault means an act that constitutes a felony violation of chapter XI of the Michigan penal code, 1931 PA 328, MCL 750.81 to 750.90h, or that constitutes an assault and infliction of serious or aggravated injury under section 81a of the Michigan penal code, 1931 PA 328, MCL 750.81a.

  • Privacy Breach means a common law breach of confidence, infringement, or violation of any rights to privacy, including but not limited to breach of “Your” privacy statement, breach of a person’s right of publicity, wrongful collection, false light, intrusion upon a person’s seclusion, public disclosure of “Private Information”, or misappropriation of a person’s picture or name for commercial gain.

  • Confidential Information Breach This shall mean, generally, an instance where an unauthorized person or entity accesses Confidential Information in any manner, including but not limited to the following occurrences: (1) any Confidential Information that is not encrypted or protected is misplaced, lost, stolen or in any way compromised; (2)one or more third parties have had access to or taken control or possession of any Confidential Information that is not encrypted or protected without prior written authorization from the State; (3) the unauthorized acquisition of encrypted or protected Confidential Information together with the confidential process or key that is capable of compromising the integrity of the Confidential Information; or (4) if there is a substantial risk of identity theft or fraud to the Client Agency, the Contractor, DAS or State.

  • Serious illness means an accident, injury, illness, disease, or physical or mental condition that: poses imminent danger of death; requires inpatient care in a hospital, hospice, or residential medical facility; or requires continuing in-home care under the direction of a physician or health care provider. Related current definitions are summarized in (f) below.

  • Data Breach means the unauthorized access by an unauthorized person that results in the use, disclosure or theft of Customer Data.

  • Personal Information Breach means an instance where an unauthorized person or entity accesses Personal Information in any manner, including but not limited to the following occurrences: (1) any Personal Information that is not encrypted or protected is misplaced, lost, stolen or in any way compromised; (2) one or more third parties have had access to or taken control or possession of any Personal Information that is not encrypted or protected without prior written authorization from the State; (3) the unauthorized acquisition of encrypted or protected Personal Information together with the confidential process or key that is capable of compromising the integrity of the Personal Information; or (4) if there is a substantial risk of identity theft or fraud to the client, the Contractor, the Department or State.

  • Serious crime means conduct constituting an offence punishable by a maximum deprivation of liberty of at least four years or a more serious penalty;

  • Information Security Breach means the unauthorized acquisition, access, use, disclosure, transmittal, storage or transportation of Confidential Information which is not permitted by law or by the terms of this Amendment, including, but not limited to, a Security Incident.

  • Harm means ill-treatment or the impairment of health or development, including for example, impairment suffered from seeing or hearing the ill-treatment of another;

  • Breaching Party has the meaning set forth in Section 12.2.

  • Behavioral violation means a student’s behavior that violates the district’s discipline policies.

  • Restrictive Covenant Violation means the Participant’s breach of the Restrictive Covenants listed on Appendix A or any covenant regarding confidentiality, competitive activity, solicitation of the Company’s vendors, suppliers, customers, or employees, or any similar provision applicable to or agreed to by the Participant.