Variation Event definition

Variation Event has the meaning set out in Clause 10.1;

Variation Event means an event that will have a material impact on the provision of Services, including the cost of providing services that results from a legislative or policy change as further described in clause 9.7 of Appendix 9. Signed as an agreement Signed as an agreement Appendix 1 – Services, Outcomes to be achieved, and performance measures Appendix 2 – Monitoring by the Purchasing Agency Service Monitoring activity Time and frequency of monitoring activity

Variation Event means that the applicable MREL Regulations have been amended to permit an instrument of the Issuer with New Terms and Conditions to be treated as a MREL Eligible Instrument.

Examples of Variation Event in a sentence

• However, the review will not address any matter that has been addressed as a potential Variation Event under clause A23 in the same financial year as the review.

• In the event that the Variation Event does not occur prior or upon to the End Date, the Company will pay the Issue Price that it received from the holder for the applicable Performance Shares and then redeem and cancel those Performance Shares.

• Any such instruction shall be a Variation Event and the provisions of Clauses 10.2, 10.5 and 10.6 shall apply.

• On the other hand, at no time prior to a Variation Event will the holder be permitted to transfer any Performance Shares, and no dividend or voting rights will attach to any Performance Shares unless and until varied.

• If a Variation Event does occur prior to the End Date, the holder has twelve months from the date of the Variation Event to provide notice and payment (a “Variation Payment”) to the Company.

• Where the Services are varied or changed, or the cost of providing the Services increases (Variation Event) and the cause of that Variation Event relates to, or is connected with, an event or circumstance beyond our reasonable control, you agree to pay us our additional costs and expenses that we may suffer or incur as result of the Variation Event, as a debt due and immediately payable.

• Concurrent with the giving of any such Redemption Notice pursuant to the foregoing paragraphs of this Condition 5(b), the Issuer shall deliver to the Fiscal Agent an opinion of reputable legal advisers of recognised standing to the effect that a Regulatory Variation Event has occurred.

• Upon satisfactory substantiation of the effect of any Variation Event on the time to perform the Work and the Call-Off Price, or where Contractor has failed to provide the necessary Data in accordance with Clause 10.5(a), Company shall issue a Variation confirming the effects of the Variation Event on the time to perform the Work and the Call-Off Price.

• Any such substitution or variation in accordance with the foregoing provisions following a Substitution or Variation Event shall only be permitted if it does not give rise to any other Substitution or Variation Event with respect to the Qualifying Securities.

• Contractor shall not be entitled to any extension or allowance of time or any additional payment of any kind in relation to any event or circumstance which does not constitute a Variation Event.

More Definitions of Variation Event

Variation Event means: any event expressly described as such in this MSA; any Variation issued by Company to Contractor under Clause 10.3; or any breach of this MSA or any act of prevention affecting the Work which is directly attributable to Company or any person authorised, employed or otherwise engaged (including on an agency or consultancy basis) by Company in connection with this MSA, excluding any member of Contractor Group. Notice of a Variation Event Contractor shall promptly give notice to Company of the occurrence of a Variation Event provided that: (i) no notice need be given of a Variation issued by Company under Clause 10.3; and (ii) if Contractor fails to give notice of any other Variation Event within seven (7) days of the occurrence of the same, Contractor shall not be entitled to any extension or allowance of time or to any additional payment of any kind in respect of the relevant Variation Event. Within fifteen (15) days from receipt of a notice under Clause 10.2(a), Company shall either: (i) request Contractor to submit Data in accordance with Clause 10.5(a); or (ii) notify Contractor that Company considers that: (aa) no Variation Event has occurred; (bb) the Variation Event arose from a breach of this MSA by Contractor or any error or omission of any member of Contractor Group; (cc) the Variation Event is at Contractor’s own risk and cost under this MSA; or (dd) the Variation Event has not or will not result in delay or in Contractor incurring additional cost. Company’s Right to Issue a Variation Company shall have the right at any time to issue a Variation to Contractor. Following receipt of a Variation, in relation to which the provisions of Clauses 10.5 and 10.6 shall apply, Contractor shall forthwith commence and continuously proceed with the execution of the Variation until complete in accordance with the provisions of this MSA.

Variation Event means an event that will have a material impact on the provision of Services, including the cost of providing services that results from a legislative or policy change as further described in clause 9.7 of Appendix 9. 14Signatures for and on behalf of the Purchasing Agency as follows: Signed by [insert name and title of signatory] Date for and on behalf of the Provider as follows: Signed by [insert name and title of signatory] Date 15Appendices – Services, Outcomes to be achieved, and performance measures Outcome (Population)*1 Refer to the Tier One Service Specification available on the Purchasing Agency website at xxxx://xxx.xxxxxx.xxxx.xx/our-work/disability-services/contracting-disability-support-services/contracts-and-service-specifications Indicator (Population) Refer to the Tier One Service Specification*1 available on the Purchasing Agency website at xxxx://xxx.xxxxxx.xxxx.xx/our-work/disability-services/contracting-disability-support-services/contracts-and-service-specifications Service This service will be delivered according to the: Tier One Service Specification; and Tier Two and / or Tier Three Service Specifications*2 for this Service available on the Purchasing Agency website at xxxx://xxx.xxxxxx.xxxx.xx/our-work/disability-services/contracting-disability-support-services/contracts-and-service-specifications Any specific specification terms are annexed to this Agreement as Appendix 11. *1 The Provider is not responsible for achieving the population level Outcome described in the Tier One Service Specification. The Service delivered by the Provider only contributes towards the Population Outcome being achieved. *2 The relevant specification(s) to apply to the Services will be the specifications that relate to the purchase units incorporated in Appendix 5. – Monitoring by the Purchasing Agency