Cataclysmic Event definition

Cataclysmic Event means a situation in which a Converge Marketplace is unable to provide Trading Functionality to its users, which situation (i) is caused by an Error, and (ii) occurs at a time during which the Marketplace Protection Measures for such Converge Marketplace are being implemented in all material respects.
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Examples of Cataclysmic Event in a sentence

  • Should a Cataclysmic Event Cure for such Priority Event of Default not be effectuated within 11 days (264 hours) following the occurrence of such Priority Event of Default, Converge shall have the right, but not the obligation, to make a "Priority Remedy Election," exercisable by delivering written notice thereof to Vert within 10 Business Days after the occurrence of such Priority Event of Default.

  • Without limiting the foregoing, at any point when the Converge Marketplace is experiencing an interruption in Trade Functionality, Converge shall use best efforts to restore such functionality to the Converge Marketplace as soon as possible, such efforts to be in coordination with Vert's efforts to effectuate a Cataclysmic Event Cure.

  • In the event that a Cataclysmic Event Cure is not effectuated within three days (72 hours) following its corresponding Response Initiation Date/Time, Vert shall be in default of its obligations under this Agreement (a "Priority Event of Default").

  • Notwithstanding anything to the contrary in this Section 10.4, the provisions of this Section 10.4 shall not apply with respect to any Converge Marketplace that is the subject of a Cataclysmic Event unless and until a Trigger Event has occurred with respect to such Converge Marketplace.

  • Each Cataclysmic Event Notice shall be provided to Vert via telephone, pager and e-mail in accordance with VNS' Maintenance & Support procedures for the reporting of a Severity Level 1 Problem, and the Converge Tech Support representative or other Converge Personnel reporting the Cataclysmic Event shall indicate to VNS that they are reporting a Severity Level 1 Problem.

  • The provisions of this Section 10.4 shall not apply, and Converge shall not be entitled to provide a Cataclysmic Event Notice or make a Priority Remedy Election at any time subsequent to the date on which Converge makes a Converge Remedy Election or a Priority Remedy Election, or the date on which Vert makes a Vert Remedy Election.

  • Vert shall respond to a Cataclysmic Event Notice and seek to provide a Cataclysmic Event Cure in accordance with the provisions of Exhibit C respecting Severity Level 1 Problems.

  • Furthermore, the amounts payable by Vert to Converge under Section 10.4.5 above with respect to a particular Converge Marketplace shall be reduced as follows: (i) by 66 2/3% if the Cataclysmic Event occurs during the initial four month period commencing on the date that the first Trigger Event for such Converge Marketplace occurs, and (ii) by 33 1/3% if the Cataclysmic Event occurs during the four month period commencing on the first day of the fifth month after such date.

  • Should a Cataclysmic Event occur, Converge shall provide Vert with notice thereof as immediately as possible (a "Cataclysmic Event Notice").

  • Converge shall fully cooperate with and assist Vert, as reasonably requested by Vert, in Vert's efforts to characterize and diagnose the cause of any Cataclysmic Event and to effectuate a Cataclysmic Event Cure with respect thereto.