Compliance Default definition

Compliance Default means, with respect to any Person, (i) the commencement of any suit or other proceeding against such Person or his Affiliates by any Governmental Authority relating to alleged fraud, bribery, or any violation of Anti-corruption Laws by such Person or his Affiliates; (ii) a determination in any judgment, penalty, finding, or opinion of any form issued by any competent Governmental Authority that such Person or any of his Affiliates has committed acts of fraud, bribery, or any violation of Anti-corruption Laws; or (iii) any material customer or other business relation of any Group Company having terminated a material agreement with such Group Company or otherwise taken any action materially adverse to the Group as a result of a violation or alleged violation of Anti-corruption Laws or breach of any representation, warranty or undertaking relating to Anti-corruption Laws; provided that any conduct of any spouse or children of a Person as referred to in this definition shall be a Compliance Default only if such conduct has a detrimental and adverse effect on the Company or its Subsidiaries.
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Examples of Compliance Default in a sentence

  • The Company shall be required to become current with its reporting obligations despite the occurrence of a Filing Compliance Default.

  • For the avoidance of doubt, the Second Landlord Legal Compliance Default Notice shall remain in full force and effect until Landlord completes its cure of the applicable Landlord Legal Compliance Default.

  • From and after the occurrence of a Filing Compliance Default, the Exercise Price shall be reduced to $0.001, subject to further reduction as described herein.

  • The Public Information Failure Payments shall be due and payable in addition to the reduction of the Warrant purchase price due to the occurrence of a Filing Compliance Default, as described in the Warrants.

  • In the event of a Compliance Default Lender may, at its option, declare the Note (including, without limitation, all accrued interest) due and payable immediately regardless of the Maturity Date.