Failure Period definition
Examples of Failure Period in a sentence
Either Party that wishes to declare that Target 1 or an Option Target is a Failed Target must notify the other Party in writing (which may be by email) during the Failure Period, and, by no later than [***] following receipt of such notice by the other Party, the JRC shall determine whether Target 1 or an Option Target is a Failed Target.
During the Interest Coverage Failure Period, the ratio of Home Building Debt to Consolidated Tangible Net Worth shall at no time exceed 1.25 to 1.0. An example of the calculation of the Interest Coverage Ratio is as set forth in Schedule 8.3 hereto.
McDATA will repair or replace, at no charge to EMC, any epidemic defects found to exist in the Products at any time prior to [*] (Epidemic Failure Period).
In the event McDATA's Products failure rate exceeds the Epidemic Defects during the Epidemic Failure Period, EMC has the option of having McDATA, at McDATA's expense: (a) sort, screen, repair and/or replace EMC's Product, including installed Products, Products pending installation, and Spares which are subject to such failure; and (b) conduct a thorough investigation into the failure's root cause, and with EMC's concurrence, implement corrective action.
A failure of the Biennial Average Real-Time High Operating Limit for any two consecutive Contract Years to be at least fifty percent (50%) of the Actual Facility Size, except to the extent excused by (i) a Force Majeure (without affecting Buyer’s right to terminate this Agreement under Section 10.1(c)), (ii) a Catastrophic Failure not caused by a Force Majeure, unless and until such Catastrophic Failure exceeds the duration of the Catastrophic Failure Period or (iii) a Reliability Curtailment.
Agent agrees to reinstate such Borrower’s right to withdraw funds from the Collection Accounts when no Event of Default, Dominion Period or Report Failure Period is in effect for a period of 60 consecutive days, to the extent not inconsistent with the Intercreditor Agreement.
Additional Interest will accrue at a rate per annum equal to 0.25% for the first 90 days of any Failure Period and thereafter at a rate per annum equal to 0.50%.
Notwithstanding anything to the contrary contained herein, the failure to timely deliver a Preliminary Financial Covenant Compliance Report or Final Financial Covenant Compliance Report shall commence a Covenant Failure Period.
Notwithstanding the foregoing, a Party may not terminate this Agreement pursuant to this Section 19.2 if, during the applicable Net Sales Failure Period, such Party performs a number of Details that is less than [***] of such Party’s Details Requirement for the Net Sales Failure Period.
Upon the occurrence and during the continuance of an Event of Default under this Agreement or the occurrence and during the continuance of a Dominion Period or Report Failure Period (each as defined in the Intercreditor Agreement), then upon written notice from Agent to the Borrowers, and at all times thereafter any Borrower’s right to withdraw any funds from the Collection Accounts shall immediately terminate and only Agent shall thereafter have a right to withdraw any funds from the Collection Accounts.