Forgivable Event definition

Forgivable Event means any one of a Force Majeure, Planned Maintenance, a Safety Event or an action required to be taken by a Party to comply with Good Utility Practice unless such action is necessitated by or results from such Party’s failure to comply with Good Utility Practice;
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Forgivable Event means any of the following, as applicable:
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Forgivable Event means any one of a Force Majeure, Planned
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Examples of Forgivable Event in a sentence

  • Subject to a Forgivable Event, Muskrat shall deliver and NLH shall accept at the Delivery Points the Energy Scheduled in accordance with the NL Native Load Day-Ahead Schedule and Muskrat shall maintain at the Delivery Points the Capacity Scheduled in accordance with the NL Native Load Day-Ahead Schedule, as each may be adjusted in accordance with Sections 3.2(b).

  • NLH’s right to receive NLH Deferred Energy or to receive payment in accordance with Section 4.5(d) shall be NLH’s sole and exclusive right, remedy or recourse for the failure by Muskrat to deliver or NLH to accept any part of the Energy Scheduled for delivery in accordance with this Agreement to which NLH is otherwise entitled resulting from a Forgivable Event.

  • Notwithstanding anything to the contrary in this Agreement, Emera will not be in breach of, and shall not be liable to Nalcor, for any Losses under this Agreement and no Emera Default shall occur, as a result of any interruption to, or non-provision of, the Transmission Facilitation Service that is caused by a Forgivable Event affecting the Emera Facilities.

  • If Nalcor does not deliver to Emera, or Emera does not accept, all or any of the Nova Scotia Block at the Delivery Point at any time during the Initial Term or any extensions of the Initial Term provided pursuant to Section 8.5 by reason of a Forgivable Event (such Energy being “Block A Undelivered Energy”) then Nalcor shall be obligated to deliver the Block A Undelivered Energy on the terms set out in Section 8.5.

  • Each Party shall have the right, without penalty, to interrupt the supply or receipt of Energy and Capacity at any time in the case of a Forgivable Event.

  • In making NL Native Load a Forgivable Event, the Energy Access Agreement provides no enforceable covenant with respect to NSPI’s right to access MPE from Nalcor, as required by the Condition, and hence no real remedy to the concern that led to the imposition of the Condition in the first place.


More Definitions of Forgivable Event

Forgivable Event. “Funding Vehicle”, “Initial Financing”, “LTA Capital Costs Recovery”, “LTA Payments”, “LTA Redemption Value”, “Paid in Full”, “Qualified Assignee”, “Supply Period”, or (ii) that are used in a definition referred to in Section 22.10(a)(i);
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Forgivable Event. “Funding Vehicle”, “Initial Financing”, “LTA Payments”, “LTA Redemption Value”, “Paid in Full”, “Qualified Assignee”, “Redemption Value”, “Supply Period”, or
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Related to Forgivable Event

  • Chargeable Event means, in relation to the Awards:

  • Reportable Event means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

  • Taxable Event means any change in control or other event which triggers the imposition of any Excise Tax on any Payment.

  • ERISA means the Employee Retirement Income Security Act of 1974, as amended.

  • Company ERISA Affiliate means all employers (whether or not incorporated) that would be treated together with the Company or any of its Subsidiaries as a “single employer” within the meaning of Section 414 of the Code.

  • ERISA Affiliate means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

  • Title IV-D means part D of title IV of the social security act, 42 USC 651 to 669b.

  • ERISA Funding Rules the rules regarding minimum required contributions (including any installment payment thereof) to Pension Plans, as set forth in Section 412 of the Code and Section 302 of ERISA, with respect to Plan years ending prior to the effective date of the Pension Protection Act of 2006, and thereafter, as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

  • Accumulated Funding Deficiency has the meaning ascribed to that term in Section 302 of ERISA.

  • Parent ERISA Affiliate means any entity that is considered a single employer with Parent under Section 414 of the Code.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Title IV-E means title IV-E of the Social Security Act [Pub. L. 96-272, title I, sec. 101(a)(1); 94 Stat. 501; 42 U.S.C. 670 et seq.], as amended.

  • Controlled Group means all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with any Borrower, are treated as a single employer under Section 414 of the Code.

  • Foreign Plan Event means, with respect to any Foreign Plan or Foreign Benefit Arrangement, (i) the failure to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan or Foreign Benefit Arrangement; (ii) the failure to register or loss of good standing (if applicable) with applicable regulatory authorities of any such Foreign Plan or Foreign Benefit Arrangement required to be registered; or (iii) the failure of any Foreign Plan or Foreign Benefit Arrangement to comply with any provisions of applicable law and regulations or with the terms of such Foreign Plan or Foreign Benefit Arrangement.

  • ERISA Affiliate Plan means each Employee Benefit Plan sponsored or maintained or required to be sponsored or maintained at any time by any ERISA Affiliate, or to which such ERISA Affiliate makes or has made, or has or has had an obligation to make, contributions at any time, or with respect to which such ERISA Affiliate has any liability or obligation.

  • Title IV-A means part A of subchapter IV of the social security

  • Prohibited Transaction has the meaning set forth in ERISA Section 406 and Code Section 4975.

  • Controlled Group Liability means any and all liabilities (i) under Title IV of ERISA, (ii) under Section 302 of ERISA, (iii) under Sections 412 and 4971 of the Code, and (iv) as a result of a failure to comply with the continuation coverage requirements of Section 601 et seq. of ERISA and Section 4980B of the Code.

  • Multiemployer Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Company or any other member of the Controlled Group may have any liability.

  • Title IV means Title IV of the Social Security Act, 42 United States Code Section 601 et seq.;

  • PBGC means the Pension Benefit Guaranty Corporation.

  • Multiemployer Plan means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

  • ERISA Group means the Company, any Subsidiary and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Company or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code.

  • Administrative penalty means a monetary fine imposed by the division for acts or

  • Foreign Benefit Event means (a) with respect to any Foreign Pension Plan, (i) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (ii) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (iii) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee to administer any such Foreign Pension Plan, or to the insolvency of any such Foreign Pension Plan and (iv) the incurrence of any liability of the Borrowers under applicable law on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein and (b) with respect to any Foreign Plan, (i) the occurrence of any transaction that is prohibited under any applicable law and could result in the incurrence of any liability by the Borrowers, or the imposition on the Borrowers of any fine, excise tax or penalty resulting from any noncompliance with any applicable law and (ii) any other event or condition that could reasonably be expected to result in liability of any of the Borrowers.