Material Fraud definition
Material Fraud means:
Material Fraud is defined as an aggravated form of Fraud of which the Intent is significant enough to, on the balance of probability, have an impact on the continuity of any of the Service Parties, such as, but not limited to the Intent to structurally exploit a bug, error, vulnerability, or weakness, technical, legal, financial or otherwise as meant in section 9.2.
Material Fraud under R.C. 1305.08(B) means fraud that has so vitiated the entire transaction that the legitimate purposes of the independence of the issuer’s obligation can no longer be served.
Examples of Material Fraud in a sentence
In the event either party (the “Claimant”) believes that a Material Breach, a Material Fraud, or Material Willful Misconduct has been committed by the other party (the “Breaching Party”), or this Agreement otherwise explicitly provides that the provisions of this Section 10.4(g) apply, the parties shall resolve such matters in accordance with the dispute resolution procedures set forth in Section 11.12(b).