Significant financial hardship definition

Significant financial hardship means either that the customer cannot without undue hardship afford to pay the costs of effective participation, including advocate's fees, expert witness fees, and other reasonable costs of participation, or that, in the case of a group or organization, the economic interest of the individual members of the group or organization is small in comparison to the costs of effective participation in the proceeding.
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Significant financial hardship means a reasonable probability that an individual will be unable to satisfy his or her financial obligations for two or more consecutive months.
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Significant financial hardship means an immediate and substantial financial need (not covered by reimbursement or compensation by insurance or otherwise) of a Shareholder, such as (i) medical care expenses for the Shareholder and his family; (ii) potential loss of the Shareholder’s principal residence due to actual or threatened foreclosure proceedings or (iii) an inability to pay ordinary and customary living expenses which can only be averted by sale of the Shareholder’s other assets at “sacrifice” or “below market” prices; or (iv) an inability to maintain the Shareholder’s normal and customary style of living (which the parties to this Agreement agree may be different for each Shareholder). If the Board of Directors of the Corporation determines that such Shareholder has not provided evidence reasonably satisfactory that such Shareholder is experiencing “significant financial hardship”, then such Shareholder or his personal representative and the Corporation may then each appoint a financial specialist to review the decision of the Board of Directors of the Corporation, and if no agreement is reached as a result of such review, then a third financial specialist shall be selected by both parties who shall review the decision of the Board of Directors of the Corporation. After the review by the third financial specialist, such third
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Examples of Significant financial hardship in a sentence

  • Any payment is made first from your member’s account and any remainder from your employer’s account.You need to complete a Significant financial hardship form to apply for a hardship benefit.

  • It is also recognised that individual intentions to retire can change for a variety of reasons and that the timing of retirement is a matter of individual choice.

  • Significant financial hardship may be established by demonstrating that the electric consumer intervenor does not have sufficient resources available to participate effectively in the proceeding without such an award.

  • Significant financial hardship due to an act of God or other similar event beyond the member’s control.

  • Significant financial hardship If you’re experiencing significant financial hardship (as defined in the KiwiSaver Act), or are likely to, you may be able to access your KiwiSaver savings.

  • Significant financial hardship must be documented by statement from parents indicating their contribution to cost of student’s university expenses, itemized statement from student indicating funds available for expenses and anticipated expenses, copy of student’s university expenses, copy of parent’s W-2 and 1040 filed from preceding year and student’s W-2 form from preceding year.

  • Significant financial hardship due to activation from reserve status to active military duty for the U.S. or Canadian government.

  • Significant financial hardship must of course be tested objectively and the hardship (actual or likely) must be genuine.

  • New discs should be inspected at the first refueling outage, or be- , .

  • Evidence of credit impairment for a debtor is as follows: - Significant financial hardship- Breach of contract due to default- Probability of going bankrupt The Company applies the simplified approach to measure expected credit losses using the lifetime expected loss on all trade receivables.


More Definitions of Significant financial hardship

Significant financial hardship means that a consumer intervenor has incurred or will incur eligible costs as defined herein, is either unable or not reasonably able to defray costs from other sources, and will be either unable or not reasonably able, without an award of intervenor compensation, to by participateing in a Commission proceeding through offering of lay or expert testimony or legal briefing and argument concerning the expenses, investments, rate design, rate impact, or other matters affecting the pricing, rates, costs or other charges associated with utility service.
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Significant financial hardship means that a consumer intervenor has incurred or
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Significant financial hardship means either that the customer cannot
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Significant financial hardship means either that the customer cannot afford, without undue hardship, to pay the
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Significant financial hardship means either that the
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Significant financial hardship means, in the case of a group or organization, the economic interest of the individual members of the group or organization is small in comparison to the costs of effective participation in the proceeding. The Commission has held that organizations with individual members who have annual utility bills of less than $50,000 possess economic interests that are small in comparison to the costs required to participate in the proceeding. (D.95-02-093, at 4). According to the Commission, an “individual member” means individual members, not the collective membership. The Centre for Community Energy meets this test for significant financial hardship. Although there is no survey of the electricity bills of its membership, it can be stated with confidence that the average annual residential utility bill does not exceed $50,000. Because the Center for Community Energy represents individual ratepayers, the economic interests of its membership are small compared to cost of participation in this proceeding.
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Related to Significant financial hardship

  • Financial Hardship means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code Section 152, without regard to Code Section 152(b)(1), (b)(2), and (d)(1)(B))) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, but shall in all events correspond to the meaning of the term “unforeseeable emergency” under Code Section 409A.

  • Unforeseeable Emergency means a severe financial hardship of the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Code section 152(b)(1), (b)(2) and (d)(1)(B); loss of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.

  • Financial Emergency means a situation wherein the Insured Person loses all or a substantial amount of his/her travel funds due to theft, robbery, mugging or dacoity, which has detrimental effects on his/her travel plans.

  • Undue hardship means an action requiring significant difficulty or expense, when considered in light of the following factors:

  • COVID-19 emergency means the emergencies declared in the Declaration of Public Emergency (Mayor's Order 2020-045) together with the Declaration of Public Health Emergency (Mayor's Order 2020-046), declared on March 11, 2020, including any extension of those declared emergencies.

  • Significant change means a major decline or improvement in the tenant’s status which does not normally resolve itself without further interventions by staff or by implementing standard disease-related clinical interventions that have an impact on the tenant’s mental, physical, or functional health status.

  • Significant break in coverage means a period of 63 consecutive days during each of which an individual does not have creditable coverage.

  • Eligible Crisis or Emergency means an event that has caused, or is likely to imminently cause, a major adverse economic and/or social impact to the Recipient, associated with a natural or man-made crisis or disaster.

  • Significant business transaction means any business transaction or series of transactions that, during any one fiscal year, exceeds the lesser of $25,000 or 5 percent of the total operating expense of a provider.

  • Severance from Service Date means the earlier of:

  • System Emergency has the meaning set forth in the CAISO Tariff.

  • Significant impact means that the proposal is likely to have a noticeable effect on specific section(s) of the community greater than on the general community at large.

  • Qualified employer means the federal government.

  • Catastrophic disability means a physical and not a psychological

  • Unforeseeable means not reasonably foreseeable by an experienced contractor by the Base Date.

  • Seriously disabled means a person with severe physical or sensory disabilities.

  • Medical emergency means a condition caused by an Injury or Sickness that manifests itself by symptoms of sufficient severity that a prudent layperson possessing an average knowledge of health and medicine would reasonably expect that failure to receive immediate medical attention would place the health of the person in serious jeopardy.

  • Separation from Service or “Separates from Service” means a “separation from service” within the meaning of Section 409A of the Code.

  • Site area emergency means events may occur, are in progress, or have occurred that could lead to a significant release of radioactive material and that could require a response by off-site response organizations to protect persons off-site.

  • Financial exigency means a condition that requires the bona fide discontinuance or reduction in size of an administrative unit, project, program or curriculum due to the lack of funds available and sufficient to meet current or projected expenditures.