Common use of Material Defects Clause in Contracts

Material Defects. If a Material Defect is suspected, (a) the CBOT shall, immediately upon becoming aware of such suspected Material Defect, provide LIFFE’s Project Manager written notice of such suspected Material Defect, together with all Evidence of such suspected Material Defect reasonably available to the CBOT, and (b) at LIFFE’s request, the Parties shall re-perform the relevant Simulation and present the results thereof to each Party’s Project Manager. If the Parties agree that a Simulation has revealed a Material Defect, the Parties shall document the nature of the Material Defect identified by the Simulation. As soon as reasonably practicable thereafter, (i) LIFFE shall use reasonable efforts to remedy the Material Defect and shall notify the CBOT’s Project Manager once LIFFE reasonably believes the Material Defect has been remedied; and (ii) the Parties shall repeat the Simulation, in whole or in part as necessary, to confirm that such Material Defect has been remedied. If such initial efforts to remedy the Material Defect prove unsuccessful, this cycle shall be repeated until (x) Simulation results reveal no Material Defects or (y) the CBOT otherwise agrees to issue a Final Acceptance Certificate, and the CBOT shall not incur any Charges for LIFFE’s Services in respect of such repeated cycle(s) in the event that the need to repeat such cycle is due to LIFFE’s failure to remedy the Material Defect.

Material Defects. If a Material Defect is suspected, (a) the CBOT shall, immediately upon becoming aware of such suspected Material Defect, provide LIFFE’s Project Manager written notice of such suspected Material Defect, together with all Evidence of such suspected Material Defect reasonably available to the CBOT, and (b) at LIFFE’s request, the Parties shall re-perform the relevant Simulation Integration Testing and present the results thereof to each Party’s Project Manager. If the Parties agree that a Simulation Integration Testing has revealed a Material Defect, the Parties shall document the nature of the Material Defect identified by the SimulationIntegration Testing. As soon as reasonably practicable thereafter, (i) LIFFE shall use reasonable efforts to remedy the Material Defect and shall notify the CBOT’s Project Manager once LIFFE reasonably believes the Material Defect has been remedied; and (ii) the Parties shall repeat the SimulationIntegration Testing, in whole or in part as necessary, to confirm that such Material Defect has been remedied. If such initial efforts to remedy the Material Defect prove unsuccessful, this cycle shall be repeated until (x) Simulation Integration Testing results reveal no Material Defects or (y) the CBOT otherwise agrees to issue a Final an Initial Acceptance Certificate, and the CBOT shall not incur any Charges for LIFFE’s Services in respect of such repeated cycle(s) in the event that the need to repeat such cycle is due to LIFFE’s failure to remedy the Material Defect.

Material Defects. If a Material Defect is suspected, (a) the CBOT shall, immediately upon becoming aware of such suspected Material Defect, provide LIFFE’s 's Project Manager written notice of such suspected Material Defect, together with all Evidence of such suspected Material Defect reasonably available to the CBOT, and (b) at LIFFE’s 's request, the Confidential Information Omitted and Filed Separately with the Commission. Omitted Portions Indicated by [**]. Parties shall re-perform the relevant Simulation Integration Testing and present the results thereof to each Party’s 's Project Manager. If the Parties agree that a Simulation Integration Testing has revealed a Material Defect, the Parties shall document the nature of the Material Defect identified by the SimulationIntegration Testing. As soon as reasonably practicable thereafter, (i) LIFFE shall use reasonable efforts to remedy the Material Defect and shall notify the CBOT’s 's Project Manager once LIFFE reasonably believes the Material Defect has been remedied; and (ii) the Parties shall repeat the SimulationIntegration Testing, in whole or in part as necessary, to confirm that such Material Defect has been remedied. If such initial efforts to remedy the Material Defect prove unsuccessful, this cycle shall be repeated until (x) Simulation Integration Testing results reveal no Material Defects or (y) the CBOT otherwise agrees to issue a Final an Initial Acceptance Certificate, and the CBOT shall not incur any Charges for LIFFE’s 's Services in respect of such repeated cycle(s) in the event that the need to repeat such cycle is due to LIFFE’s 's failure to remedy the Material Defect.

Material Defects. If a Material Defect is suspected, (a) the CBOT shall, immediately upon becoming aware of such suspected Material Defect, CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. Confidential Treatment Requested by CBOT Holdings, Inc. provide LIFFE’s 's Project Manager written notice of such suspected Material Defect, together with all Evidence of such suspected Material Defect reasonably available to the CBOT, and (b) at LIFFE’s 's request, the Parties shall re-perform the relevant Simulation Integration Testing and present the results thereof to each Party’s 's Project Manager. If the Parties agree that a Simulation Integration Testing has revealed a Material Defect, the Parties shall document the nature of the Material Defect identified by the SimulationIntegration Testing. As soon as reasonably practicable thereafter, (i) LIFFE shall use reasonable efforts to remedy the Material Defect and shall notify the CBOT’s 's Project Manager once LIFFE reasonably believes the Material Defect has been remedied; and (ii) the Parties shall repeat the SimulationIntegration Testing, in whole or in part as necessary, to confirm that such Material Defect has been remedied. If such initial efforts to remedy the Material Defect prove unsuccessful, this cycle shall be repeated until (x) Simulation Integration Testing results reveal no Material Defects or (y) the CBOT otherwise agrees to issue a Final an Initial Acceptance Certificate, and the CBOT shall not incur any Charges for LIFFE’s Services in respect of such repeated cycle(scycle (s) in the event that the need to repeat such incur any Charges for Services in respect of such cycle is due to LIFFE’s 's failure to remedy the Material Defect.