- Financial Hardship means severe economic distress to a participant due to unexpected health issues or a sudden event like loss of property from a casualty or like circumstances, beyond their control. The cases that constitute a Financial Hardship are subject to each specific situation, but any payments aren't made if such hardship can be relieved. Seen in 94 SEC filings.
- Financial Hardship means a severe economic predicament to a participant caused by sickness or accident of their spouse or a dependent, loss of their property due to a casualty, or similar, unexpected circumstances, beyond their control. Such hardship should correspond to the definition of an ""unforeseeable emergency"". Seen in 77 SEC filings.
- Financial Hardship means more than immediate financial disadvantage causing a participant to be unable to honor their financial commitments without affecting the ability to cover their basic living needs or that of their dependent. Seen in 52 SEC filings.
- Financial Hardship means a major financial strain to a participant caused by sudden health problems or accidents to their dependent, loss of their property from casualty, or other unexpected and extraordinary circumstances beyond their control. Determination of a Financial Hardship is based on specific guidelines. Seen in 24 SEC filings.
- Financial Hardship means substantial financial distress to a Director resulting from unexpected health issues, loss of their property due to a casualty, or similar unforeseen situations beyond their control as decided by the Board of Directors. Seen in 22 SEC filings.
- Financial Hardship means an immediate and significant financial pressure experienced by an applicant causing them to lack the means to cover their utility fees. Seen in 14 SEC filings.
- Financial Hardship means unexpected need for cash resulting from illness, casualty loss, sudden financial downturn or similar unpredictable events not covered by insurance as determined by the Administrator. Seen in 14 SEC filings.
Note: pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
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Which definition should you use?
🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Financial Hardship means severe economic distress due to unexpected health, property loss, or extraordinary circumstances, beyond one's control.
Relevant Contract Types
Relevant Circumstances
- Economic downturn.
- Sudden and unexpected loss of employment.
- Severe illness or family emergency.
- Loss of property due to natural disaster.
Relevant Sectors
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Financial Hardship means severe economic distress due to unexpected health, property loss, or extraordinary circumstances, beyond one's control
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