Common use of Assignment to Facilitate Financing Clause in Contracts

Assignment to Facilitate Financing. Notwithstanding the provisions of Article 14.1, Applicant may assign this Agreement to the persons, entities or institutions providing financing or refinancing for the development, design, construction or operation of the Applicant Facilities and if Applicant provides notice thereof to GTC, GTC shall provide notice and reasonable opportunity for such lenders to cure any default under this Agreement, provided, however, that the time to cure shall not be any greater than the time set forth in Article 6.2.2 hereof. If Applicant makes such an assignment under this Article 14.2, Applicant shall provide written notice to GTC within ten (10) calendar days. Such notice shall include for such financing entity the information required under Article 15.7. GTC shall provide notice of any breaches or defaults to the financing entity at the same time such notice is provided to Applicant pursuant to the terms of this Agreement. In the event of any foreclosure by such financing entity, the purchasers at such foreclosure or any subsequent purchaser shall, if they request, be entitled to the rights and benefits of (and be bound by the obligation and responsibility of) this Agreement, so long as they are determined by GTC to be an entity entitled to interconnect to the GTC Interconnection Facilities, and agree to comply with all terms and conditions of this Agreement.

Assignment to Facilitate Financing. Notwithstanding the provisions of Article 14.1, Applicant may assign this Agreement to the persons, entities or institutions providing financing or refinancing for the development, design, construction or operation of the Applicant Facilities and if Applicant provides notice thereof to GTC, GTC shall provide notice and reasonable opportunity for such lenders to cure any default under this Agreement, provided, however, that the time to cure shall not be any greater than the time set forth in Article 6.2.2 hereof. If Applicant makes such an assignment under this Article 14.2, Applicant shall provide written notice to GTC within ten (10) calendar days. Such notice shall include for such financing entity the information required under Article 15.7. GTC shall provide notice of any breaches or defaults to the financing entity at the same time such notice is provided to Applicant pursuant to the terms of this Agreement. In the event of any foreclosure by such financing entity, the purchasers at such foreclosure or any subsequent purchaser shall, if they request, be entitled to the rights and benefits of (and be bound by the obligation and responsibility of) this Agreement, so long as they are determined by GTC to be an entity entitled to interconnect to the GTC Interconnection FacilitiesSystem, and agree to comply with all terms and conditions of this Agreement.

Assignment to Facilitate Financing. Notwithstanding the provisions of Article Section 14.1, Applicant may assign this Agreement to the persons, entities or institutions providing financing or refinancing for the development, design, construction or operation of the Applicant Facilities and if Applicant provides notice thereof to GTC, GTC shall provide notice and reasonable opportunity for such lenders to cure any default under this Agreement, provided, however, that the time to cure shall not be any greater than the time set forth in Article Section 6.2.2 hereof. If Applicant makes such an assignment under this Article Section 14.2, Applicant shall provide written notice to GTC within ten (10) calendar days. Such notice shall include for such financing entity the information required under Article Section 15.7. GTC shall provide notice of any breaches or defaults to the financing entity at the same time such notice is provided to Applicant pursuant to the terms of this Agreement. In the event of any foreclosure by such financing entity, the purchasers at such foreclosure or any subsequent purchaser shall, if they request, be entitled to the rights and benefits of (and be bound by the obligation and responsibility of) this Agreement, so long as they are determined by GTC to be an entity entitled to interconnect to the GTC Interconnection FacilitiesSystem, and agree to comply with all terms and conditions of this Agreement.