Common use of Credit Project Failure Clause in Contracts

Credit Project Failure. Participant must notify the Administrator as soon as possible and not later than 30 days following the occurrence of an event that may cause a finding of Credit Project failure. The Administrator may determine there has been a Credit Project failure if: (a) Participant fails to comply with any Participant obligations under this Contract; (b) Proceedings are commenced by or against Participant in any court under a bankruptcy act or for the appointment of a trustee or a receiver of any or all of the Project Area; (c) Participant makes a general assignment for the benefit of creditors; (d) Participant ownership of, or right to possess and use, any or all of the Project Area is acquired by any other person or entity without that other person or entity becoming bound by this Contract; or (e) The Administrator determines that the site-specific performance measures (Performance Standards) in the attached Management Plan for the pertinent Credit Release are not maintained. When evaluating whether the site-specific Performance Measures have been maintained and the potential for Credit Project failure, the Administrator will take into account natural climate variability and will work with Participant to consider whether adaptive management measures can be implemented to salvage a Credit Project prior to concluding there has been a Credit Project failure. (f) The Administrator determines that Participant has failed to execute the required Management Actions according to the terms and conditions of execution as defined in the Management Plan.