Failure to Cure Default. If a Participant shall fail to cure a default within the fiteen (15) day period provided in Section 3.05, IID shall promptly notify the Manager in writing of such failure. The Participants or any of them shall be entitled to cause the amount in default to be paid, in which case IID shall be obligated to continue the acquisition and construction of the Project as provided in this Agreement. Notwithstanding the foregoing, IID and each of the Participants shall have the right to obtain any remedy available at law or in equity in consequence of the default of IID or any Participant under this Agreement, including damages or specific performance where appropriate. Subject to Section 3.10, a Participant in default hereunder shall be liable for all unpaid amounts included in individual cash calls issued to such Participant as well as all amounts which would have been included in individual cash calls issued to such Participant pursuant to Section 3.02 if such default had not occurred.
Appears in 4 contracts
Samples: Funding and Construction Agreement (Ormat Technologies, Inc.), Funding and Construction Agreement (Ormat Technologies, Inc.), Funding and Construction Agreement (Ormat Technologies, Inc.)
