Failure to Provide Quarterly Capital Funding Sample Clauses

Failure to Provide Quarterly Capital Funding. (a) If the full amount required by the Quarterly Capital Statement has not been deposited in the Escrow Account by the required date, then in lieu of the certification described in Section 4.5.3(c), the Escrow Agent shall certify to Watermaster, with copies to WQA and the Cooperating Respondents, that the full amount of funds to be deposited pursuant to the Quarterly Capital Statement has not been deposited and that the Escrow Agent has made a demand upon the Trustee for the amount of the deficiency. The Escrow Agent shall simultaneously make a demand to the Trustee, who shall then draw upon the Financial Assurance of the defaulting Cooperating Respondent in an amount sufficient to cure the default. If the Financial Assurance of the defaulting Cooperating Respondent is insufficient to cover the default, the Trustee shall be required to draw upon the Financial Assurance provided by each of the other (non-defaulting) Cooperating Respondents pro rata, as provided in the Trust Agreement, in a total amount sufficient to cure the default, but without revealing the individual shares of the Cooperating Respondents. (b) The Escrow Agent shall certify to Watermaster, with a copy to WQA, upon receipt of the required funds, that the full amount required by the Quarterly Capital Statement has been deposited in the Escrow Account. If the required certification is not received at least five (5) days before the start of the applicable quarterly period, or, in the case of the first period, within twenty-seven (27) days after the Effective Date, Watermaster shall be entitled to make demand upon the Trustee for payment from the Financial Assurances provided by each of the other (non-defaulting) Cooperating Respondents pro rata, as provided in the Trust Agreement, in a total amount sufficient to cure the default, but without revealing the individual shares of the Cooperating Respondents. The Trustee shall honor the demand of Watermaster without requiring any consent or other instruction of the Cooperating Respondents or Escrow Agent.
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Related to Failure to Provide Quarterly Capital Funding

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