Funding Default. 4.7 Project Co shall promptly upon the occurrence of a Funding Default notify the Authority of such Funding Default.5
Funding Default. (a) If a Defaulting Shareholder fails to provide the required funding in the amount and manner and within the specified period set forth in a Contribution Notice or as otherwise required pursuant to Section 7.5(b) and, in any case, the 10 Business Day cure period specified by Section 8.1 has elapsed, the Non-Defaulting Shareholder shall have the right (but not the obligation) to:
Funding Default. 4.7 Sub-hubco shall promptly upon the occurrence of a [Funding Default] notify the Authority of such [Funding Default].
Funding Default. 2.4.1 Upon the occurrence of a Funding Default, the Backstop Parties (other than any Defaulting Backstop Party) shall have the right, but not the obligation, within five (5) Business Days after receipt of written notice from the Company to all Backstop Parties of such Funding Default, which notice shall be given promptly following the occurrence of such Funding Default and to all Backstop Parties substantially concurrently (such five (5) Business Day period, the “Replacement Period”), to elect, by written notice to the Company, to purchase all or any portion of the New Common Shares attributable to such Defaulting Backstop Party’s Backstop Obligation (such purchase, a “Replacement Purchase”) on the terms and subject to the conditions set forth in this Agreement and in such amounts as may be agreed upon by all of the non-defaulting Backstop Parties that elect to purchase all or any portion of the New Common Shares attributable to such Defaulting Backstop Party, or, if no such agreement is reached by the date upon which the Replacement Period expires, based upon each such electing Backstop Party’s Backstop Percentage of the aggregate number of New Common Shares that have not been purchased as a result of such Funding Default (such Backstop Parties, the “Replacing Backstop Parties”). The purchase price paid by any Replacing Backstop Party in connection with a Replacement Purchase shall be equal to the applicable Purchase Price. Within one (1) Business Day from delivery of written notice of a Funding Default, electing Backstop Parties will fund the Subscription Account with the additional Purchase Price with respect to the Replacement Purchase.
Funding Default. Section 2(e) of the Loan Agreement is hereby amended by deleting clause (i) thereof in its entirety and replacing it with the following, and Section 3 of the Note is amended to reflect the changes made to Section 2(e) of the Loan Agreement:
Funding Default. 14.1 In the event that any Shareholder (“the Defaulting Shareholder”) shall fail, for whatever reason, to provide the Project Funding or shall fail to execute the Suretyship Undertakings and/or the Guarantees required in terms of clause 13 (“the Default Security”), the other Shareholders shall be entitled, without prejudice to any other entitlements which they may have, to advance the whole or a portion of the Project Funding, the Defaulting Shareholders shall be in default (“a Funding Default”) of its obligations in terms of this Agreement, and the Shareholder (or if there shall be more than one shareholder, all or any of them in proportion to their Shareholding, (“the Funding Shareholder”), shall be entitled (but no obliged), without prejudice to any other entitlements which it or they may have hereunder, thereupon to contribute the whole or in part the Defaulting Funding to the Company, or furnish the Default Security to the relevant Lenders and in which event:
Funding Default. Project Co shall promptly upon the occurrence of a [Funding Default] notify the Authority of such [Funding Default]. The Authority may, in circumstances referred to in Clause 4.8 above (regardless of whether the Senior Funders have exercised any enforcement or similar rights under the Senior Funding Agreements), require Project Co to provide an [Interim Project Report] and to attend, and use all reasonable endeavours to ensure that the Senior Funders attend, such meetings as the Authority may convene to discuss such [Interim Project Report] and the circumstances giving rise to it. Project Co shall promptly upon a failure by the Senior Funders to advance amounts due under the Senior Funding Agreements (or in circumstances that might reasonably be expected to lead to such a failure) notify the Authority of such failure (or expected failure). The Authority may, in the circumstances referred to in Clause 4.10 above, require Project Co to attend, and use all reasonable endeavours to ensure that the Senior Funders attend, such meetings as the Authority may convene to discuss the circumstances.
Funding Default. A default in a Funding Requirement that is not paid by the non-defaulting Member as permitted in Section 8.6.1 above shall be due and payable by the defaulting Member to CPEC on demand, and such indebtedness shall bear interest at a rate of 20% per annum.
Funding Default. Sub-hubco shall promptly upon the occurrence of a [Funding Default] notify the Authority of such [Funding Default]. The Authority may, in circumstances referred to in Clause 4.7 above (regardless of whether the Senior Funders have exercised any enforcement or similar rights under the Senior Funding Agreements), require Sub-hubco to provide an [Interim Project Report] and to attend, and use all reasonable endeavours to ensure that the Senior Funders attend, such meetings as the Authority may convene to discuss such [Interim Project Report] and the circumstances giving rise to it. Sub-hubco shall promptly upon a failure by the Senior Funders to advance amounts due under the Senior Funding Agreements (or in circumstances that might reasonably be expected to lead to such a failure) notify the Authority of such failure (or expected failure). The Authority may, in the circumstances referred to in Clause 4.9 above, require Sub-hubco to attend, and use all reasonable endeavours to ensure that the Senior Funders attend, such meetings as the Authority may convene to discuss the circumstances.
Funding Default. Notwithstanding Section 10.12.1, in the event that a claim is made or adjudication sought by Borrower that Lender has breached either (a) its obligation to fund an Advance after Borrower has satisfied the conditions to such Advance pursuant to Sections 2.8, 2.9, 2.12 and 2.10 (if applicable) or (b) its obligation to make available Insurance Proceeds or Net Proceeds for Restoration, if and to the extent required under Section 6.2.3, Borrower shall be entitled as its sole and exclusive remedy for such breach (if it does not bring a claim and seek adjudication under Section 10.2.1) to elect the Exit Process.
