Implementation of Exchange. On or about April 10 of each year, United States and Pyramid Tribe shall reserve sufficient water to implement the Exchanges required in this Section 5.B.6(e). These Exchanges shall be in accordance with Article Eight and shall, unless otherwise agreed to by United States, Pyramid Tribe and California, be scheduled to be completed prior to Memorial Day Weekend, or as soon as possible thereafter. United States and Pyramid Tribe shall consult with California Department of Fish and Game on California ramping and instream flow objectives, and use their best efforts to schedule these Exchanges in accordance with those objectives.
Implementation of Exchange. On the Exchange Date, the Lenders shall automatically and without further act be deemed to have exchanged interests in the Facilities such that in lieu of the interest of each Lender in each Facility in which it shall participate as of such date (including such Lender's interest in the principal, reimbursement, interest and other Designated Obligations in respect of each such Facility), such Lender shall hold an interest in every one of the Facilities (including the principal, reimbursement, interest and other Designated Obligations of each Loan Party (or PTMI, as the case may be) in respect of each such Facility and each LC Reserve Account established pursuant to Section 7.02A below), whether or not such Lender shall previously have participated therein, equal to each Lender's Exchange Percentage thereof. Each Lender and each person acquiring a participation from any Lender as contemplated by Section 10.04(e) hereby consents and agrees to the Exchange. Each Lender agrees to surrender any promissory notes originally received by it in connection with its Loans under this Agreement (or loans under the Existing PTMI Agreement, as applicable) to the Administrative Agent (or the administrative agent under the Existing PTMI Agreement, as applicable) against delivery of replacement promissory notes executed by the appropriate Borrowers (or PTMI) reflecting such Lender's Loans (or PTMI Principal Obligations) after giving effect to the Exchange; provided, however, that the failure of either Borrower (or PTMI) to execute or deliver, or of any Lender to accept, any such promissory note shall not affect the validity or effectiveness of the Exchange.
Implementation of Exchange
