Notification of Credit Project failure Sample Clauses

Notification of Credit Project failure. The Administrator may make a finding of Credit Project failure at any time after the 90-day period following the notification to Participant under Section 13.a of the potential for Credit Project failure. The Administrator shall provide this notice to Participant within 30 days of making the Credit Project failure finding. (1) The notice will identify whether the Administrator believes the Credit Project failure is an Intentional Reversal or Unintentional Reversal and will provide Participant with reasonable opportunity to provide evidence to rebut the finding. (2) If the Administrator concludes there was an Intentional Reversal, but Participant asserts that the Credit Project failure was a result of Unintentional Reversal, then the Participant must prove that reasonable steps were taken to minimize delay or damages caused by foreseeable events, that Participant substantially fulfilled all non-excused obligations, and that the Administrator was timely notified of the likelihood or actual occurrence of an event described in this section. The Administrator may require Participant to provide necessary information. (3) If Participant and Administrator continue to disagree as to whether there has been a Credit Project failure or the determination of whether it was an Intentional or Unintentional Reversal, Participant may elevate the dispute to the Sagebrush Ecosystem Council, which will provide Participant and Administrator an opportunity to present information relevant to the issue and the Sagebrush Ecosystem Council will issue a final determination. (4) If the Administrator (or, if elevated by Participant, the Sagebrush Ecosystem Council) concludes there has been an Unintentional Reversal, the provisions of Section 12.a of this Contract apply. (5) If the Administrator (or, if elevated by Participant, the Sagebrush Ecosystem Council) concludes there has been an Intentional Reversal, the provisions of Section 12.b of this Contract apply.
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Notification of Credit Project failure. The Administrator may make a finding of Credit Project failure at any time after the 90-day period following the notification to Participant under Section 13.a of the potential for Credit Project failure. The Administrator shall provide this notice to Participant within 30 days of making the Credit Project failure finding. (1) The notice will identify whether the Administrator believes the Credit Project failure is an Intentional Reversal or Unintentional Reversal and will provide Participant with reasonable opportunity to provide evidence to rebut the finding. (2) If the Administrator concludes there was an Intentional Reversal, but Participant asserts that the Credit Project failure was a result of Unintentional Reversal, then the Participant must prove that reasonable steps were taken to minimize delay or damages caused by foreseeable events, that Participant substantially fulfilled all non-excused obligations, and that the Administrator was timely notified of the likelihood or actual occurrence of an event described in this section. The Administrator may require Participant to provide necessary information.
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Notification of Credit Project failure. The Administrator may make a finding of Credit Project failure at any time after notifying Participant(s) of the potential for Credit Project Failure. The Administrator shall provide this notice to Participant(s) within 30 days of making the Credit Project failure finding. (1) If the Administrator has made a finding of Credit Project Failure and Participant(s) cannot or does not have an agreed upon mechanism to cure that failure within 90 days after the Administrator sends Participant(s) notification of Credit Project failure, the Administrator may terminate this Contract (including, without limitation, Participant(s) right to access funds from the Financial Assurance Fund for Maintenance and Monitoring) and seek any and all relief available under this Contract, in law, or in equity. (2) The Administrator shall decide whether to continue with the Project or, if credits generated on the Project Area have been reduced, to use the financial penalty amount or balance in the Financial Assurance Fund for Intentional Reversal, along with any funds remaining in the Financial Assurance Fund for Management and Monitoring to purchase credits from a different Project Area.
Sample 1

Related to Notification of Credit Project failure

  • Extension of Credit For the purposes hereof, each drawdown, rollover and conversion shall be deemed to be an extension of credit to the Borrower hereunder.

  • No Extension of Credit The Company has not, directly or indirectly, including through a Subsidiary, extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company.

  • Initial Extension of Credit The obligation of Lender to make the initial Advance or issue the initial Letter of Credit is subject to the condition precedent that Lender will have received on or before the day of such Advance or issuance of such Letter of Credit all of the following, each dated (unless otherwise indicated) the Closing Date, in form and substance satisfactory to Lender:

  • Application of credit balances Each Creditor Party may without prior notice: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrower to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of the Borrower; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

  • Letter of Credit Compliance Notwithstanding any other provision of this Agreement, the Servicer shall comply with all the requirements of any Letter of Credit so as to assure the full benefit of such Letter of Credit to the Trustee.

  • Conditions Precedent to Each Extension of Credit The obligation of each Lender, the Swingline Bank and each LC Issuing Bank, as applicable, to make each Extension of Credit to be made by it hereunder (other than in connection with any Borrowing that would not increase the aggregate principal amount of Advances outstanding immediately prior to the making of such Borrowing) shall be subject to the satisfaction of the conditions precedent set forth in Section 3.01 and on the date of such Borrowing: (a) The following statements shall be true (and each of the giving of the applicable Notice of Borrowing and the acceptance by the applicable Borrower of the proceeds of any such Extension of Credit shall constitute a representation and warranty by such Borrower that on the date of such Extension of Credit such statements are true): (i) The representations and warranties of such Borrower contained in Section 4.01 (other than the representation and warranty in Section 4.01(e) and the representation and warranty set forth in the last sentence of Section 4.01(f)) are true and correct in all material respects on and as of the date of such Extension of Credit, before and after giving effect to such Extension of Credit and to the application of the proceeds therefrom, as though made on and as of such date, and (ii) No event has occurred and is continuing with respect to such Borrower, or would result from such Extension of Credit or from the application of the proceeds therefrom, that constitutes a Default. (b) The Administrative Agent shall have received such other approvals, opinions or documents as any Lender or LC Issuing Bank through the Administrative Agent may reasonably request.

  • Failure to Make Letter of Credit Advances The failure of any Lender to make the Letter of Credit Advance to be made by it on the date specified in Section 2.03(c) shall not relieve any other Lender of its obligation hereunder to make its Letter of Credit Advance on such date, but no Lender shall be responsible for the failure of any other Lender to make the Letter of Credit Advance to be made by such other Lender on such date.

  • Letter of Credit Draw If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.

  • Conditions to Each Extension of Credit The agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent:

  • Initial Credit Extension The obligations of the Lenders and, if applicable, the Issuer to fund the initial Credit Extension shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section 5.1.

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