Arbitral Award Default definition
Arbitral Award Default means the Covered Risk described as a subset of Breach of Contract in Subsection 6.1(a).
Arbitral Award Default means the inability of the Guarantee Holder or the Project Enterprise to enforce an Award against the Host Government, if the Guarantee Holder and the Project Enterprise, as applicable, have made all reasonable efforts to do so, including initiating and participating in appropriate judicial proceedings, for the duration of the Waiting Period; provided, however, that it does not constitute Arbitral Award Default by a State-Owned Enterprise, public authority, or regulatory authority if as of the date of the Award such entity is no longer under the Control of a Governing Authority, unless the Governing Authority is otherwise legally liable for its obligations.
Arbitral Award Default has the meaning set forth in Section 6.1.
Examples of Arbitral Award Default in a sentence
Waiting Period: Transfer Restriction: Inconvertibility Inability to Transfer [60] consecutive days [60] consecutive days Expropriation: Expropriation of the Project Enterprise Expropriation of Lender Rights Expropriation of Funds Expropriation of Collateral Rights [180] consecutive days [180] consecutive days [60] consecutive days [180] consecutive days War and Civil Disturbance: Loss of Assets Permanent Loss of Use [None] [90] consecutive days Arbitral Award Default: [180] consecutive days Clause 9A.