Defaulted System means a Project where (a) the related Host Customer is more than 120 days past due on any portion of a contractual payment due under the related Customer Agreement and (b) the related Customer Agreement has not been brought current or the related PV System has not been removed and re-deployed and/or the related Customer Agreement re-assigned (or a replacement Customer Agreement executed) within 240 days after the end of such 120-day period. For the avoidance of doubt, any past due amounts owed by an original Host Customer after reassignment to, or execution of, a replacement Customer Agreement with a new Host Customer shall not cause a Project to be deemed to be a Defaulted System.

Defaulted System has the meaning set forth in Appendix 2.

Defaulted System means any System (i) that has not been in service for 180 days or more (subject to force majeure exceptions) and is not a Terminated System, (ii) where (a) the related Host Customer is more than 120 days past due on any portion of a contractual payment due under the related Customer Agreement and (b) the related Customer Agreement has not been brought current or the related PV System has not been removed and re-deployed and/or the related Customer Agreement reassigned (or a replacement Customer Agreement executed) within 240 days after the end of such 120-day period or (iii) with respect to which a Host Customer has failed to make a buy-out payment that is due and payable under a Customer Agreement. For the avoidance of doubt, any past due amounts owed by an original Host Customer after reassignment to, or execution of, a replacement Customer Agreement with a new Host Customer shall not cause a System to be deemed to be a Defaulted System.

Examples of Defaulted System in a sentence

IMPORTANT DISCLAIMER: The optima project was never built and contrary to the false claims of Fanuc/GE that were successfully advanced unfortunately in Court, that IHI built the Optima Project in 2005 – 2006 USING Fanuc/ GE Defaulted System that they installed at IHI’s R&D Manufacturing Facility in 2000 – 2001.

More Definitions of Defaulted System

Defaulted System has the meaning set forth in 8.05 (Special Cures – System Severance and Prepayment).

Defaulted System means any System (a) that has not been in service for 180 days or more (subject to force majeure exceptions), (b) where (i) the related Host Customer is more than 120 days past due on any portion of a contractual payment due under the related Customer Agreement and (ii) the related Customer Agreement has not been brought current or the related PV System has not been removed and re-deployed and/or the related Customer Agreement reassigned (or a replacement Customer Agreement executed) within 240 days after the end of such 120-day period or (c) with respect to which a Host Customer has failed to make a transfer payment or buy-out payment that is due and payable under a Customer Agreement.

Defaulted System means any Generation System (i) that has not been in service for 180 days or more (subject to force majeure exceptions), (ii) with respect to which the Generation Consumer has failed to make any payment that is due and payable under Customer Agreement for 120 days or more (including, without limitation, any recurring payments and shut-down payments), (iii) with respect to which a Generation Consumer has failed to make a transfer payment or buy-out payment that is due and payable under such agreement or (iv) in the case of a Customer Agreement with respect to a Generation System included in an Inverted Lease Structure, the Lessee (as used herein, as defined in Part II of Schedule 1.01(L) ) fails to assign such Customer Agreement back to Lessor (as defined therein) within ten (10) Business Days of the date such transfer is required pursuant to the applicable lease agreement.

Defaulted System means any System (i) that has not been in service for 180 days or more (subject to force majeure exceptions), (ii) with respect to which the Host Customer has failed to make any payment that is due and payable under a Customer Agreement for 120 days or more (including, without limitation, any recurring payments and shut-down payments), (iii) with respect to which a Host Customer has failed to make a transfer payment or buy-out payment that is due and payable under a Customer Agreement or (iv) in the case of a Customer Agreement with respect to a System included in an Inverted Lease Structure, the Lessee (as used herein, as defined in Part II of Appendix 11) fails to assign such Customer Agreement back to Lessor within ten (10) Business Days of the date such transfer is required pursuant to the applicable lease agreement.

Defaulted System means any Generation System (i) that has not been in service for 180 days or more (subject to force majeure exceptions), (ii) with respect to which the Generation Consumer has failed to make any payment that is due and payable under Customer Agreement for 120 days or more (including, without limitation, any recurring payments and shut-down payments), (iii) with respect to which a Generation Consumer has failed to make a transfer payment or buy-out payment that is due and payable under such agreement or (iv) in the case of a Customer Agreement with respect to a Generation System included in an Inverted Lease Structure, the Lessee (as used herein, as defined in Part II of Schedule 1.01(L)) fails to assign such Customer Agreement back to Lessor (as defined therein) within ten (10) Business Days of the date such transfer is required pursuant to the applicable lease agreement.

Defaulted System means any System that (i) has not been in service for 180 days or more (subject to force majeure exceptions) and is not a Terminated System, (ii) where (a) the related Host Customer is more than 120 days past due on any portion of a contractual payment due under the related Customer Agreement and (b) the related Customer Agreement has not been brought current or the related PV System has not been removed and re-deployed and/or the related Customer Agreement reassigned (or a replacement Customer Agreement executed) within 240 days after the end of such 120-day period, (iii) with respect to which a Host Customer has failed to make a buy-out payment that is due and payable under a Customer Agreement or (iv) in respect of which the Host Customer has, under any Customer Agreement to which such Host Customer is a party, suspended performance pursuant to [***] for a period of 60 days or more. For the avoidance of doubt, any past due amounts owed by an original Host Customer after reassignment to, or execution of, a replacement Customer Agreement with a new Host Customer shall not cause a System to be deemed to be a Defaulted System.