Defaulting Participant definition

Defaulting Participant means a Participant which the Project Committee has declared to be in substantial breach of this Consortium Agreement or the PPP Allowance Agreement in accordance with Sections 3.5 and 6.5 of this Consortium Agreement;

Defaulting Participant shall have the meaning assigned to it in Section 1 of the Participation Agreement.

Defaulting Participant means a Participant which fails to make the payments into its Repayment Fund required by its District Note Resolution on or before [Maturity Date].

Examples of Defaulting Participant in a sentence

• A Defaulting Participant or a Participant voluntarily leaving shall continue to grant Access Rights pursuant to this Consortium Agreement in respect of its Background; and Foreground existing at the time of such termination as prescribed in this Consortium Agreement, for the term of this Consortium Agreement.

• Access Rights granted to a Defaulting Participant and such Participant's right to request Access Rights shall cease immediately upon receipt by the Defaulting Participant of the formal notice of the decision of the Project Committee to terminate its participation in the Project.

• A Participant may not vote with regard to the decision relating to its identification to be in breach of its obligations nor to its identification as a Defaulting Participant.

• If such breach is substantial and is not remedied within that period or is not capable of remedy, the Project Committee may decide to declare the Participant to be a Defaulting Participant and may terminate its participation in accordance with Section 3.4.2, unless such termination is not in reasonable proportion to the consequences for the Project.

More Definitions of Defaulting Participant

Defaulting Participant means, at any time, subject to Section 2.17(b), (i) any Participant that has failed for two (2) or more Business Days to comply with its obligations under this Agreement to fund any Participant Funding (each a “funding obligation”), unless such Participant has notified the Servicer and the Sponsor in writing that such failure is the result of such Participant’s determination that one or more conditions precedent to funding has not been satisfied (which conditions precedent, together with any applicable Credit Event, will be specifically identified in such writing), (ii) any Participant that has notified the Servicer in writing, or has stated publicly, that it does not intend to comply with any such funding obligation hereunder, unless such writing or public statement states that such position is based on such Participant’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with any applicable Credit Event will be specifically identified in such writing or public statement), (iii) any Participant that has defaulted on its obligation to fund generally under any other loan agreement, credit agreement or other financing agreement, (iv) any Participant that has, for three (3) or more Business Days after written request of the Servicer or the Sponsor, failed to confirm in writing to the Servicer and the Sponsor that it will comply with its prospective funding obligations hereunder (provided that such Participant will cease to be a Defaulting Participant pursuant to this clause (iv) upon the Servicer’s and the Sponsor’s receipt of such written confirmation), (v) any Participant with respect to which a Participant Insolvency Event has occurred and is continuing or (vi) any Participant that has become the subject of a Bail-In Action. Any determination by the Servicer that a Participant is a Defaulting Participant will be conclusive and binding, absent manifest error, and such Participant shall be deemed to be a Defaulting Participant (subject to Section 2.17(b)) upon notification of such determination by the Servicer to the Sponsor and the Participants.

Defaulting Participant means, at any time, any of the Participants which at such time has (i) failed to make a payment when due to the Lessor equal to its Commitment Percentage of an Advance, (ii) has been notified of such failure by the Lessor, and (iii) has not cured such failure by making such payment, together with interest at the Late Payment Rate.

Defaulting Participant means a Participant which has failed to fund its portion of any Advance which it is required to fund under the Participation Agreement and has continued in such failure for three (3) Business Days after written notice from Agent.

Defaulting Participant has the meaning given to it in clause 13.

Defaulting Participant means any Participant that has failed to make a payment when due to BNPPLC equal to the Participant’s Percentage of an Anticipated Advance as required by subparagraph 3(B) below.

Defaulting Participant means, at any time, any Participant that, at such time (a) has failed to make an Advance of a Loan or Certificate Holder Amount, as the case may be, required pursuant to the terms of the Participation Agreement, (b) has failed to pay to the Administrative Agent, the Agent Certificate Holder, any Lender, or any Lessor an amount owed by such Participant pursuant to the terms of the Operative Documents, or (c) has been declared insolvent or has become subject to a bankruptcy or insolvency proceeding or to a receiver, trustee or similar official.

Defaulting Participant means, subject to Section 2.23(b), any Participant that, as determined by the Administrative Agent: