Project Company Default definition

Project Company Default is defined in Clause 12.2(a) (Termination by the O&M Contractor). "Project Company Notice Details" are identified in the Key Information Table.
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Project Company Default means any of the events specified in Section 9.1 which constitutes a Project Company Event of Default or which, upon the giving of notice, the lapse of time, or both pursuant to Section 9.1, would, unless cured or waived, constitute a Project Company Event of Default.
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Project Company Default has the meaning set forth in Section 5.1 (Project Company Default).
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Examples of Project Company Default in a sentence

  • Where the Project Deed is terminated for Project Company Default (other than for Abandonment of the Project), HAC is required to pay the Project Company a termination payment equal to the market value of the Project Deed.

  • In the event of a termination by GPA due to a Project Company Event of Default, GPA shall have the right, but not the obligation, to acquire the Facility from Project Company for the applicable Project Company Default Transfer Price set forth in Schedule 10.

  • The Project Company Default Purchase Price shall be payable by the Government (or the Government’s designee) to the Project Company in accordance with the provisions of this Clause 11 (Early Termination Purchase Price and Procedure) provided that the Project Company Default Purchase Price may never be less than zero.

  • If the Government exercises such option in accordance with Clause 10.7 (Exercise of Termination Option), then in accordance with the provisions of this Clause 11 (Early Termination Purchase Price and Procedure), the Project Property should be valued at the "Project Company Default Purchase Price", which equals to: Outstanding Debt; plus Termination Costs; minus Outstanding Shareholder Commitments; minus Relevant Insurance Proceeds.

  • An even bigger problem is fiscal policy, which the government has stated is pro-cyclical.

  • If RIPTA suspends the Project Company’s efforts for more than 45 days other than due to a Project Company Default or delay by a Governmental Body, the Project Company shall have the right to request an equitable adjustment to the Preliminary Services Fee.

  • If MDOT has exercised its Step-In Rights in accordance with Section 21.1, Project Company’s obligations in accordance with this Agreement will be suspended (and a failure by Project Company to perform the suspended obligations will not constitute a breach of this Agreement by Project Company or a Project Company Default) for the affected period but only to the extent necessary to enable MDOT to exercise those Step-In Rights.

  • Upon a Project Company Default and subject to Clause 2.9 (Force Majeure), the Contracting Authority shall, without prejudice to its other rights and remedies hereunder, have the right to encash and appropriate the relevant amounts from the Construction Performance Security for the relevant Project Company Default.

  • Declare or make, directly or indirectly, any Restricted Payment, except that (i) any Project Company Guarantor may declare and pay dividends and distributions to the Borrower; and (ii) so long as so no Facility Default, Facility Event of Default, Project Company Default or Project Company Event of Default then exists or would result therefrom, the Borrower may make Restricted Payments to Holdco in accordance with Section 6.15(b).

  • Such reduction will be taken from the earliest assessed Noncompliance Points that would otherwise then be counted toward Persistent Project Company Default.


More Definitions of Project Company Default

Project Company Default has the meaning given to it in the Project Agreement.
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Related to Project Company Default

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Actionable Default means (i) an Event of Default under and as defined by the Credit Facility Agreement or (ii) an event of default under the Public Indenture.

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Authority Default shall have the meaning set forth in Clause 23.2;

  • Preliminary Default Notice shall have the meaning ascribed thereto in Article 13 of this Agreement;

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Potential Default means the occurrence of any event or condition which, with the giving of notice, the passage of time, or both, would constitute an Event of Default.

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Non-Monetary Default Notice shall have the meaning assigned to such term in Section 11(d).

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Default means any event which is, or after notice or passage of time or both would be, an Event of Default.

  • Senior Nonmonetary Default means the occurrence or existence and continuance of any event of default with respect to any Designated Senior Debt, other than a Senior Payment Default, permitting the holders of such Designated Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise become due and payable. In the event that, notwithstanding the foregoing, the Company shall make any Securities Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1203 would be applicable.

  • Financial Default means the total cessation or partial suspension of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, Cruise line, or airline.

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Funding Default as defined in Section 2.22.