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.
The Project Coordinator (or the Project Committee in the event that no Project Coordinator is appointed or if the Project Coordinator is subject to a decision of the Project Committee to replace the Project Coordinator, or to declare the Project Coordinator a Defaulting Participant ) is entitled to withhold any payments due to a Participant to be in substantial breach of its obligations under this Consortium Agreement or the PPP Allowance 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.