Billing in an Event of Default. In the event: (x) of an Event of Default under and as defined in the Financing Documents or an event which with the giving of notice or passage of time or both would constitute an Event of Default thereunder (any such event, an “Event of Default”); (y) Green Bank breaches any of its material obligations hereunder; or (z) upon thirty (30) days prior written notice from Green Bank or Capital Provider, and upon written notice by Capital Provider to Green Bank in the case of (x) or (y), Capital Provider may (and in the case of (z), shall) take over the billing and collection duties of Green Bank and, in such event, Capital Provider shall have the sole right, on behalf of Green Bank, to exercise any and all remedies available to it in connection with the billing and collection duties pursuant to this Agreement which are the subject of the Event of Default or notice. If Capital Provider takes over such billing and collection duties pursuant to this Agreement then the Green Bank shall have no obligations to xxxx or collect pursuant to this Agreement. In such event, the Capital Provider, in its sole capacity, shall continue such billing and collection for the term of the Financing Documents. Capital Provider shall (1) promptly notify the Green Bank in writing of any agreement(s) with the Property Owner for payment of any delinquent amounts pursuant to the Financing Documents and the Benefit Assessment, and (2) promptly notify the Green Bank in writing of any judicial proceeding(s) to enforce the Financing Documents and Benefit Assessment, including, but not limited to, foreclosure and a suit on the debt. In an Event of Default the Green Bank shall have no obligation to xxxx or collect from the Property Owner; however Green Bank, or its designee, shall continue to send standard benefit assessment bills and delinquency notices to the Property Owner. In an Event of Default, the Capital Provider may request, and Green Bank in its sole discretion may accept, Green Bank to pursue billing and collection of delinquent payments from the Property Owner. If Green Bank agrees to provide billing and collection services to Capital Provider after an Event of Default has occurred then Capital Provider shall reimburse Green Bank for all costs, fees and expenses associated with such billing and collection services. If either party has actual knowledge of an Event of Default, it shall promptly notify the other party thereof.
