Mandatory Trigger Event Sample Clauses

Mandatory Trigger Event. (a) The Fund shall provide written notice, which will include duly executed copies of the confirmations contemplated by the definition of “Mandatory Trigger Event” (the “Mandatory Trigger Notice”) to Emera of the occurrence of a Mandatory Trigger Event as soon as practicable following such occurrence. (b) Upon receipt by Emera of a Mandatory Trigger Notice following occurrence of a Mandatory Trigger Event, the full principal amount of the Promissory Note shall become due and payable to the Fund and the rights evidenced by the Subject Receipts shall be deemed to be satisfied by delivery of Common Units on a one- for-one basis, subject to adjustment as may be required pursuant to Section 8.7 and subject to being rounded (i) up in respect of fractions of 0,5 or greater, and (ii) down in respect of fractions of less than 0.5, in each case to the nearest whole number of Common Units, Emera shall, within five (5) Business Days after receipt of the Mandatory Trigger Notice following occurrence of a Mandatory Trigger Event, pay to the Escrow Agent, the full principal amount of the Promissory Note and shall deliver to the Escrow Agent the certificates evidencing the Subject Receipts. (c) Within five (5) Business Days of delivery to Emera of the Mandatory Trigger Notice, the Fund shall deliver to the Escrow Agent the Promissory Note and certificates representing the Common Units delivered in satisfaction of the rights evidenced by the Subject Receipts. (d) The delivery of the Subject Units to Emera shall be in satisfaction of Emera’s rights, evidenced by the Subject Receipts, to receive following the occurrence of a Mandatory Trigger Event, the Subject Units.