Payment Default Notice. Upon the occurrence of a Payment Default, CCP shall issue a Notice of Payment Default to the Project Participant notifying such Project Participant that as a result of a Payment Default, it is in default under this Agreement and has assumed the status of a Defaulting Project Participant and that such Defaulting Project Participant’s Project Revenue Rights have been suspended and that such Defaulting Project Participant’s Project Rights are subject to termination and disposal in accordance with Sections 12.6 and 12.8 of this Agreement. CCP shall provide a copy of such Notice of Default to all other Project Participants within five (5) calendar days after the issuance of the written Notice of Payment Default by CCP to the Defaulting Project Participant.
Payment Default Notice. 8 SECTION 3.2
Payment Default Notice. (a) As soon as the Company knows that it will not pay a Quarterly Installment, or any part thereof, the Company shall deliver a Payment Default Notice to the Collateral Trustee, the Committee, and each Class 4 Creditor, and in any event, shall so deliver such Payment Default Notice no later than the due date of such Quarterly Installment. Failure of the Company to deliver a Payment Default Notice with respect to a Quarterly Installment on or before the date on which such Quarterly Installment is due and payable under the Class 4 Note shall not in any manner limit, impair or affect the Payment Default that occurs with respect to such unpaid Quarterly Installment including, without limitation, the rights and remedies of the Collateral Trustee in respect of such Payment Default. Provided that the Collateral Trustee has not waived any other Payment Default within one (1) year prior to the due date for such Quarterly Installment in respect of which such Payment Default Notice is required to be delivered pursuant to this Section 3.1(a) then, at the request of the Company, and upon the affirmative vote of and at the written direction from the Committee to the Collateral Trustee, the Collateral Trustee shall deliver to the Company a written waiver of such Payment Default ("Payment Default Waiver"), substantially in the form of Exhibit B attached hereto, not later than thirty (30) days after the earlier of (x) the Collateral Trustee's receipt of such Payment Default Notice and (y) occurrence of such Payment Default, except that, such waiver shall not be delivered if before the expiration of such thirty-day period the Required Creditors direct that the Committee shall not waive such Payment Default. Notwithstanding anything to the contrary contained in the Plan, the Class 4 Note, or any other Class 4 Document, any such unpaid Quarterly Installment with respect to which the Collateral Trustee has, in accordance with this Section 3.1(a), delivered to the Company a Payment Default Waiver shall be due and payable, without notice or demand of any kind or nature, simultaneously with the next succeeding Quarterly Installment due and payable under the Class 4 Note. Notwithstanding the foregoing, the Required Creditors may, at any time before the Collateral Trustee takes any irrevocable action to exercise any remedy in respect of the Collateral, direct the Committee to direct the Collateral Trustee to deliver to the Company a written waiver of any Payment Default for such pe...
Payment Default Notice. Upon an Event of Default (as defined in the Note), the Seller shall send a written notice to the Escrow Agent (with a copy to the Company), certifying to the Escrow Agent that an Event of Default has occurred and the number of Escrow Shares or other Escrow Property to be released by the Escrow Agent (a “Default Notice”). Upon receipt of a Default Notice, the Escrow Agent shall, within three (3) business days of receipt of such notice, without any further notice, action or deed, release and deliver the Escrow Property set forth in such Default Notice to the Seller. To the extent any Escrow Property continues to be held by the Escrow Agent following the release of the Escrow Property set forth in the Default Notice to the Seller, such Escrow Property, if any, shall be delivered to the Company.
