Common use of Serial Defects Liabilities Clause in Contracts

Serial Defects Liabilities. Subject to Section 2.05 (e)(Termination of Support Obligations): (i) if, as of any date, any Serial Defect Liabilities remain outstanding, the Sponsor Guarantor may, for purposes of satisfying the condition set forth in clause (ix) of the definition of Project Completion Date, issue a Serial Defect Liabilities Coverage Notice; (ii) as of the date of delivery of the Serial Defect Liabilities Coverage Notice, and at all times thereafter, the Sponsor Guarantor unconditionally and irrevocably covenants with the Borrower and the Senior Lenders that it shall, no later than five (5) Business Days prior to the date any Serial Defect Liability is due and payable, as notified by the Borrower or any Senior Lender, make Equity Contributions to the Borrower (in addition to the Base Equity Contributions and other Equity Contributions required to be made pursuant to any other provision of this Agreement) in an amount equal to the Serial Defect Liabilities specified in such notice in the manner contemplated by Section 2.03 (Mechanics for Funding Equity Contributions); and (iii) the Borrower unconditionally and irrevocably covenants with the Senior Lenders that, following delivery by the Sponsor Guarantor of a Serial Defect Liabilities Coverage Notice, it shall upon receiving an invoice from the relevant party that is not covered by the relevant warranty or standby letter of credit under the relevant Project Document, immediately deliver written notice to the Sponsor Guarantor, with a copy to the Senior Lenders, stating and certifying the amount of such Serial Defect Document Liabilities.