Defaulted Project definition
Defaulted Project shall have the meaning given to it in the definition of Customer Prepayment Event.
Defaulted Project means in respect of any Project and its related Customer Agreement, on the applicable date of calculation or determination, (a) the applicable Customer is more than one hundred twenty (120) days past due on any amount due under such Customer Agreement and (b) either (x) such Customer Agreement has not been brought current and/or the related Customer Agreement has not been reassigned (or an amendment to the Customer Agreement or a replacement Customer Agreement has not been executed) within sixty (60) days
Examples of Defaulted Project in a sentence
The Issuer may effect a Sale of a Defaulted Project Loan if (A) such Sale is not made to an Enron Affiliate, and (B) in the good faith determination of the Issuer, the Issuer expects to realize greater value by such Sale than by retaining such Defaulted Project Loan.
In addition, the Lender shall be entitled to apply all amounts on deposit in the Proceeds Account, or otherwise payable to the Borrower upon the Disposition or Refinancing of any Project Company Guarantor and related Approved Project, to the Defaulted Project Company Obligations as it may determine in its sole discretion.