Project Default definition
Examples of Project Default in a sentence
No Event of Default, Inchoate Default, Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default has occurred or is existing.
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Inchoate Default, Event of Default, Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default unless Administrative Agent has received a notice from a Bank or Borrower, referring to this Agreement, describing such Inchoate Default, Event of Default, Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default and indicating that such notice is a notice of default.
If Administrative Agent receives such a notice of the occurrence of an Inchoate Default, Event of Default, Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default Administrative Agent shall give notice thereof to the Banks and Borrower.
No Event of Default or Inchoate Default has occurred and is continuing or will result from such LC Action and no Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default in respect of the Project for which the issuance, extension or increase in Stated Amount of a Letter of Credit is requested has occurred and is continuing or will result from such LC Action.
No Event of Default or Inchoate Default, no Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default in respect of the Project for which funds are being requested and, to the extent Section 3.9(b) does not otherwise permit Borrowings, no other Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default has occurred and is continuing or will result from such Construction Credit Event.
After issuance of the certificates of occupancy for the Project, Default may be declared under this subsection only if the failure of representation or warranty also has a material adverse effect on the operation of the Project.
A Non-Fundamental Project Default has occurred, is continuing, and could reasonably be expected to have a Material Adverse Effect with respect to Borrower.
Further, given the fact that, pursuant to Section 10.2.2, no remedy is provided for a Project Default that occurs before the completion of Project Milestones 1-5, a circumstance that might otherwise be deemed as material and adverse likely will not create a Material Adverse Effect if the material and adverse consequences of that circumstance are of a lesser degree than any possible Project Default that could occur before the completion of Project Milestones 1-5.
Upon a Project Default, BHH shall (i) transfer all of its rights under the purchase agreement with respect to such Project to ▇▇ ▇▇▇▇, and (ii) shall cooperate with ▇▇ ▇▇▇▇ to obtain an extension of such purchase agreement with the seller.
If Administrative Agent receives such a notice of the occurrence of an Inchoate Default, Event of Default, Project Default or Project Inchoate Default Administrative Agent shall give notice thereof to Banks and 107 120 Borrower.