Defaulting Party. Access Rights granted to a Defaulting Party and such Party's right to request Access Rights shall cease immediately upon receipt by the Defaulting Party of the formal notice of the decision of the General Assembly to terminate its participation in the consortium.
Defaulting Party. The Project Committee is further entitled to terminate a Party’s participation to the Consortium Agreement in the event that it identifies a breach by a Party of its obligations under this Consortium Agreement or the PPP Allowance Agreement (e.g. improper implementation of the project). The Coordinator or, if the Coordinator is in breach of its obligations, the Party appointed by the Project Committee, will give written notice to such Party requiring that such breach will be remedied within 30 (thirty) calendar days from the date of receipt of the written notice by the Party. If such breach is substantial and is not remedied within that period or is not capable of remedy, the Project Committee may decide to declare the Party to be a Defaulting Party and to decide on the consequences thereof, which may include termination of its participation unless failure to comply is not in reasonable proportion to the premature termination of the Project. A Party that is declared a Defaulting Party shall bear all actual and reasonable costs incurred by the other Parties under the Project as a result of the Defaulting Party’s breach of obligations, provided that the reimbursement of such cost towards the other Parties collectively shall be limited to once the Party’s share of the total costs of the Project. Any excess amount shall be apportioned to the remaining Parties pro rata to their share in the total costs of the Project as identified in the Budget. The Project Committee is further entitled to recover any payments already paid to the Defaulting Party until the effective date of the declaration of the Party as a Defaulting Party.
Defaulting Party. Not applicable.
Defaulting Party. For purposes of this Agreement, a party shall become a “Defaulting Party” if any of the events set out below shall have occurred:
Defaulting Party. For the purposes of implementing the provisions contained in this Agreement, the “Defaulting Party” shall be (i) in the case of an Event of Default referenced in Section 6.2.1 , the Party whose action or inaction, or whose Primary Affiliate’s action or inaction, caused or resulted in the breach; and (ii) in the case of an Event of Default referenced in Section 6.2.2, 6.2.3 or 6.2.4, the Party who, or whose Primary Affiliate, is the subject of such court decree or order, has instituted such proceedings or filed such petitions, or is insolvent, etc. The “Non-Defaulting Party” is the Party that is not the Defaulting Party.
Defaulting Party. Access Rigts granted to a Defaulting Party and such Party's right to request Access Rights shall cease immediately upon receipt by the Defaulting Party of the formal notice of the decision of the Steering Committee to terminate its participation in the Partnership.
Defaulting Party. “Defaulting Party” has the meaning set forth in Section 10.1.
Defaulting Party. A Party that is declared a Defaulting Party pursuant to Articles 8.2 and 8.3 shall – subject to Article 9.2 - bear any reasonable and justifiable additional costs occurring to the other Parties in order to perform its and their tasks. Any excess amount shall be apportioned to the remaining Parties pro rata to their share in the total costs of the Project as identified in the Project Budget.
Defaulting Party. Termination of this Agreement by the Non-Defaulting Party shall not constitute a waiver of any other rights or remedies with respect to obligations of the parties prior to such termination or rights of PFPC to be reimbursed for all of its out-of-pocket expenses and its normal monthly fees or other obligations due it. In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.
Defaulting Party. A Party to this Agreement that has caused or precipitated an Event of Default or an Early Termination of this Agreement.
