Common use of Defaulting Participant Clause in Contracts

Defaulting Participant. In the event that the Project Committee identifies a breach by a Participant of its obligations under this Consortium Agreement or the Grant Decision (e.g. improper implementation of the project), the Project Coordinator or, if the Project Coordinator is in breach of its obligations, the Participant appointed by the Project Committee, will give written notice to such Participant requiring that such breach will be remedied within 30 (thirty) calendar days from the date of receipt of the written notice by the Participant. 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 Participant to be a Defaulting Participant and may terminate its participation in accordance with Section 3.4.2, unless such termination is not in reasonable proportion to the consequences for the Project. The Project Committee is further entitled to declare a Participant a Defaulting Participant in the event that KWF has terminated that Participant’s participation in accordance with Section 10.2 of the PPP Subsidy Terms and Conditions.

Defaulting Participant. In the event that the Project Committee identifies a breach by a Participant of its obligations under this Consortium Agreement or the Grant Decision (e.g. improper implementation of the project), the Project Coordinator or, if the Project Coordinator is in breach of its obligations, the Participant appointed by the Project Committee, will give written notice to such Participant requiring that such breach will be remedied within 30 (thirty) calendar days from the date of receipt of the written notice by the Participant. 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 Participant to be a Defaulting Participant and may terminate its participation in accordance with Section 3.4.23.4.2 of this Consortium Agreement, unless such termination is not in reasonable proportion to the consequences for the Project. The Project Committee is further entitled to declare a Participant a Defaulting Participant in the event that KWF has terminated that Participant’s participation in accordance with Section 10.2 of the PPP Subsidy Terms and Conditions.

Defaulting Participant. In the event that the Project Committee identifies a breach by a Participant of its obligations under this Consortium Agreement or the Grant Decision (e.g. improper implementation of the project), the Project Coordinator or, if the Project Coordinator is in breach of its obligations, the Participant appointed by the Project Committee, will give written notice to such Participant requiring that such breach will be remedied within 30 (thirty) calendar days from the date of receipt of the written notice by the Participant. 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 Participant to be a Defaulting Participant and may terminate its participation in accordance with Section 3.4.2, unless such termination is not in reasonable proportion to the consequences for the Project. The Project Committee is further entitled to declare a Participant a Defaulting Participant in the event that KWF has terminated that Participant’s participation in accordance with Section 10.2 of the PPP Subsidy Allowance Terms and Conditions.