4.7 Project Co shall promptly upon the occurrence of a [Funding Default]7 notify the Board of such [Funding Default].
4.8 The Board may, in circumstances referred to in Clause 4.7 above (regardless of whether the Senior Funders have exercised any enforcement or similar rights under the Senior Funders Agreements), require Project Co to provide an [Interim Project Report]8 and to attend, and use all reasonable endeavours to ensure that the Senior Funders attend, such meetings as the Board may convene to discuss such [Interim Project Report] and the circumstances giving rise to it.
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7 This should be defined by reference to the borrower defaults under the Senior Funders Agreements (and applies whether or not the Senior Funders choose to accelerate their loan).
Please note that this obligation is additional to the obligation of the Agent under Section 10.4 of Part 6 of the Schedule.
8 The Board should insert a definition of Interim Project Report setting out in this the broad headings and issues which it requires to cover