Common use of Material Project Agreements Clause in Contracts

Material Project Agreements. (i) The Borrowers or any Material Project Party fails to perform or observe, in any material respect, any material term, covenant or agreement contained in any Material Project Agreement and, if such failure to perform or observe is of a nature such that it can be remedied, such failure to perform or observe shall continue unremedied beyond any applicable cure period set forth therein, unless the same is subject to a Contest; or (ii) any default or event of default shall have occurred and be continuing under any Material Project Agreement and such default or event of default shall continue unremedied beyond any applicable cure period set forth therein, unless the same is subject to a Contest; or