Common use of Borrower Defaults Clause in Contracts

Borrower Defaults. On or after the Initial Borrowing Date, Borrower shall be in breach of or in default under a Major Project Document, such breach or default could reasonably be expected to have a Material Adverse Effect, is not otherwise waived in writing by the counterparty of such Major Project Document, and is not remediable or, if remediable, continues unremedied for such period of time (without giving effect to any extension given to Lender under any applicable Consent Agreement with respect thereto) under such Major Project Document as Borrower has available to it under such Major Project Document to remedy such breach or default.