Common use of Material Breaches Clause in Contracts

Material Breaches. A Party shall be deemed to be in default under this Agreement only if such Party has materially breached or failed to perform its obligations hereunder, and non-material breaches or failures shall not be grounds for declaring a Party to be in default, postponing the Transfer of Operational Control, or terminating this Agreement. For purposes of this Agreement, a Party’s failure or refusal to execute any of the Ancillary Agreements shall constitute a material breach.

Material Breaches. A Party party shall be deemed to be in default under this Agreement only if such Party party has materially breached or failed to perform its obligations hereunder, and no non-material breaches or failures shall not be grounds for declaring a Party party to be in default, postponing the Transfer of Operational ControlClosing, or terminating this Agreement. For purposes of this Agreement, a Party’s failure or refusal to execute any of the Ancillary Agreements shall constitute a material breach.