Project Document Defaults Clause Samples
The 'Project Document Defaults' clause establishes the standard terms, formats, or templates that will govern the creation and management of documents related to a project. It typically specifies which document versions, naming conventions, or software platforms must be used by all parties when preparing, submitting, or revising project documents. By setting these defaults, the clause ensures consistency, reduces confusion, and streamlines communication throughout the project's lifecycle.
Project Document Defaults. (i) Any Material Project Document shall at any time for any reason cease to be valid and binding or in full force and effect or shall be materially Impaired (in each case, except in connection with its expiration in accordance with its terms in the ordinary course (and not related to any default or early termination right thereunder)) or the enforceability thereof is contested or disaffirmed in writing by or on behalf of any party thereto, (ii) the Borrower or any Material Project Party shall be in material breach or default, or a termination event shall occur, under any FOB Sale and Purchase Agreement, the EPC Contracts or the Sabine Pass TUA, or (iii) the Borrower or any other Project Party shall be in breach or default, or a termination event shall occur, under any other Project Document or the Consent and any such event under this clause (iii) could reasonably be expected to result in a Material Adverse Effect; provided, however, that no Event of Default shall have occurred pursuant to this Section 9.5 if (A) in the case of the occurrence of an event under clause (i), (ii) or (iii) above, such breach, default, termination event, or other event is cured within the lesser of sixty (60) days of such breach, default, termination event, or other event and the cure period permitted under the applicable Project Document with respect to such breach, default, termination event, or other event or (B) in the case of the occurrence of any of the events set forth in clause (i),
(ii) or (iii) above with respect to any Project Document, the Borrower notifies the Common Security Trustee that it intends to replace such Project Document and diligently pursues such replacement and the applicable Project Document is replaced within ninety (90) days with a Project Document or Additional Material Project Document, as applicable, that is on terms and conditions that are and with a Project Party that is reasonably acceptable to the Required Secured Parties; provided further that in the case of the replacement of an FOB Sale and Purchase Agreement, the Borrower shall also have provided evidence to the Common Security Trustee that any Export Authorization specifically referencing the replaced FOB Sale and Purchase Agreement has been amended or replaced with an Export Authorization on substantially the same terms as the original Export Authorization and that enables the Borrower to comply with its obligations under the new FOB Sale and Purchase Agreement.
Project Document Defaults. (a) Any Project Document shall cease to be valid and binding and in full force and effect; provided that any such event will not constitute an Event of Default if the applicable Project Company is attempting to replace such Project Document with the consent of the Required Banks and does so within 60 days of such event; provided, further, that an Event of Default shall occur under this paragraph only if the failure of such Project Document to remain valid and binding and in full force and effect could reasonably be expected to have a Material Adverse Effect.
(b) Any Project Document shall terminate or be terminated or canceled prior to its stated expiration date or any Project Company shall be in default (after the giving of any applicable notice and the expiration of any applicable grace period) under any of the Project Documents; provided that a default under or termination or cancellation of any Project Document shall constitute an Event of Default only if (a) such default or termination could reasonably be expected to have a Material Adverse Effect or (b) such default could result in a Major Project Document being terminated by the applicable counterparty within five Banking Days.
(c) Any Major Project Participant shall be in default (after the giving of any applicable notice and the expiration of any applicable grace period) under any of the Major Project Documents; provided that a default under any Project Document shall constitute an Event of Default only if such default or termination could reasonably be expected to have a Material Adverse Effect.
Project Document Defaults. Any Project Document shall terminate or for any reason cease to be in full force and effect in accordance with its terms or any Relevant Company party to any Project Document shall fail to perform any of its material obligations under such Project Document and if such failure is capable of remedy, such failure is not remedied * following notice thereof from the Facility Agent to the Borrowers, provided that in the event of any such termination or default no Event of Default shall arise if the relevant Borrower shall have appointed a substitute counterparty reasonably acceptable to the Facility Agent on terms substantially identical to the relevant Project Document * of the occurrence of such failure to perform and/or termination. Notwithstanding the foregoing, no Event of Default shall arise if the Facility Agent is satisfied that the Project Document to which the foregoing events relate is no longer required or any of the foregoing events would not be reasonably likely to have a Material Adverse Effect.
Project Document Defaults