Project Document Defaults; Termination. (i) Any Borrower or any other Major Project Party shall be in material breach of or otherwise in material default under any Project Document (other than as a result of the Cases, the Cold Shutdown of the Madera Plant, the Magic Valley Plant, the Stockton Plant and, after the ▇▇▇▇▇▇▇▇ ▇▇ Date, the ▇▇▇▇▇▇▇▇ Plant or any breach or default that has not had and could not reasonably be expected to have a Material Adverse Effect) and such breach or default has continued beyond any applicable grace period expressly provided for in such Project Document (or if no cure period is provided, thirty (30) days). (ii) Any Project Document ceases to be in full force and effect prior to its scheduled expiration, is repudiated, or its enforceability is challenged or disaffirmed by or on behalf of any Borrower or any Project Party thereto, except for any Project Document the invalidity of which could not reasonably be expected to have a Material Adverse Effect.
Appears in 2 contracts
Sources: Debtor in Possession Credit Agreement (Pacific Ethanol, Inc.), Debt Agreement (Pacific Ethanol, Inc.)