Common use of Project Document Defaults Clause in Contracts

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.