Material Failure to Perform definition
Material Failure to Perform means that, as determined at the end of the relevant fiscal year (commencing with the fiscal year ended December 31, 2021), either:
Examples of Material Failure to Perform in a sentence
For purposes of this Section 4.2, a Material Failure to Perform shall include any failure by the Public Entities (x) under Section 1.3 to make payments to Guarantor of amounts owed under the Project Documents or (y) to make payments to RIDA of amounts owed under the Project Documents.
The Parties agree upon the written request of any Party to submit any dispute regarding whether or not a Material Failure to Perform exists permitting a Guarantor delay under this Section 4.2(a) to mediation administered by the American Arbitration Association under its Commercial Mediation Procedures before resorting to arbitration, litigation, or some other dispute resolution procedure.