Common use of Cure Provisions Clause in Contracts

Cure Provisions. If any default, other than a default in payment, is curable,it may be cured (and no event of default will have occurred) if Grantor, after receiving written notice from Lenders demanding cure of such default: (1) cures the default within five (5) days; or (2) if the cure requires more than five (5) days, immediately initiates steps which Lenders deems in Lenders' sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

Appears in 2 contracts

Samples: Intercreditor Agreement (Windsortech Inc), Intercreditor Agreement (Windsortech Inc)

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Cure Provisions. If any default, other than a default in payment, is curable,, it may be cured (and no event of default will have occurred) if GrantorBorrower, after receiving written notice from Lenders Lender demanding cure of such default: (1) cures the default within five (5) days; or (2) if the cure requires more than five (5) days, immediately initiates steps which Lenders Lender deems in Lenders' Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

Appears in 2 contracts

Samples: Intercreditor Agreement (Windsortech Inc), Intercreditor Agreement (Windsortech Inc)

Cure Provisions. If any default, other than a default in payment, payment is curable,, it may be cured (and no event of default will have occurred) if GrantorBorrowers, after receiving written notice from Lenders Lender demanding cure of such default: (1) cures default cure the default within five thirty (530) days; or (2) if the cure requires more than five (5) days, immediately initiates steps which Lenders deems in Lenders' sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

Appears in 1 contract

Samples: Credit and Security Agreement (Miscor Group, Ltd.)

Cure Provisions. If any default, other than a default in payment, payment is curable,, it may be cured (and no event of default will have occurred) if GrantorBorrower, after receiving Lender sends written notice from Lenders to Borrower demanding cure of such default: (1) cures the default within five fifteen (515) days; or (2) if the cure requires more than five fifteen (1 5) days, immediately initiates steps which Lenders Lender deems in Lenders' Lender’s sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

Appears in 1 contract

Samples: Change in Terms Agreement (NaturalShrimp Inc)

Cure Provisions. If any default, other than a default in payment, payment is curable,, it may be cured (and no event of default will have occurred) if Grantor, after receiving written notice from Lenders Lender demanding cure of such default: (1) cures the default within five fifteen (515) days; or (2) if the cure requires more than five fifteen (515) days, immediately initiates steps which Lenders Lender deems in Lenders' Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

Appears in 1 contract

Samples: Commercial Security Agreement (Dynatronics Corp)

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Cure Provisions. If any default, other than a default in payment, payment is curable,, it may be cured (and no event of default will have occurred) if it Grantor, after receiving written notice from Lenders Lender demanding cure of such default: (1) cures the default within five twenty (520) days; or (2) if the cure requires more than five twenty (520) days, immediately initiates steps which Lenders Lender deems in Lenders' Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

Appears in 1 contract

Samples: Aircraft Security Agreement (Asa International LTD)

Cure Provisions. If any default, other than a default in payment, payment is curable,, it may be cured (and no event of default will have occurred) if GrantorBorrower, after receiving written notice from Lenders Lender demanding cure of such default: (1) cures the default within five fifteen (515) days; or (2) if the cure requires more than five fifteen (515) days, immediately initiates steps which Lenders Lender deems in Lenders' Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

Appears in 1 contract

Samples: Commercial Security Agreement (Dynatronics Corp)

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