Applicable Grace Periods Clause Samples

Applicable Grace Periods. Solely for purposes of determining whether a Default or an Event of Default shall have occurred under Section 9.5 of the Loan Agreement as a result of a breach by any Grantor of any of the terms or provisions of this Agreement, (a) a breach by any Grantor of any of the terms or provisions of Section 4.1(d), Section 4.14, Section 4.15 or Article 8 shall constitute an immediate such Event of Default and (b) a breach by any Grantor of any of the other terms or provisions of this Agreement shall constitute such an Event of Default only if such breach is not remedied within ten (10) Business Days after any officer of any Grantor knew or should reasonably have known of such breach. The parties acknowledge and agree that nothing in this Section 5.1 is intended to limit the scope of the term Event of Default and that the sole purpose of this Section 5.1 is to establish the grace periods that shall apply with respect to breaches of any of the terms or provisions of this Agreement.