Certain Cure Periods. (a) In the event that there shall occur any Default under Section 12.1(c), then within five Business Days after receipt of notice of such Default from the Agent or the Majority Banks the Borrower may elect to cure such Default by providing additional Collateral consisting of Potential Collateral, and/or to reduce the Total Commitment and reduce the outstanding Loans, in which event such actions shall be completed not later than 15 days following the date on which the Borrower is notified that the Majority Banks have approved the Borrower's proposed actions (or 60 days in the event that the Borrower intends to provide additional Mortgaged Property). The Borrower's notice of its election pursuant to the preceding sentence shall be delivered to the Agent within the period of five Business Days provided above. Within five Business Days after receipt of such advice, the Majority Banks shall advise the Borrower as to whether in their good faith judgment the actions proposed by the Borrower are sufficient to cure such Default without the creation of any other Default hereunder. In the event that the Majority Banks determine that Borrower's proposal is insufficient to cure such Default or is otherwise not in accordance with the terms of this Agreement, the Borrower within an additional three Business Days after such negative notice may submit to the Agent an alternative plan or evidence establishing that the Borrower's original election was sufficient. In the event that within the times provided herein the Borrower shall have failed to provide evidence satisfactory to the Majority Banks that Borrower's proposed actions are sufficient to cure such Default in accordance with the terms hereof, the cure period shall terminate and such Default immediately shall constitute an Event of Default.
Certain Cure Periods. In the event that there shall occur any Default that affects only certain Unencumbered Property or the owner(s) thereof (if such owner is a Subsidiary Guarantor) or the removal of certain Unencumbered Property would cure the Default, then the Borrower may elect to cure such Default (so long as no other Default or Event of Default would arise as a result) by electing to have Agent remove such Real Estate as an Unencumbered Property (and the Borrower’s compliance with Section 3.2 as a result thereof), in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default from the Agent or the Required Lenders.
Certain Cure Periods. In the event that there shall occur any Default or Event of Default that relates only to certain Unencumbered Asset(s) or the owner(s) thereof (if such owner is a Subsidiary Borrower), then the Borrowers may elect to cure such Default or Event of Default (so long as no other Default or Event of Default would arise as a result of such Default or Event of Default) by electing to remove such Unencumbered Asset(s) and the applicable Subsidiary Borrower(s) pursuant to §5.4 and remove such Unencumbered Asset(s) from the calculation of the covenants in §9 (and the Borrowers’ compliance with §3.2 as a result thereof), in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default or Event of Default from Agent or the Required Lenders.
Certain Cure Periods. In the event that there shall occur any Default that affects only certain Collateral Property or the owner(s) thereof (if such owner is a Subsidiary Guarantor), then the Borrower may elect to cure such Default (so long as (i) no other Default or Event of Default would arise as a result) by electing to have Agent remove such Collateral Property from the calculation of the Borrowing Base Availability (and the Borrower’s compliance with Section 3.2 as a result thereof, in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default from the Agent or the Majority Lenders.
Certain Cure Periods. In the event that there shall occur any Default that affects only certain Pool Property or the applicable Pool Property Owner or the removal of certain Pool Property would cure the Default, then the Borrower may elect to cure such Default (so long as no other Default or Event of Default would arise as a result) by electing to have Agent remove such Pool Property from the Pool (and the Borrower’s compliance with §3.2 as a result thereof), in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default from the Agent or the Majority Lenders.
Certain Cure Periods. In the event that there shall occur any Default or Event of Default that affects only certain Collateral Property or the owner(s) thereof (if such owner is a Borrower Subsidiary), then the Borrower may elect to cure such Default or Event of Default (so long as no other Default or Event of Default would arise as a result of such Default or Event of Default) by electing to have Agent remove such Collateral Property from the calculation of the Borrowing Base Availability (as defined in the Specified Senior Secured Credit Agreement and the Borrower’s compliance with §3.2 therein as a result thereof, in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default or Event of Default from the Agent or the Required Lenders therein), as further provided in the Specified Senior Secured Credit Agreement.
Certain Cure Periods. 79 Section 12.2. Termination of Commitments. . . . . . . . . .80 Section 12.3. Remedies.. . . . . . . . . . . . . . . . . . .80 Section 12.4. Distribution of Collateral Proceeds. . . . . .81 Section 13. SETOFF.. . . . . . . . . . . . . . . . . . . . . . . . . .81
Certain Cure Periods. 47 ss.12.2. Termination of Commitments. ...........................48 ss.12.3. Remedies. ..............................................48 ss.12.4. Distribution of Collateral Proceeds. ..................48 ss.13. SETOFF............................................................49 ss.14. THE AGENT.........................................................50 ss.14.1. Authorization. ........................................50 ss.14.2. Employees and Agents. .................................50 ss.14.3. No Liability. .........................................50 ss.14.4. No Representations. ...................................50 ss.14.5. Payments................................................51 ss.14.6. Holders of Notes. .....................................52 ss.14.7. Indemnity. ............................................52 ss.14.8. Agent as Lender. ......................................52 ss.14.9. Resignation. ..........................................52 ss.14.10. Duties in the Case of Enforcement. ...................53 ss.15. EXPENSES..........................................................53 ss.16. INDEMNIFICATION...................................................54 ss.17. SURVIVAL OF COVENANTS, ETC. .....................................55
Certain Cure Periods. In the event that there shall occur any Default or Event of Default that relates only to certain Unencumbered Asset(s) or the owner(s) thereof (if such owner is a Subsidiary NYDOCS03/1056463.7 Borrower), then the Borrowers may elect to cure such Default or Event of Default (so long as no other Default or Event of Default would arise as a result of such Default or Event of Default) by electing to remove such Unencumbered Asset(s) and the applicable Subsidiary Borrower(s) pursuant to §5.4 and remove such Unencumbered Asset(s) from the calculation of the covenants in §9 (and the Borrowers’ compliance with §3.2 as a result thereof), in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default or Event of Default from Agent or the Required Lenders.
Certain Cure Periods. 84 Section 12.4 Termination of Commitments ................................. 84 Section 12.5 Remedies ................................................... 85 Section 12.6 Distribution of Collateral Proceeds ........................ 85 SECTION 13. SETOFF ..................................................................... 86 SECTION 14. THE AGENT .................................................................. 86 Section 14.1 Authorization .............................................. 86 -v- TABLE OF CONTENTS (continued) PAGE Section 14.2 Employees and Agents ....................................... 87
