Common use of Default in Covenants Clause in Contracts

Default in Covenants. If any Borrower shall default in the performance of any non-monetary term, covenant or agreement contained in any Collateral Document or any other document executed in connection therewith or otherwise, and such default shall continue for thirty (30) days after either (i) it becomes known to Borrower or (ii) written notice thereof shall have been given to any Borrower by the Bank; provided, however, that if the default is of such nature that it can be corrected but not within said period, the cure period shall be extended so long as Borrower initiates curative action within such period and diligently pursues that action to completion.