Common use of Equity Cure Clause in Contracts

Equity Cure. The Borrower may cure a breach of a financial covenant set out in Clause 19.1 (Financial undertakings) by effecting additional Equity Contributions in an amount at least sufficient to cure the breach, provided that: (a) such Equity Contributions must be applied to permanently prepay the Facility no later than 30 days after the day on which the Compliance Certificate is due to be delivered; (b) there shall be: (i) no more than two (2) cures over the term of the Facility; (ii) no more than one (1) cure in any 12 month period; and (iii) no cures for consecutive Compliance Dates; and (c) an updated Compliance Certificate is delivered as at the date that the equity cure payment is made showing compliance with the financial covenants set out in Clause 19.1 (Financial undertakings) following application of the cure.

Equity Cure. The Borrower may cure a breach of a financial covenant set out in Clause 19.1 (Financial undertakings) by effecting additional receiving Equity Contributions in an amount at least sufficient to cure the breach, provided that: (a) such Equity Contributions must be applied to permanently prepay the a Facility no later than 30 days after the day on which the Compliance Certificate is due to be delivered; (b) there shall be: (i) no more than two (2) cures over the term of the a Facility; (ii) no more than one (1) cure in any 12 month period; and (iii) no cures for consecutive Compliance Dates; and (c) an updated Compliance Certificate is delivered as at the date that the equity cure payment is made showing compliance with the financial covenants set out in Clause 19.1 (Financial undertakings) following application of the cure.