Lender Right to Cure Defaults Sample Clauses

Lender Right to Cure Defaults. That Lender shall have the right (but not the obligation) to cure without penalty any default by Lessee under the Lease, and Lessor will allow Lender and its representatives access to the Property for the purpose of effecting such cure; any cure by Lender shall have the same effect as cure by Xxxxxx. Lender shall have the right to cure defaults by Lessee on or before the following dates:
Sample 1
AutoNDA by SimpleDocs
Lender Right to Cure Defaults. (a) If a Default has occurred and is continuing under this Indenture of which the Company has been notified, the Lender or Lenders or any other mortgagee or assignee of the Company that holds an interest in the Project Property as security, and any other lender in connection with a Company Financing (the “Curing Party”), shall, provided that it delivers notice to the Issuer of its intent to cure such Default before the expiration of the applicable cure period set forth in Section 801 (the “Cure Notice”), at any time have the right, but not the obligation, to perform any act necessary to cure any such Default and to prevent the release and discharge of this Indenture. Such right to cure must be performed no later than sixty (60) days following the applicable cure period provided in Section 801.
Sample 1
Lender Right to Cure Defaults. (a) If a Default or Event of Default has occurred and is continuing under this Amended and Restated Indenture of which the Company has been notified, the Lender or Lenders or any other mortgagee or assignee of the Company that holds an interest in the Project Property as security, and any other lender in connection with a Company Financing (the “Curing Party”), shall at any time have the right, but not the obligation, to perform any act necessary to cure any such Default or Event of Default and to prevent the release and discharge of this Amended and Restated Indenture. Such right to cure must be performed no later than one hundred twenty (120) days following the applicable cure period provided in Section 801.
Sample 1

Related to Lender Right to Cure Defaults

  • Right to Cure (a) Notwithstanding anything to the contrary contained in Section 11.3(a), in the event that the Borrower fails to comply with the requirement of the covenant set forth in Section 10.9, until the expiration of the fifteenth Business Day after the date on which Section 9.1 Financials with respect to the Test Period in which the covenant set forth in such Section is being measured are required to be delivered pursuant to Section 9.1 (the “Cure Period”), Holdings or any other Person shall have the right to make a direct or indirect equity investment (in the form of cash common equity or otherwise in a form reasonably acceptable to the Administrative Agent) in the Borrower (the “Cure Right”), and upon receipt by the Borrower of the net cash proceeds pursuant to the exercise of the Cure Right (including through the capital contribution of any such net cash proceeds to the Borrower, the “Cure Amount”), the covenant set forth in such Section shall be recalculated, giving effect to the pro forma increase to Consolidated EBITDA for such Test Period in an amount equal to such Cure Amount; provided that (i) such pro forma adjustment to Consolidated EBITDA shall be given solely for the purpose of calculating the covenant set forth in such Section with respect to any Test Period that includes the fiscal quarter for which such Cure Right was exercised and not for any other purpose under any Credit Document, (ii) unless actually applied to Indebtedness, there shall be no pro forma reduction in Indebtedness with the proceeds of any Cure Right for determining compliance with Section 10.9 for the fiscal quarter in respect of which such Cure Right is exercised (either directly through prepayment or indirectly as a result of the netting of Unrestricted Cash for purposes of the definitions of Consolidated Total Debt) and (iii) subject to clause (ii), no other adjustment under any other financial definition shall be made as a result of the exercise of any Cure Right.

  • Termination for Default; Remedies 8.2.1 Each of the following shall constitute an immediate event of default (“Event of Default”) under this Agreement:

  • Performance Default and Remedies Subsection B. DEFAULT AND REMEDIES, second paragraph of the Contract is modified as follows (underlined language is added and stricken language is deleted): “Written notice of default and a reasonable 30-day opportunity to cure must be issued by the party claiming default.”

  • Defaults Remedies (a) It shall be an Event of Default:

  • EVENT OF DEFAULT/REMEDIES 8.1 Any one or more of the following acts or omissions of the Contractor shall constitute an event of default hereunder (“Event of Default”):

  • Defaults and Remedies Section 6.01.

  • Events of Default Remedies If any of the following events (“Events of Default”) shall occur:

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default:

  • Events of Default and Remedies Section 8.01

  • Default Remedies A "Default" shall exist if any of the following ----------------- occurs and is not remedied (i) in the case of events described in clause (a) below, within 15 days after notice from the Lender to the Company thereof, and (ii) in the case of events described in clauses (b) through (h) below or elsewhere in this Agreement, within 30 days after notice from the Lender to the Company thereof: (a) failure of the Company punctually to make any payment of any amount payable under the Note, whether at maturity, or at a date fixed for any prepayment or partial prepayment, or by acceleration, or otherwise; (b) any statement, representation, or warranty of the Company made in this Agreement shall be false or misleading in any material respect as of the date made; (c) failure of the Company punctually and fully to comply with any of its covenants in this Agreement; (d) if the Company becomes insolvent as defined in the Georgia Uniform Commercial Code or makes an assignment for the benefit of creditors; or if any action is brought by the Company seeking dissolution of the Company or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver, or other custodian for any of its property; or if the Company commences a voluntary case under the Federal Bankruptcy Code; or if any reorganization or arrangement proceeding is instituted by the Company for the settlement, readjustment, composition or extension of any of its debts upon any terms; or if any action or petition is otherwise brought by the Company seeking similar relief or alleging that it is insolvent or unable to pay its debts as they mature; (e) the Company is in default on indebtedness to another person, the amount of such indebtedness exceeds $250,000 and the acceleration of the maturity of such indebtedness would have a material adverse effect upon the Company; or (f) a sale of all or substantially all of the assets of the Company unless waived in writing by the Lender. Upon the occurrence of a Default, the Lender shall be entitled to declare any of the amounts owed by the Company under the Note due and payable, whereupon they immediately will become due and payable without presentment, demand, notice or protest of any kind (all of which are expressly waived by the Company).

Time is Money Join Law Insider Premium to draft better contracts faster.