Common use of Negative Acts Clause in Contracts

Negative Acts. Seller shall fail to perform, comply with or observe any term, covenant or agreement applicable to Seller contained in Article 13 (Single Purpose Entity Covenants) unless, (A) such failure is inadvertent, immaterial and non-recurring and (B) if such failure is curable, Seller shall have cured such breach within ten (10) Business Days following the date upon which such Seller first obtains knowledge of such breach or violation.

Negative Acts. Any Seller shall fail to perform, comply with or observe any term, covenant or agreement applicable to such Seller contained in Article 11 (Negative Covenants of Sellers) or Article 13 (Single Purpose Entity Covenants) unlessand, (A) such failure is inadvertent, immaterial and non-recurring and (B) if such failure is curablesusceptible to cure, such Seller shall have cured such breach fails to cure the same within ten fifteen (1015) Business Days following the date upon which such Seller first obtains knowledge after notice of such breach from any Purchaser or violationCollateral Agent or such Seller’s Knowledge thereof.