Curative Action definition

Curative Action has the meaning ascribed thereto in Section 6.4.
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Curative Action. (i) make a principal prepayment on the Loan or (ii) either deposit cash collateral in a Lender- controlled deposit account held at Lender or provide to Lender an evergreen standby letter of credit payable to Lender as additional security for the Loan (which letter of credit shall be in form, substance and from a financial institution satisfactory to Lender in Xxxxxx’s sole discretion). In the case of clause (i), such payment must be in an amount sufficient to reduce the outstanding balance of the Loan and Related Loan to be in compliance with the Applicable DY Requirement or the Applicable DSCR Requirement requirements as of the most recent testing date. In the case of clause (ii), such deposit or letter of credit must be in an amount sufficient, if such amount is factored into the calculation of (A) the Related Borrower Group Debt Service Coverage Ratio (if Section 1(a) is applicable), or the Debt Service Coverage Ratio (if Section 1(b) is applicable) and (B) the Related Borrower Group Debt Yield (if Section 2(a) is applicable), or the Debt Yield (if Section 2(b) is applicable) as if it were a prepayment of the Loan and Related Loan, to cause the Related Borrower Group or Borrower, as applicable to be in compliance with the Applicable DY Requirement and the Applicable DSCR Requirement as of the most recent testing date. Provided no Default is continuing, any deposit of funds or letter of credit made under clause (ii) shall be released to Borrower promptly following such time as the Borrower or Related Borrower Group (as applicable) is fully and completely in compliance with the Applicable DY Requirement and the Applicable DSCR Requirement as determined by Lender as measured as of the last day of two consecutive Fiscal Quarters following such deposit being made, without including any amounts attributable to deposit in the calculation; provided, however, if (a) an Event of Default occurs, or (b) the Borrower or Related Borrower Group (as applicable) is not in compliance with the required the Applicable DY Requirement and/or the Applicable DSCR Requirement for four consecutive Fiscal Quarters (without including any amounts attributable to deposit in the calculation), then Lender, in its sole discretion may apply such deposited funds against the Obligations, and shall not be required to return such funds to Borrower. Any prepayment under this Section shall include any applicable prepayment fees. ​ The following terms mean as provided below: ​
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Curative Action means (i) obtaining the consent of the grantor of a Right-of-Way Interest if such consent is required by the agreement creating the Right-of-Way Interest; (ii) obtaining a new or amended agreement for a Right-of-Way Interest if a new or amended agreement is required to remedy a spatial gap in the Right-of-Way Interest, secure approval for any part of the Pipeline Interest located outside of a Right-of-Way Interest boundary to remain outside the boundary or otherwise remedy a lack of compliance with the terms and conditions of an agreement creating a Right-of-Way Interest; or (iii) any other corrective action resulting in Buyer receiving good and defensible title or right to the Real Property Interests that underlay the Pipeline Interests and are necessary to the operations and maintenance of the Pipeline Interests.
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Examples of Curative Action in a sentence

  • If Borrower (i) shall fail to maintain insurance in accordance with the requirements of this Agreement or any of the other Loan Documents; (ii) is not in compliance with each Financial Covenant as of the last day of two consecutive Fiscal Quarters and fails to take Curative Action as required in Exhibit 4.16; or (iv) breaches any of the covenants contained in Article 5.


More Definitions of Curative Action

Curative Action shall be as defined in Section 4.02(a).
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Curative Action has the meaning assigned in Section 9.4 below.
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Related to Curative Action

  • Remedial Action means all actions to (i) clean up, remove, treat, or in any other way address any Hazardous Material, (ii) prevent the Release of any Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care, or (iv) correct a condition of noncompliance with Environmental Laws.

  • Action shall have the meaning ascribed to such term in Section 3.1(j).

  • Environmental Action means any action, suit, demand, demand letter, claim, notice of non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or arising from alleged injury or threat of injury to health, safety or the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any governmental or regulatory authority or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief.

  • Good Reason Process means that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.