Curative Action definition

Curative Action has the meaning ascribed thereto in Section 6.4.
View Source
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.
View Source
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 ▇▇▇▇▇▇’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: ​
View Source

Examples of Curative Action in a sentence

  • Except as expressly set forth in any Cure Notice, Seller shall be deemed to have elected not to undertake any Curative Action with respect to any Disapproved Matters.

  • 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.

  • In the event that SBA rejects a Site pursuant to this provision, it shall provide TeleCorp with written notice of such rejection which sets forth with particularity the nature of the Defect and curative action which SBA believes must be undertaken to cure such Defect (in each instance, a "Curative Action").

  • If Buyer does not so elect to terminate this Agreement, then Buyer shall be deemed to have waived its disapproval of all Disapproved Matters set forth in such Disapproval Notice except to the extent of Seller’s agreement pursuant to the Cure Notice to undertake Curative Action with respect thereto.

  • Genisys has advised United that ----------------------------------- (i) the foregoing matter has caused Genisys to be in inadvertent violation of Nasdaq Marketplace Rule 4310 (c)(25)(H) (the "Rule"), because the issuance of the Shares and the Warrants was not approved by Genisys' shareholders as required by the Rule; and (ii) Nasdaq has informed Genisys that it will delist the Common Stock absent the undersigned parties taking curative action (the "Curative Action") acceptable to Nasdaq.

  • Genisys has advised United that (i) the foregoing matter has caused Genisys to be in inadvertent violation of Nasdaq Marketplace Rule 4310 (c) (25) (H) (the "Rule"), because the issuance of the Shares and the Warrants was not approved by Genisys' shareholders as required by the Rule; and (ii) Nasdaq has informed Genisys that it will delist the Common Stock absent the undersigned parties taking curative action (the "Curative Action") acceptable to Nasdaq.

  • Unless Buyer terminates this Agreement pursuant to the foregoing, if Seller gives Buyer one or more Cure Notices, then (A) Seller shall use commercially reasonable efforts to complete the Curative Action set forth therein on or before the Closing Date, and (B) it shall be a condition to Buyer’s obligation to purchase the Property hereunder, but not a covenant of Seller, that all Curative Action shall actually be performed on or before the Closing Date.

  • Any agreement of the Title Company to so omit or insure shall be a matter solely between Buyer and the Title Company, and the same shall not be condition to Closing, except to the extent the Title Company’s agreement to so omit or insure is based upon Seller’s agreement pursuant to the Cure Notice to undertake Curative Action with respect to such Disapproved Matter and Seller fails to undertake such Curative Action prior to the Closing.

  • If, by the Curative Action Deadline, Seller has been unable to complete all Curative Action set forth in Seller’s Notice, then this Agreement may be terminated at the option of Buyer, by written notice to Seller delivered within two (2) Business Days after the Curative Action Deadline, in which event: (a) the ▇▇▇▇▇▇▇ Money shall be immediately refunded to Buyer; and (b) this Agreement shall have no further force or effect.

  • Costs incurred by both Lyondell and Bayer in developing the Curative Action Plan shall be included in Operating Services Costs to be shared between them on a System-wide Pooled Cost Basis.


More Definitions of Curative Action

Curative Action shall be as defined in Section 4.02(a).
View Source

Related to Curative Action

  • Corrective action means action taken to eliminate the cause of a potential or real non- conformity or other undesirable situation;

  • Affirmative action means action appropriate to overcome the effects of past or present practices, policies, or other barriers to equal employment opportunity.

  • Administrative Action has the meaning set forth in paragraph 4(a) of Annex I.

  • Derivative Action means any Action brought by or in the right of the Corporation and/or an Affiliate.

  • Executive action means the proposal, drafting, development, consideration, amendment, adoption,