DEFAULT CURE PERIOD. Upon an event of default as described in paragraph 18, above, the Lender shall automatically, without notice, and without any action by Lender or Borrower provide a 15 day cure period for said default ("Default Cure Period"). If within the Default Cure Period, Borrower fails to cure any default thereunder, Lender at it sole discretion may deem the Note in Default and may execute on its right thereunder. Furthermore, if within the Default Cure Period, Borrower fails to cure any default, the interest rate shall increase to 24% per annum for the balance of the term of this Note.
DEFAULT CURE PERIOD. Failure by either party to perform or otherwise act in accordance with any term or provision of this Agreement for a period of thirty (30) days after written notice thereof from the other party, shall constitute a default under this Agreement; provided, however, that if an emergency exists such that it calls for an immediate remedy of the problem and the party in default fails to immediately cure or to otherwise undertake the necessary steps to cure said emergency, then and in that event the non- defaulting party shall have the discretion, but not the obligation to correct said default. Thereafter, the non- defaulting party shall so notify the defaulting party and, upon the discretion of the non-defaulting party, declare said Agreement in default and to declare said Agreement terminated. If the failure or delay is such that more than thirty (30) days would reasonably be required to perform such action or comply with any term or provision hereof, then such party shall have such additional time as may be necessary to perform or comply so long as such party commences performance or compliance within the thirty (30) day period and diligently proceeds to complete such performance or fulfill such obligation. Said notice shall specify the nature of the alleged default and the manner in which said default may be satisfactorily cured, if possible. In the event such default is not cured within the thirty (30) days, the non-defaulting party shall have all rights and remedies which may be available under law or equity including without limitation, the right to specifically enforce any term or provision hereof.
DEFAULT CURE PERIOD. Either party’s failure to perform any of its obligations under this Agreement after a period of fourteen (14) days (or the additional time, if any, that is reasonably necessary to promptly and diligently cure the failure) after receiving written notice from the oth er party shall constitute a default under this Agreement. Any such written notice shall give reasonable detail in the nature and extent of the failure and identify the Agreement’s provision(s) containing the obligations at issue. If the default continues after such notice and cure period, then the offending party shall be in default and the other party may pursue any remedies given in this Agreement or under the law.
DEFAULT CURE PERIOD. If there is a Default Event, the non-defaulting Party may issue a written notice specifying the default (the “Cure Notice”) to the defaulting Party. The defaulting Party shall have (30) days after receipt of such notice in which to cure the default (“Default Cure Period”); provided however, if the default stated in such notice cannot be remedied within the (30) day period, the Default Cure Period shall be extended so long as corrective action is instituted bythe defaulting Party and diligently pursued; provided, further, that such time period shall not, in any circumstances, exceed sixty (60) days. If the defaulting Party fails or is unable to cure the Default Event subject to other terms of this Agreement, the non-defaulting Party may, by written notice to the other, seek Mediation or legal action pursuant to Section 16, and/or immediately elect to terminate this Agreement without penalty; provided, however, GSMLS agrees that any dispute relating to a credit arising pursuant to Section 11(c) will be resolved by Mediation pursuant to Section 16 and GSMLS will not terminate this Agreement as a result of any such dispute.
DEFAULT CURE PERIOD. Default Cure Period shall have the meaning given to such term in Section 6.1 of this Contract.
DEFAULT CURE PERIOD. It shall be a default hereunder if either party fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after written notice from the non-defaulting party specifying in reasonable detail the nature of the failure; provided that if the nature of the default is such that it cannot reasonably be cured within the thirty-day period, no default shall be deemed to exist if the defaulting party commences a cure within that thirty-day period and diligently and expeditiously pursues such cure to completion within 90 days.
DEFAULT CURE PERIOD. Notwithstanding anything to the contrary contained in the existing terms of the Debts, the parties agree that the Issuer shall have thirty (30) calendar days to cure a default that would otherwise result from the failure of the Issuer to make payments when due under the Debts.
DEFAULT CURE PERIOD. The Borrowers will be in default under this Agreement if any of the following occur and shall continue for ninety (90) days after the sooner of the date that the Administrative Agent sends notice of such breach to any Borrower or the date on which such breach becomes known to any officer of any Borrower (which knowledge shall be immediately communicated to the Administrative Agent by such Borrower)(an Event of Default will exist hereunder if such default continues after said 90-day period): (a) except as expressly enumerated as an immediate default in Section 22.1 above, any Borrower breaches to any material extent any terms, warranties or representations contained herein or in any other agreement executed by such Borrower in connection herewith; (b) any representation, statement, report or certificate made or delivered by any Borrower to Administrative Agent or any Lender is not accurate in all material respects when made (each Borrower acknowledges and agrees that each such representation and warranty shall be deemed restated at the time of and in connection with the making of each Advance hereunder); (c) any Borrower abandons any Collateral; (d) except as expressly enumerated as an immediate default in Section 22.1 above, any Borrower is or becomes in default in the payment of any debt owed to any secured lender other than as provided for herein; (e) any Borrower loses any franchise, permission, license or right to sell or deal in any Collateral which is financed hereunder; or (f) any Borrower misrepresents such Borrower’s financial condition or organizational structure.
DEFAULT CURE PERIOD. In the event of any Supplier Default under Section 19.1 or other failure to perform any duty or obligation under this Agreement or any Order(s) issued pursuant to this Agreement (“Default”), Purchaser shall provide Supplier with written Notice thereof identifying in reasonable detail the nature and extent of the Default, in accordance with Section 27.11 hereof entitled NOTICES, and Supplier shall have thirty (30) days from the mailing, or other issuance, of said notice by Purchaser to cure the Default (“Cure Period”). Should an occasion(s) of Default arise which the parties agree is of such a nature that it cannot be remedied within the Cure Period through the application of Supplier’s best efforts, Supplier shall present within such Cure Period a plan of action to remedy same, which plan shall have, in Purchaser’s judgment, a reasonable opportunity for success. If, at the end of the thirty (30) day period, the Default has not been remedied to the reasonable satisfaction of Purchaser, or a plan to remedy reasonably acceptable to Purchaser is not presented, as the case may be, then Purchaser may cause Supplier to be in Default hereunder by giving Supplier at least ten (10) business days prior written notice of the effective date of such Default.
DEFAULT CURE PERIOD. If either party fails to comply fully with its duties or obligations pursuant to this Agreement by the due date thereof (“Defaulting Party”) and has not cured the same within thirty (30) days after receipt of a written demand from the other party (the “Non-Defaulting Party”), the Non-Defaulting Party may satisfy or elect to satisfy such obligation and the Defaulting Party shall reimburse the Non-Defaulting Party or pay directly the reasonable costs paid or incurred by the Non-Defaulting Party to cure such failure to comply within thirty (30) days of receiving an itemized list of all such costs, together with interest at the highest rate permitted by law until such amounts are paid. In addition to the immediately foregoing remedies, in the event that the Defaulting Party has not cured its failure to comply fully with its duties and obligations under this Agreement within thirty (30) days after receipt of a written demand from the Non-Defaulting Party, the Non-Defaulting Party shall have the right, but not the obligation and not as an exclusive remedy, to initiate arbitration proceedings by providing the Defaulting Party with written notice of the Non-Defaulting Party’s intention to initiate arbitration proceedings to enforce the Non-Defaulting Party’s rights under this Agreement, including, without limitation, the right to require the Defaulting Party to pay any amounts owed to and damages incurred by the Non-Defaulting Party under this Agreement, which arbitration shall be conducted in accordance with Section 6.11 of this Agreement and in the event that a judgment is awarded for money damages, the Non-Defaulting Party may directly file or cause the filing of a lien against all property owned by the Defaulting Party including, without limitation, all improvements thereon. Additionally, in the event of a breach of Section 5.7, whereby Golf Course Owner’s consent is not obtained prior to the recordation of the Declaration (or modification thereof), and Golf Course Owner and shall have the right to seek injunctive relief against the Parcel F Owner in order to enforce the Parcel F Owner to comply with its obligations under Section 5.7 of this Agreement. Additionally, the Golf Course Owner shall have the right to seek injunctive relief or monetary damages against the Parcel F Owner, the Owner’s Association, or a Parcel F Unit Owner in order to enforce one or more of those parties to comply with its obligations under Section 5.7 of this Agreement without resortin...
