Common use of Transaction Security Clause in Contracts

Transaction Security. (a) Any Obligor or Kronos Denmark fails duly to perform or comply with any of the obligations assumed by it in the Security Documents, provided that no Event of Default under this paragraph (a) will occur if such breach is capable of remedy and is remedied within fifteen (15) Business Days after written notice of such breach has been given to the German Borrower by the Agent or the relevant Obligor or Kronos Denmark, as the case may be, has obtained actual knowledge of such breach, whichever is the earlier.

Transaction Security. (ai) Any Obligor or Kronos Denmark fails duly to perform or comply with any of the obligations assumed by it in the Security Documents, provided that no Event of Default under this paragraph (a) will occur if such breach is capable of remedy and is remedied within fifteen (15) Business Days after written notice of such breach has been given to the German Borrower by the Agent or the relevant Obligor or Kronos Denmark, as the case may be, has obtained actual knowledge of such breach, whichever is the earlier.