Common use of Cure of Default Clause in Contracts

Cure of Default. Notwithstanding any provision of the Funding Agreement or any other ARENA Project Document, the parties agree that a Default will be taken to be Cured for the purposes of this deed, the Funding Agreement or any other ARENA Project Document (as applicable) as follows: if the Default is a failure to pay to ARENA a sum of money when due for payment under the Funding Agreement, if that sum of money and any interest due and payable in accordance with the Funding Agreement is paid to ARENA within the applicable Cure Period; if the Default is an Insolvency Event in respect of the Recipient: the [Security Trustee/Financier] appoints an Enforcing Party over (or becomes a Controller in respect of) any of the assets of the Recipient or the shares in the Recipient; and either: there is no other Default continuing; or if there is another Default continuing, the [Security Trustee/Financier] or an Enforcing Party has demonstrated to the satisfaction of ARENA that it is taking diligent steps to pursue a remedy to that other Default, in each case within the applicable Cure Period; or within a reasonable time frame agreed between the parties, the [Security Trustee/Financier] implements an alternative arrangement which is reasonably acceptable to ARENA to Cure the Default; if the Default is a Change of Control of the Recipient which occurs during the Agreement Period without the prior written consent of ARENA (acting in accordance with the Funding Agreement): the [Security Trustee/Financier] appoints an Enforcing Party over (or becomes a Controller in respect of) the shares in the Recipient or any of the assets of the Recipient within the applicable Cure Period; and ARENA is satisfied that the [Security Trustee/Financier] or an Enforcing Party is taking diligent steps to as soon as reasonably practicable following the appointment of the Enforcing Party: transfer the shares in the Recipient to a Transferee in accordance with clause 5.3 (Enforcement of Financier Security); or assign all of the Recipient’s rights, title or interests in or to the Funding Agreement to a Transferee in accordance with clause 5.3 (Enforcement of Financier Security); or within a reasonable time frame agreed between the parties, the [Security Trustee/Financier] implements an alternative arrangement which is reasonably acceptable to ARENA to Cure the Default; if the Default: is not of a kind specified in paragraphs (a), (b) or (c) of this clause 8.3; and is capable of being remedied, the Default is remedied within a reasonable time frame agreed between the parties for that Default (such period not to be less than 30 Business Days from the date on which the [Security Trustee/Financier] receives (or is taken to have received) the relevant notice from ARENA in accordance with clause 7.1(a) (Notice of rights and delivery of notices)) provided that, if the [Security Trustee/Financier] or an Enforcing Party has demonstrated to the satisfaction of ARENA that it has diligently pursued and is continuing to pursue a remedy of the Default, ARENA must act reasonably in considering any request to an extension of that time frame if necessary to effect a remedy of the Default; and if the Default: is not of a kind specified in paragraphs (a), (b) or (c) of this clause 8.3; and is not capable of being remedied, within a reasonable time frame agreed between the parties for that Default (such period not to be less than 30 Business Days from the date on which the [Security Trustee/Financier] receives (or is taken to have received) the relevant notice from ARENA in accordance with clause 7.1(a) (Notice of rights and delivery of notices)) the [Security Trustee/Financier] implements an alternative arrangement as is reasonably acceptable to ARENA to overcome the effects of the Default and/or to ensure that the Default is not likely to reoccur (including, if applicable, satisfying or paying out any losses incurred by ARENA as a result of that Default).

Cure of Default. Notwithstanding any (a) On receipt of a Default Notice in respect of a Default that is capable of being cured, the defaulting Party must at its own cost: (i) in the case of a Default in the payment of money, cure that Default within 5 Business Days from the date of service of the Default Notice or within such longer period specified in the Default Notice; (ii) in the case of a Default by the Contractor in relation to the provision of an Essential Service, cure that Default as soon as the Funding Agreement or Default may be rectified, and in any event, within 24 hours from service of the Default Notice; and (iii) in any other ARENA Project Documentcase, cure the parties agree that Default within 10 Business Days from the date of service of the Default Notice or within such longer period specified in the Default Notice. (b) Where the Contractor commits a Default will be taken to be Cured that is not capable of being cured because of the nature of the Default or the passing of the time or date for performance of the purposes of this deed, the Funding Agreement relevant Contractor’s Obligation or any other ARENA Project Document (as applicable) as follows: if the Default is a failure to pay to ARENA a sum of money when due for payment under the Funding Agreement, if that sum of money and any interest due and payable in accordance with the Funding Agreement is paid to ARENA within the applicable Cure Period; if the Default is an Insolvency Event in respect of the Recipient: Contractor's failure to comply with a Performance Improvement Notice, the [Security Trustee/Financier] appoints an Enforcing Party over State may, at its discretion, after giving a Default Notice to the Contractor, direct the Contractor to rectify the Default by: (or becomes a Controller i) performing that Contractor's Obligation despite the time for performance having elapsed; (ii) paying compensation to the State in respect ofof that Default; and (iii) any taking such measures as may be necessary (and which may include the provision of additional Contractor Resources or Contract Workers) to prevent a recurrence of the assets Default. The Contractor must comply with any direction of the Recipient or State under this subclause within the shares in timeframes specified by the Recipient; and either: there is no other Default continuing; or if there is another Default continuing, the [Security Trustee/Financier] or an Enforcing State. (c) If a defaulting Party has demonstrated to the satisfaction of ARENA determines that it is taking diligent steps to pursue a remedy to that other Defaultrequires the benefit of an extended cure period under clause 18.5(a)(iii) it must, in each case within the applicable Cure Period; or within a reasonable time frame agreed between the parties, the [Security Trustee/Financier] implements an alternative arrangement which is reasonably acceptable to ARENA to Cure the Default; if the Default is a Change of Control of the Recipient which occurs during the Agreement Period without the prior written consent of ARENA (acting in accordance with the Funding Agreement): the [Security Trustee/Financier] appoints an Enforcing Party over (or becomes a Controller in respect of) the shares in the Recipient or any of the assets of the Recipient within the applicable Cure Period; and ARENA is satisfied that the [Security Trustee/Financier] or an Enforcing Party is taking diligent steps to as soon as reasonably practicable following after receiving the appointment Default Notice (but not later than the expiration of the Enforcing Party: transfer the shares then current cure period as specified in the Recipient to a Transferee in accordance with clause 5.3 (Enforcement of Financier SecurityDefault Notice); or assign all of the Recipient’s rights, title or interests in or give notice to the Funding Agreement non-defaulting Party that the applicable cure period is insufficient to a Transferee in accordance with clause 5.3 (Enforcement of Financier Security); or within rectify the Default, giving a reasonable time frame agreed between explanation as to why it is insufficient and requesting that the partiescure period be extended by the further period referred to in the defaulting Party’s notice and the non-defaulting Party may, at its discretion, agree to extend the cure period by either: (i) the further period requested; or (ii) an alternative further period determined by the non-defaulting Party. (d) If, during the period referred to in clause 18.5(a)(iii) (as may be extended by clause 18.5(c)), the [Security Trustee/Financier] implements an alternative arrangement which is reasonably acceptable to ARENA to Cure the Default; if the Default: is not cure of a kind specified in paragraphs (a), (b) or (c) of this clause 8.3; and is capable of being remedied, the Default is remedied within a reasonable time frame agreed between not, or is no longer being, diligently pursued, the parties for cure period in respect of that Default (such period not to will be less than 30 Business Days from the date on which the [Security Trustee/Financier] receives (or is taken deemed to have receivedexpired. (e) If the relevant notice from ARENA Contractor: (i) fails to cure a Default referred to in accordance with clause 7.1(a18.5(a) (Notice of rights and delivery of notices)) provided that, if within the [Security Trustee/Financier] or an Enforcing Party has demonstrated to the satisfaction of ARENA that it has diligently pursued and is continuing to pursue a remedy cure period specified in respect of the Default, ARENA must act reasonably ; (ii) fails to comply with a direction by the State under clause 18.5(b) in considering any request to an extension of that time frame if necessary to effect a remedy of the Default; and if the Default: is not respect of a kind specified in paragraphs (a), (b) or (c) of this clause 8.3; and Default that is not capable of being remediedcured; or (iii) commits a Default which is not capable of being cured and the State does not issue a direction under clause 18.5(b) in respect of that Default, within a reasonable time frame agreed between the parties for that State may, at its discretion, cure or rectify the Default (and take such period not measures as are necessary to be less than 30 Business Days from prevent its recurrence and the date Contractor must immediately, on which written demand by the [Security Trustee/Financier] receives (or is taken State, pay compensation to have received) the relevant notice from ARENA State in accordance with clause 7.1(a) (Notice of rights and delivery of notices)) the [Security Trustee/Financier] implements an alternative arrangement as is reasonably acceptable to ARENA to overcome the effects respect of the Default and/or to ensure that and reimburse the Default is not likely to reoccur (includingState for all costs, if applicable, satisfying or paying out any losses charges and expenses incurred by ARENA as a result of that Default)the State in taking appropriate measures to prevent its recurrence.

Cure of Default. Notwithstanding any (a) On receipt of a Default Notice in respect of a Default that is capable of being cured, the defaulting Party must at its own cost: (i) in the case of a Default in the payment of money, cure that Default, within 5 Business Days from the date of service of the Default Notice or within such longer period specified in the Default Notice; (ii) in the case of a Default by the Contractor in relation to the provision of an Essential Service, cure that Default as soon as the Funding Agreement or Default may be rectified, and in any event, within 24 hours from service of the Default Notice; and (iii) in any other ARENA Project Documentcase, cure the parties agree that Default within 10 Business Days from the date of service of the Default Notice or within such longer period specified in the Default Notice. (b) Where the Contractor commits a Default will be taken to be Cured that is not capable of being cured because of the nature of the Default or the passing of the time or date for performance of the purposes of this deed, the Funding Agreement relevant Contractor’s Obligation or any other ARENA Project Document (as applicable) as follows: if the Default is a failure to pay to ARENA a sum of money when due for payment under the Funding Agreement, if that sum of money and any interest due and payable in accordance with the Funding Agreement is paid to ARENA within the applicable Cure Period; if the Default is an Insolvency Event in respect of the Recipient: Contractor's failure to comply with a Performance Improvement Request, the [Security Trustee/Financier] appoints an Enforcing Party over State may, at its discretion, after giving a Default Notice to the Contractor, direct the Contractor to rectify the Default by: (or becomes a Controller i) performing that Contractor Obligation despite the time for performance having elapsed; (ii) paying compensation to the State in respect ofof that Default; and (iii) any taking such measures as may be necessary (and which may include the provision of additional Contractor Resources or Contract Workers) to prevent a recurrence of the assets Default. The Contractor must comply with any direction of the Recipient or State under this subclause within the shares in timeframes specified by the Recipient; and either: there is no other Default continuing; or if there is another Default continuing, the [Security Trustee/Financier] or an Enforcing State. (c) If a defaulting Party has demonstrated to the satisfaction of ARENA determines that it is taking diligent steps to pursue a remedy to that other Defaultrequires the benefit of an extended cure period under subclause (a)(iii) it must, in each case within the applicable Cure Period; or within a reasonable time frame agreed between the parties, the [Security Trustee/Financier] implements an alternative arrangement which is reasonably acceptable to ARENA to Cure the Default; if the Default is a Change of Control of the Recipient which occurs during the Agreement Period without the prior written consent of ARENA (acting in accordance with the Funding Agreement): the [Security Trustee/Financier] appoints an Enforcing Party over (or becomes a Controller in respect of) the shares in the Recipient or any of the assets of the Recipient within the applicable Cure Period; and ARENA is satisfied that the [Security Trustee/Financier] or an Enforcing Party is taking diligent steps to as soon as reasonably practicable following after receiving the appointment Default Notice (but not later than the expiration of the Enforcing Party: transfer the shares then current cure period as specified in the Recipient to a Transferee in accordance with clause 5.3 (Enforcement of Financier SecurityDefault Notice); or assign all of the Recipient’s rights, title or interests in or give notice to the Funding Agreement non-defaulting Party that the applicable cure period is insufficient to a Transferee in accordance with clause 5.3 (Enforcement of Financier Security); or within rectify the Default, giving a reasonable time frame agreed between explanation as to why it is insufficient and requesting that the partiescure period be extended by the further period referred to in the defaulting Party’s notice and the non-defaulting Party may, at its discretion, agree to extend the cure period by either: (i) the further period requested; or (ii) an alternative further period determined by the non-defaulting Party. (d) If, during the period referred to in subclause (a)(iii) (as may be extended by subclause (c)), the [Security Trustee/Financier] implements an alternative arrangement which is reasonably acceptable to ARENA to Cure the Default; if the Default: is not cure of a kind specified in paragraphs (a), (b) or (c) of this clause 8.3; and is capable of being remedied, the Default is remedied within a reasonable time frame agreed between not, or is no longer being, diligently pursued, the parties for cure period in respect of that Default (such period not to will be less than 30 Business Days from the date on which the [Security Trustee/Financier] receives (or is taken deemed to have receivedexpired. (e) If the relevant notice from ARENA Contractor: (i) fails to cure a Default referred to in accordance with clause 7.1(asubclause (a) (Notice of rights and delivery of notices)) provided that, if within the [Security Trustee/Financier] or an Enforcing Party has demonstrated to the satisfaction of ARENA that it has diligently pursued and is continuing to pursue a remedy cure period specified in respect of the Default, ARENA must act reasonably in considering any request or (ii) fails to an extension of that time frame if necessary to effect comply with a remedy of direction by the Default; and if the Default: is not of a kind specified in paragraphs (a), State under subclause (b) or (c) in respect of this clause 8.3; and a Default that is not capable of being remediedcured; or (iii) commits a Default which is not capable of being cured and the State does not issue a direction under subclause (b) in respect of that Default, within a reasonable time frame agreed between the parties for that State may, at its discretion, cure or rectify the Default (and take such period not measures as are necessary to be less than 30 Business Days from prevent its recurrence and the date Contractor must immediately, on which written demand by the [Security Trustee/Financier] receives (or is taken State, pay compensation to have received) the relevant notice from ARENA State in accordance with clause 7.1(a) (Notice of rights and delivery of notices)) the [Security Trustee/Financier] implements an alternative arrangement as is reasonably acceptable to ARENA to overcome the effects respect of the Default and/or to ensure that and reimburse the Default is not likely to reoccur (includingState for all costs, if applicable, satisfying or paying out any losses charges and expenses incurred by ARENA as a result of that Default)the State in taking appropriate measures to prevent its recurrence.

Cure of Default. Following an Event of Default by Lessee, Lessor will exercise no remedies under this Lease, unless it shall first give Leasehold Mortgagee notice after the occurrence of any such Event of Default and stating the intention of Lessor, on a date specified in such notice, to exercise such remedies. Notwithstanding such notice, Lessor shall not exercise any provision such remedies, if: (a) such Event of Default can be cured by the payment of a fixed monetary amount and Leasehold Mortgagee shall make such payment within ninety (90) days after the date such notice was given: or (b) such Event of Default can be cured with the exercise of reasonable diligence by Leasehold Mortgagee after obtaining possession of the Funding Agreement Leased Premises, and Leasehold Mortgagee or any other ARENA Project DocumentLeasehold Mortgagee’s designee, within one hundred eighty (180) days after the date of such notice, obtains the interest of Lessee in this Lease or Leasehold Mortgagee commences such proceedings (including, but not limited to, the parties agree that filing of a Default will be taken to be Cured petition for the purposes of this deed, the Funding Agreement or any other ARENA Project Document (as applicable) as follows: if the Default is a failure to pay to ARENA a sum of money when due for payment under the Funding Agreement, if that sum of money and any interest due and payable in accordance with the Funding Agreement is paid to ARENA within the applicable Cure Period; if the Default is an Insolvency Event in respect of the Recipient: the [Security Trustee/Financier] appoints an Enforcing Party over (or becomes a Controller in respect of) any of the assets of the Recipient or the shares in the Recipient; and either: there is no other Default continuing; or if there is another Default continuing, the [Security Trustee/Financier] or an Enforcing Party has demonstrated to the satisfaction of ARENA that it is taking diligent steps to pursue a remedy to that other Default, in each case within the applicable Cure Period; or within a reasonable time frame agreed between the parties, the [Security Trustee/Financier] implements an alternative arrangement which is reasonably acceptable to ARENA to Cure the Default; if the Default is a Change of Control of the Recipient which occurs during the Agreement Period without the prior written consent of ARENA (acting in accordance with the Funding Agreement): the [Security Trustee/Financier] appoints an Enforcing Party over (or becomes a Controller in respect of) the shares in the Recipient or any of the assets of the Recipient within the applicable Cure Period; and ARENA is satisfied that the [Security Trustee/Financier] or an Enforcing Party is taking diligent steps to as soon as reasonably practicable following the appointment of a receiver) as it may deem necessary to obtain such possession (except that if Leasehold Mortgagee is precluded, notwithstanding the Enforcing Party: transfer filing of a petition to the shares in bankruptcy court for a waiver, from instituting or proceeding with such foreclosure by reason of a bankruptcy or insolvency proceeding filed by or against Lessee, said one hundred eighty (180) day period shall be extended by a period of time equal to the Recipient to a Transferee in accordance period during which leasehold Mortgagee is so precluded from instituting or proceeding with clause 5.3 such foreclosure) and thereafter diligently prosecutes such action and promptly upon obtaining such possession (Enforcement of Financier Securityor promptly upon its designee obtaining such possession) thereupon promptly commences (or its designee commence); or assign all of the Recipient’s rights, title or interests in or to the Funding Agreement to a Transferee in accordance with clause 5.3 (Enforcement of Financier Security); or within a reasonable time frame agreed between the partiesand thereafter diligently pursues, the [Security Trustee/Financier] implements an alternative arrangement which is reasonably acceptable to ARENA to Cure the curing of such Event of Default; if the Default: is not of a kind specified in paragraphs (a), (b) or or (c) such Event of this clause 8.3; and is capable of being remedied, the Default is remedied within a reasonable time frame agreed between the parties for that Default (such period not to be less than 30 Business Days from the date on which the [Security Trustee/Financier] receives (or is taken to have received) the relevant notice from ARENA in accordance with clause 7.1(a) (Notice of rights and delivery of notices)) provided that, if the [Security Trustee/Financier] or an Enforcing Party has demonstrated to the satisfaction of ARENA that it has diligently pursued and is continuing to pursue a remedy of the Default, ARENA must act reasonably in considering any request to an extension of that time frame if necessary to effect a remedy of the Default; and if the Default: is not of a kind specified in paragraphs (a), (b) or (c) of this clause 8.3; and is not capable of being remediedcured by Leasehold Mortgagee, even if possession of the Leased Premises were obtained by Leasehold Mortgagee or its designee, and Leasehold Mortgagee, within a reasonable time frame agreed between the parties for that Default one hundred eighty (such period not to be less than 30 Business Days from 180) days after the date on which the [Security Trustee/Financier] receives such notice is given, either obtains title to all of Lessee’s right, title and interest in and to this Lease (or Leasehold Mortgagee’s designee obtains such interest) or publishes any required notice of foreclosure or institutes foreclosure proceedings, as the case maybe be, and thereafter proceeds with diligence to acquire (or have its designee acquire) the interest of Lessee in the Lease (except that if Leasehold Mortgagee is taken precluded from instituting or proceeding with such foreclosure by reason of a bankruptcy or insolvency proceeding filed by or against Lessee, said one hundred eighty (180) day period shall be extended by a period of time equal to the period during which Leasehold Mortgagee is so precluded from instituting or proceeding with such foreclosure), and such Event of Default, to the extent that the same shall have occurred prior to such acquisition of the interest of Lessee in this Lease by Leasehold Mortgagee or its designee, shall thereupon be deemed to have received) the relevant notice from ARENA in accordance with clause 7.1(a) (Notice of rights and delivery of notices)) the [Security Trustee/Financier] implements an alternative arrangement as is reasonably acceptable to ARENA to overcome the effects of the Default and/or to ensure that the Default is not likely to reoccur (including, if applicable, satisfying or paying out any losses incurred by ARENA as a result of that Default)been waived.