Cure Payments Clause Samples
The Cure Payments clause outlines the procedures and obligations for rectifying missed or insufficient payments under a contract. Typically, it allows a party that has failed to make a required payment to correct the default within a specified period after receiving notice from the other party. For example, if a payment is late, the responsible party may have a set number of days to pay the outstanding amount and any applicable interest before further remedies are triggered. This clause serves to provide a fair opportunity to resolve payment issues without immediately resorting to termination or legal action, thereby promoting continued business relationships and reducing the risk of abrupt contract disruptions.
Cure Payments. If Grantor shall fail to pay any tax, assessment, lien or other charge levied or assessed against the Mortgaged Property, or any part thereof, or shall fail to keep and perform any of the covenants and conditions herein contained, Trustee or Beneficiary, shall be privileged, but shall not be obligated, to pay any such tax, assessment, lien, rent or other charge, to redeem such property from any sale or foreclosure for taxes or assessments or liens, to effect and pay for insurance required hereunder, to perform or pay for any other obligations, and to make such other disbursements as are necessary or advisable in the opinion of Trustee or Beneficiary to cure any default of Grantor hereunder or protect the lien or the rights of Trustee and Beneficiary hereunder; any and all such sums of money advanced for such purposes by Trustee or Beneficiary shall be deemed additional Indebtedness secured by this Deed of Trust and shall be payable on demand with interest accruing from the time so advanced at the highest rate per annum set forth under the Notes (or if no rate is specified, at the maximum lawful rate), and failure on the part of Grantor to repay the amounts so advanced on demand shall constitute an event of default hereunder; provided, however, nothing herein contained shall be construed as requiring Trustee or Beneficiary to effect such insurance or to advance or expend money or take any action for any of the purposes aforesaid.
Cure Payments. SCHEDULE 4.1(m) sets forth as of March 1, 2002 and as of April 1, 2002 the approximate amount of all cure payments required to be made under section 365 of the Bankruptcy Code with respect to each Contract listed on SCHEDULE 1.1(d).
Cure Payments. The Seller agrees to use commercially reasonable efforts to assign the Assigned Contracts to the Purchaser pursuant to Section 365 of the Bankruptcy Code.
5. All amounts and actions necessary to cure any defaults or arrearages under any and all Assigned Contracts (other than Unassigned Contracts) as set forth hereto on Schedule 6 (the "Cure Payments") shall be the responsibility of the Purchaser.
Cure Payments. Notwithstanding paragraph 1 of this Sixth Forbearance Agreement Amendment, the Borrower shall cure the April 13, 1999 Interest Payment Date Event of Default by making weekly payments of $150,000 each commencing on Friday, April 16, 1999 and continuing on Friday of each week thereafter until the April 13, 1999 Interest Payment Date Event of Default is cured; provided, however, that: (a) the $150,000 payment due on April 23, 1999 pursuant to this paragraph shall first be applied as the April 21, 1999 Interest Payment (and no Default shall arise exclusively from the Borrower's failure to make the April 21, 1999 Interest Payment on April 21, 1999) and (b) the Borrower shall have paid all amounts necessary to cure the April 13, 1999 Interest Payment Date Event of Default by no later than June 11, 1999.
Cure Payments. In the event that Mezzanine Lender makes a cure payment in accordance with this Section 11 and all or any portion of such amount is paid by Borrower or any other Person on Borrower’s behalf to Senior Lender and is specifically designated by Borrower or such other Person making such payment, and so long as no other payment is then due and owing pursuant to the Senior Loan Documents and no Enforcement Action is ongoing, then Senior Lender shall promptly remit such payment (or such portion of such payment up to the amount paid by Mezzanine Lender in connection with the applicable cure) to Mezzanine Lender.
Cure Payments. All conditions to assumption of the Real Estate Leases shall have been satisfied, including the making of any cure payments on the Exit Facility Date (or such later date as may be agreed upon in writing by the Borrower and the applicable lessor with the written consent of the Majority Banks), all as required by Section 365(b) of the Bankruptcy Code.
Cure Payments. As between the parties hereto, the Seller will at all times remain responsible for 100% of any and all payments of any kind payable by it under the UCB Agreement, any other In-license, the Incyte Agreement, and any Permitted License, in each case, whether accruing prior to, on, or following the date of this Agreement. If the Seller becomes aware of or is notified (by written notice or otherwise) by the counterparty to the UCB Agreement or the Incyte Agreement, as applicable, of a breach or default of any of the Seller’s payment obligations to such counterparty, the Seller will promptly (but in any event no later than seven Business Days of its first awareness or receipt of such notice) notify the Buyer in writing of any such payment breach or default. Without limiting any remedies available to the Buyer hereunder, or at law or in equity, to the extent permitted under the applicable agreement, Buyer will have the right (but not the obligation), in its sole discretion, to cure any such payment breach or default under the UCB Agreement or the Incyte Agreement, as the case may be, by paying the amount of such payment(s) directly to such counterparty (any such payment made by the Buyer, a “Cure Payment”); provided, that the Buyer will provide Seller with at least seven Business Days’ advance written notice before making any Cure Payment and will refrain from making such Cure Payment (a) for so long as the Seller is taking actions to (i) promptly (and in any event within two Business Days) cure such payment breach or default and (ii) prevent any termination of the applicable agreement, and the Seller promptly (and in any event within such seven Business Day period) provides a reasonably detailed written description of such actions to the Buyer and keeps the Buyer reasonably informed with respect thereto; or (b) if the Seller provides documentation that it has actually cured such payment breach or default. The Seller will provide reasonable assistance to the Buyer to permit the Buyer to effectuate such Cure Payment. The Seller shall promptly after receipt of an invoice from the Buyer (but in any event no later than seven Business Days after receipt of such invoice), (A) reimburse the Buyer for any Cure Payments and any costs and expenses (including reasonable fees and out-of-pocket expenses of counsel) associated with making such Cure Payments, and (B) pay interest of 25% (calculated on a per annum basis) on such Cure Payments from the date that such payment was ...
Cure Payments. The Company shall be responsible for paying all Cure Amounts with respect to the Assumed Contracts set forth on Schedule 1.5(o) (which Cure Amounts shall be paid out of the Cash Amount received by the Company) in connection with the assignment and assumption of the Assumed Contracts. For the avoidance of doubt, the Company shall not be responsible for paying any Cure Amounts with respect to the NetSuite Agreement.
Cure Payments. Subject to the prior approval of the Bankruptcy Court, Seller will, on or prior to the Closing, make Cure Payments, as are necessary up to an aggregate of $100,000, under any Assumed Leases, Additional Agreements (to the extent such Additional Agreements are identified prior to the Closing) or Assigned Contracts in order that such Assumed Lease, Additional Agreement or Assigned Contract may be assigned to and assumed by Purchaser in accordance with the provisions of Section 365 of the Bankruptcy Code and this Agreement. Seller and Purchaser agree to use their commercially reasonable efforts to minimize, and to cooperate with and assist the other in, minimizing the Cure Payments.
Cure Payments. The Purchaser shall have paid the Cure Payments.