Cure Procedures Sample Clauses

Cure Procedures. (a) City shall notify Company, in writing, of any breach under this Agreement, in accordance with Section 13.5 hereof. The notice shall specify the alleged breach(es) with reasonable particularity. Company shall either (i) within the number of days set forth in the applicable paragraph of Section 11.2.1 hereof, or such longer period of time as City may specify in such notice, cure such alleged breach(es); or (ii) in a written response submitted to City within fifteen (15) days after the notice of breach, present facts and arguments in refutation or excuse of such alleged failure. The submission of such a response shall toll the running of the applicable cure period as provided in Section 11.2.1 hereof. Notwithstanding the preceding, no Event of Default shall exist if a breach is curable but work to be performed, acts to be done, or conditions to be removed which cannot, by their nature, reasonably be performed, done or removed within the cure period provided, so long as Company shall have commenced curing the same within the cure period provided and shall diligently and continuously prosecute the same promptly to completion. (b) If Company fails to cure the breach within the applicable cure period, and fails to submit a response to City pursuant to subparagraph (a) hereof within the period provided herein for submitting such response, an Event of Default will be deemed to have occurred. (c) If, after Company makes a response to City, City determines, in his or her reasonable discretion, that a breach under this Agreement has occurred, Company shall cure such breach within the balance of the time period to cure that remained when the submission was made. If Company is not able to cure within the remaining time, the breach will be deemed to be an Event of Default, provided, however, that no Event of Default shall exist if a breach is curable but work to be performed, acts to be done, or conditions to be removed which cannot, by their nature, reasonably be performed, done or removed within the cure period remaining, so long as Company shall have commenced curing the same within the cure period provided and shall diligently and continuously prosecute the same promptly to completion.
View SourceView Similar (4)
Cure Procedures. If a claim has been rejected due to due diligence deficiencies, the guaranty will be reinstated if: - the Servicer collects from the Borrower sufficient payments to reduce the Borrower's delinquency, according to the Borrower's existing payment schedule, to less than 30 days; or - the Servicer brings the Borrower back into repayment by capitalizing all accrued interest, applying administrative forbearance to eliminate any delinquency in principal and interest payments, redisclosing the loan with a new payment schedule, and collecting from the Borrower three consecutive, on-time payments according to such new schedule. For this second type of cure, at the time the Servicer files its request for reinstatement the loan must be within 30 days of being current. For these purposes, a payment is considered "on time" if received no later than seven days after the agreed upon due date. In addition, the payment amounts actually received from the Borrower must be within a tolerance of no more than $5.00 of the established monthly payment. Nothing in these Guidelines requires a Servicer to submit a guaranty claim that it knows will be rejected for due diligence deficiencies; the Servicer may retain the account and attempt to restore the loan to current status. If a claim is rejected and it is later determined that a processing error (e.g., application of forbearance to the wrong account number) made prior to the claim filing date caused an incorrect delinquency and if corrected the loan would be brought to less than 30 days delinquent, the loan can be recalled and the rejected claim status removed. If a due diligence failure is cured by the second method stated above, including capitalization of the accrued interest portion of some or all delinquent payments, and if such loan subsequently defaults, ▇▇▇▇ will not pay such capitalized interest. A loan may be cured only once. A loan may be cured for any servicing errors but not for an error in the underwriting or origination of the loan. After the loan is cured, the Borrower will still qualify for any remaining hardship forbearance that he or she may still be eligible to use. GUIDELINE AMENDMENT PROCEDURES Any amendments, changes or revisions to these guidelines must be agreed to by ▇▇▇▇, the Originator, the Lender and the Servicer in writing prior to implementation, provided however that the Servicer's consent will not be required for any amendment of the amount of any Borrower Guaranty Fee or Lender Supplemental Guaran...
View SourceView Similar (3)
Cure Procedures. 6.3.1 If Reliance claims a breach of any warranty , its shall notify the Vendor of the breach within a reasonable period of time after its determination that the breach has occurred. For provision of repair, replacement and correction of Defective Services, Reliance shall allow the Vendor to inspect the Work on-site and to perform any repairs, replacements and corrections that can be performed on Site without disrupting the operation of the Broadband Access Reliance Network or any other the Network Element relating to such Services. 6.3.2 In the event that the remedy of any breach by the Vendor of the Services Warranty requires the installation or provision of replacement equipment, software and/or services, the Vendor shall provide such equipment, software and/or services, at no cost or expense to Reliance. 6.3.3 During the Services Warranty Period, the Vendor shall be solely responsible for all costs and expenses associated with: (a) cure, repair, replacement or correction of the Services subject to the warranty claim; (b) dismantling and reinstalling equipment and property in connection with cure or correction of the Services that are the subject of such warranty claim; and (c) all on-site and off-site repair and related activities for Services.
View SourceView Similar (2)
Cure Procedures. In the event the Borrower delivers a Cure Notice, either: (a) there shall be purchased on or after the Testing Date the equity interests (or debt on terms acceptable to Agent in its sole discretion) of (or cash capital contributions on or after the Testing Date to) Borrower (“Cure Securities”) for cash consideration in an amount equal to (but not greater than) the amount needed to cure the applicable Financial Covenant Default(s) (the “Financial Covenant Cure Amount (EBITDA)”) no later than ten (10) Business Days after the date on which financial statements and a Compliance Certificate as of and for the period ending on the applicable Testing Date are required to be delivered (the “Required Cure Date”). Such Financial Covenant Cure Amount (EBITDA) shall be included in the calculation of EBITDA solely for the purposes of determining compliance with Section 10.3.1 and/or Section 10.3.2 at the end of the Fiscal Quarter in which such Financial Covenant Default(s) occurred and any subsequent period that includes such Fiscal Quarter but shall be disregarded for purposes of the calculation of EBITDA for all other purposes (including, without limitation, calculating basket levels and other items governed by reference to EBITDA). To the extent any of the Net Proceeds of any Cure Securities shall be used by the Borrower to repay or prepay Debt, the Debt that is so repaid or prepaid will not be taken into account for purposes of determining actual compliance with Section 10.3.1 for the Fiscal Quarter with respect to which the Financial Covenant Cure Amount is made; or (b) the Borrower shall use cash on hand to repay or prepay Debt, in an amount at least equal to (but, notwithstanding Section 5.3.3, not greater than) the amount needed to cure the applicable Financial Covenant Default(s) (the “Financial Covenant Cure Amount (Debt)”) no later than ten (10) Business Days after the Required Cure Date. Such prepayment in the amount of the Financial Covenant Cure Amount (Debt) shall, for the purposes of determining compliance with Section 10.3.1 and/or Section 10.3.2 at the end of the Fiscal Quarter in which such Financial Covenant Default(s) occurred, be deemed to have occurred at the end of such Fiscal Quarter.
View Source
Cure Procedures. A non-performing party shall have the opportunity to cure the failure to perform prior to a termination for cause. Therefore, prior to the issuance of a written notice of termination for cause, each party agrees to proceed in the following manner, working in good faith to address the circumstances which led to the alleged failure to perform:‌ (a) The party seeking to address an area of concern shall give written notice to the non- performing party describing in reasonable detail its concerns. (b) The non-performing party shall be given thirty
View Source
Cure Procedures 
View SourceView Similar (3)

Related to Cure Procedures

  • Notice Procedures In connection with each Auction, the Borrower will provide notification to the Auction Manager (for distribution to the Term Lenders of the applicable Class of Term Loans (each, an “Auction Notice”). Each Auction Notice shall contain (i) the maximum principal amount (calculated on the face amount thereof) of Term Loans of each applicable Class that the Borrower offers to purchase in such Auction (the “Auction Amount”) which shall be no less than $25,000,000 (unless another amount is agreed to by the Administrative Agent); (ii) the range of discounts to par (the “Discount Range”) expressed as a range of prices per $1,000 (in increments of $5), at which the Borrower would be willing to purchase Term Loans of each applicable Class in such Auction; and (iii) the date on which such Auction will conclude, on which date Return Bids (as defined below) will be due by 1:00 p.m. (New York time) (as such date and time may be extended by the Auction Manager, such time the “Expiration Time”). Such Expiration Time may be extended for a period not exceeding three (3) Business Days upon notice by the Borrower to the Auction Manager received not less than 24 hours before the original Expiration Time; provided that only one extension per offer shall be permitted. An Auction shall be regarded as a “failed auction” in the event that either (x) the Borrower withdraws such Auction in accordance with the terms hereof or (y) the Expiration Time occurs with no Qualifying Bids (as defined below) having been received. In the event of a failed auction, the Borrower shall not be permitted to deliver a new Auction Notice prior to the date occurring three (3) Business Days after such withdrawal or Expiration Time, as the case may be. Notwithstanding anything to the contrary contained herein, the Borrower shall not initiate any Auction by delivering an Auction Notice to the Auction Manager until after the conclusion (whether successful or failed) of the previous Auction (if any), whether such conclusion occurs by withdrawal of such previous Auction or the occurrence of the Expiration Time of such previous Auction.

  • Repurchase Procedures The Company may elect to exercise the right to purchase all or any portion of the Executive Units pursuant to the Repurchase Option by delivering written notice (the "Repurchase Notice") to the holder or holders of Executive Units within 180 days after Executive's Termination Date. The Repurchase Notice will set forth the number of Executive Units to be acquired from such holder(s), the aggregate consideration to be paid for such Units and the time and place for the closing of the transaction. The Company may elect to purchase all or any portion of the Unvested Units without or before purchasing any Vested Units. If any of the Executive Units are held by Permitted Transferees of Executive, the Company shall purchase the units elected to be purchased from such holder(s) of Executive Units pro rata according to the number of Executive Units held by such holder(s) at the time of delivery of such Repurchase Notice (determined as nearly as practicable to the nearest unit). If both Unvested Units and Vested Units are to be purchased by the Company and Executive Units are held by Permitted Transferees of Executive, the number of Unvested Units and Vested Units to be purchased will be allocated among such holders pro rata according to the total number of Executive Units to be purchased from such person.