Curing Events of Default Sample Clauses

The "Curing Events of Default" clause outlines the process by which a party in breach of contract (in default) can remedy or correct the default to avoid further consequences, such as termination or legal action. Typically, this clause specifies a timeframe within which the defaulting party must address the issue after receiving notice, and may detail acceptable methods of cure depending on the nature of the default. Its core practical function is to provide a fair opportunity for parties to resolve breaches before more severe penalties are imposed, thereby promoting contract stability and reducing unnecessary disputes.
Curing Events of Default. 19.2.1. Upon receipt of a Default Notice, the Defaulting Party shall be entitled to remedy the Event of Default specified in the Default Notice: (a) for a Financial Default, within the applicable Cure Period specified in Schedule C, calculated from the date of receipt of the Default Notice; (b) for a Non-financial Default that has an impact that is referred to in Schedule C, within the applicable Cure Period specified for that impact in Schedule C, calculated from the date of the receipt of the Default Notice; or (c) for a Non-financial Default that does not have an impact that is referred to in Schedule C, within a period of twenty business days from the date of receipt of the Default Notice. The Parties may agree to a Cure Period that is longer than the Cure Period that would otherwise apply under section 19.2.1(a) or 19.2.1(b). 19.2.2. During the Cure Period, the Defaulting Party shall diligently seek to remedy the Event of Default specified in the Default Notice. 19.2.3. If the Non-defaulting Party considers that the Defaulting Party is not, during the Cure Period, diligently seeking to remedy a Non-financial Default, the Non-defaulting Party may serve the Defaulting Party with a notice (“End of Cure Period Notice”) to that effect. If, within ten business days of receiving the End of Cure Period Notice, the Defaulting Party has not commenced to diligently seek to remedy the Non-financial Default, the Cure Period shall end on the fifth business day following the date of receipt of the End of Cure Period Notice, and section 19.3.1 shall apply. 19.2.4. A Financial Default shall be considered remedied when: (a) the Defaulting Party has paid to the Non-defaulting Party all amounts specified in the Default Notice, together with interest calculated in accordance with section 19.2.5; and (b) the Defaulting Party has reimbursed the Non-defaulting Party for all costs of enforcement, recovery, or attempted enforcement or recovery, including reasonable legal costs and expenses, reasonably incurred by the Non-defaulting Party in relation to the Financial Default. 19.2.5. Amounts specified in a Default Notice given in relation to a Financial Default shall bear interest at the prime lending rate set by the Bank of Canada plus two percent from the date on which the Event of Default occurred until the date on which payment is sent to the Non-defaulting Party. 19.2.6. A Non-financial Default shall be considered remedied when: (a) the Event of Default has been remedied t...
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Curing Events of Default. Notwithstanding anything contained herein to the contrary, upon the Purchaser’s acceleration of the Obligations under the Repurchase Agreement, neither the Seller, the Pledgor, the Guarantors nor other Person may thereafter cure any Event of Default.
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Curing Events of Default. 19.2.1. Upon receipt of a Default Notice, the Defaulting Party shall be entitled to remedy the Event of Default specified in the Default Notice: (a) for a Financial Default, within the applicable Cure Period specified in Schedule C, calculated from the date of receipt of the Default Notice;
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Curing Events of Default. 19.2.1. Upon receipt of a Default Notice, the Defaulting Party shall be entitled to remedy the Event of Default specified in the Default Notice: (a) for a Financial Default, within the applicable Cure Period specified in Schedule C, calculated from the date of receipt of the Default Notice; (b) for a Non-financial Default that has an impact that is referred to in Schedule C, within the applicable Cure Period specified for that impact in Schedule C, calculated from the date of the receipt of the Default Notice; or (c) for a Non-financial Default that does not have an impact that is referred to in Schedule C, within a period of twenty business days from the date of receipt of the Default Notice.
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Related to Curing Events of Default

  • Events of Default, Etc During any period during which an Event of Default shall have occurred and be continuing: (a) each Loan Party shall, at the request of the Collateral Agent, assemble the Collateral owned by it at such place or places, as the Collateral Agent shall reasonably request; (b) the Collateral Agent may make any compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify in any manner the terms of, any of the Collateral; (c) the Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a secured party under the Uniform Commercial Code (whether or not the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under all Requirements of Law in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including the right, to the fullest extent permitted by applicable law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral as if the Collateral Agent were the sole and absolute owner thereof (and each Loan Party agrees to take all such action as may be appropriate to give effect to such right); (d) the Collateral Agent in its discretion may, in its name or in the name of any Loan Party or otherwise, demand, ▇▇▇ for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so; and (e) the Collateral Agent may, upon five (5) Business Days’ prior written notice to the Loan Parties of the time and place (or, if such sale is to take place on an established exchange or other recognized market, prior to the time of such sale or other Disposition), with respect to the Collateral or any part thereof which shall then be or shall thereafter come into the possession, custody or control of the Collateral Agent, the other Secured Parties or any of their respective agents, sell, assign or otherwise Dispose of all or any part of such Collateral, at such place or places as the Collateral Agent deems best, and for Cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any such Disposition or of the time or place thereof (except such notice as is required above or by applicable statute and cannot be waived), and the Collateral Agent or any other Secured Party or anyone else may be the purchaser, assignee or recipient of any or all of the Collateral so Disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter, to the fullest extent permitted by Requirements of Law, hold the same absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the Loan Parties, any such demand, notice and right or equity being hereby expressly waived and released, to the fullest extent permitted by law. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned. The proceeds of each collection, sale or other Disposition under this Section 8.01 shall be deposited into the Custodial Account and applied in accordance with the Default Priority of Payments and any amounts obtained by the Collateral Agent on account of, or as a result of the exercise by, the Collateral Agent of any right of offset or banker’s lien or right of attachment or garnishment with respect to any funds at any time and from time to time on deposit in, or otherwise to the credit of, the Custodial Account shall be held by the Collateral Agent as additional collateral security for the repayment of the Secured Obligations and shall be applied as provided in accordance with the Default Priority of Payments. The Loan Parties recognize that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Each Loan Party acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Collateral Agent shall be under no obligation to delay a sale of any item of Collateral for the period of time necessary to permit the issuer thereof to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if such issuer would agree to do so.

  • Events of Default Any of the following shall constitute an Event of Default:

  • Additional Events of Default In addition to the Events of Default set forth in the Indenture, the term “Event of Default,” whenever used in the Indenture or this Supplemental Indenture with respect to the Senior Notes, means any one of the following events (whatever the reason for such Event of Default and whether it may be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree, or order of any court or any order, rule, or regulation of any administrative or governmental body): (a) the failure to redeem the Senior Notes when required pursuant to the terms and conditions thereof or to pay the repurchase price for Senior Notes to be repurchased in accordance with Section 3.2 of this Supplemental Indenture; (b) any nonpayment at maturity or other default under any agreement or instrument relating to any other Indebtedness of the Company or any of its Restricted Subsidiaries (the unpaid principal amount of which is not less than $100.0 million), and, in any such case, such default (i) continues beyond any period of grace provided with respect thereto and (ii) results in such Indebtedness becoming due prior to its stated maturity or occurs at the final maturity of such Indebtedness; provided, however, that, subject to the provisions of Section 9.01 and 8.08 of the Indenture, the Trustee shall not be deemed to have knowledge of such nonpayment or other default unless either (1) a Responsible Officer of the Trustee has actual knowledge of nonpayment or other default or (2) the Trustee has received written notice thereof from the Company, from any Holder, from the holder of any such Indebtedness or from the trustee under the agreement or instrument, relating to such Indebtedness; (c) the entry of one or more final judgments or orders for the payment of money against the Company, the Guarantor or any of their respective Restricted Subsidiaries, which judgments and orders create a liability of $100.0 million or more in excess of insured amounts and have not been stayed (by appeal or otherwise), vacated, discharged, or otherwise satisfied within 60 calendar days of the entry of such judgments and orders; (d) the Guarantee ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or is declared in a judicial proceeding to be null and void, or the Guarantor denies or disaffirms in writing its obligation under the Guarantee; and (e) Events of Default of the type and subject to the conditions set forth in clauses (vii) and (viii) of Section 8.01(a) of the Indenture in respect of any Significant Subsidiary or, in related events, any group of Subsidiaries of the Company or Guarantor which, if considered in the aggregate, would be a Significant Subsidiary of the Company or Guarantor.

  • Events of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities and the Guarantor, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Capital Securities. (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice from the Guarantor or a Holder of the Capital Securities (except in the case of a payment default), or a Responsible Officer of the Guarantee Trustee charged with the administration of this Guarantee shall have obtained actual knowledge thereof.

  • No Events of Default No Event of Default has occurred and is continuing nor has any event occurred which, with the giving of notice or the passage of time, or both, would constitute an Event of Default.