Common use of Effect of Cure Clause in Contracts

Effect of Cure. If (i) the circumstance giving rise to an Event of Default has been cured or remedied (without regard to whether it has been cured within any applicable cure period), (ii) the Administrative Agent and the Lenders have not, prior to such cure or remedy, accelerated the Loans, and (iii) the circumstance giving rise to an Event of Default has not had, and could not reasonably be expected to have, a material adverse effect on the Borrowers or the Borrowers’ ability to repay the Loans, then such Event of Default shall be deemed cured and waived for all purposes, but without prejudice to (or waiver of) the Borrowers’ continuing and future obligations under the Loan Documents, whether of the same or different nature as the underlying Event of Default that has been cured.