Common use of Resolution of Operational Lock-Up Event Clause in Contracts

Resolution of Operational Lock-Up Event. If (i) an Operational Lock-Up Event has occurred, and thereafter a sixty (60) day period shall have passed during which no Default or Event of Default shall have occurred and any Borrowing Base Deficiency giving rise to such Operational Lock-Up Event shall have been cured or (ii) an Event of Default has occurred, but is thereafter remedied or waived, then in the case of each of (i) and (ii) above, any amounts standing to the credit of any Collection Account may again be transferred in accordance with Section 7.13(c) as if no Operational Lock-Up Event or Event of Default had occurred in the first place.

Resolution of Operational Lock-Up Event. If If (i) an Operational Lock-Up Event has occurred, and thereafter a sixty (60) day period shall have passed during which no Default or Event of Default shall have occurred and any Borrowing Base Deficiency giving rise to such Operational Lock-Up Event shall have been cured or (ii) an Event of Default has occurred, but is thereafter remedied or waived, then in the case of each of (i) and (ii) above, any amounts standing to the credit of any Collection Account may again be transferred in accordance with Section 7.13(c) as if no Operational Lock-Up Event or Event of Default had occurred in the first place.