Common use of Ability to Cure Clause in Contracts

Ability to Cure. After the Restatement Effective Date, (i) if the Agent and the Borrower jointly identify any defect or ambiguity in any provision of the Loan Documents, then the Required Lenders hereby agree that the Agent and the Borrower shall be permitted to amend such provision to cure such defect or ambiguity and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof and (ii) if the Agent and the Borrower jointly determine that it is desirable that a provision of any Loan Document be amended or waived solely for the purpose of complying with local law, then the Required Lenders hereby agree that the Agent and the Borrower shall be permitted to amend or waive such provision to the extent necessary to so comply and such amendment or waiver shall become effective without any further action or consent of any party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof; provided, however, that this Section shall not be construed to permit any amendment or waiver that, pursuant to the terms of Section 9.02 of the Amended Credit Agreement, would require the consent of any party other than the Loan Parties, the Agent and the Required Lenders, unless such consent is obtained.

Ability to Cure. After the Restatement Effective Date, (i) if the Administrative Agent and the Borrower jointly identify any defect or ambiguity in any provision of the Loan Documents, then the Required Lenders hereby agree that the Administrative Agent and the Borrower shall be permitted to amend such provision to cure such defect or ambiguity and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof and (ii) if the Administrative Agent and the Borrower jointly determine that it is desirable that a provision of any the Loan Document be amended or waived solely for the purpose of complying with local law, then the Required Lenders hereby agree that the Administrative Agent and the Borrower shall be permitted to amend or waive such provision to the extent necessary to so comply and such amendment or waiver shall become effective without any further action or consent of any party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof; provided, however, that this Section shall not be construed to permit any amendment or waiver that, pursuant to the terms of Section 9.02 of the Amended Credit Agreement, would require the consent of any party other than the Loan Parties, the Administrative Agent and the Required Lenders, unless such consent is obtained.