Additional Cure Rights Clause Samples
The "Additional Cure Rights" clause grants a party the opportunity to remedy a breach or failure to perform under a contract, even after an initial notice of default. In practice, this clause typically outlines a specific period during which the breaching party can correct the issue, such as fixing a defective product or addressing a missed payment, before the non-breaching party can pursue further remedies like termination or damages. Its core function is to provide a fair chance to resolve problems and maintain the contractual relationship, reducing the risk of immediate and potentially unnecessary contract termination.
Additional Cure Rights. Notwithstanding anything to the contrary in the foregoing, Landlord agrees that neither any Insolvency Event (defined below) of Tenant, nor any default of Tenant
Additional Cure Rights. Any member in the Borrower or any Affiliate of such member may (but shall not be obligated to) cure any Default within the period (if any) set forth in Section 8.1 with respect to such Default.
Additional Cure Rights. If an Event of Default occurs pursuant to Section 10.1(4) as a result of a breach or a representation or warranty relating to a Project, or if an Event of Default occurs pursuant to Section 10.1(7) with respect to a Project, or an Event of Default occurs pursuant to Section 10.3 as a result of a breach of a covenant relating to a particular Project, and any such Event of Default cannot reasonably be cured by the payment of money, then within 10 days following the occurrence of such Event of Default, as the case may be (such 10-day period is referred to herein as the “Cure Period”), Borrowers may (if Administrative Agent elects in its sole discretion not to waive such Event of Default) cure such Event of Default by (a) paying to Administrative Agent the Release Payment applicable to such Project, together with Administrative Agent’s and Lenders’ reasonable costs and expenses, including reasonable attorneys’ fees, related to such Event of Default, (b) causing fee ownership of such Project (or Borrower’s ground lease estate, in the case of an Event of Default described in Section 10.1(7)) to be transferred to any entity which is not a Borrower or a direct or indirect subsidiary of any Borrower, and (c) complying with the requirements of subparagraphs 6, 7, 8 and 9 of Section 2.4 of this Agreement. During the Cure Period, Administrative Agent shall not exercise remedies against the applicable Project or accelerate the Loan, but Administrative Agent may give written default notices to Borrowers and Joinder Party prior to or during the Cure Period.