Certain Cure Periods. In the event that there shall occur any Default or Event of Default that relates only to certain Unencumbered Asset(s) or the owner(s) thereof (if such owner is a Subsidiary Borrower), then the Borrowers may elect to cure such Default or Event of Default (so long as no other Default or Event of Default would arise as a result of such Default or Event of Default) by electing to remove such Unencumbered Asset(s) and the applicable Subsidiary Borrower(s) pursuant to §5.4 and remove such Unencumbered Asset(s) from the calculation of the covenants in §9 (and the Borrowers’ compliance with §3.2 as a result thereof), in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default or Event of Default from Agent or the Required Lenders.
Certain Cure Periods. In the event that there shall occur any Default that affects only certain Unencumbered Property or the owner(s) thereof (if such owner is a Subsidiary Guarantor) or the removal of certain Unencumbered Property would cure the Default, then the Borrower may elect to cure such Default (so long as no other Default or Event of Default would arise as a result) by electing to have Agent remove such Real Estate as an Unencumbered Property (and the Borrower’s compliance with Section 3.2 as a result thereof), in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default from the Agent or the Required Lenders.
Certain Cure Periods. (a) In the event that there shall occur any Default under Section 12.1(c), then within five (5) Business Days after receipt of notice of such Default from the Agent or the Majority Banks the Borrower may elect to cure such Default by providing additional Collateral consisting of Potential Collateral, and/or to reduce the outstanding Loans to it, in which event such actions shall be completed not later than fifteen (15) days following the date on which the Borrower is notified that the Majority Banks have approved the Borrower's proposed actions (or thirty (30) days in the event that the Borrower intends to provide additional Mortgaged Property). The Borrower's notice of its election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above. Within five (5) Business Days after receipt of such advice, the Majority Banks shall advise the Borrower as to whether in their good faith judgment the actions proposed by the Borrower are sufficient to cure such Default without the creation of any other Default hereunder. In the event that the Majority Banks determine the Borrower's proposal is insufficient to cure such Default or is otherwise not in accordance with the terms of this Agreement, the Borrower within an additional three (3) Business Days after such negative notice may submit to the Agent an alternative plan or evidence establishing that the Borrower's original election was sufficient. In the event that within the times provided herein the Borrower shall have failed to provide evidence satisfactory to the Majority Banks that the Borrower's proposed actions are sufficient to cure such Default in accordance with the terms hereof, the cure period shall terminate and such Default immediately shall constitute an Event of Default.
(b) In the event that the Borrower shall elect in whole or in part under Section 12.3(a) to provide additional Mortgaged Property, (i) the Real Estate to be added to the Collateral shall be Eligible Real Estate and on or prior to the expiration of the 30-day period each of the Eligible Real Estate Qualification Documents shall have been completed at the Borrower's expense and provided to the Agent for the benefit of the Banks, and (ii) the Borrower, in addition to any other amounts payable under this Agreement, shall pay to the Agent within fifteen (15) days following the commencement of such 30-day period a review fee in the amount of $10,000.00, which fee shall be no...
Certain Cure Periods. In the event that there shall occur any Default that affects only certain Collateral Property or the owner(s) thereof (if such owner is a Subsidiary Guarantor), then the Borrower may elect to cure such Default (so long as (i) no other Default or Event of Default would arise as a result) by electing to have Agent remove such Collateral Property from the calculation of the Borrowing Base Availability (and the Borrower’s compliance with §3.2 as a result thereof, in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default from the Agent or the Required Lenders.
Certain Cure Periods. In the event that there shall occur any Default that affects only certain Pool Property or the applicable Pool Property Owner or the removal of certain Pool Property would cure the Default, then the Borrower may elect to cure such Default (so long as no other Default or Event of Default would arise as a result) by electing to have Agent remove such Pool Property from the Pool (and the Borrower’s compliance with §3.2 as a result thereof), in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default from the Agent or the Majority Lenders.
Certain Cure Periods. (a) Within five (5) Business Days following its receipt of notice from the Agent that a Default has occurred under Section 12.1 A. (c), the Borrower shall notify the Agent in writing as to whether or not it will attempt to cure such Default by providing additional Collateral consisting of Potential Collateral and/or reducing the outstanding principal amount of Loans made to it. Any such notice (the "Cure Proposal Notice") from the Borrower to the Agent shall describe in detail the cure which the Borrower proposes to make. In the event that the Agent does not receive the Cure Proposal Notice from the Borrower within such five (5) Business Day period, the Borrower's cure period shall end and the Default under Section 12.1 A.
Certain Cure Periods. In the event that there shall occur any Default or Event of Default that affects only certain Collateral Property or the owner(s) thereof (if such owner is a Borrower Subsidiary), then the Borrower may elect to cure such Default or Event of Default (so long as no other Default or Event of Default would arise as a result of such Default or Event of Default) by electing to have Agent remove such Collateral Property from the calculation of the Borrowing Base Availability (as defined in the Specified Senior Secured Credit Agreement and the Borrower’s compliance with §3.2 therein as a result thereof, in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default or Event of Default from the Agent or the Required Lenders therein), as further provided in the Specified Senior Secured Credit Agreement.
Certain Cure Periods. 87 Section 12.4. Termination of Commitments................ 88 Section 12.5. Remedies.................................. 88 Section 12.6. Distribution of Collateral Proceeds....... 88 Section 13 SETOFF..................................................... 89 Section 14 THE AGENT.................................................. 89 Section 14.1. Authorization............................. 89 Section 14.2. Employees and Agents...................... 90 Section 14.3. No Liability.............................. 90 Section 14.4. No Representations........................ 90 Section 14.5. Payments.................................. 91 Section 14.6. Holders of Notes.......................... 92 Section 14.7. Indemnity................................. 92 Section 14.8. Agent as Bank............................. 92 Section 14.9. Resignation............................... 92 Section 14.10. Duties in the Case of Enforcement......... 93 Section 14.11. Removal of Agent.......................... 93 Section 15 EXPENSES................................................... 93 Section 16 INDEMNIFICATION............................................ 94 Section 17 SURVIVAL OF COVENANTS, ETC................................. 95 Section 18 ASSIGNMENT AND PARTICIPATION............................... 95
Certain Cure Periods. 79 Section 12.2. Termination of Commitments. . . . . . . . . .80 Section 12.3. Remedies.. . . . . . . . . . . . . . . . . . .80 Section 12.4. Distribution of Collateral Proceeds. . . . . .81 Section 13. SETOFF.. . . . . . . . . . . . . . . . . . . . . . . . . .81
Certain Cure Periods. In the event that there shall occur any Default under ss.12.1(c), then within five Business Days after receipt of notice of such Default from the Agent or the Majority Lenders the Borrower may elect to cure such Default by providing additional Collateral satisfactory to all of the Lenders in their sole and absolute discretion, and/or to reduce the Total Commitment and reduce the outstanding Loans, in which event such actions shall be completed not later than 15 days following the date on which the Borrower is notified that the Majority Lenders have approved the Borrower's proposed actions (provided that upon the occurrence of any event which may cause a Default to occur under ss.12.1(c) which is also a Default under any of the Loan Documents for which no notice or right to cure is provided, an Event of Default shall occur for which no right to cure under this ss.
