Common use of Cleanup Period Clause in Contracts

Cleanup Period. Notwithstanding anything to the contrary, if during the five-day period following the Closing Date a matter or circumstance exists which constitutes a Default, that matter or circumstance will not constitute a Default; provided that (i) the matter or circumstance does not constitute (x) a Major Default or (y) a Default incapable of being cured, (ii) reasonable steps are being taken to cure that matter or circumstance and (iii) such Default is cured or otherwise ceases to exist within five days following the Closing Date. For the avoidance of doubt, nothing in this section shall affect the conditions precedent set forth in Article IV.