Common use of Cure Periods Clause in Contracts

Cure Periods. Except in the case of a default under the foregoing subsection (a)(iv), as to which no cure period will be applicable, an Event of Default will not be deemed to have occurred until twenty (20) business days after the nondefaulting party has provided the defaulting party with written notice specifying the event or events that if not cured would constitute an Event of Default. This period may be extended by the non-defaulting party for a reasonable period of time, if the defaulting party is acting in good faith to cure the default and such delay will not have a materially adverse affect upon the other party.