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Deemed cure Sample Clauses

Deemed cure. SFV agrees that a Termination Event is taken to be cured under and for the purposes of the LTESA, the PDA and this document (as applicable): (a) if it relates to a failure to pay money due under the LTESA or the PDA, when an Enforcing Party has paid or procured the payment of the amount of that money to SFV; (b) if it relates to a failure to do anything under the LTESA or the PDA, when an Enforcing Party has done, or procured to be done, that thing;
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Deemed cure. If the Financial Covenant has been breached, but is complied with when tested on the next Test Date, then, any prior breach of the Financial Covenant or any Default or Event of Default arising therefrom shall not (and shall not be deemed to) directly or indirectly constitute, or result in, a breach of any representation, warranty, undertaking or other term in the Finance Documents or a Default or an Event of Default, unless a Declared Default has arisen and is continuing before delivery of the Compliance Certificate in respect of the Relevant Period ending on such next Test Date.
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Deemed cure. SFV agrees that a Termination Event is taken to be cured under and for the purposes of the LTESA, the PDA and this document (as applicable): (a) if it relates to a failure to pay money due under the LTESA or the PDA, when an Enforcing Party has paid or procured the payment of the amount of that money to SFV; (b) if it relates to a failure to do anything under the LTESA or the PDA, when an Enforcing Party has done, or procured to be done, that thing; (c) if it is or relates to a Change in Control or an Insolvency Event, when an Enforcing Party has procured: (i) the assignment, transfer or novation of (or any combination of these things to be done in respect of) LTES Operator’s rights and obligations under the LTESA and the PDA to a Transferee; or (ii) the transfer of the shares in LTES Operator to a Transferee, in each case, in accordance with clause 5.1 (“Transfer”); and (d) for any other Termination Event or if Security Trustee reasonably considers that the Termination Event is not able to be cured, or will not be or is unlikely to be cured by the end of any applicable cure period provided under the LTESA, the PDA or this document, when an Enforcing Party makes arrangements (which may include the taking of steps to prevent a recurrence of the Termination Event or the payment of compensation to SFV on account of loss suffered by it or by NSW Electricity Customers (or both)) which are satisfactory to SFV (acting reasonably).
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Deemed cure. The Commonwealth agrees that a Termination Event is taken to be cured under and for the purposes of the CISA and this Deed (as applicable): if it relates to a failure to pay money due under the CISA, when an Enforcing Party has paid or procured the payment of the amount of that money to the Commonwealth; if it relates to a failure to do anything under the CISA, when an Enforcing Party has done, or procured to be done, that thing; if it is or relates to a Change in Control or an Insolvency Event, when an Enforcing Party has procured: the assignment, transfer or novation of (or any combination of these things to be done in respect of) the Operator’s rights and obligations under the CISA to a Transferee; or the transfer of the shares in the Operator to a Transferee, in each case, in accordance with clause 5.1 (Transfer); and for any other Termination Event or if Security Trustee reasonably considers that the Termination Event is not able to be cured, or will not be or is unlikely to be cured by the end of any applicable cure period provided under the CISA or this Deed, when an Enforcing Party makes arrangements (which may include the taking of steps to prevent a recurrence of the Termination Event or the payment of compensation to the Commonwealth (or both)) which are satisfactory to the Commonwealth. Transfer following enforcement
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Deemed cure. If on the last day of any Relevant Period (each a “Testing Date”), any of the requirements of Clause 25.2 (Financial condition) are not met but on the next Testing Date (the “Subsequent Testing Date”) the requirements of Clause 25.2 (Financial condition) are complied with when next tested (other than as a result of the Company exercising its rights under Clause 25.4 (Equity Cure), the Event of Default caused by the failure to meet the requirements of Clause 25.2 (Financial condition) on the former Testing Date shall be deemed remedied for the purposes of the Finance Documents (such remedy being a “Deemed Cure”), provided that:
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Deemed cure. EnergyCo agrees that a Termination Event is taken to be cured under and for the purposes of the Access PDA and this document (as applicable): (a) if it relates to a failure to pay money due under the Access PDA, when an Enforcing Party has paid or procured the payment of the amount of that money to EnergyCo; (b) if it relates to a failure to do anything under the Access PDA, when an Enforcing Party has done, or procured to be done, that thing; (c) if it is or relates to a Change in Control or an Insolvency Event, when an Enforcing Party has procured: (i) the assignment, transfer or novation of (or any combination of these things to be done in respect of) Access Right Holder’s rights and obligations under the Access PDA to a Transferee; or (ii) the transfer of the shares in Access Right Holder to a Transferee, in each case, in accordance with clause 5.1 (“Transfer”); and (d) for any other Termination Event or if Security Trustee reasonably considers that the Termination Event is not able to be cured, or will not be or is unlikely to be cured by the end of any applicable cure period provided under the Access PDA or this document, when an Enforcing Party makes arrangements (which may include the taking of steps to prevent a recurrence of the Termination Event or the payment of compensation to EnergyCo on account of loss suffered by it or by NSW electricity customers (or both)) which are satisfactory to EnergyCo (acting reasonably).
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Deemed cure. If, in relation to any Relevant Period ending on a Test Date, the Borrower fails to comply with any requirement under Clause 20.2 (Financial condition) but in relation to a Relevant Period ending on a subsequent Test Date, the Borrower does comply with that requirement, any non-compliance with such requirement in relation to such first-mentioned Relevant Period shall be deemed to be waived and remedied for all purposes under the Finance Documents (and shall no longer constitute a Default) with effect from the date (a "Deemed Cure Date") on which the annual financial statements of the Borrower for the period ending on such subsequent Test Date and the related Compliance Certificate are delivered to the Agent, unless the Agent shall have exercised any of its rights under Clause 22.13 (Acceleration) prior to such Deemed Cure Date.
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Related to Deemed cure

  • Equity Cure Notwithstanding anything to the contrary contained in this Section 11, in the event that the Borrower fails to comply with the requirement of the financial covenant set forth in Section 10.7, from the beginning of any fiscal period until the expiration of the 10th Business Day following the date financial statements referred to in Sections 9.1(a) or (b) are required to be delivered in respect of such fiscal period for which such financial covenant is being measured, any holder of Capital Stock or Stock Equivalents of the Borrower or any direct or indirect parent of the Borrower shall have the right to cure such failure (the “Cure Right”) by causing cash net equity proceeds derived from an issuance of Capital Stock or Stock Equivalents (other than Disqualified Stock, unless reasonably satisfactory to the Administrative Agent) by the Borrower (or from a contribution to the common equity capital of the Borrower) to be contributed, directly or indirectly, as cash common equity to the Borrower, and upon receipt by the Borrower of such cash contribution (such cash amount being referred to as the “Cure Amount”) pursuant to the exercise of such Cure Right, such financial covenant shall be recalculated giving effect to the following pro forma adjustments: (a) Consolidated EBITDA shall be increased, solely for the purpose of determining the existence of an Event of Default resulting from a breach of the financial covenant set forth in Section 10.7 with respect to any period of four consecutive fiscal quarters that includes the fiscal quarter for which the Cure Right was exercised and not for any other purpose under this Agreement, by an amount equal to the Cure Amount; (b) Consolidated First Lien Secured Debt shall be decreased solely to the extent proceeds of the Cure Amount are actually applied to prepay any of the Credit Facilities and there shall be no pro forma reduction in Indebtedness with the proceeds of the Cure Amount for determining compliance with the financial covenant set forth in Section 10.7 unless such proceeds are actually applied to prepay Indebtedness under the Credit Facilities; and (c) if, after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of the financial covenant set forth in Section 10.7, the Borrower shall be deemed to have satisfied the requirements of the financial covenant set forth in Section 10.7 as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of such financial covenants that had occurred shall be deemed cured for the purposes of this Agreement; provided that (i) in each period of four consecutive fiscal quarters there shall be at least two fiscal quarters in which no Cure Right is made, (ii) there shall be a maximum of five Cure Rights made during the term of this Agreement, (iii) each Cure Amount shall be no greater than the amount expected to be required to cause the Borrower to be in compliance with the financial covenant set forth in Section 10.7 for the relevant fiscal quarter; and (iv) all Cure Amounts shall be disregarded for the purposes of any financial ratio determination, basket determination or other determination under the Credit Documents other than for determining compliance with Section 10.7.

Most Referenced Clauses

Most Referenced Definitions