DEFAULT CURE PERIOD. Failure by either party to perform or otherwise act in accordance with any term or provision of this Agreement for a period of thirty (30) days after written notice thereof from the other party, shall constitute a default under this Agreement; provided, however, that if an emergency exists such that it calls for an immediate remedy of the problem and the party in default fails to immediately cure or to otherwise undertake the necessary steps to cure said emergency, then and in that event the non- defaulting party shall have the discretion, but not the obligation to correct said default. Thereafter, the non- defaulting party shall so notify the defaulting party and, upon the discretion of the non-defaulting party, declare said Agreement in default and to declare said Agreement terminated. If the failure or delay is such that more than thirty (30) days would reasonably be required to perform such action or comply with any term or provision hereof, then such party shall have such additional time as may be necessary to perform or comply so long as such party commences performance or compliance within the thirty (30) day period and diligently proceeds to complete such performance or fulfill such obligation. Said notice shall specify the nature of the alleged default and the manner in which said default may be satisfactorily cured, if possible. In the event such default is not cured within the thirty (30) days, the non-defaulting party shall have all rights and remedies which may be available under law or equity including without limitation, the right to specifically enforce any term or provision hereof.
DEFAULT CURE PERIOD. Upon an event of default as described in paragraph 18, above, the Lender shall automatically, without notice, and without any action by Lender or Borrower provide a 15 day cure period for said default ("Default Cure Period"). If within the Default Cure Period, Borrower fails to cure any default thereunder, Lender at it sole discretion may deem the Note in Default and may execute on its right thereunder. Furthermore, if within the Default Cure Period, Borrower fails to cure any default, the interest rate shall increase to 24% per annum for the balance of the term of this Note.
DEFAULT CURE PERIOD. If (i) TENANT defaults in payment of Base Building Rent or Additional Taxes or (ii) defaults in the performance of any of the covenants or conditions hereof, LANDLORD, in such event(s), may give to TENANT written notice of such default and if TENANT fails to cure any Base Building Rent or Additional Taxes default within ten (10) days after the giving of such notice or fails to cure any other default within thirty (30) days after the giving of such notice, or, if such default other than Base Building Rent or Additional Taxes, cannot be reasonably cured within 30 days, to immediately begin to cure and diligently pursue said cure to completion, LANDLORD may, at its election, terminate this Lease with TENANT, and on the date specified in said notice the term of this Lease shall terminate and TENANT shall then quit and surrender the leased premises to LANDLORD, but TENANT shall remain liable as hereinafter provided. In the event of a default which is not cured in the applicable cure period, LANDLORD may, with or without terminating this Lease, at any time thereafter resume possession of the Building by any lawful means and remove TENANT or other occupants and their effects.
DEFAULT CURE PERIOD. It shall be a default hereunder if either party fails to perform any of its obligations hereunder and such failure continues for a period of thirty (30) days after written notice from the non-defaulting party specifying in reasonable detail the nature of the failure; provided that if the nature of the default is such that it cannot reasonably be cured within the thirty-day period, no default shall be deemed to exist if the defaulting party commences a cure within that thirty-day period and diligently and expeditiously pursues such cure to completion within 90 days.
DEFAULT CURE PERIOD. Either party’s failure to perform any of its obligations under this Agreement after a period of fourteen (14) days (or the additional time, if any, that is reasonably necessary to promptly and diligently cure the failure) after receiving written notice from the oth er party shall constitute a default under this Agreement. Any such written notice shall give reasonable detail in the nature and extent of the failure and identify the Agreement’s provision(s) containing the obligations at issue. If the default continues after such notice and cure period, then the offending party shall be in default and the other party may pursue any remedies given in this Agreement or under the law.
DEFAULT CURE PERIOD. The Borrowers will be in default under this Agreement if any of the following occur and shall continue for ninety (90) days after the sooner of the date that the Administrative Agent sends notice of such breach to any Borrower or the date on which such breach becomes known to any officer of any Borrower (which knowledge shall be immediately communicated to the Administrative Agent by such Borrower)(an Event of Default will exist hereunder if such default continues after said 90-day period): (a) except as expressly enumerated as an immediate default in Section 22.1 above, any Borrower breaches to any material extent any terms, warranties or representations contained herein or in any other agreement executed by such Borrower in connection herewith; (b) any representation, statement, report or certificate made or delivered by any Borrower to Administrative Agent or any Lender is not accurate in all material respects when made (each Borrower acknowledges and agrees that each such representation and warranty shall be deemed restated at the time of and in connection with the making of each Advance hereunder); (c) any Borrower abandons any Collateral; (d) except as expressly enumerated as an immediate default in Section 22.1 above, any Borrower is or becomes in default in the payment of any debt owed to any secured lender other than as provided for herein; (e) any Borrower loses any franchise, permission, license or right to sell or deal in any Collateral which is financed hereunder; or (f) any Borrower misrepresents such Borrower’s financial condition or organizational structure.
DEFAULT CURE PERIOD. In the event Greenland does not timely pay the Initial Cash Payment, the Stock Payment or the Monthly Payments, SPL shall notify Greenland in writing and Greenland shall have thirty days to cure said failure to pay. In the event Greenland fails to cure within said 30 day period, SPL may accelerate any and all outstanding payments, regardless of due dates and proceed with legal action to collect the total outstanding balance of the Purchase price.
DEFAULT CURE PERIOD. Subject to the terms and conditions herein, if the Company cures or causes to be cured such Default or Event of Default within sixty (60) days after receiving written notice thereof, the parties will be restored to their respective rights and obligations under the Security and the Indenture as if no Default or Event of Default had occurred.
DEFAULT CURE PERIOD. Except for certain Events of Default described in the last sentence below, Lender shall not exercise any remedy under the Loan Documents under which a default has occurred unless such default has not been cured to the reasonable satisfaction of Lender:
DEFAULT CURE PERIOD. If there is a Default Event, the non-defaulting Party may issue a written notice specifying the default (the “Cure Notice”) to the defaulting Party. The defaulting Party shall have (30) days after receipt of such notice in which to cure the default (“Default Cure Period”); provided however, if the default stated in such notice cannot be remedied within the (30) day period, the Default Cure Period shall be extended so long as corrective action is instituted bythe defaulting Party and diligently pursued; provided, further, that such time period shall not, in any circumstances, exceed sixty (60) days. If the defaulting Party fails or is unable to cure the Default Event subject to other terms of this Agreement, the non-defaulting Party may, by written notice to the other, seek Mediation or legal action pursuant to Section 16, and/or immediately elect to terminate this Agreement without penalty; provided, however, GSMLS agrees that any dispute relating to a credit arising pursuant to Section 11(c) will be resolved by Mediation pursuant to Section 16 and GSMLS will not terminate this Agreement as a result of any such dispute.
