Common use of Default Pursuant to Loan Documents Clause in Contracts

Default Pursuant to Loan Documents. Except for a default pursuant to Section 6.1.1, there shall be a default in the performance or observance of any covenants or conditions required to be performed or observed by the Borrower under the terms of the Loan Documents and such breach shall continue for a period of thirty (30) days after written notice to the Borrower specifying such breach; provided, however, if such default cannot reasonably be cured within such thirty (30) days, Borrower shall not be deemed to be in default if Borrower commences curing such breach within fifteen (15) days after written notice and thereafter diligently completes the curing of such breach, provided that Lender’s security for the Loan, in Lender’s sole opinion, is not materially impaired by such delay and provided, further, that Borrower shall in no event have longer than one hundred twenty (120) days to completely cure such default.