Common use of Defaults under Assigned Agreements Clause in Contracts

Defaults under Assigned Agreements. If a default by Borrower under any of the Assigned Agreements shall occur and be continuing, and if such default could reasonably be expected to result in a Material Adverse Effect as determined by Administrative Agent (with consent of Required Applicable Lenders), then, upon ten (10) Business Days’ notice to Borrower (or, if the applicable Assigned Agreement has a cure period of less than twenty (20) days with respect to defaults, then such ten (10) Business Days notice period shall be reduced to the number of days which is half of the number of days provided to cure any such default under such Assigned Agreement), Security Agent shall, at its option, be permitted (but not obligated) to remedy any such default either pursuant to the terms of any Consent in respect of such Assigned Agreement or otherwise by giving written notice of such intent to Borrower and to the parties to the Assigned Agreement or Assigned Agreements for which Security Agent intends to remedy the default. After giving such notice of its intent to cure such default and upon the commencement thereof, Security Agent will proceed to cure such default. Any cure by Security Agent of Borrower’s default under any of the Assigned Agreements shall not be construed as an assumption by Security Agent or any other Secured Party of any obligations, covenants or agreements of Borrower under such Assigned Agreement or any other Assigned Agreement, and neither Security Agent nor any other Secured Party shall be liable to Borrower or any other Person as a result of any actions undertaken by Security Agent in curing or attempting to cure any such default, except as otherwise set forth in the Financing Agreement or any applicable Consent. This Agreement shall not be deemed to release or to affect in any way the obligations of Borrower under the Assigned Agreements.

Defaults under Assigned Agreements. If a default by Borrower Guarantor under any of the Assigned Agreements shall occur and be continuing, and if such default could reasonably be expected to result in a Material Adverse Effect as determined by Administrative Agent (with consent of Required Applicable Lenders), then, upon ten (10) Business Days’ notice to Borrower Guarantor (or, if the applicable Assigned Agreement has a cure period of less than twenty (20) days with respect to defaults, then such ten (10) Business Days notice period shall be reduced to the number of days which is half of the number of days provided to cure any such default under such Assigned Agreement), Security Agent shall, at its option, be permitted (but not obligated) to remedy any such default either pursuant to the terms of any Consent in respect of such Assigned Agreement or otherwise by giving written notice of such intent to Borrower Guarantor and to the parties to the Assigned Agreement or Assigned Agreements for which Security Agent intends to remedy the default. After giving such notice of its intent to cure such default and upon the commencement thereof, Security Agent will proceed to cure such default. Any cure by Security Agent of BorrowerGuarantor’s default under any of the Assigned Agreements shall not be construed as an assumption by Security Agent or any other Secured Party of any obligations, covenants or agreements of Borrower Guarantor under such Assigned Agreement or any other Assigned Agreement, and neither Security Agent nor any other Secured Party shall be liable to Borrower Guarantor or any other Person as a result of any actions undertaken by Security Agent in curing or attempting to cure any such default, except as otherwise set forth in the Financing Agreement or any applicable Consent. This Agreement shall not be deemed to release or to affect in any way the obligations of Borrower Guarantor under the Assigned Agreements.