Common use of Extension of Cure Period Completion Date and Initial Period Clause in Contracts

Extension of Cure Period Completion Date and Initial Period. If the Collateral Agent is: (a) prohibited by any court order, bankruptcy or insolvency proceedings from (i) remedying the Developer Default that is the subject of a Department Notice (including, without limitation, by exercise of step in rights pursuant to ARTICLE 4), (ii) appointing a Substitute (or such Substitute is prevented from performing any of the Developer’s rights or obligations under any VDOT Project Agreement or under any Project Financing Agreement) or (iii) from commencing or prosecuting foreclosure proceedings; or (b) pursues with good faith, diligence and continuity lawful processes and steps to obtain the appointment of a court receiver for the Project and possession, custody and control of the Project, but despite such efforts the Collateral Agent is unable to obtain such possession, custody and control of the Project; then each of the relevant Cure Period Completion Date and Initial Period will be extended by a period of time equal to the shorter of the period of such prohibition or 180 Days.