Common use of Notice of Breach and Cure Procedures Clause in Contracts

Notice of Breach and Cure Procedures. (a) The Commissioner will notify the Company, in writing, of any breach by the Company of an obligation under this Agreement, in accordance with § 10.4 hereof. The notice will specify the breach(es). The Company shall either (i) if applicable, within the period of time specified in (as applicable) § 9.2.1(a) hereof, or such longer period of time as the Commissioner may in the Commissioner’s discretion specify in such notice, cure such alleged breach(es); or (ii) in a written response submitted to the Commissioner within fifteen days after the notice of breach, present facts and arguments refuting that a breach has occurred. The submission of such a response, provided there is a bona fide, reasonable basis for such response, as determined by the Commissioner, in the Commissioner’s sole discretion, will toll the running of the applicable cure period provided for in § 9.2.1(a) hereof, such tolling to be effective until the City responds in writing to such submission.