Notice of Default and Mortgagee's Cure Rights Sample Clauses

Notice of Default and Mortgagee's Cure Rights. Upon receiving any notice of default, any mortgagees shall have the same cure period granted to Columbia under this Agreement, plus the additional time provided for below, within which to take (if such mortgagee so elects) whichever of the actions set forth below shall apply with respect to the default described in such notice of default (such actions, “Mortgagee’s Cure”; and, a mortgagee’s rights to take such actions, “Mortgagee’s Cure Rights”): In the case of a monetary default, or a non-monetary default that a mortgagee is reasonably capable of curing (without obtaining possession of the Shoreside Facilities Sites) within the cure period allowed to Columbia under this Agreement, mortgagee shall be entitled (but not required) to cure such default within a cure period consisting of Columbia’s cure period under this Agreement extended through the date thirty (30) days after such mortgagee shall have received Columbia’s Cure Period Expiration Notice as to such default. If the amount of any monetary default has not been finally determined (for example, if a dispute has arisen between the City and Columbia regarding the proper amount of the Percentage Amount), then in place of curing of such monetary default a mortgagee shall be entitled instead to (a) cure such monetary default to the extent the amount hereof is not in dispute; and (b) undertake in writing that such mortgagee shall cure the remaining disputed portion of such monetary default within thirty (30) days after the dispute shall have been resolved (and the parties shall then cooperate to resolve such dispute promptly in accordance with this Agreement). In the case of any other non-monetary default (other than a non-monetary default that is not reasonably susceptible of being cured by a mortgagee without having possession of the Shoreside Facilities Sites), mortgagee shall be entitled, but not required, to (x) within a period consisting of Columbia’s cure period for the default, extended through the date forty-five (45) days after receipt of Columbia’s Cure Period Expiration Notice as to such default, advise the City of mortgagee’s intention to take all reasonable steps necessary to remedy such non-monetary default; (y) duly commence the cure of such non-monetary default within such extended period, and thereafter diligently prosecute to completion the remedy of such nonmonetary default, subject to events of Force Majeure; and (z) complete such remedy within a reasonable time under the circumstances...
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Notice of Default and Mortgagee's Cure Rights. Upon receiving any Notice of Default, any Prime Mortgagee shall have the same cure period granted to Tenant under this Lease, plus the additional time provided for below, within which to take (if such Prime Mortgagee so elects) whichever of the actions set forth below shall apply with respect to the Default described in such Notice of Default (such actions, "Mortgagee's Cure"; and a Prime Mortgagee's rights to take such actions, "Mortgagee's Cure Rights"):
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Notice of Default and Mortgagee's Cure Rights. Upon receiving any Notice of Default, any Leasehold Mortgagee shall have the same cure period granted to Tenant under this Lease, plus the additional time provided for below, within which to take (if such Leasehold Mortgagee so elects) whichever of the actions set forth below shall apply with respect to the
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Related to Notice of Default and Mortgagee's Cure Rights

  • Notice of Default, etc Promptly after the Borrower knows that any Default or any Material Adverse Effect has occurred, a notice of such Default or Material Adverse Effect, describing the same in reasonable detail and the action the Borrower proposes to take with respect thereto.

  • Notice of Defaults If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

  • Notice of Default The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

  • Notice of Defaults and Events of Default As soon as possible and in any event within ten (10) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;

  • Notice of Default; Litigation Promptly after an Authorized Officer of the Borrower or any of the Restricted Subsidiaries obtains actual knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Borrower or any of the Subsidiaries that would reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

  • Notice of Default or Event of Default promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

  • Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  • Landlord’s Default and Tenant’s Remedies In the event Landlord fails to perform its obligations under this Lease, Landlord shall nevertheless not be in default under the terms of this Lease until such time as Tenant shall have first given Landlord written notice specifying the nature of such failure to perform its obligations, and then only after Landlord shall have had thirty (30) days following its receipt of such notice within which to perform such obligations; provided that, if longer than thirty (30) days is reasonably required in order to perform such obligations, Landlord shall have such longer period. In the event of Landlord’s default as above set forth, then, and only then, Tenant may then proceed in equity or at law to compel Landlord to perform its obligations and/or to recover damages proximately caused by such failure to perform (except as and to the extent Tenant has waived its right to damages as provided in this Lease).

  • Notice of Event of Default If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay Rent, the Mortgagee shall give prompt written notice thereof to the Owner Trustee, the Owner Participant, Lessee, and each Note Holder. Subject to the terms of Sections 2.13, 4.03, 4.04, 4.08, 5.02 and 5.03 hereof, the Mortgagee shall take such action, or refrain from taking such action, with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of Section 5.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to the preceding provisions of this Section 5.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine advisable in the best interests of the Note Holders; PROVIDED, HOWEVER, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture, in the absence of Actual Knowledge on the part of the Mortgagee, the Owner Trustee or the Owner Participant, the Mortgagee, the Owner Trustee or the Owner Participant, as the case may be, shall not be deemed to have knowledge of a Default or an Event of Default (except, in the case of the Mortgagee, the failure of Lessee to pay any installment of Basic Rent within one Business Day after the same shall become due, if any portion of such installment was then required to be paid to the Mortgagee, which failure shall constitute knowledge of a Default) unless notified in writing by Lessee, the Owner Trustee, the Owner Participant or one or more Note Holders.

  • Landlords Right to Cure Default Payments by Tenant All covenants and agreements to be kept or performed by Tenant under this Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any reduction of rent. If Tenant shall fail to perform any of its obligations under this Lease, within a reasonable time after such performance is required by the terms of this Lease, Landlord may, but shall not be obligated to, after three (3) days prior written notice to Tenant, make any such payment or perform any such act on Tenant’s behalf without waiving its rights based upon any default of Tenant and without releasing Tenant from any obligations hereunder. Tenant shall pay to Landlord, within ten (10) days after delivery by Landlord to Tenant of statements therefore, an amount equal to the expenditures reasonably made by Landlord in connection with the remedying by Landlord of Tenant’s defaults pursuant to the provisions of this Section 14.

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