Common use of Breach Default Event to be remedied Clause in Contracts

Breach Default Event to be remedied. (a) The Manager or any Non-Defaulting Joint Venturer may at any time after a Breach Default Event occurs serve a written notice on the Defaulting Joint Venturer specifying the nature of the Breach Default Event and requiring it to be remedied. The Defaulting Joint Venturer must then: (i) if the Breach Default Event is capable of being remedied, remedy the default within 14 days of its receipt of the notice of default; or (ii) if the Breach Default Event is not remedied within 14 days or is not capable of being remedied, pay adequate monetary compensation to the Non-Defaulting Joint Venturers such payment to be made within 7 days of receipt of notification of the amount of compensation payable as determined under this agreement. (b) The Joint Venturers must agree in writing the amount of adequate monetary compensation to be paid by the Defaulting Joint Venturer under this clause. If the Joint Venturers have not reached agreement within 14 days after the date on which notice of default is given, that amount must be determined by an Expert appointed under this agreement, who must make such determination within 30 days of his or her appointment. (c) On agreement or determination of the amount of adequate monetary compensation under this clause, that amount, and any interest and costs payable or reimbursable under this agreement, becomes Unpaid Monies due under this agreement.

Breach Default Event to be remedied. (a) The Manager JV Company or any Non-Defaulting Joint Venturer may at any time after a Breach Default Event occurs serve a written notice on the Defaulting Joint Venturer specifying the nature of the Breach Default Event and requiring it to be remedied. The Defaulting Joint Venturer must then: (i) if the Breach Default Event is capable of being remedied, remedy the default within 14 30 days of its receipt of the notice of default; or (ii) if the Breach Default Event is not remedied within 14 30 days or is not capable of being remedied, pay adequate monetary compensation to the Non-Defaulting Joint Venturers such payment to be made within 7 days of receipt of notification of the amount of compensation payable as determined under this agreementagreement unless the matter is a Breach Default Event which arises from an Insolvency Event in which case the provisions of clause 17.6 will apply. (b) The Other than in relation to a Breach Default Event which arises from an Insolvency Event, the Joint Venturers must agree in writing to the amount of adequate monetary compensation to be paid by the Defaulting Joint Venturer under this clause. If the Joint Venturers have not reached agreement within 14 30 days after the date on which notice of default is given, that amount must be determined by an Expert appointed under clause 24 of this agreement, who must make such determination within 30 60 days of his or her appointment. (c) On agreement or determination of the amount of adequate monetary compensation under this clause, that amount, and any interest and costs payable or reimbursable under this agreement, becomes Unpaid Monies due under this agreementagreement after 7 days.