Continuation of Default. 12.3.1 If any Default continues for more than fifteen (15) days after the date of notification by Operator under Article 12.1(i) then, for so long as the Default so continues, the Defaulting Party shall not be entitled to Production in kind or to receive or retain the Net Pre-tax Revenue to which it would otherwise be entitled from the well to which the Defaults relates, and instead such Net Pre-tax Revenue shall be credited to the Non Defaulting Parties in the proportions in which their respective Percentage Interests bear to the total of the Percentage Interests of the Non-Defaulting Parties.
12.3.2 During the continuation of any Default, the Defaulting Party shall not be entitled to attend meetings of the Operating Committee or be entitled to vote thereat (so that the voting interest of each Party other than the Defaulting Party shall be in the proportion which its Percentage Interest bears to the total Percentage Interests of such Parties), except in relation to decisions or matters concerning any of the Licenses or previously completed Wells as to which the Default is not applicable. Notwithstanxxxx that a Defaulting Party may not be entitled to attend or vote at a meeting of the Operating Committee in relation to any particular matter, it shall be bound by decisions of the Operating Committee made during the continuation of the Default in relation to that matter. If the Default subsists for sixty (60) days after the date of notification by Operator under Article 12.1(i) and the Defaulting Party continues to hold a Percentage Interest, then from the end of such sixty (60) day period, while the Default subsists, the Defaulting Party shall grant to Operator a perfected security interest against the Defaulting Parties accounts receivable, as necessary to insure payment to the Non-defaulting Parties. Furthermore, the Defaulting Party shall have no further access to any data and information relating to the Joint Operations, except in relation to data or information concerning any of the Licenses or previously completed Wells as to which the Default is not applicable.
(i) In the event that the Default continues for more than one-hundred and fifty (150) days after the date of notification by Operator under Article 12.1(i) and such Default is material and not resulting from a good-faith dispute under this Agreement, Accounting Procedure or Turnkey contract, then each of the Non-Defaulting Parties shall have the right to have forfeited to it and to acquire the...
Continuation of Default. 40 12.4 In the event that either:......................................................................42 12.5 Exclusive Remedy...............................................................................42
Continuation of Default. 41 12.4 In the event that either:......................................................................43 12.5
Continuation of Default. If such default continues for more than 3 (three) months then:
Continuation of Default. In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Owner in this regard, the Owner may cancel the allotment of the Unit in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Owner to the Allottee within 12 (twelve) months of such cancellation or on transfer of the said Unit to any other unit acquirer. It may, however, be clarified that the balance amount shall be payable subject to the execution of the Deed of
Continuation of Default. In case of default by Allottee under the condition listed above continues for a period beyond 1 (one) month after notice from the Owner in this regard, the Owner may cancel the allotment of the Apartment in favour of the Allottee and forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottee shall, subject to second proviso below, be returned by the Owner to the Allottee within 12 (twelve) months of such cancellation or on transfer of the said Apartment to any other apartment acquirer. It may, however, be clarified that the balance amount shall be payable subject to the execution of the Deed of cancellation and this Agreement shall thereupon stand terminated.
Continuation of Default. If the Sub Lessee continues to commit such default for more than three months then, in that event, the Sub Lessor, and after them, the H.O., shall be entitled to the rents accruing from the Unit of the Sub Lessee, if the same has been let out and / or is under tenancy and/or lease.
Continuation of Default. If the Purchaser(s) continues to commit such default for more than three months then the Owner/Vendor and after them, the Association/Maintenance Authority shall be entitled to the rent accruing from the Unit of the Purchaser(s), if the same has been let out and/or under tenancy and/or lease.
Continuation of Default. 18.3.1 If a Party defaults after the commencement of commercial production and has not remedied the default by the sixth Business Day after Notice thereof from the Operator, the Defaulting Party shall not be entitled to its Participating Interest of Production which shall vest in and be the property of the Non-Defaulting Parties in the proportions which their respective Percentage Interests of Petroleum Costs bear to the total of the same, and Operator shall be authorized to sell such Petroleum, at the best price obtainable under the circumstances and, after deducting all reasonable costs, charges and expenses incurred by Operator in connection with such sale, pay the proceeds proportionately to the Non-Defaulting Parties which proceeds shall be credited against all monies advanced pursuant to Article 18.1 together with interest accrued thereon. Any surplus remaining shall be paid to the Defaulting Party, and any deficiency shall remain a debt due from the Defaulting Party to the Non-Defaulting Parties.
18.3.2 During the continuation of any default the Defaulting Party shall not be entitled to be represented at meetings of the Operating Committee or any sub-committee thereof nor to vote thereat (so that the voting interest of each Non-Defaulting Party shall be in the proportion which its Participating Interest bears to the total of the Participating Interest of all the Non-Defaulting Parties) and shall have no further access to any data and information relating to the Joint Operations. The Defaulting Party shall be bound by decisions of the Operating Committee made during the continuation of default.
Continuation of Default. After any default has continued for thirty (30) Business Days from the date of written notice of Default under Article 7.6 and for as long thereafter as the Defaulting Party remains in default on any payment due under this Agreement, the Defaulting Party shall not be entitled to vote on any matter coming before the Operating Committee during the period such default continues. Unless agreed otherwise by the Non-Defaulting Parties, the voting interest of each Non-Defaulting Party shall be in the proportion which its Participating Interest bears to the total of the Participating Interest of all the Non-Defaulting Parties. Any matter requiring unanimous vote of the Parties shall be deemed to exclude the Defaulting Party. Notwithstanding the foregoing, the Defaulting Party shall be deemed to have approved, and shall join with the Non-Defaulting Parties in taking any action to maintain and preserve the Contract.
