Common use of Defaulting Participant’s Cure Clause in Contracts

Defaulting Participant’s Cure. After a failure to make a payment required by subparagraph 3(B), a Defaulting Participant may cure such failure by paying to BNPPLC all or part of such payment and interest thereon at the Late Payment Rate. In no event, however, will any such failure by a Defaulting Participant be considered cured before BNPPLC has effectively recovered the payment, together with such interest, either by reason of payments made to BNPPLC by the Defaulting Participant or by BNPPLC’s exercise of other remedies as provided in subparagraph 4(A)(1)(a) or subparagraph 4(B).