Performance by Either Party Sample Clauses

Performance by Either Party. 14.1 A party shall be deemed to be in default hereunder if any of the following events occur (each of the following events to be referred to as an "Event of Default", the party in default to be referred to as the "Defaulting Party" and the party not in default to be referred to as the "Non-Defaulting Party"): (a) a party fails to make a payment as required by any provision of this Agreement including failure to pay an indemnity amount required to be paid pursuant to the terms of this Agreement (a "Payment Default"); (b) a party fails to perform any of its obligations under section 4 of this Agreement or fails to perform any other material obligation imposed upon such party under this Agreement (which, for greater certainty, shall not include obligations resulting in a Payment Default if not performed) (each such event being a " Performance Default"); or 14.2 In the event of an Event of Default, the following process shall be followed: (a) If a party claims that there has been a Payment Default or Performance Default committed by or affecting the other party, the party making the claim shall give to the party alleged to be in default a notice (hereinafter referred to as the "Notice of Default"). The Notice of Default shall specify and provide particulars of the alleged Event of Default. (b) In the event the alleged Event of Default is capable of being remedied, the party alleged to be in default shall: (i) have a cure period of thirty (30) days after receipt of the Notice of Default with respect to a Payment Default, (ii) subject to sections 14.2(b)(iii) and 14.2(c), have a cure period of Thirty (30) days after receipt of the Notice of Default with respect to a Performance Default, or (iii) if a Performance Default is such that it cannot be reasonably remedied within Thirty (30) days after receipt of the Notice of Default, have a reasonable period of time to cure the Performance Default provided that the Defaulting Party promptly commences anddiligently continues thereafter to remedy the Event of Default. (c) If before the expiry of the later of the cure period (if any) referred to in section 14.2(b) or the time to cure specified in the Notice of Default the Defaulting Party cures the Event of Default, the Default Notice shall be inoperative and the Defaulting Party shall lose no rights hereunder. 14.3 If a Notice of Default has been given and the party alleged to be in default does not cure or remedy the Event of Default in the manner contemplated by secti...