Common use of Performance of Repair and Replacement Clause in Contracts

Performance of Repair and Replacement. Subject to the terms of this Section 3.08(b) and of Section 3.08(c) below regarding cost, the repair and replacement of Equipment shall be performed by LLC until such time as Regal elects to assume this responsibility by giving written notice to LLC. If Regal assumes this responsibility to perform replacement or repair but fails to maintain the Regal Equipment at a performance level substantially similar to the LLC Equipment, then LLC shall promptly provide Regal written notice of such failure and if such failure is not cured within 30 days, LLC shall be entitled to repair, or if repair is not reasonably possible, replace such LLC Equipment not so maintained and deduct the cost of such replacement from Regal’s Theatre Access Fees.