Common use of Rectification Period Clause in Contracts

Rectification Period. (a) Subject to clause 26.3(b), if the Event of Default is a default referred to in clause 26.1(b), (c) or (d), upon receipt of the Default Notice, the defaulting party will have 7 Days to rectify the Event of Default (Rectification Period). (b) If the Event of Default is a default in performance of a material obligation that is not capable of being remedied, the defaulting party will have 7 Days to mitigate the effects of the default to the reasonable satisfaction of the non-defaulting party (also a Rectification Period). (c) If the Event of Default is an Insolvency Event, no rectification period applies.

Rectification Period. (a) Subject to clause 26.3(b), if the Event of Default is a default referred to in clause 26.1(b), (c) or (d), upon receipt of the Default Notice, the defaulting party will have 7 Days to rectify the Event of Default (Rectification Period).Period).‌ (b) If the Event of Default is a default in performance of a material obligation that is not capable of being remedied, the defaulting party will have 7 Days to mitigate the effects of the default to the reasonable satisfaction of the non-defaulting party (also a Rectification Period).Period).‌ (c) If the Event of Default is an Insolvency Event, no rectification period applies.

Rectification Period. (a) Subject to clause 26.3(b25.3(b), if the Event of Default is a default referred to in clause 26.1(b25.1(b), (cd) or (de), upon receipt of the Default Notice, the defaulting party will have 7 Days to rectify the Event of Default (Rectification Period). (b) If the Event of Default is a default in performance of a material obligation that is not capable of being remedied, the defaulting party will have 7 Days to mitigate the effects of the default to the reasonable satisfaction of the non-defaulting party (also a Rectification Period). (c) If the Event of Default is a default referred to in clause 25.1(c) or an Insolvency Event, no rectification period Rectification Period applies.