Remedy of Default. The Defaulting Party shall have the right to remedy the Default at any time prior to forfeiture, as hereinafter provided, by payment in full to Operator or, if the Non-Defaulting Parties have paid any amounts under Article 12.1, the Non-Defaulting Parties, in proportion to the amounts so paid to them, of all amounts in respect of which the Defaulting Party is in Default, which shall include any cost of financing or interest chargeable to the Non-Defaulting Parties pursuant to Article 12.1 (ii), together with interest thereon calculated on a day-to-day basis at a rate equal to five (5) percent per annum above Base Rate from time to time from and including the due date for payment of such amounts until the actual date of payment.
Remedy of Default. The Defaulting Party shall have the right to remedy the default at any time prior to forfeiture, as hereinafter provided, by payment in full to the Operator or, if the Non Defaulting Parties have paid any amounts under Section 12.1 (d), the Non Defaulting Parties, in proportion to the amounts so paid by them, of all amounts in respect of which the Defaulting Party is in default together with interest thereon calculated at the rate of five per cent (5%) above the Cost of Funds Rate from and including the due date for payment of such amounts until the actual date of payment. If the default is remedied in accordance with this Section 12.2, the Defaulting Party shall (from the day after the date on which the default is remedied) regain the right to utilise its Percentage Interest share of Storage Capacity, but for the avoidance of doubt shall not be entitled to receive or be compensated for any Storage Capacity utilised by the Non Defaulting Parties in accordance with Section 12.3.1, during the default period.
Remedy of Default. A default by the Defaulting Owner under clause 9.1 will not be regarded as remedied unless and until:
Remedy of Default. The Defaulting Party shall have the right to remedy the default at any time prior to forfeiture, as hereinafter provided, by payment in full to the Operator or, if the Non-Defaulting Parties have paid any amounts under Article 11.1(d), the Non-Defaulting Parties, in proportion to the amounts so paid by them, of all amounts in respect of which the Defaulting Party is in default together with interest thereon calculated at the rate in effect from time to time according to the Statute concerning default of payment (Act No. 583 of 1 September 1986) from and including the due date for payment of such amounts until the actual date of payment.
Remedy of Default. The Owner may elect to remedy at any time, without notice, any default by the Operator or an Authorised Driver under this Agreement and all costs and expenses incurred by the Owner (including all legal costs and expenses) in remedying such defaults must be paid by the Operator to the Owner immediately on demand.
Remedy of Default. A Defaulting Participant will be deemed not to have remedied its default in respect of a Default Amount until the earlier of:
(a) the Defaulting Participant paying to the Operator or to the Non-defaulting Participant who paid the Default Amount the whole amount of the Default Amount and all Delay Interest accrued on the Default Amount; or
(b) the non-Defaulting Participant exercising its right under Section 10.13 to have the Defaulting Participant’s Participating Interest reduced at the Accelerated Rate.
Remedy of Default. 3.1 The Authority may by written notice to the Guarantor require the Guarantor to remedy a Default (“Remedy Notice”). Any Remedy Notice issued by the Authority shall specify the Default which the Authority requires the Guarantor to rectify. The Authority may also specify a date by which the Default must be rectified, provided that, any such date shall not be earlier than the date by which the Contractor is required to carry out the relevant duty, obligation, covenant, warranty or undertaking pursuant to the Guaranteed Services Agreement.
3.2 Upon receipt of a Remedy Notice, the Guarantor shall remedy, or procure the remedy of the Default as soon as practicable, and if a date for the rectification of the Default is specified by the Authority in the Remedy Notice, no later that the date specified.
3.3 Without prejudice to the Guarantor’s obligations under Clause 3.2, the Guarantor shall be entitled to engage a Third Party contractor (subject to the Authority’s prior written approval of any such contractor) to remedy the Default, provided that, the Guarantor shall be responsible for all acts or omissions of such contractor. The Guarantor shall indemnify and keep the Authority indemnified and hold the Authority harmless in relation to any claims made by the Third Party contractor against the Guarantor or the Authority, to the extent such claims are not a consequence of an act or omission of the Authority.
Remedy of Default. The Defaulting Party shall have the right to remedy the default by payment in full to the Financial Director of all amounts in respect of which the Defaulting Party is in default together with interest thereon calculated on a day-to-day basis at a rate which shall be five percent (5% ) per Month, from and including the due date for payment of such amounts until the actual date of payment to the Financial Director. To the extent such amounts in default shall have been paid by any non-defaulting Party pursuant to Article 24.1.2, the Financial Director shall promptly reimburse such amounts to such non-de-faulting Party together with the interest thereon. To the extent that such amounts in default may not yet have been paid by the non-defaulting Parties, interest paid by the Defaulting Party shill be settled outside the Joint Account but in related records, among the non-defaulting Parties who have so contributed, in proportion to their actual contributions in respect of the Defaulted Amount.
Remedy of Default. If:
(i) the Borrower or a Project Company fails to take out or keep in force an insurance policy;
(ii) the insurer becomes entitled to cancel or avoid an insurance policy; or
Remedy of Default. 17.3.1 The Defaulting Participant shall have the right to remedy the default at any time prior to forfeiture of its interest pursuant to clause 17.6, by payment in full to the Operator or, if the Non-Defaulting Participants have paid any amounts under clause 17.2(c), the Non-Defaulting Participants, in proportion to the amounts so paid by them, of all amounts in respect of which the Defaulting Participant is in default, together with interest thereon calculated on a day to day basis at a rate equal to the rate stipulated from time to time under the Late Payment of Commercial Debts (Interest) Xxx 0000, from and including the due date for payment of such amounts until the actual date of payment.
17.3.2 If the default is remedied in accordance with clause 17.3.1, the Defaulting Participant shall (from the day after the date on which the default is remedied) have restored to it the right to take in kind and dispose of its Percentage Interest share of Petroleum subject to any lifting procedures, but for the avoidance of doubt shall not be entitled to receive or be compensated for any Petroleum sold by the Operator on its behalf pursuant to clause 17.4 during any period in which it was in default.
