Common use of Remedy of Default Clause in Contracts

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 Operator or, if the Non-Defaulting Parties have paid any amounts under Article 12.115.1, 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 15.1 (ii), together with interest thereon calculated on a day-to-day basis at a rate equal to five three (53) 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.