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 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. 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 Non-Defaulting Parties have paid any amounts under Section 12.1 11.1 (d), the Non 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 12.211.2, the Defaulting Party Par- ty shall (from the day after the date on which the default is remedied) regain the right to utilise take in kind and dispose of 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 owned by the Non Non-Defaulting Parties in accordance with Section 12.3.111.3.1, during the default period.