Default and Cure. If a party (the “Defaulting Party”) fails to comply with any material term or condition of this Agreement, the other party (the “Non-Defaulting Party”) may provide written notice to the Defaulting Party stating the nature of such failure (the “Default Notice”). If the Default Notice relates to (i) a failure by the Defaulting Party to pay any amount due and payable to the Non-Defaulting Party and the Defaulting Party fails to pay such sum within 15 days after receipt of the Default Notice or (ii) a failure by Defaulting Party to comply with any material term or condition of this Agreement, other than the payment of money hereunder and other than as provided in Section 9.3 above, and such failure is not cured within 30 days after the Defaulting Party’s receipt of the Default Notice, or in the event of a cure which requires in excess of 30 days to complete, if the Defaulting Party has not commenced such cure within such 30 day period and thereafter does not diligently prosecute the cure to completion, the Non-Defaulting Party shall be entitled to either suspend or terminate this Agreement without limitation (subject to Sections 9.3 and 11.3) with respect to its other available remedies. Notwithstanding the foregoing, in the event Seller is in breach of this Agreement because of its failure to supply, or cause to be supplied, Cement to one or more Buyer Plants, Buyer shall be entitled to terminate this Agreement in accordance with this Section 11.1 as a result of such breach only with respect to the Buyer Plant or Buyer Plants that are the subject of such breach.
Appears in 1 contract
Sources: Purchase Agreement (Forterra, Inc.)
Default and Cure. If a party (the “Defaulting Party”) fails to comply with any material term or condition of this Agreement, the other party (the “Non-Defaulting Party”) may provide written notice to the Defaulting Party stating the nature of such failure (the “Default Notice”). If the Default Notice relates to (i) a failure by the Defaulting Party to pay any amount due and payable to the Non-Defaulting Party and the Defaulting Party fails to pay such sum within 15 days after receipt of the Default Notice or (ii) a failure by Defaulting Party to comply with any material term or condition of this Agreement, other than the payment of money hereunder and other than as provided in Section 9.3 above, and such failure is not cured within 30 days after the Defaulting Party’s receipt of the Default Notice, or in the event of a cure which requires in excess of 30 days to complete, if the Defaulting Party has not commenced such cure within such 30 day period and thereafter does not diligently prosecute the cure to completion, the Non-Defaulting Party shall be entitled to either suspend or terminate this Agreement without limitation (subject to Sections 9.3 and 11.3) with respect to its other available remedies. Notwithstanding the foregoing, in the event Seller is in breach of this Agreement because of its failure to supply, or cause to be supplied, Cement Aggregates to one or more Buyer Plants, Buyer shall be entitled to terminate this Agreement in accordance with this Section 11.1 as a result of such breach only with respect to the Buyer Plant or Buyer Plants that are the subject of such breach.
Appears in 1 contract
Sources: Purchase Agreement (Forterra, Inc.)
Default and Cure. If a party (the “Defaulting Party”) fails to comply with any material term or condition of this Agreement, the other party (the “Non-Defaulting Party”) may provide written notice to the Defaulting Party stating the nature of such failure (the “Default Notice”). If the Default Notice relates to (i) a failure by the Defaulting Party to pay any amount due and payable to the Non-Defaulting Party and the Defaulting Party fails to pay such sum within 15 days after receipt of the Default Notice or (ii) a failure by Defaulting Party to comply with any material term or condition of this Agreement, other than the payment of money hereunder and other than as provided in Section 9.3 abovehereunder, and such failure is not cured within 30 days after the Defaulting Party’s receipt of the Default Notice, or in the event of a cure which requires in excess of 30 days to complete, if the Defaulting Party has not commenced such cure within such 30 day period and thereafter does not diligently prosecute the cure to completion, the Non-Defaulting Party shall be entitled to either suspend or terminate this Agreement without limitation (subject Agreement. If the default arises from a failure of Buckeye to Sections 9.3 and 11.3) with respect to its other available remedies. Notwithstanding the foregoing, in the event Seller is in breach of this Agreement because of its failure to supply, or cause to be supplied, Cement to one or more Buyer Plants, Buyer shall be entitled to terminate this Agreement deliver Products in accordance with the terms of this Section 11.1 Agreement, RMI (without prejudice to other rights and remedies) may in its sole discretion purchase substitute aggregates from other sources unless and until the default is cured as a result of such breach only with respect to the Buyer Plant or Buyer Plants that are the subject of such breachprovided herein.
Appears in 1 contract