Common use of Default and Cure Clause in Contracts

Default and Cure. Except as set forth in Section 12.2, a party shall not be in default under this Agreement unless and until the other party provides it written notice of a material default and the first party shall have failed to cure the same within fourteen (14) calendar days after receipt of such notice; provided, however, that where a material default cannot reasonably be cured within such fourteen (14) day period, if the first party shall proceed promptly to cure the same and prosecute such curing with due diligence, the time for curing such default shall be extended for such period of time as may be necessary to complete such curing. Any event of default may be waived at the non-defaulting party’s option. Upon any failure of a party to timely cure any material default after notice thereof from the other party and expiration of the above cure periods, then the non-defaulting party may, subject to the terms of Articles XIV (Limitation of Liability); (i) take such action as the non- defaulting party deems necessary and appropriate to remedy and cure the default at the expense of the defaulting party; (ii) as to PROVIDER, suspend its performance under this Agreement in accordance with and subject to Section 12.2; (iii) as to any monetary obligation of the defaulting party, enforce payment thereof, including interest as provided herein together with reimbursement of reasonable attorney’s fees expended in the collection of the amounts due; and/or (iv) take any other action expressly authorized for such default pursuant to the terms of this Agreement.