Common use of Nonmonetary Default Clause in Contracts

Nonmonetary Default. In the case of a nonmonetary ------------------- default, the defaulting party shall have sixty (60) days after receipt of the written notice in which to effectuate a cure. If the nonmonetary default cannot be corrected within such sixty (60) day period, the defaulting party shall have an additional reasonable time in which to effectuate a cure, provided the defaulting party commences corrective action within the original sixty (60) day period and thereafter diligently prosecutes the corrective action to completion. If the defaulting party does not timely cure the breach or default within the time periods specified above, the non-defaulting party may elect to terminate this Agreement by providing written notice of such election to the defaulting party. In the event of an uncured breach or default described in Section 19.1(b) or 19.1(c), the non-breaching party, in addition to the remedies and obligations set forth in Section 19.3, shall have available to it all legal remedies available for breach of contract.