Common use of Remedy of Default Clause in Contracts

Remedy of Default. A Defaulting Participant will be deemed not to have remedied its default in respect of a Default Amount until the earlier of: (a) the Defaulting Participant paying to the Operator or to the Non-defaulting Participant who paid the Default Amount the whole amount of the Default Amount and all Delay Interest accrued on the Default Amount; or (b) the non-Defaulting Participant exercising its right under Section 10.13 to have the Defaulting Participant’s Participating Interest reduced at the Accelerated Rate.‌

Remedy of Default. A Defaulting Participant will be deemed not to have remedied its default in respect of a Default Amount until the earlier of: (a) the Defaulting Participant paying to the Operator or to the Non-defaulting Participant who paid the Default Amount the whole amount of the Default Amount and all Delay Interest accrued on the Default Amount; or (b) the non-Defaulting Participant exercising its right under Section 10.13 to have the Defaulting Participant’s Participating Interest reduced at the Accelerated Rate.‌Rate.