Common use of Termination of Default Clause in Contracts

Termination of Default. The Default will be terminated, and the full rights of the‌ defaulting Party restored when: (i) the Default has been cured and all costs incurred by the non- defaulting Parties resulting from the Default of the defaulting Party, including monies placed by non-defaulting Parties into Make-up Reclamation Trust Funds and expended by the Trustee, have been reimbursed in full by the defaulting Party, with interest thereon at the Prime Rate plus two percent (2%) per annum or the maximum legal rate of interest, whichever is less, from the date of payment to the date of reimbursement; (ii) other arrangements acceptable to the non-defaulting Parties have been made; or (iii) the defaulting Party prevails in an arbitration or other legal proceeding in which the default status of the defaulting Party is at issue.

Termination of Default. The Default will be terminated, and the full rights of the‌ the defaulting Party restored when: (i) the Default has been cured and all costs incurred by the non- defaulting Parties resulting from the Default of the defaulting Party, including monies placed by non-defaulting Parties into Make-up Reclamation Trust Funds and expended by the Trustee, have been reimbursed in full by the defaulting Party, with interest thereon at the Prime Rate plus two percent (2%) per annum or the maximum legal rate of interest, whichever is less, from the date of payment to the date of reimbursement; (ii) other arrangements acceptable to the non-defaulting Parties have been made; or (iii) the defaulting Party prevails in an arbitration or other legal proceeding in which the default status of the defaulting Party is at issue.