Breaches and Events of Default. 20.1 Breach of agreement: Subject to clause 20.6, if either party (the “Defaulting Party”) fails to comply with any of its obligations under this agreement the other party may notify the Defaulting Party that it is in breach of this agreement. The Defaulting Party will remedy any breach within the following timeframe:
Breaches and Events of Default. Breach of agreement: Subject to clause 20.6, if either party (the “Defaulting Party”) fails to comply with any of its obligations under this agreement the other party may notify the Defaulting Party that it is in breach of this agreement. The Defaulting Party will remedy any breach within the following timeframe: in the case of a Serious Financial Breach by the Retailer, within 2 Working Days of the date of receipt of such notice; in any other case, within 5 Working Days of the date of receipt of such notice. Distributor will exercise other remedies for Serious Financial Breaches: If the Retailer has provided acceptable security in accordance with clause 12.1(b), and the Retailer has committed a Serious Financial Breach of the type described in paragraph (a) of the definition of Serious Financial Breach, the Distributor may give notice to the Retailer under clause 20.1 and a notification under clause 20.4, but only if: the value of the acceptable security is less than the amount required to remedy the Serious Financial Breach; or the Retailer has arranged for a third party to provide acceptable security in accordance with clause 12.1(b)(ii) or 12.1(b)(iii), and the Distributor has called on the third party to make payment in accordance with clause 12.21(b), and the third party has failed to do so within 2 Working Days after receiving notice from the Distributor to do so. Failure to remedy breach is an Event of Default: If the Defaulting Party fails to remedy the breach within the relevant timeframe set out in clause 20.1: the breach is an Event of Default for the purposes of this agreement; the other party will use reasonable endeavours to speak with the Chief Executive or another senior executive of the Defaulting Party in relation to the Event of Default, and to notify him or her of the other party’s intention to exercise its rights under this clause 20; and the Defaulting Party will continue to do all things necessary to remedy the breach as soon as possible.
Breaches and Events of Default. Deleted: d Deleted: p
Breaches and Events of Default
