Common use of DEFAULT 6 Clause in Contracts

DEFAULT 6. 1 If Boral Energy fails to pay any of the costs at the times required under this Agreement then Indo-Pacific and/or Moondance may after giving Boral Energy 14 days notice to remedy the default, pay such costs and recover the sum (if applicable) not so paid as a liquidated debt, together with interest on the amount outstanding at the rate charged from time to time by Indo-Pacific's or Moondance's bankers on overdrafts in excess of $100,000 such interest being calculated on a daily basis from the date of payment by Indo-Pacific or Moondance until the date of recovery from Boral Energy, capitalised on the last day of each month.