Potential Default. The occurrence of any event or existence of any condition that, but for the giving of notice, the lapse of time, or both, would constitute an Event of Default.
Potential Default. (a) For the purposes of this clause Potential Default means any event, thing or circumstance which does not fall within the scope of clause 20 and which likely would:
Potential Default. (a) The Recipient must notify the Department immediately and provide details of any event or circumstance which does not fall within the scope of clause 17 and which is likely to result in a delay to the performance of the Project, a Milestone not being achieved within the timeframe specified in the Milestone Schedule, or give rise to a right of termination pursuant to clause 19.1 with the giving of notice or the passage of time.
Potential Default. The Recipient must notify the Department immediately and provide details of any event or circumstance which does not fall within the scope of clause 17 and which is likely to result in a delay to the performance of the Project, a Milestone not being achieved within the timeframe specified in the Milestone Schedule, or give rise to a right of termination pursuant to clause 19.1 with the giving of notice or the passage of time. The Recipient must comply with any reasonable directions of the Department and cooperate with the Department in order to avoid an actual breach or event of default under this Agreement occurring. No action taken by the parties, or directed by the Department, under this clause 19.2 will relieve the Recipient from, or alter or affect, the Recipient's liabilities or responsibilities, or the Department’s rights, under this Agreement or according to Law.
Potential Default. For the purposes of this clause Potential Default means any event, thing or circumstance which does not fall within the scope of clause 17 and which likely would: result in delay in meeting any requirement of the Project Plan; result in the Recipient not being able to achieve a Milestone within the timeframe specified in accordance with the Milestone Schedule; or give rise to a right of termination pursuant to clause 19.1 with the giving of notice or the passage of time. The Recipient must notify the Department (in the form of the template provided by the Department if required) immediately upon becoming aware of a Potential Default. If the Department becomes aware of a Potential Default either through the receipt of notice from the Recipient under clause 19.2(b) or by any other means, the Department may provide the Recipient with a written notice setting out the nature of the Potential Default (Notice of Potential Default) any extension of time permitted and any requirements the Department has in relation to the rectification of the Potential Default or reduction in scope of the Project. On receipt of a Notice of Potential Default the Recipient must remedy the Potential Default or, where the Potential Default is not capable of being remedied, prepare a plan for the Department's approval of the actions that the Recipient proposes to take to deal with the impact of the Potential Default (Potential Default Plan). If the Department is not satisfied with the Potential Default Plan or the Recipient subsequently fails to comply with the Potential Default Plan, the Department may by written notice to the Recipient, require the Recipient to immediately suspend dealings with the Funds (in whole or in part) and / or terminate this Agreement in its entirety. No action taken by the Department pursuant to this clause 19.2 will relieve the Recipient from, or alter or affect, the Recipient's liabilities or responsibilities whether under this Agreement or otherwise according to Law or prejudice the Department's rights against the Recipient whether under this Agreement or otherwise according to Law.
Potential Default use its reasonable endeavours to notify TfNSW of a Potential Default within a reasonable period after becoming aware of that Potential Default;
Potential Default use its reasonable endeavours to notify the Lessor of a Potential Default within a reasonable period after becoming aware of that Potential Default.
Potential Default. (a) Within 10 Business Days following receipt of a notice of Potential Default under Clause 3.1(e) or Clause 3.2(c), the Lessor and TfNSW must meet to discuss the Potential Default and any steps that either of them may consider reasonably necessary in the circumstances. Neither TfNSW nor the Lessor will be obligated to take any action or agree to any arrangement as a consequence of a Potential Default.
Potential Default. (a) Each Security Holder must use its reasonable endeavours to give the other Security Holder notice of a Potential Default within a reasonable period after becoming aware of that Potential Default.
Potential Default. 8 Project........................................................................8 Projects.......................................................................8
