Common use of Potential Default Clause in Contracts

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. (b) The parties acknowledge that they will have no rights against any party for failing to provide a notice required under Clause 3.1(e) or Clause 3.2(c).

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 shall be obligated to take any action or agree to any arrangement as a consequence of a Potential Default. (b) The parties acknowledge that they will shall have no rights against any party for failing to provide a notice required under Clause 3.1(e) or Clause 3.2(c).