Common use of Notification of Concessionaire Default Clause in Contracts

Notification of Concessionaire Default. As soon as reasonably practicable on, and, in any event, within 2 (two) days of, it becoming aware of the occurrence of a Concessionaire Default or an event which is likely to result in the occurrence of a Concessionaire Default, the Concessionaire shall notify Transnet of such Concessionaire Default or potential Concessionaire Default and will provide Transnet with full details of any steps which it is taking, or is considering taking, in order to remedy or mitigate the effect of such Concessionaire Default or potential Concessionaire Default or otherwise in connection therewith. The Concessionaire shall take such action or steps as Transnet may reasonably require in order to remedy or mitigate the effect of any Concessionaire Default or potential Concessionaire Default.