Common use of Wilful Default Clause in Contracts

Wilful Default. If a Wilful Default occurs in respect of a Participant (the "Defaulting Participant"), then: (a) where the Wilful Default is not the occurrence of an Insolvency Event, and the Defaulting Participant fails to rectify the default within 10 Business Days (or such longer period agreed by the Principal's Representative, acting reasonably) after the other Participants have notified it in writing that they require the default to be rectified (such notice to be marked "Notice of Wilful Default"); or (b) where the Wilful Default is the occurrence of an Insolvency Event, the other Participants may, without prejudice to any other rights or remedies they may have under this Agreement or otherwise: (c) in the case that the Defaulting Participant is an NOP, do either or both of the following: (i) wholly or partly suspend any payment due to the Defaulting Participant until the default has been remedied; and/or (ii) by joint written notice, exclude the Defaulting Participant from further participation in the performance of the Alliance Activities; or (d) in the case that the Defaulting Participant is TfNSW, do either or both of the following by joint written notice to TfNSW: (i) wholly or partly suspend the Alliance Activities until the default has been remedied; and/or (ii) terminate this Agreement.

Wilful Default. If a Wilful Default occurs in respect of a Participant (the "Defaulting Participant"), then: (a) where the Wilful Default is not the occurrence of an Insolvency Event, and the Defaulting Participant fails to rectify the default within 10 Business Days (or such longer period agreed by the Principal's Representative, acting reasonably) after the other Participants have notified it in writing that they require the default to be rectified (such notice to be marked "Notice of Wilful Default"); or (b) where the Wilful Default is the occurrence of an Insolvency Event, the other Participants may, without prejudice to any other rights or remedies they may have under this Agreement or otherwise: (c) in the case that the Defaulting Participant is an NOP, do either or both of the following: (i) wholly or partly suspend any payment due to the Defaulting Participant until the default has been remedied; and/or (ii) by joint written notice, exclude the Defaulting Participant from further participation in the performance of the Alliance Activities; or (d) in the case that the Defaulting Participant is TfNSWTIDC, do either or both of the following by joint written notice to TfNSWTIDC: (i) wholly or partly suspend the Alliance Activities until the default has been remedied; and/or (ii) terminate this Agreement.