Contents of Termination Notice. A Termination Notice shall specify:- (1) the nature of the relevant Event of Default; (2) a date and time, which shall be reasonable in the circumstances, on which termination is to take effect; (3) where the relevant Event of Default is capable of remedy:- (a) the steps reasonably required to remedy the Event of Default; and (b) a reasonable grace period within which such steps may be taken (where the Event of Default is a failure of either party to pay any amount due to the other, 14 days from the service of the Termination Notice shall be a reasonable grace period).
Appears in 6 contracts
Samples: Track Access Agreement (Passenger Services), Track Access Agreement, Track Access Agreement (Passenger Services)
