Notice of Default by Borrower Clause Samples

The Notice of Default by Borrower clause requires the lender to formally notify the borrower if they have failed to meet their obligations under the agreement, such as missing payments or breaching covenants. Typically, this notice must specify the nature of the default and may provide the borrower with a set period to remedy the issue before further action is taken. This clause ensures that borrowers are made aware of any defaults and are given an opportunity to correct them, thereby promoting transparency and fairness in the enforcement of the agreement.
Notice of Default by Borrower. If an Event of Default (as defined in the Loan Documents) shall occur, then within five (5) days after Beacon has knowledge of such Event of Default Beacon shall furnish or cause to be furnished to Trustee a written statement describing such Event of Default.
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Notice of Default by Borrower. In the event of the occurrence of any Default or Event of Default, or in the event any Material Adverse Change occurs, Borrowers shall promptly, and in any event within five (5) Banking Business Days after actual knowledge thereof, notify Lender in writing of such occurrence.
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Related to Notice of Default by Borrower

  • Default by Borrower Upon the occurrence of any event of default under the Loan, Administrative Agent may accelerate payment under the Loan and/or under any note or notes evidencing the Loan, and shall institute such legal proceedings and take such other actions (“Enforcement Actions”) as are in its opinion necessary and appropriate to collect the Debt then due under the Loan, to enforce the security therefor, and to protect and preserve the respective rights and interests of Lender and the Participants. If Lender and Participants are unable to recover from Borrower the entire amount of fees, costs and expenses of all Enforcement Actions, then each Participant shall contribute to such portion as is not recovered from Borrower, ratably in accordance with its Participant Share.

  • Notice of Default, etc Promptly after the Borrower knows that any Default or any Material Adverse Effect has occurred, a notice of such Default or Material Adverse Effect, describing the same in reasonable detail and the action the Borrower proposes to take with respect thereto.

  • Notice of Defaults If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

  • Notice of Defaults and Events of Default As soon as possible and in any event within ten (10) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;

  • Notice of Default or Event of Default promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;