Notice of Default or Claimed Default Clause Samples
The Notice of Default or Claimed Default clause establishes the requirement for one party to formally notify the other if they believe a default or breach of contract has occurred. Typically, this involves sending a written notice that specifies the nature of the alleged default and may outline a period for the defaulting party to remedy the issue. This clause ensures that both parties are clearly informed of any potential breaches, providing an opportunity to address and resolve issues before more severe consequences, such as termination or legal action, are pursued.
Notice of Default or Claimed Default. Furnish to the Agent (a) immediately upon becoming aware of any Default or Event of Default, 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; (b) immediately upon becoming aware that the holder of any other Indebtedness issued or assumed by the Company or any Subsidiary, or the lessor under any lease as to which the Company or any Subsidiary is the lessee, has given notice or has taken any action with respect to a claimed default thereunder, or under any agreement under which any such Indebtedness was issued or secured, a written notice specifying the notice given or action taken, the nature of the claimed default and what action the Company is taking or proposes to take with respect thereto; (c) immediately upon receipt, copies of any correspondence, notice, pleading, citation, indictment, complaint, order, decree or other document from any governmental authority or court asserting or alleging a circumstance or condition which requires or may require a financial contribution by the Company or a cleanup, removal, remedial action or other response by or on the part of the Company or any Subsidiary under Environmental Laws or which seeks damages or civil, criminal or punitive penalties from the Company or any Subsidiary for an alleged violation of Environmental Laws which, in any such case, is likely to have a material adverse effect on the financial condition or business operations of the Company or any Subsidiary; and (d) written notice of any condition or event which would make the warranties contained in section 3 inaccurate, as soon as the Company becomes aware of such condition or event.
Notice of Default or Claimed Default. Promptly upon (and in any event within five (5) business days following) any officer of the Company obtaining Knowledge (A) of any condition or event which constitutes an event of default or default (including, without limitation, by way of cross-default) under any Indebtedness having a principal amount of at least $5 million, (B) that the holder of any Indebtedness has given any written notice or taken any other action with respect to a claimed condition or event which constitutes such an event of default or default or (C) that any Person has given any written notice to the Company or any of its Subsidiaries or taken any other action with respect to a claimed default under an agreement (other than Indebtedness included in clause (A) of this Section 6.4(a)(v)) or other obligation having total consideration to the parties of at least $1 million, an officer's certificate describing the same and the period of existence thereof and what action the Company has taken, is taking and proposes to take with respect thereto.
Notice of Default or Claimed Default. Furnish to the Agent (a) immediately upon becoming aware of any Default or Event of Default, 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; (b) immediately upon becoming aware that the holder of any other Indebtedness issued or assumed by the Company, or the lessor under any lease as to which the Company is the lessee, has given notice or has taken any action with respect to a claimed default thereunder, or under any agreement under which any such Indebtedness was issued or secured, a written notice specifying the notice given or action taken, the nature of the claimed default and what action the Company is taking or proposes to take with respect thereto; (c) immediately upon receipt, copies of any correspondence, notice, pleading, citation, indictment, complaint, order, decree or other document from any source asserting or alleging a circumstance or condition which requires or may require a financial contribution by the Company or a cleanup, removal, remedial action or other response by or on the part of the Company under Environmental Laws or which seeks damages or civil, criminal or punitive penalties from the Company for an alleged violation of Environmental Laws; and (d) written notice of any condition or event which would make the warranties contained in section 3 inaccurate, as soon as the Company becomes aware of such condition or event.
Notice of Default or Claimed Default. Immediately upon a Responsible ------------------------------------- Officer of the Lessee becoming aware of the existence of a Default or an Event of Default or that the Owner Trustee has given notice or taken any other action with respect to an Event of Default or a claimed default under this Lease, or a default in the payment of the principal, premium, if any, sinking fund or interest with respect to indebtedness for borrowed money, or an event of default with respect to any indebtedness for borrowed money or in the instrument under which such indebtedness is outstanding permitting the holders thereof to accelerate the maturity thereof, a written notice specifying the nature of the Default, Event of Default, default or claimed default and any such notice given or action taken by the Owner Trustee and what action the Lessee is taking or proposes to take with respect thereto;
Notice of Default or Claimed Default. Immediately upon an officer of Lessee becoming aware of the existence of a Default or an Event of Default (or that the Lessor has given notice or taken any other action with respect to an Event of Default or a claimed default under this Lease), a written notice specifying the nature of the Default, Event of Default, or claimed default any such notice given or action taken by the Lessor and what action the Lessee is taking or proposes to take with respect thereto.
Notice of Default or Claimed Default. Immediately upon becoming aware of the existence of a Default or an Event of Default or that the OwnerTrustee has given notice or taken any other action with respect to an Event of Default or a claimed default under this Lease, or a default in the payment of the principal, premium, if any, sinking fund or interest with respect to indebtedness for borrowed money, or an event of default with respect to any indebtedness for borrowed money or in the instrument under which such indebtedness is outstanding permitting the holders thereof to accelerate the maturity thereof, a written notice specifying the nature of the Default, Event of Default, default or claimed default and any such notice given or action taken by the OwnerTrustee and what action the Lessee is taking or proposes to take with respect thereto;
Notice of Default or Claimed Default. Immediately upon an ------------------------------------ officer of Lessee becoming aware of the existence of a Default or an Event of Default, a written notice specifying the nature of the Default or Event of Default and what action Lessee is taking or proposes to take with respect thereto;
Notice of Default or Claimed Default. The Company shall deliver to each holder of Notes:
(a) promptly, but in any event within three (3) Business Days of becoming aware of the existence of any condition or event which constitutes a Default or an Event of Default, 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;
(b) promptly, but in any event within three (3) Business Days of becoming aware that the holder of any Note, or of any Indebtedness of the Company or any Subsidiary, shall have given notice or taken any other action with respect to a claimed Default, Event of Default or default or event of default, a written notice specifying the notice given or action taken by such holder and the nature of the claimed Default, Event of Default or default or event of default and what action the Company is taking or proposes to take with respect thereto; and
(c) prompt notice in writing of any other development, financial or otherwise, relating specifically to the Company or any of its Subsidiaries (and not of a general economic or political nature) which could reasonably be expected to have a Material Adverse Effect.
Notice of Default or Claimed Default. Buyer shall immediately give written notice to Seller upon becoming aware of the existence of a default or an event of default, such as the filing of a petition in bankruptcy, which might reasonably have a negative impact on mining operations located on the claims. The original notice should specify the nature of the default or event of default or claims default and what action the Buyer is taking or proposes to take with respect thereto.
Notice of Default or Claimed Default. Promptly upon (and in any event within five (5) Business Days of) any officer of the Company obtaining knowledge of any condition or event which constitutes an Event of Default or Default under the Company's Senior Notes due 2003 (the "Senior Secured Notes"), or that the holder of any such Senior Secured Note has given any written notice or taken any other action with respect to a claimed condition or event which constitutes such an Event of Default or Default, or that any Person has given any written notice to the Company or any of its Subsidiaries or taken any other action with respect to a claimed default or event or condition of the type referred to in Section 12.01(e) of the Note Purchase Agreement, an officers' certificate describing the same and the period of existence thereof and what action the Company has taken, is taking and proposes to take with respect thereto.