Common use of Notice of Default or Claimed Default Clause in Contracts

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 becoming aware of the existence of a Default or an Event of Default or that the OwnerTrustee 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 OwnerTrustee Owner-Trustee and what action the Lessee is taking or proposes to take with respect thereto;