Notice of Exchange Note Default Sample Clauses

The Notice of Exchange Note Default clause establishes the requirement for a formal notification process when a default occurs under an exchange note agreement. Typically, this clause outlines who must provide notice, the method of delivery, and the timeframe within which the notice must be sent after a default event is identified. For example, the issuer may be obligated to inform noteholders promptly if they fail to make a payment or breach a covenant. The core function of this clause is to ensure all parties are promptly and clearly informed of defaults, enabling them to take appropriate remedial actions and protecting their respective rights under the agreement.
Notice of Exchange Note Default. Within 5 Business Days after an Authorized Officer of the Borrower first has actual knowledge of the occurrence of an Exchange Note Default with respect to any Closed-End Exchange Note, the Borrower will notify the Closed-End Servicer, the Closed-End Administrative Agent, the Deal Agent and the related Exchange Noteholder of its status and what action, if any, the Borrower is taking or proposing to take with respect to such Exchange Note Default.
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Related to Notice of Exchange Note Default

  • Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  • Default Notice As soon as possible and in any event within two days after the occurrence of each Default or any event, development or occurrence reasonably likely to have a Material Adverse Effect continuing on the date of such statement, a statement of the chief financial officer of the Borrower setting forth details of such Default and the action that the Borrower has taken and proposes to take with respect thereto.