Common use of Notice of Indenture Event of Default Clause in Contracts

Notice of Indenture Event of Default. Promptly after the Owner Participant has Actual Knowledge that any Indenture Event of Default attributable to the Owner Participant has occurred and is continuing, the Owner Participant shall deliver to the Indenture Trustee and the Lessee a notice of such Indenture Event of Default describing the same in reasonable detail and, together with such notice or as soon thereafter as possible, a description of the action that the Owner Participant has taken, is taking and proposes to take with respect thereto; provided that the Owner Participant shall not have any liability nor shall any Person have any rights as a result of any failure to provide such notice.