Common use of Notification of Defaults and Events of Default Clause in Contracts

Notification of Defaults and Events of Default. Each Acceptance Bank, Issuing Bank and Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this ss.

Notification of Defaults and Events of Default. Each Acceptance Bank, Issuing Bank and Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this ss14.10 it shall promptly notify the other Banks of the existence of such Default or Event of Default.

Notification of Defaults and Events of Default. Each Acceptance Bank, Issuing Bank and Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this ssSection 16.10 it shall promptly notify the other Banks of the existence of such Default or Event of Default.