Common use of Default Disclosure Clause in Contracts

Default Disclosure. (a) Borrower shall forthwith, upon a Responsible Officer of Borrower obtaining knowledge of an Event of Default or Default, promptly deliver to each Lender a certificate of a Responsible Officer specifying the nature and period of existence thereof and what action Borrower proposes to take with respect thereto. (b) Borrower shall forthwith, upon a Responsible Officer of Borrower obtaining knowledge of a Securitization Default, deliver to each Lender a certificate of a Responsible Officer specifying the nature and period of existence thereof, what action the defaulting party proposes to take with respect thereto, and what action Borrower proposes to take with respect thereto.

Default Disclosure. (a) Borrower shall forthwith, upon a Responsible Officer of Borrower obtaining knowledge of an Event of Default or Default, promptly deliver to each Lender a certificate of a Responsible Officer specifying the nature and period of existence thereof and what action Borrower proposes to take with respect thereto. (b) Borrower shall forthwith, upon a Responsible Officer of Borrower obtaining knowledge of a Securitization Default, promptly deliver to each Lender a certificate of a Responsible Officer specifying the nature and period of existence thereof, what action the defaulting party proposes to take with respect thereto, and what action Borrower proposes to take with respect thereto.