Common use of KNOWLEDGE OF DEFAULT; ETC Clause in Contracts

KNOWLEDGE OF DEFAULT; ETC. Borrower shall promptly, upon obtaining knowledge thereof, report in writing to Administrative Agent the occurrence of any Default or Potential Default. In the case of any Potential Default, such notice shall include, as applicable, the affirmative steps which Borrower has taken or intends to take during the applicable cure period in order to avoid the occurrence of a Default with respect to the subject event, circumstance or condition.

KNOWLEDGE OF DEFAULT; ETC. Each of Borrower and Operating Lessee shall promptly, upon obtaining knowledge thereof, report in writing to Administrative Agent the occurrence of any Default or Potential Default. In the case of any Potential Default, such notice shall include, as applicable, the affirmative steps which Borrower or Operating Lessee has taken or intends to take during the applicable cure period in order to avoid the occurrence of a Default with respect to the subject eventoccurrence, circumstance or condition.