Common use of Notice of Issuer Defaults Clause in Contracts

Notice of Issuer Defaults. (a) If an Issuer Default occurs and is continuing with respect to any Series and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Bondholder of such Series as described in TIA ss.313(c) notice of such Issuer Default within ninety (90) days after it occurs (or, if it becomes known to a Responsible Officer of the Indenture Trustee after the end of such 90-day period, as soon as practicable after it becomes so known); provided that, except in the case of a default in the payment of the principal of or interest on any of the Bonds, the Indenture Trustee shall be protected in withholding such notice to the Bondholders of the affected Series for a period of no longer than 90 days if and so long as the board of directors, the executive committee or a trust committee composed of directors and/or Responsible Officers of the Indenture Trustee reasonably and in good faith determines that the withholding of such notice is in the best interest of the Bondholders of such Series.

Notice of Issuer Defaults. (a) If an Issuer Default occurs and is continuing with respect to any Series and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Bondholder of such Series as described in TIA ss.313(c) and the applicable Rating Agencies notice of such Issuer Default within ninety (90) days after it occurs (or, if it becomes known to a Responsible Officer of the Indenture Trustee after the end of such 90-day period, as soon as practicable after it becomes so known); provided that, except in the case of a default in the payment of the principal of or interest on any of the Bonds, the Indenture Trustee shall be protected in withholding such notice to the Bondholders of the affected Series for a period of no longer than 90 days if and so long as the board of directors, the executive committee or a trust committee composed of directors and/or Responsible Officers of the Indenture Trustee reasonably and in good faith determines that the withholding of such notice is in the best interest of the Bondholders of such Series.