Common use of Notice on the happening of an Event of Default Clause in Contracts

Notice on the happening of an Event of Default. If any Event of Default or any event which, after notice or lapse of time or both would constitute an Event of Default shall have happened, the Borrower shall forthwith give the Lender notice thereof in writing specifying such Event of Default, or such event, which after notice or lapse of time or both would constitute an Event of Default. However, irrespective of whether or not any such notice is given by the Borrower to the Lender and/or received by the Lender, the Lender’s determination on the occurrence of an Event of Default shall be final and binding on the Borrower and this Clause 11.2 is and shall be without prejudice to Clause 11.3 (Consequences of an Event of Default) hereof.

Notice on the happening of an Event of Default. If any Event of Default or any event which, after notice or lapse of time or both would constitute an Event of Default shall have happened, the Borrower Borrower/s shall forthwith give the Lender Bank notice thereof in writing specifying such Event of Default, or such event, which after notice or lapse of time or both would constitute an Event of Default. However, irrespective of whether or not any such notice is given by the Borrower Borrower/s to the Lender Bank and/or received by the LenderBank, the LenderBank’s determination on the occurrence of an Event of Default shall be final and binding on the Borrower Borrower/s and this Clause 11.2 9.2 is and shall be without prejudice to Clause 11.3 9.3 (Consequences of an Event of Default) hereof.