Notice of Default, etc Promptly after the Borrower knows that any Default or any Material Adverse Effect has occurred, a notice of such Default or Material Adverse Effect, describing the same in reasonable detail and the action the Borrower proposes to take with respect thereto.īorrower Default Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due.

If the Company or the lender under - the Loan and Security Agreement (as defined in the Series E Certificate of Designations) delivers notice of a Loan Default (as defined in Section 1 of the Series E Certificate of Designations) to an Investor pursuant to Section 1 of the Certificate of Designations or the Company delivers an Elective Default Notice (as defined in Section 6 of the Series E Certificate of Designations) pursuant to Section 6 of the Series E Certificate of Designations or the Company delivers a Proceeds Default Notice (as defined in Section 7 of the Series E Certificate of Designations) pursuant to Section 7 of the Series E Certificate of Designations, and in any such case there no longer exists a Loan Default, then in each such case the Company shall deliver written notice ('Loan Default Cure Notice') to each Investor within one (1) Business Day of such Loan Default no longer being in existence provided that prior to or current with the Company's delivery of a Loan Default Cure Notice to an Investor, the Company shall publicly disclose that such Loan Default no longer exists.

Default notice letter template nirtgage