Common use of Compliance and Default Clause in Contracts

Compliance and Default. Borrower shall promptly notify Administrative Agent in writing of any failure by any Person to perform any material obligation under any Lease, any event or condition which would permit a tenant to terminate or cancel a Lease, or any notice given by a tenant with respect to the foregoing, specifying in each case the action Borrower has taken or will take with respect thereto.

Compliance and Default. Borrower shall promptly notify Administrative Agent in writing of any failure by any Person party to perform any material obligation under any Commercial Lease, any event or condition which would permit a tenant Tenant to terminate or cancel a Commercial Lease, or any notice given by a tenant Tenant with respect to the foregoing, specifying in each case the action Borrower has taken or will take with respect thereto.