Common use of Notice of Claimed Default Clause in Contracts

Notice of Claimed Default. Immediately upon becoming aware that the holder or holders of any evidence of Obligations for Borrowed Money or Deferred Purchase Price or other security of the Lessee or any subsidiary exceeding $20,000,000 in the aggregate have given notice (or taken any other action) with respect to a claimed default, breach or event of default, a notice describing the notice given (or action taken) and the nature of the claimed default, breach, or event of default;