Common use of Occurrence of Default Clause in Contracts

Occurrence of Default. As soon as possible and in any event within ten days after a Responsible Officer of either Borrower shall obtain actual knowledge of the occurrence of a Default continuing on the date of such statement, a statement of the chief financial officer of such Borrower setting forth details of such Default and the action that such Borrower has taken and proposes to take with respect thereto.

Occurrence of Default. As soon as possible and in any --------------------- event within ten five days after a Responsible Officer of either the Borrower shall obtain actual knowledge of the occurrence of a Default continuing on the date of such statement, a statement of the chief financial officer of such the Borrower setting forth details of such Default and the action that such the Borrower has taken and proposes to take with respect thereto.