A "Notice of Default" is sent in relation with a loan by a lender (or for a Syndicated loan, by the Security agent), or in relation with a Bond by the Bond trustee, to the borrower/issuer which is in default under one or several contractual obligations, such as the full and punctual payment of Principal due and interests. A Notice of Default is sent following an "Event of Default".

(See Chapter 46 Mergers and Demergers of the Vernimmen)

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