Common use of Knowledge; Delivery of Default Notice Clause in Contracts

Knowledge; Delivery of Default Notice. Subordinated Lender shall not at any time be charged with knowledge of any Event of Default under the Senior Lending Agreements or on such account be prohibited from receiving or retaining any payment of monies or from taking any action regarding acceleration or the exercise of remedies, unless and until Subordinated Lender shall have received the Default Notice; provided, however, any “default” or “event of default” under the Subordinated Note and/or Subordinated Lending Agreements shall automatically constitute an Event of Default under the Senior Lending Agreements so that payments received by Subordinated Lender following any such occurrence shall not be retained irrespective of the lack of receipt by Subordinated Lender of a Default Notice, unless the Event of Default is waived by such Holder of Subordinated Indebtedness or satisfied or cured by Company. Each Default Notice shall be deemed to be properly given by Bank or other holder of Senior Indebtedness to Subordinated Lender if such Default Notice is delivered in accordance with Section 4.10 hereof.

Knowledge; Delivery of Default Notice. Subordinated Lender shall not at any time be charged with knowledge of any Event of Default under the Senior Lending Agreements (except to the extent Subordinated Lender is the Guarantor and such Event of Default arises from a default by the Guarantor under any of the Loan Documents, in which event Subordinated Lender shall be charged with knowledge thereof) or on such account be prohibited from receiving or retaining any payment of monies or from taking any action regarding acceleration or the exercise of remedies, unless and until Subordinated Lender shall have received the Default Notice; provided, however, any “default” or “event of default” under the Subordinated Note and/or Subordinated Lending Agreements shall automatically constitute an Event of Default under the Senior Lending Agreements so that payments received by Subordinated Lender following any such occurrence shall not be retained irrespective of the lack of receipt by Subordinated Lender of a Default Notice, unless the Event of Default is waived by such Holder holder of Subordinated Indebtedness or satisfied or cured by Company. Each Default Notice shall be deemed to be properly given by Bank or other holder of Senior Indebtedness to Subordinated Lender if such Default Notice is delivered in accordance with Section 4.10 hereof.

Knowledge; Delivery of Default Notice. No Holder of any Subordinated Lender Indebtedness shall not at any time be charged with knowledge of any Event of Default under the Senior Lending Agreements or on such account be prohibited from receiving or retaining any payment of monies or from taking any action regarding acceleration or the exercise of remedies, unless and until Subordinated Lender such holder shall have received the Default Notice; provided, however, any “"default” " or “"event of default” " under the Subordinated Note Notes and/or Subordinated Lending Agreements shall automatically constitute an Event of Default under the Senior Lending Agreements so that payments received by any Holder of Subordinated Lender Indebtedness following any such occurrence shall not be retained irrespective of the lack of receipt by Subordinated Lender such holder of a Default Notice, unless the Event of Default is waived by such Holder of Subordinated Indebtedness or satisfied or cured by Company. Each Default Notice shall be deemed to be properly given by Bank or other holder of Senior Indebtedness to Holders of Subordinated Lender Indebtedness if such Default Notice is delivered in accordance with Section 4.10 hereof; provided, however, that each and every additional or subsequent Holder of Subordinated Indebtedness shall be entitled to deliver written notice to Bank of its name and address and of its status as such a Holder of Subordinated Indebtedness, and upon delivery of such notice said holder shall also be entitled to receive Default Notices and to have the benefit of the provisions of this paragraph.

Knowledge; Delivery of Default Notice. No Holder of Subordinated Lender Indebtedness shall not at any time be charged with knowledge of any Event of Default under the Senior Lending Agreements events described in Section 2.2(a) hereof or on such account be prohibited from receiving or retaining any payment of monies or from taking any action regarding acceleration or the exercise of remedies, unless and until Subordinated Lender shall have received the Default Notice; provided, however, any “default” or “event of default” under the Subordinated Note and/or Subordinated Lending Agreements shall automatically constitute an Event of Default under the Senior Lending Agreements so that payments received by Subordinated Lender following any such occurrence shall not be retained irrespective of the lack of receipt by Subordinated Lender of a Default Notice, unless the Event of Default is waived by such Holder of Subordinated Indebtedness or satisfied or cured by Companyhas received a Default Notice. Each Default Notice shall be deemed to be properly given by Bank or other holder Senior Lender to the Holders of Senior Subordinated Indebtedness to Subordinated Lender if such Default Notice is delivered in accordance with Section 4.10 10.3 hereof; PROVIDED, HOWEVER, that each and every additional or subsequent Holder of Subordinated Indebtedness shall deliver written notice to Senior Lender of its name and address and the other information set forth under Section 10.3. Prior to delivery of such notice each such additional and subsequent Holder of Subordinated Indebtedness shall be deemed to receive any Default Notice at the time any other Holder of Subordinated Indebtedness receives such Default Notice.