Common use of Notice of an Event of Default Clause in Contracts

Notice of an Event of Default. If any Event of Default or any event which, after notice or lapse of time, determination of materiality or any combination of any of the foregoing would constitute an Event of Default shall have occurred, the Borrower shall forthwith give the Lender notice in writing specifying such Event of Default. However, irrespective of whether or not any such notice is given by the Borrower to the Lender and/or received by the Lender, the Lender’s determination on the occurrence of an Event of Default shall be final and binding on the Borrower and this Clause 11.2 is and shall be without prejudice to Clause 11.3 (Consequences of an Event of Default) of this Agreement.