Common use of Notice of Default and Certain Events Clause in Contracts

Notice of Default and Certain Events. Briar and the Holders of Subordinated Indebtedness shall undertake in good faith to notify the other of the occurrence of any of the following as applicable: (a) the obtaining of actual knowledge of the occurrence of any default under the Subordinated Lender Agreements, or any of them; (b) the acceleration of any Subordinated Indebtedness by any Holder of Subordinated Indebtedness; (c) the granting by Briar of any waiver of any Event of Default under the Loan Agreement or the granting by any Holder of Subordinated Indebtedness of any waiver of any "default" or "event of default" under the Subordinated Lender Agreements; or (d) The payment in full by the Company (whether as a result of refinancing or otherwise) of all Briar Obligations. The failure of any party to give such notice shall not affect the subordination of the Subordinated Indebtedness as provided in this Agreement.

Notice of Default and Certain Events. Briar Bank and the Holders of Subordinated Indebtedness Lender shall undertake in good faith to notify the other of the occurrence of any of the following as applicable: (a) the obtaining of actual knowledge of the occurrence of any default under the Subordinated Lender Agreements, or any of themNote; (b) the acceleration of any Senior Indebtedness by Bank or of any Subordinated Indebtedness by any Holder of Subordinated IndebtednessLender; (c) the granting by Briar Bank of any waiver of any Event of Default under the Loan Agreement or the granting by any Holder of Subordinated Indebtedness Lender of any waiver of any "“default" ” or "“event of default" ” under the Subordinated Lender Lending Agreements; or; (d) The the payment in full by the Company (whether as a result of refinancing or otherwise) of all Briar ObligationsSenior Indebtedness; or (e) the sale or liquidation of, or realization upon, the Collateral other than collection of Receivables in the ordinary course of business. The failure of any party to give such notice shall not affect the subordination of the Subordinated Indebtedness or the relative Lien priorities as provided in this Agreement.

Notice of Default and Certain Events. Briar The Agent, the Senior Lenders and the Holders of Subordinated Indebtedness Lender shall undertake in good faith to notify the other of the occurrence of any of the following as applicable: (a) the obtaining of actual knowledge of the occurrence of any default under the Subordinated Lender Agreements, or any of themLending Agreement; (b) the acceleration of any Senior Indebtedness by the Agent and the Senior Lenders or of any Subordinated Indebtedness by any Holder of the Subordinated IndebtednessLender; (c) the granting by Briar the Agent and the Senior Lenders of any waiver of any Event of Default under the Loan Credit Agreement or the granting by any Holder of the Subordinated Indebtedness Lender of any waiver of any "default" or "event of default" under the Subordinated Lender AgreementsLending Agreement; or (d) The the payment in full by the Company (whether as a result of refinancing or otherwise) of all Briar ObligationsSenior Indebtedness. The failure of any party to give such notice shall not affect the subordination of the Subordinated Indebtedness as provided in this Subordination Agreement.

Notice of Default and Certain Events. Briar Senior Lender and the Holders of Subordinated Indebtedness shall undertake in good faith to notify the other of the occurrence of any of the following as applicable: (ai) the obtaining of actual knowledge of the occurrence of any default under any of the Subordinated Lender Lending Agreements, or any of them; (bii) the acceleration of any Senior Indebtedness by Senior Lender or of any Subordinated Indebtedness by any Holder of Subordinated Indebtedness; (ciii) the granting by Briar Senior Lender of any waiver of any Event of Default under the Loan Agreement or the granting by any Holder of Subordinated Indebtedness of any waiver of any "default" or "event of default" under any of the Subordinated Lender Lending Agreements; or; (div) The the payment in full by the Company (whether as a result of refinancing or otherwise) of all Briar ObligationsSenior Indebtedness; or (v) the sale or liquidation by Senior Lender of, or realization upon, any of the Subordinated Lender Collateral. The failure of any party to give such notice shall not affect the subordination of the Subordinated Indebtedness or the relative Lien priorities as provided in this Agreement.

Notice of Default and Certain Events. Briar Agent and the Holders of Subordinated Indebtedness shall undertake in good faith to notify the other of the occurrence of any of the following as applicable: (ai) the obtaining of Of actual knowledge of the occurrence of any default or breach under the Subordinated Lender Agreements, or any of themPurchase Agreement; (bii) the acceleration of any Senior Indebtedness by Senior Lenders or of any Subordinated Indebtedness by any Holder of Subordinated Indebtedness; (ciii) the granting by Briar Senior Lenders of any waiver of any Event of Default under the Loan Agreement or the granting by any Holder of Subordinated Indebtedness of any waiver of any "default" or "event of default" under the Subordinated Lender AgreementsPurchase Agreement; or (div) The payment in full by the Company (whether as a result of refinancing or otherwise) of all Briar ObligationsSenior Indebtedness. The failure of any party to give such notice shall not affect the subordination of the Subordinated Indebtedness as provided in this Subordination Agreement.

Notice of Default and Certain Events. Briar The Senior Lender and the Holders of Subordinated Indebtedness shall undertake in good faith to notify the other of the occurrence of any of the following following, as applicable: (a) the obtaining of actual knowledge of the occurrence acceleration of any default under Senior Indebtedness by the Subordinated Senior Lender Agreements, or any of them; (b) the acceleration of any Subordinated Indebtedness by any Holder of Subordinated Indebtedness; (cb) the granting by Briar of any waiver of any Event of Default under the Loan Agreement or the granting by any Holder of Subordinated Indebtedness of any waiver of any "default" or "event of default" under the Subordinated Lender Agreements; or (d) The payment in full by the Company Borrowers (whether as a result of refinancing or otherwise) of all Briar Obligations. The Senior Indebtedness or the termination of the Credit Agreement; and (c) the taking of, or the intention to take, any extraordinary actions by the Senior Lender with respect to the collateral securing any Liens of the Senior Lender; provided that in such event, the Subordinated Lenders' counsel, rather than Subordinated Lender, shall be notified PROVIDED that the failure of any party to give any such notice shall not affect the subordination of the Subordinated Indebtedness as provided in this AgreementSubordination Agreement or the other rights of the parties hereto.

Notice of Default and Certain Events. Briar Agent and the Holders of Subordinated Indebtedness Lienholder shall undertake in good faith to notify the other of the occurrence of any of the following as applicable: (a) the obtaining of actual knowledge of the occurrence of any default under the Subordinated Lender Agreements, or any of themLienholder Agreement; (b) the acceleration of any Senior Indebtedness or of any of the indebtedness payable under the Subordinated Indebtedness by any Holder of Subordinated IndebtednessLienholder Agreements; (c) the granting by Briar Lenders and/or Agent of any waiver of any Event of Default under the Loan Agreement or the granting by any Holder of Subordinated Indebtedness Lienholder of any waiver of any "“default" ” or "“event of default" ” under the Subordinated Lender Lienholder Agreements; or; (d) The the payment in full by the Company Credit Parties (whether as a result of refinancing or otherwise) of all Briar ObligationsSenior Indebtedness; or (e) the sale or liquidation of, or realization upon, the Collateral. The failure of any party to give such notice shall not affect the subordination of the Subordinated Indebtedness relative Lien priorities as provided in this Agreement.

Notice of Default and Certain Events. Briar and the Holders of Subordinated Indebtedness shall undertake in good faith to notify the other of the occurrence of any of the following as applicable: (a) the obtaining of actual knowledge of the occurrence of any default under the Subordinated Lender AgreementsNotes, or any of them; (b) the acceleration of any Subordinated Indebtedness by any Holder of Subordinated Indebtedness; (c) the granting by Briar of any waiver of any Event of Default under the Loan Agreement or the granting by any Holder of Subordinated Indebtedness of any waiver of any "default" or "event of default" under the Subordinated Lender Agreements; or (d) The payment in full by the Company (whether as a result of refinancing or otherwise) of all Briar Obligations. The failure of any party to give such notice shall not affect the subordination of the Subordinated Indebtedness as provided in this Agreement.

Notice of Default and Certain Events. Briar The Company shall undertake to notify each of the Agent and the Holders of Subordinated Indebtedness shall undertake in good faith to notify the other Indebtedness, as applicable, of the occurrence of any of the following as applicableevents: (a) a. the obtaining of actual knowledge of the occurrence of any default under the Subordinated Lender Agreements, or any of themNote; (b) b. the acceleration of any Senior Indebtedness by Agent or of any Subordinated Indebtedness by any Holder of Subordinated Indebtedness; (c) the granting by Briar of any waiver of any Event of Default under the Loan Agreement or c. the granting by any Holder of Subordinated Indebtedness of any waiver of any "“default" ” or "“event of default" ” under the Subordinated Lender Lending Agreements; or (d) The d. the payment in full by the Company (whether as a result of refinancing or otherwise) of all Briar ObligationsSenior Indebtedness. The failure of any party the Company to give such notice shall not affect the subordination of the Subordinated Indebtedness as provided in this Agreement.

Notice of Default and Certain Events. Briar The Senior Lender and the Holders of Subordinated Indebtedness shall undertake in good faith to notify the other of the occurrence of any of the following as applicable: (a) the obtaining of actual knowledge of the occurrence of any default under the Subordinated Lender Lending Agreements, or any of them; (b) the acceleration of any Senior Indebtedness by the Senior Lender or of any Subordinated Indebtedness by any Holder of Subordinated Indebtedness; (c) the granting by Briar Senior Lender of any waiver of any Event of Default under the Loan Agreement or the granting by any Holder of Subordinated Indebtedness of any waiver of any "default" or "event of default" under the Subordinated Lender Lending Agreements; or (d) The payment in full by the Company (whether as a result of refinancing or otherwise) of all Briar ObligationsSenior Indebtedness. The failure of any party to give such notice shall not affect the subordination of the Subordinated Indebtedness as provided in this Agreement.