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

Notice of Default and Certain Events. Each Secured Creditor shall send written notice to each other Secured Creditor upon the occurrence of any of the following as applicable: (a) the declaration of any default under such Secured Creditor's Documents, or the acceleration of any of such Secured Creditor's Indebtedness; or (b) the commencement of any sale or liquidation of, or realization upon, any of the Collateral. Each such notice shall be sent to each other Secured Creditor contemporaneously with the sending of such notice to Obligors if and when sent under the applicable Documents. The failure of any Secured Creditor to give such notice shall not affect the relative lien or security interest priorities or the other privileges of such Secured Creditor as provided in this Agreement or give rise to any liability.

Notice of Default and Certain Events. Each Secured Creditor shall send written notice to each other Secured Creditor upon the occurrence of any of the following as applicable: (a) the declaration of any default under such Secured Creditor's ’s Documents, or the acceleration of any of such Secured Creditor's ’s Indebtedness; or (b) the commencement of any sale or liquidation of, or realization upon, any of the Collateral. Each such notice shall be sent to each other Secured Creditor contemporaneously with the sending of such notice to Obligors a Grantor if and when sent under the applicable Documents. The failure of any Secured Creditor to give such notice shall not affect the relative lien or security interest priorities or the other privileges of such Secured Creditor as provided in this Agreement or give rise to any liability.

Notice of Default and Certain Events. Each Secured Creditor shall send written notice to each other Secured Creditor upon the occurrence of any of the following as applicable: (a) the declaration of any default under such Secured Creditor's Documents, or the acceleration of any of such Secured Creditor's Indebtedness; or (b) the commencement of any sale or liquidation of, or realization upon, any of the Collateral. Each such notice shall be sent to each other Secured Creditor contemporaneously with the sending of such notice to Obligors Obligor if and when sent under the applicable Documents. The failure of any Secured Creditor to give such notice shall not affect the relative lien or security interest priorities or the other privileges of such Secured Creditor as provided in this Agreement or give rise to any liability.