Common use of Notification of Defaults Clause in Contracts

Notification of Defaults. Each Subordinated Party shall immediately give written notice to the Agent of a default or an event of default by either Debtor under the Management Agreements with respect to the Subordinated Fees. Each Subordinated Party understands that, subject to any grace or cure period under such Subordinated Party’s agreements with the Debtors, any default by either Debtor under the Management Agreements is, automatically, an “Event of Default” of the Debtors under the Senior Debt. Nothing in this Agreement shall be interpreted to limit or restrict the right of the Agent and each Subordinated Party to waive any default under their respective documents, and each Subordinated Party agrees that any waiver by each Subordinated Party will be in writing and provided to the Agent.

Notification of Defaults. Each Subordinated Party shall immediately give written notice to the Agent of a default or an event of default by either Debtor the Debtors under the Management Agreements Agreement or with respect to the Subordinated Fees. Each Subordinated Party understands that, subject to any grace or cure period under such Subordinated Party’s 's agreements with the Debtors, any default by either Debtor the Debtors under the Management Agreements Agreement is, automatically, an “"Event of Default” " of the Debtors under the Senior Debt. Nothing in this Agreement shall be interpreted to limit or restrict the right of the Agent and each Subordinated Party to waive any default under their respective documents, and each Subordinated Party agrees that any waiver by each Subordinated Party will be in writing and provided to the Agent.

Notification of Defaults. Each Subordinated Party shall immediately give written notice to the Agent Senior Lender of a default or an event of default by either Debtor the Borrowers under the Management Agreements Agreement or with respect to the Subordinated Fees. Each Subordinated Party understands that, subject to any grace or cure period under such Subordinated Party’s agreements with the DebtorsBorrowers, any default by either Debtor the Borrowers under the Management Agreements Agreement is, automatically, an “Event of Default” of the Debtors Borrowers under the Senior Debt. Nothing in this Agreement shall be interpreted to limit or restrict the right of the Agent Senior Lender and each Subordinated Party to waive any default under their respective documents, and each Subordinated Party agrees that any waiver by each Subordinated Party will be in writing and provided to the AgentSenior Lender.

Notification of Defaults. Each Subordinated Party shall immediately give written notice to the Agent of a default or an event of default by either Debtor the Borrowers under the Management Agreements Agreement or with respect to the Subordinated Fees. Each Subordinated Party understands that, subject to any grace or cure period under such Subordinated Party’s 's agreements with the DebtorsBorrowers, any default by either Debtor the Borrowers under the Management Agreements Agreement is, automatically, an “"Event of Default” " of the Debtors Borrowers under the Senior Debt. Nothing in this Agreement shall be interpreted to limit or restrict the right of the Agent and each Subordinated Party to waive any default under their respective documents, and each Subordinated Party agrees that any waiver by each Subordinated Party will be in writing and provided to the Agent.