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

Notice of an Event of Default. If either Lender intends to declare a Default under any of the Loan Agreements to which such Lender is a party, such Lender shall give prompt notice of such intention to the other Lender, which notice shall set forth in reasonable detail the circumstances known to the sender with respect to such Event of Default. TSVLP hereby agrees that it will not send notice to GCC of an Event of Default under the TSVLP Security Agreement so long as GCC timely makes the monthly debt service payments required under the TSVLP Note, Globex has not provided written notice to GCC of an election not to make further advances of funds to GCC set forth in the Globex Agreements, and no third party creditor(s) attempts to foreclose or otherwise collect on the Collateral or to force GCC into any involuntary bankruptcy, insolvency or similar proceedings. Globex hereby agrees to forebear exercising any foreclosure rights under the Globex Collateral Agreements through and including the Maturity Date (as defined in the Globex Agreements), so long as no Events of Default have occurred hereunder or thereunder; provided, however, that Globex shall be entitled to participate and to exercise all rights it has to the full extent of the Globex Collateral Agreements in the event that (a) TSVLP shall undertake any action to enforce its rights under the TSVLP Collateral Agreements, or (b) any third party shall exercise any rights of foreclosure or other collection action against the Collateral.