Common use of Notice of Exercise of Second Liens Clause in Contracts

Notice of Exercise of Second Liens. Each Second Lien Secured Party agrees that upon termination of the Standstill Period, if any Second Lien Secured Party or the Second Lien Administrative Agent or other representative of such Second Lien Secured Party intends to commence any Enforcement Action, then such Second Lien Secured Party or the Second Lien Administrative Agent or other representative shall first deliver notice thereof in writing to the First Lien Administrative Agent both (i) not less than ten (10) days prior to taking any such Enforcement Action, and (ii) within three (3) days after such Enforcement Action is taken.