Common use of Adverse Conditions or Events Clause in Contracts

Adverse Conditions or Events. Promptly advise Lender in writing of (i) any condition, event or act which comes to its attention that Borrower reasonably believes is likely to have a Material Adverse Effect, (ii) any litigation filed by or against Borrower, an adverse outcome of which could reasonably be expected to have a Material Adverse Effect on Borrower, (iii) any event that has occurred that would constitute an event of default under any Loan Documents and (iv) any uninsured loss of Collateral through fire, theft, liability or property damage in excess of an aggregate of $500,000.00.