Common use of Default Notice Clause in Contracts

Default Notice. As soon as possible and in any event within five Business Days after the occurrence of each Default or any event, development or occurrence reasonably expected to result in a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officer) of the Parent Guarantor setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

Appears in 15 contracts

Samples: Credit Agreement, Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

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Default Notice. As soon as possible and in any event within five Business Days two days after the occurrence of each Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officer) chief financial officer of the Parent Guarantor setting forth details of such Default or such Default, event, development or occurrence and the action that the Parent Guarantor or the applicable Subsidiary has taken and proposes to take with respect thereto.

Appears in 11 contracts

Samples: Reimbursement Agreement (Ace LTD), Reimbursement Agreement (Ace LTD), Credit Agreement (Ace LTD)

Default Notice. As soon as possible and in any event within five two Business Days after the occurrence of each Default or any event, development or occurrence reasonably expected to result in a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officer) of the Parent Guarantor setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

Appears in 5 contracts

Samples: Credit Agreement (Campus Crest Communities, Inc.), Credit Agreement (Campus Crest Communities, Inc.), Credit Agreement (Campus Crest Communities, Inc.)

Default Notice. As soon as possible and in any event within five Business Days days after the occurrence of each Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officer) chief financial officer of the Parent Guarantor setting forth details of such Default or such Default, event, development or occurrence and the action that the Parent Guarantor or the applicable Subsidiary has taken and proposes to take with respect thereto.

Appears in 4 contracts

Samples: Reimbursement Agreement (Ace LTD), Credit Agreement (Ace LTD), Credit Agreement (Ace LTD)

Default Notice. As soon as possible and in any event within five Business Days days after the occurrence of each Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial a Responsible Officer (or other Responsible Officer) of the Parent Guarantor setting forth details of such Default or such Default, event, development or occurrence and the action that the Parent Guarantor or the applicable Subsidiary has taken and proposes to take with respect thereto.

Appears in 4 contracts

Samples: Credit Agreement (ACE LTD), Reimbursement Agreement (Ace LTD), Credit Agreement (Ace LTD)

Default Notice. As soon as possible and in any event within five Business Days two days after obtaining knowledge of the occurrence of each any Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officerperson performing similar functions) of the Parent Guarantor setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

Appears in 3 contracts

Samples: Senior Secured Term Loan Agreement (American Campus Communities Inc), Credit Agreement (American Campus Communities Inc), Credit Agreement (American Campus Communities Inc)

Default Notice. As soon as possible and in any event within five Business Days two days after the occurrence of each Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officerperson performing similar functions) of the Parent Guarantor setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Sunstone Hotel Investors, Inc.), Revolving Credit Agreement (Sunstone Hotel Investors, Inc.), Credit Agreement (Sunstone Hotel Investors, Inc.)

Default Notice. As soon as possible and in any event within five Business Days calendar days after obtaining knowledge of the occurrence of each any Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officerperson performing similar functions) of the Parent Guarantor setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

Appears in 3 contracts

Samples: Credit Agreement (American Campus Communities Operating Partnership LP), Credit Agreement (American Campus Communities Inc), Credit Agreement (American Campus Communities Inc)

Default Notice. As soon as possible and in any event within five Business Days two days after the occurrence of each Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officerperson performing similar functions) of the Parent Guarantor setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

Appears in 2 contracts

Samples: Credit Agreement (Affordable Residential Communities Inc), Term Credit Agreement (Sunstone Hotel Investors, Inc.)

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Default Notice. As soon as possible and in any event within five (5) Business Days after the occurrence of each Default or any event, development or occurrence reasonably expected to result in a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officer) of the Parent Guarantor Borrowers setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has Borrowers have taken and proposes propose to take with respect thereto.

Appears in 2 contracts

Samples: Term Loan Agreement (Hospitality Investors Trust, Inc.), Term Loan Agreement (American Realty Capital Hospitality Trust, Inc.)

Default Notice. As soon as possible and in any event within five Business Days days after the occurrence of each Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer, Chief Accounting Officer (or other Responsible Officer) Chief Compliance Officer of the Parent Guarantor setting forth details of such Default or such Default, event, development or occurrence and the action that the Parent Guarantor or the applicable Subsidiary has taken and proposes to take with respect thereto.

Appears in 2 contracts

Samples: Credit Agreement (Ace LTD), Credit Agreement (Ace LTD)

Default Notice. As soon as possible and in any event within five Business Days after a Responsible Officer obtaining knowledge of the occurrence of each Default or any event, development or occurrence reasonably expected to result in a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officer) of the Parent Guarantor setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Default Notice. As soon as possible and in any event within five Business Days (5) calendar days after obtaining knowledge of the occurrence of each any Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officerperson performing similar functions) of the Parent Guarantor setting forth details of such Default or such event, development or occurrence and the action that the Parent Guarantor has taken and proposes to take with respect thereto.

Appears in 1 contract

Samples: Credit Agreement (American Campus Communities Operating Partnership LP)

Default Notice. As soon as possible and in any event within five Business Days two days -------------- after the occurrence of each Default or any event, development or occurrence reasonably expected likely to result in have a Material Adverse Effect continuing on the date of such statement, a statement of the Chief Financial Officer (or other Responsible Officer) chief financial officer of the Parent Guarantor setting forth details of such Default or such Default, event, development or occurrence and the action that the Parent Guarantor or the applicable Subsidiary has taken and proposes to take with respect thereto.

Appears in 1 contract

Samples: Reimbursement Agreement (Ace LTD)

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