Common use of Material Adverse Developments Clause in Contracts

Material Adverse Developments. Borrowers agree that promptly upon Borrowers or any of their officers becoming aware of any development or other information which could reasonably be expected to have a Material Adverse Effect, Borrowers shall give Lender telephonic or facsimile notice specifying the nature of such development or information and such anticipated effect. In addition, such verbal communication shall be confirmed by written notice thereof to Lender on the next Business Day after such verbal notice is given.

Material Adverse Developments. Borrowers Each Borrower agree that promptly immediately upon Borrowers it or any of their its officers becoming aware of any development or other information which could would reasonably be expected to have a Material Adverse Effect, Borrowers it shall give to Lender telephonic or facsimile notice specifying the nature of such development or information and such anticipated effect. In addition, such verbal communication shall be confirmed by written notice thereof to Lender on the next Business Day after such verbal notice is given.