Common use of Material Adverse Developments Clause in Contracts

Material Adverse Developments. Each of the Borrowers agree that promptly upon becoming aware of any development or other information outside the ordinary course of business (excluding matters of a general economic, financial or political nature) which would have a Material Adverse Effect, or of Lender's failure to perform any of its obligations to Borrowers under this Agreement it shall give to Lender telephonic or telegraphic 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 same day such verbal communication is made.

Material Adverse Developments. Each of the Borrowers agree that promptly upon becoming aware of any development or other information outside the ordinary course of business (excluding matters of a general economic, financial or political nature) which would have a Material Adverse Effect, or of Lender's failure to perform any of its obligations to Borrowers under this Agreement it shall give to Lender telephonic or telegraphic 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 same day such verbal communication is made.