Material Events Notices Clause Samples
The Material Events Notices clause requires parties to promptly inform each other of significant occurrences that could impact the agreement or the parties’ ability to fulfill their obligations. In practice, this means that if a party experiences events such as major financial changes, legal actions, or operational disruptions, they must notify the other party within a specified timeframe. This clause ensures transparency and allows both parties to respond appropriately to developments that could affect the contract, thereby managing risk and maintaining trust.
Material Events Notices. Notice of the occurrence of a Material Event.
Material Events Notices. Notice of the occurrence of a Material Event, not more than 8 business days after the occurrence of the event.
Material Events Notices. The Borrower shall provide notice of any of the following events with respect to the Bonds to the MSRB in a timely manner and not more than 10 business days after occurrence of the event:
(1) Principal and interest payment delinquencies;
(2) Non-payment related defaults, if material;
(3) Unscheduled draws on debt service reserves reflecting financial difficulties;
(4) Unscheduled draws on credit enhancements reflecting financial difficulties;
(5) Substitution of credit or liquidity providers, or their failure to perform;
(6) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB), or other material notices or determinations with respect to the tax-exempt status of the Bonds, or other material events affecting the tax status of the Bonds;
(7) Modifications to rights of holders of the Bonds, if material;
(8) Bond calls, if material, and tender offers;
(9) Defeasances;
(10) Release, substitution, or sale of property securing repayment of the Bonds, if material;
(11) Rating changes;
(12) Bankruptcy, insolvency, receivership, or similar event of the Borrower, which shall occur as described below;
(13) The consummation of a merger, consolidation, or acquisition involving the Borrower or the sale of all or substantially all of its assets, other than in the ordinary course of business, the entry into of a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and Table of Contents
(14) Appointment of a successor or additional trustee or the change of name of a trustee, if material. For these purposes, any event described in the immediately preceding paragraph (12) is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent, or similar officer for the Borrower in a proceeding under the United States Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Borrower, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or governme...
Material Events Notices. Notice of the following events relating to the Loan Agreement will be provided in a timely manner:
(a) principal and interest payment delinquencies;
(b) non-payment related defaults;
(c) unscheduled draws on Loan Agreement reserves, if any, reflecting financial difficulties;
(d) unscheduled draws on Loan Agreement credit enhancements, if any, reflecting financial difficulties;
(e) substitution of credit or liquidity providers, or their failure to perform;
(f) adverse tax opinions received by the Agency or events within the reasonable knowledge of the Agency affecting the tax-exempt status of Applicable Tax Exempt Bonds;
(i) defeasance of the Loan Agreement;
(j) release, substitution or sale of property securing repayment of the Loan Agreement;
(k) any change in any credit rating of the Agency.
Material Events Notices. Compost, Miami and Bedminster shall give written notice to Lionhart, LHI and GEP of all material occurrences and events adversely affecting the Collateral or the value or amount thereof.
Material Events Notices. Notice of the following events relating to the Loan Agreement will be provided in a timely manner:
(a) principal and interest payment delinquencies;
(b) non-payment related defaults;
(c) unscheduled draws on Loan Agreement reserves, if any, reflecting financial difficulties;
(d) unscheduled draws on Loan Agreement credit enhancements, if any, reflecting financial difficulties;
(e) substitution of credit or liquidity providers, or their failure to perform;
(f) defeasance of the Loan Agreement;
(g) release, substitution or sale of property securing repayment of the Loan Agreement;
(h) any change in any credit rating of the Borrower or the Guarantor.
Material Events Notices. The Borrower shall provide notice of any of the following events with respect to the Bonds to the MSRB in a timely manner and not more than 10 business days after occurrence of the event:
(I) Principal and interest payment delinquencies;