Common use of Notice of Default, Litigation or Material Adverse Effect Clause in Contracts

Notice of Default, Litigation or Material Adverse Effect. Promptly, and in any event within three Business Days, in the case of clause (i) below, or five Business Days, after the Borrower or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower has taken or proposes to take with respect thereto, and (ii) the commencement of, or any other material development concerning, any litigation, governmental or regulatory proceeding pending against the Borrower or any of its Subsidiaries, or any other event that could reasonably be expected to have a Material Adverse Effect.

Notice of Default, Litigation or Material Adverse Effect. Promptly, and in any event within three Business Days, in the case of clause (i) below, or five Business Days, after the Borrower Parent or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower has Borrowers have taken or proposes propose to take with respect thereto, and (ii) the commencement of, or any other material development concerning, any litigation, governmental or regulatory proceeding pending against the Borrower Parent or any of its Subsidiaries, or any other event that could reasonably be expected to have if the same involves any reasonable possibility of having a Material Adverse Effect.

Notice of Default, Litigation or Material Adverse Effect. Promptly, and in any event within three Business Days, in the case of clause (i) below, or five Business Days, after the Borrower Parent or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower has have taken or proposes propose to take with respect thereto, and (ii) the commencement of, or any other material development concerning, any litigation, governmental or regulatory proceeding pending against the Borrower Parent or any of its Subsidiaries, or any other event that could reasonably be expected to have if the same involves any reasonable possibility of having a Material Adverse Effect.