Common use of NOTICE OF DEFAULTS; LOSS Clause in Contracts

NOTICE OF DEFAULTS; LOSS. Prompt written notice if: (i) any Indebtedness of Borrower is declared or shall become due and payable prior to its declared or stated maturity, or called and not paid when due, (ii) there shall occur and be continuing an Event of Default, accompanied by a statement of the president of Borrower setting forth what action Borrower proposes to take in respect thereof, or (iii) any event shall occur which has a Material Adverse Effect, including the amount or the estimated amount of any loss or adverse effect.

NOTICE OF DEFAULTS; LOSS. Prompt written notice if: (i) any ------------------------ Indebtedness of any Borrower is declared or shall become due and payable prior to its declared or stated maturity, or called and not paid when due, (ii) there shall occur and be continuing an Event of Default, accompanied by a statement of the president of each Borrower setting forth what action Borrower proposes Borrowers propose to take in respect thereof, or (iii) any event shall occur which has or is reasonably likely to have a Material Adverse Effect, including the amount or the estimated amount of any loss or adverse effect.