Common use of NOTICE OF DEFAULTS; LOSS Clause in Contracts

NOTICE OF DEFAULTS; LOSS. Immediate written notice if: (i) any Indebtedness aggregating in excess of $3,000,000 of Borrower or Guarantor is declared or shall become due and payable prior to its declared or stated maturity (other than regularly scheduled payments), or called and not paid when due, (ii) the holder of any note, or other evidence of Indebtedness, certificate or security evidencing any such Indebtedness aggregating in excess of $3,000,000 of Borrower or Guarantor has the right to declare such Indebtedness due and payable prior to its stated maturity, (iii) there shall occur and be continuing a Default or Event of Default, accompanied by a certified statement of an authorized officer of PGLP, Inc., as managing general partner of Borrower, or an authorized officer of Guarantor setting forth what action Borrower or Guarantor, as the case may be, proposes to take in respect thereof, or (iv) any event shall occur causing loss or depreciation in the value of assets having a Material Adverse Effect upon the business or operations of Borrower or Guarantor, including the amount or the estimated amount of any such loss or depreciation or adverse effect.

NOTICE OF DEFAULTS; LOSS. Immediate written notice if: (i) any Indebtedness aggregating in excess of $3,000,000 of Borrower 100,000, with respect to the Borrower, or Guarantor $1,000,000 with respect to the Guarantor, is declared or shall become due and payable prior to its declared or stated maturity (other than regularly scheduled payments), or called and not paid when due, (ii) the holder of any note, or other evidence of Indebtedness, certificate or security evidencing any such Indebtedness aggregating in excess of $3,000,000 of Borrower 100,000, with respect to the Borrower, or Guarantor $1,000,000 with respect to the Guarantor, has the right to declare such Indebtedness due and payable prior to its stated maturity, (iii) there shall occur and be continuing a Default or Event of Default, accompanied by a certified statement of an authorized officer of PGLP, Inc., as managing general partner of Borrower, or an authorized officer of Guarantor setting forth what action Borrower or Guarantor, as the case may be, proposes to take in respect thereof, or (iv) any event shall occur causing loss or depreciation in the value of assets having a Material Adverse Effect upon the business or operations of Borrower or Guarantor, including the amount or the estimated amount of any such loss or depreciation or adverse effect.

NOTICE OF DEFAULTS; LOSS. Immediate written notice if: (i) any ------------------------ Indebtedness aggregating in excess of $3,000,000 of Borrower or Guarantor is declared or shall become due and payable prior to its declared or stated maturity (other than regularly scheduled payments), or called and not paid when due, (ii) the holder of any note, or other evidence of Indebtedness, certificate or security evidencing any such Indebtedness aggregating in excess of $3,000,000 of Borrower or Guarantor has the right to declare such Indebtedness due and payable prior to its stated maturity, (iii) there shall occur and be continuing a Default or Event of Default, accompanied by a certified statement of an authorized officer of PGLP, Inc., as managing general partner of Borrower, or an authorized officer of Guarantor setting forth what action Borrower or Guarantor, as the case may be, proposes to take in respect thereof, or (iv) any event shall occur causing loss or depreciation in the value of assets having a Material Adverse Effect upon the business or operations of Borrower or Guarantor, including the amount or the estimated amount of any such loss or depreciation or adverse effect.