Notice of Event of Default; ERISA Matters Sample Clauses
The "Notice of Event of Default; ERISA Matters" clause requires a party, typically the borrower, to promptly notify the lender if an event of default occurs or if there are significant issues related to ERISA (the Employee Retirement Income Security Act), such as violations or adverse developments concerning employee benefit plans. In practice, this means the borrower must inform the lender if they fail to meet loan obligations or if there are problems with pension or retirement plans that could impact the borrower's financial stability. The core function of this clause is to ensure the lender is made aware of material risks or defaults as soon as possible, allowing them to take appropriate action to protect their interests.
Notice of Event of Default; ERISA Matters. The Borrower shall furnish to the Administrative Agent and the Lenders:
(a) Promptly and in any event within 10 Business Days after an Authorized Officer of the Borrower obtains knowledge thereof, of the occurrence of any Default or Event of Default and of any other development, financial or otherwise, that could reasonably be expected to have a Material Adverse Effect.
(b) Promptly upon, but in no event later than 30 days after, any Authorized Officer of the Borrower becoming aware of the occurrence of (i) except as could not reasonably be expected to result in a Material Adverse Effect, any non-exempt Prohibited Transaction with respect to any Plan, or (ii) except as could not reasonably be expected to result in a Material Adverse Effect, any Reportable Event with respect to any Plan, notice in writing to the Lenders specifying the nature thereof and what action the Borrower proposes to take with respect thereto. In addition, when received, the Borrower and any Subsidiary shall provide to the Lenders copies of any notice from the PBGC of its intention to terminate or have a trustee appointed for any Plan except as could not result in a Material Adverse Effect.
(c) Promptly upon, but in no event later than 30 days after, any Authorized Officer of the Borrower becoming aware of (i) the commencement of any action, suit, investigation, proceeding or arbitration before any court or arbitrator or any governmental department, board, agency or other instrumentality affecting the Borrower and the Subsidiaries or any property of such Person, or to which the Borrower and the Subsidiaries is a party (other than litigation where the insurance insures against the damages claimed and the insurer has assumed defense of the litigation without reservation) that could reasonably be expected to have a Material Adverse Effect; or (ii) any adverse development in any litigation, arbitration or governmental investigation or proceeding previously disclosed by the Borrower or the Subsidiaries that could reasonably be expected to have a Material Adverse Effect, a notice from the Borrower describing the nature and status thereof and what action the Borrower proposes to take with respect thereto.
(d) Promptly and in any event within 30 days after entering into any lease agreement for real property where material books and records will be maintained, copies of such leases.
Notice of Event of Default; ERISA Matters. The Borrower will give notice in writing to the Lenders, promptly and in any event within 10 days after an officer of the Borrower obtains knowledge thereof, of the occurrence of any Default or Event of Default and of any other development, financial or otherwise, that could reasonably be expected to have a Material Adverse Effect. Promptly upon, but in no event later than 10 days after, any officer of the Borrower becoming aware of the occurrence of (i) any non-exempt Prohibited Transaction with respect to any Plan or any Controlled Group Plan, or (ii) except as could not reasonably be expected to result in a Material Adverse Effect, any Reportable Event with respect to any Plan or any Controlled Group Plan, the Borrower will give notice in writing to the Lenders specifying the nature thereof and what action the Borrower proposes to take with respect thereto. In addition, when received, the Borrower and any Subsidiary shall provide to the Lenders copies of any notice from the PBGC of its intention to terminate or have a trustee appointed for any Plan or, except as could not result in a Material Adverse Effect, any Controlled Group Plan.