Common use of Notice of Material Adverse Event Clause in Contracts

Notice of Material Adverse Event. As soon as possible and in any event within one (1) Business Day after the occurrence thereof, written notice of any event or circumstance that could reasonably be expected to result in a Material Adverse Event and as soon as possible and in any event within two (2) Business Days after the occurrence thereof, setting forth the details of such event and the action that Borrower has taken and proposes to take with respect thereto;