Common use of Notices of Adverse Events Clause in Contracts

Notices of Adverse Events. Promptly inform the Bank of the occurrence of any Event of Default or of any claim which is reasonably expected to exceed any applicable insurance coverage limits by more than $300,000 or of any event (including without limitation any pending or threatened litigation or other proceedings before any governmental body or agency) which could reasonably be expected to have a material adverse effect upon the Borrower’s or Guarantor’s (and their respective subsidiaries) business, properties, financial condition or ability to comply with their respective obligations under the Loans.