Common use of Notices of Certain Material Events Clause in Contracts

Notices of Certain Material Events. The Participating State shall promptly notify Treasury in writing in reasonable detail of any of the following events: (a) any proceeding instituted against the Participating State in, by or before any court, governmental or administrative body or agency, which proceeding or its outcome could have a material adverse effect upon the operations, assets or properties of the Participating State; (b) any material adverse change in the condition, financial or otherwise, or operations of the Participating State; (c) the occurrence of any event described in Sections 6.1 and 6.2 herein (General Events of Default and Specific Events of Default); (d) problems, delays, or adverse conditions, real or anticipated, that will materially impair the Participating State’s ability to accomplish the purpose of this Allocation set forth in Annex 1 attached hereto, with a description of actions taken or contemplated to be taken, and any assistance needed to resolve the situation; (e) deviations from the annual schedule submitted by the Participating State under Section 4.8(n) apportioning Allocated Funds among its Approved State Programs if the deviations will result in the need for additional funding from any third party to accomplish the purpose of this Allocation set forth in Annex 1 attached hereto; and (f) favorable developments which enable meeting time schedules and objectives sooner or at less cost than anticipated or producing more beneficial results than originally planned.

Notices of Certain Material Events. The Participating State Municipality shall promptly notify Treasury in writing in reasonable detail of any of the following events: (a) any proceeding instituted against the Participating State Municipality in, by or before any court, governmental or administrative body or agency, which proceeding or its outcome could have a material adverse effect upon the operations, assets or properties of the Participating StateMunicipality; (b) any material adverse change in the condition, financial or otherwise, or operations of the Participating StateMunicipality; (c) the occurrence of any event described in Sections 6.1 and 6.2 herein (General Events of Default and Specific Events of Default); (d) problems, delays, or adverse conditions, real or anticipated, that will materially impair the Participating StateMunicipality’s ability to accomplish the purpose of this Allocation set forth in Annex 1 attached hereto, with a description of actions taken or contemplated to be taken, and any assistance needed to resolve the situation; (e) deviations from the annual schedule submitted by the Participating State Municipality under Section 4.8(n) 4.8 apportioning Allocated Funds among its the Approved State Municipal Programs if the deviations will result in the need for additional funding from any third party to accomplish the purpose of this Allocation set forth in Annex 1 attached hereto; and (f) favorable developments which enable meeting time schedules and objectives sooner or at less cost than anticipated or producing more beneficial results than originally planned.

Notices of Certain Material Events. The Participating State shall promptly notify Treasury in writing in reasonable detail of any of the following events: (a) any proceeding instituted against the Participating State in, by or before any court, governmental or administrative body or agency, which proceeding or its outcome could have a material adverse effect upon the operations, assets or properties of the Participating State; (b) any material adverse change in the condition, financial or otherwise, or operations of the Participating State; (c) the occurrence of any event described in Sections 6.1 and 6.2 herein (General Events of Default and Specific Events of Default); (d) problems, delays, or adverse conditions, real or anticipated, that will materially impair the Participating State’s ability to accomplish the purpose of this Allocation set forth in Annex 1 attached hereto, with a description of actions taken or contemplated to be taken, and any assistance needed to resolve the situation; (e) deviations from the annual schedule submitted by the Participating State under Section 4.8(n) 4.8 apportioning Allocated Funds among its Approved State Programs if the deviations will result in the need for additional funding from any third party to accomplish the purpose of this Allocation set forth in Annex 1 attached hereto; and (f) favorable developments which enable meeting time schedules and objectives sooner or at less cost than anticipated or producing more beneficial results than originally planned.