Common use of Notices to Secured Party Clause in Contracts

Notices to Secured Party. The Debtor shall notify the Secured Party, in writing, of the following matters at the following times: (a) Promptly, and in any event within five (5) days, after becoming aware of any Event of Default. (b) Promptly, and in any event within five (5) days, after becoming aware of any material adverse change in the Collateral. (c) Promptly, and in any event within five (5) days, after becoming aware of any pending or threatened action, suit, proceeding, or counterclaim by any Person, or any pending or threatened investigation by a Governmental Authority which may have a material adverse effect on the Collateral. (d) Promptly, and in any event within five (5) days, after becoming aware of any pending or threatened strike, work stoppage, unfair labor practice claim, or other labor dispute affecting any Debtor or any of its Subsidiaries in a manner which could reasonably be expected to have a material adverse effect on the Collateral. (e) Promptly, and in any event within five (5) days, after becoming aware of any violation of any law, statute, regulation, or ordinance of a governmental Authority affecting the Debtor or any Subsidiary or affiliate thereof which could reasonably be expected to have a material adverse effect on the Collateral. (f) Promptly, and in any event within five (5) days, after receipt of any notice of any violation by the Debtor or any Subsidiary thereof of any Environmental Law which could reasonably be expected to have a material adverse effect on the Collateral or that any Governmental Authority has asserted that the Debtor or any Subsidiary thereof is not in compliance with any Environmental Law or is investigating the Debtor's or such Subsidiary's compliance therewith. (g) Promptly, and in any event within five (5) days, after receipt of any written notice that the Debtor or any Subsidiary thereof is or may be liable to any Person as a result of an Environmental Release or threatened Environmental Release of any Hazardous Materials or that the Debtor or any Subsidiary thereof is subject to investigation by any Governmental Authority evaluating whether any remedial action is needed to respond to an Environmental Release or threatened Environmental Release of any Hazardous Materials which, in either case, is reasonably likely to give rise to liability in excess of $100,000 or have a material adverse effect on the Collateral. (h) Promptly, and in any event within five (5) days, after receipt of any written notice of the imposition of any Environmental Lien against any property of the Debtor or any of its Subsidiaries which could reasonably be expected to have a material adverse effect on the Debtor or the Collateral. (i) Any change in the Debtor's name, state of incorporation, or form of organization, trade names or styles under which the Debtor will sell Inventory or create Accounts, or to which instruments in payment of Accounts may be made payable, in each case at least thirty (30) days prior thereto. Each notice given under this Section 3 shall describe the subject matter thereof in reasonable detail, and shall set forth the action that the Debtor has taken or proposes to take with respect thereto.

Notices to Secured Party. The Debtor shall notify the Secured Party, in writing, of the following matters at the following times: (a) Promptly, and in any event within five (5) days, after becoming aware of any Event of Default. (b) Promptly, and in any event within five (5) days, after becoming aware of any material adverse change in Material Adverse Effect with respect to the Collateral. (c) Promptly, and in any event within five (5) days, after becoming aware of any pending or threatened action, suit, proceeding, or counterclaim by any Person, or any pending or threatened investigation by a Governmental Authority which may have a material adverse effect Material Adverse Effect on the Collateral. (d) Promptly, and in any event within five (5) days, after becoming aware of any pending or threatened strike, work stoppage, unfair labor practice claim, or other labor dispute affecting any the Debtor or any of its Subsidiaries subsidiaries in a manner which could reasonably be expected to have a material adverse effect Material Adverse Effect on the Collateral. (e) Promptly, and in any event within five (5) days, after becoming aware of any violation of any law, statute, regulation, or ordinance of a governmental Authority affecting the Debtor or any Subsidiary subsidiary or affiliate thereof which could reasonably be expected to have a material adverse effect Material Adverse Effect on the Collateral. (f) Promptly, and in any event within five (5) days, after receipt of any notice of (i) any violation by the Debtor or any Subsidiary subsidiary thereof of any Environmental Law which could reasonably be expected to have a material adverse effect Material Adverse Effect on the Collateral or (ii) that any Governmental Authority has asserted that the Debtor or any Subsidiary subsidiary thereof is not in compliance with any Environmental Law or is investigating the Debtor's or such Subsidiarysubsidiary's compliance therewiththerewith which, in the case of clause (ii), is reasonably likely to have a Material Adverse Effect on the Collateral. (g) Promptly, and in any event within five (5) days, after receipt of any written notice that the Debtor or any Subsidiary subsidiary thereof is or may be liable to any Person as a result of an Environmental Release or threatened Environmental Release of any Hazardous Materials or that the Debtor or any Subsidiary subsidiary thereof is subject to investigation by any Governmental Authority evaluating whether any remedial action is needed to respond to an Environmental Release or threatened Environmental Release of any Hazardous Materials which, in either case, is reasonably likely to give rise to liability in excess of $100,000 or have a material adverse effect Material Adverse Effect on the Collateral. (h) Promptly, and in any event within five (5) days, after receipt of any written notice of the imposition of any Environmental Lien against any property of the Debtor or any of its Subsidiaries subsidiaries which could reasonably be expected to have a material adverse effect Material Adverse Effect on the Debtor or the Collateral. (i) Any change in the Debtor's name, state of incorporation, or form of organization, trade names or styles under which the Debtor will sell Inventory or create Accounts, or to which instruments in payment of Accounts may be made payable, in each case at least thirty (30) days prior thereto. Each notice given under this Section 3 shall describe the subject matter thereof in reasonable detail, and shall set forth the action that the Debtor has taken or proposes to take with respect thereto.

Notices to Secured Party. The Debtor Each Grantor shall notify the Secured Party, in writing, of the following matters at the following times: (a) Promptly, and in any event within five (5) days, after becoming aware of any Event of Default. (b) Promptly, and in any event within five (5) days, after becoming aware of any material adverse change in Material Adverse Effect with respect to the Collateral. (c) Promptly, and in any event within five (5) days, after becoming aware of any pending or threatened action, suit, proceeding, or counterclaim by any Person, or any pending or threatened investigation by a Governmental Authority which may have a material adverse effect Material Adverse Effect on the Collateral. (d) Promptly, and in any event within five (5) days, after becoming aware of any pending or threatened strike, work stoppage, unfair labor practice claim, or other labor dispute affecting any Debtor such Grantor or any of its Subsidiaries subsidiaries in a manner which could reasonably be expected to have a material adverse effect Material Adverse Effect on the Collateral. (e) Promptly, and in any event within five (5) days, after becoming aware of any violation of any law, statute, regulation, or ordinance of a governmental Authority affecting the Debtor such Grantor or any Subsidiary subsidiary or affiliate thereof which could reasonably be expected to have a material adverse effect Material Adverse Effect on the Collateral. (f) Promptly, and in any event within five (5) days, after receipt of any notice of (i) any violation by the Debtor such Grantor or any Subsidiary subsidiary thereof of any Environmental Law which could reasonably be expected to have a material adverse effect Material Adverse Effect on the Collateral or (ii) that any Governmental Authority has asserted that the Debtor such Grantor or any Subsidiary subsidiary thereof is not in compliance with any Environmental Law or is investigating the Debtorsuch Grantor's or such Subsidiarysubsidiary's compliance therewiththerewith which, in the case of clause (ii) is reasonably likely to have a material Adverse Effect on the Collateral. (g) Promptly, and in any event within five (5) days, after receipt of any written notice that the Debtor such Grantor or any Subsidiary subsidiary thereof is or may be liable to any Person as a result of an Environmental Release or threatened Environmental Release of any Hazardous Materials or that the Debtor such Grantor or any Subsidiary subsidiary thereof is subject to investigation by any Governmental Authority evaluating whether any remedial action is needed to respond to an Environmental Release or threatened Environmental Release of any Hazardous Materials which, in either case, is reasonably likely to give rise to liability in excess of $100,000 or have a material adverse effect Material Adverse Effect on the Collateral. (h) Promptly, and in any event within five (5) days, after receipt of any written notice of the imposition of any Environmental Lien against any property of the Debtor such Grantor or any of its Subsidiaries subsidiaries which could reasonably be expected to have a material adverse effect Material Adverse Effect on the Debtor such Grantor or the Collateral. (i) Any change in the Debtorsuch Grantor's name, state of incorporation, or form of organization, trade names or styles under which the Debtor such Grantor will sell Inventory or create Accounts, or to which instruments in payment of Accounts may be made payable, in each case at least thirty (30) days prior thereto. Each notice given under this Section 3 shall describe the subject matter thereof in reasonable detail, and shall set forth the action that the Debtor such Grantor has taken or proposes to take with respect thereto.