Common use of Notification of Defaults and Adverse Developments Clause in Contracts

Notification of Defaults and Adverse Developments. Notify the Agent (i) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company of the occurrence of any Default or Event of Default; (ii) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company of the occurrence of a Material Adverse Change; (iii) promptly, and in any event not later than ten Business Days after the discovery by any officer of the Company of any material litigation or proceedings that are instituted or (to the knowledge of any officer of the Company) threatened against the Company or its Subsidiaries or any of their respective assets and (iv) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company of the occurrence of each and every event which would be an event of default (or an event which with the giving of notice or lapse of time or both would be an event of default) under any Indebtedness of the Company or any of its Subsidiaries in a principal amount in excess of $5,000,000, such notice to include the names and addresses of the holders of such Indebtedness and the amount thereof. Upon receipt of any such notice of default or adverse development, the Agent shall forthwith give notice to each Bank of the details thereof.

Notification of Defaults and Adverse Developments. Notify the Administrative Agent (i) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of any Default or Event of Default; (ii) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of a Material Adverse Change; (iii) promptly, and in any event not later than ten Business Days after the discovery by any officer of the Company Company, of any material litigation or proceedings that are instituted or (to the knowledge of any officer of the Company) threatened against the Company or its the Subsidiaries or any of their respective assets and (iv) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of each and every event which would be an event of default (or an event which with the giving of notice or lapse of time or both would be an event of default) under any Indebtedness of the Company or any of its the Subsidiaries in a principal amount in excess of $5,000,000, such notice to include the names and addresses of the holders of such Indebtedness and the amount thereof. Upon receipt of any such notice of default or adverse development, the Administrative Agent shall forthwith give notice to each Bank Lender of the details thereof.

Notification of Defaults and Adverse Developments. Notify the Agent (i) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of any Default or Event of Default; (ii) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of a Material Adverse Change; (iii) promptly, and in any event not later than ten Business Days after the discovery by any officer of the Company Company, of any material litigation or proceedings that are instituted or (to the knowledge of any officer of the Company) threatened against the Company or its the Subsidiaries or any of their respective assets and (iv) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of each and every event which would be an event of default (or an event which with the giving of notice or lapse of time or both would be an event of default) under any Indebtedness of the Company or any of its the Subsidiaries in a principal amount in excess of 36 41 $5,000,000, such notice to include the names and addresses of the holders of such Indebtedness and the amount thereof. Upon receipt of any such notice of default or adverse development, the Agent shall forthwith give notice to each Bank of the details thereof.

Notification of Defaults and Adverse Developments. Notify the Agent (i) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of any Default or Event of Default; (ii) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of a Material Adverse Change; (iii) promptly, and in any event not later than ten Business Days after the discovery by any officer of the Company Company, of any material litigation or proceedings that are instituted or (to the knowledge of any officer of the Company) threatened against the Company or its the Subsidiaries or any of their respective assets and (iv) promptly, and in any event not later than five Business Days after the discovery by any officer of the Company Company, of the occurrence of each and every event which would be an event of default (or an event which with the giving of notice or lapse of time or both would be an event of default) under any Indebtedness of the Company or any of its the Subsidiaries in a principal amount in excess of $5,000,000, such notice to include the names and addresses of the holders of such Indebtedness and the amount thereof. Upon receipt of any such notice of default or adverse development, the Agent shall forthwith give notice to each Bank of the details thereof.