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 litigation or proceedings that are (to the knowledge of any executive officer of the Company) instituted or threatened against the Company or its Subsidiaries or any of their respective assets that (a) could reasonably be expected to have a Material Adverse Effect or (b) seeks to (or is expected to) rescind, terminate, revoke, cancel, withdraw, suspend, modify or withhold any material license or permit of the Company or any of the Subsidiaries; (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 Page 51 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 and (v) promptly, and in any event not later than five days after the end of the calendar quarter in which the Company receives notice of a change in the rating published by any of the Rating Agencies with respect to the Company's senior unsecured debt. Upon receipt of any such notice of default or adverse development, the Agent shall forthwith give notice to each Bank of the details thereof.

Appears in 1 contract

Samples: Revolving Credit Agreement (Realty Income Corp)

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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 litigation or proceedings that are (to the knowledge of any executive officer of the Company) instituted or threatened against the Company or its Subsidiaries or any of their respective assets that (a) could reasonably be expected to have a Material Adverse Effect or (b) seeks to (or is expected to) rescind, terminate, revoke, cancel, withdraw, suspend, modify or withhold any material license or permit of the Company or any of the Subsidiaries; (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 Page 51 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 and (v) promptly, and in any event not later than five days after the end of the calendar quarter in which the Company receives notice of a change in the rating published by any of the Rating Agencies with respect to the Company's senior unsecured debt. Upon receipt of any such notice of default or adverse development, the Agent shall forthwith give notice to each Bank of the details thereof.

Appears in 1 contract

Samples: Revolving Credit Agreement (Realty Income Corp)

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 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 litigation or proceedings that are (to the knowledge of any executive officer of the Company) instituted or threatened against the Company or its Subsidiaries or any of their respective assets that (a) could reasonably be expected to have a Material Adverse Effect or (b) seeks to (or is expected to) rescind, terminate, revoke, cancel, withdraw, suspend, modify or withhold any material license or permit of the Company or any of the Subsidiaries; (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 Event of default Default (or an event which with the giving of notice or lapse of time or both would be an event Page 51 Event of defaultDefault) 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 and (v) promptly, and in any event not later than five days after the end of the each calendar quarter in which the Company receives notice of a change in the rating published by any of the Rating Agencies with respect to the Company's senior unsecured debt, notice of such change in rating. Upon receipt of any such notice of default Default or adverse development, the Administrative Agent shall forthwith give notice to each Bank of the details thereof.

Appears in 1 contract

Samples: Revolving Credit Agreement (Realty Income Corp)

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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 litigation or proceedings that are (to the knowledge of any executive officer of the Company) instituted or threatened against the Company or its Subsidiaries or any of their respective assets that (a) could reasonably be expected to have a Material Adverse Effect or (b) seeks to (or is expected to) rescind, terminate, revoke, cancel, withdraw, suspend, modify or withhold any material license or permit of the Company or any of the Subsidiaries; (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 Event of default Default (or an event which with the giving of notice or lapse of time or both would be an event Page 51 Event of defaultDefault) 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 and (v) promptly, and in any event not later than five days after the end of the each calendar quarter in which the Company receives notice of a change in the rating published by any of the Rating Agencies with respect to the Company's senior unsecured debt, notice of such change in rating. Upon receipt of any such notice of default Default or adverse development, the Agent shall forthwith give notice to each Bank of the details thereof.

Appears in 1 contract

Samples: Revolving Credit Agreement (Realty Income Corp)

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