Common use of Notification of Events of Default and Adverse Developments Clause in Contracts

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (i) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present or prospective) or which may expose Borrower to uninsured liability of $25,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vi) any other development in the business or affairs of Borrower which may be adverse; in each case describing the nature thereof and (in the case of notification under clauses (i) and (ii)) the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower shall promptly will notify Lender upon of the occurrence of: of (i) any Incipient Default or Event of DefaultDefault hereunder; (ii) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iii) any event, development or circumstance whereby the any financial statements previously most recently furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational operating results of Borrower as of the date of such financial statements; (iii) any material litigation or proceedings that are instituted or threatened (to the knowledge of Borrower) against Borrower, or any of its respective assets; (iv) 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 judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present or prospective) or which may expose Borrower to uninsured liability of $25,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money Indebtedness of Borrower other than Lenderexceeding one hundred thousand dollars ($100,000), such notice to include the names and addresses of the holders of such indebtedness and the amount thereof; and (viv) any other development in the business or affairs of Borrower which may be adverse; if the effect thereof involves a significant risk of a Material Adverse Effect, in each case describing the nature thereof and (in the case of notification under clauses (i) and (ii)) the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (ia) any Event of Default; (iib) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (ivd) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present or prospective) or which may expose Borrower to uninsured liability of $25,000.00 or more; (ve) any default claimed by any other creditor for Borrowed Money borrowed money of Borrower other than Lender, or any lessor; and (vif) any other development in the business or affairs of Borrower which may be materially adverse; in each case describing the nature thereof and (in the case of notification under clauses (ia) and (iib)) the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (i) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; , (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present or prospective) or which may expose Borrower to uninsured liability of $25,000.00 100,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vi) any other development in the business or affairs of Borrower which may be adverse; in each case describing the nature thereof and (in of the event or development. In the case of notification under clauses (i) and (ii)) the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower promptly will shall notify Lender promptly upon the occurrence of: (ia) any Event of Default; (iib) any event which, with the giving of notice or lapse of time, time or both, could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (ivd) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present current or prospective) or which may expose Borrower to uninsured liability of $25,000.00 75,000.00 or more; (ve) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vif) any other development in the business or affairs of Borrower which may be adverse; in each case describing the nature thereof and (in of the event or development. In the case of notification under clauses (ia) and (iib)) ), Borrower shall set forth the action Borrower proposes to take with respect theretoto such event.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (i) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present current or prospective) or which may expose Borrower to uninsured liability of $25,000.00 50,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vi) any other development in the business or affairs of Borrower which may be adverse; in each case describing the nature thereof and (in of the event or development. In the case of notification under clauses (i) and (ii)) ), Borrower should set forth the action Borrower proposes to take with respect theretoto such event.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (ia) any Event of Default; (iib) any event whichthat, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (ivd) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present current or prospective) or which may expose Borrower to uninsured liability of $25,000.00 30,000.00 or more; (ve) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vif) any other development in the business or affairs of Borrower which may be adverse; in each case describing the nature thereof and (in of the event or development. In the case of notification under clauses (ia) and (iib)) ), Borrower should set forth the action Borrower proposes to take with respect theretoto such event.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (i) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present current or prospective) or which may expose Borrower to uninsured liability of $25,000.00 50,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vi) any other development in the business or affairs of Borrower which may be adversewould have a Material Adverse Effect; in each case describing the nature thereof and (in of the event or development. In the case of notification under clauses (i) and (ii)) ), Borrower should set forth the action Borrower proposes to take with respect theretoto such event.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (i) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present current or prospective) or which may expose Borrower to uninsured liability of $25,000.00 100,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money over $100,000 of Borrower other than Lender; and (vi) any other development in the business or affairs of Borrower which may be adversehave a material adverse effect; in each case describing the nature thereof and (in of the event or development. In the case of notification under clauses (i) and (ii)) ), Borrower should set forth the action Borrower proposes to take with respect theretoto such event.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon obtaining actual knowledge of the occurrence of: (i) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present or prospective) or which may expose Borrower to uninsured liability of $25,000.00 50,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vi) any other development in the business or affairs of Borrower which may be adverse, (vii) any default or event of default under any of the Facility Leases; in each case describing the nature thereof and (in the case of notification under clauses (i) and (ii)) the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (ia) any Event of Default; (iib) any event which, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (ivd) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present or prospective) or which may expose Borrower to uninsured liability of $25,000.00 or more; (ve) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vif) any other development in the business or affairs of Borrower which may be adverse; in each case describing the nature thereof and (in the case of notification under clauses (ia) and (iib)) the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (i) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, time or both, could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present current or prospective) or which may expose Borrower to uninsured liability of $25,000.00 100,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vi) any other development in the business or affairs of Borrower which may be adverse; in each case describing the nature thereof and (in of the event or development. In the case of notification under clauses (i) and (ii)) ), Borrower should set forth the action Borrower proposes to take with respect theretoto such event.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (ia) any Event of Default; (iib) any event whichthat, with the giving of notice or lapse of time, or both, could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (ivd) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present current or prospective) or which may expose Borrower to uninsured liability of $25,000.00 or more; (ve) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vif) any other development in the business or affairs of Borrower which may be adverse; in each case describing the nature thereof and (in of the event or development. In the case of notification under clauses (ia) and (iib)) ), Borrower should set forth the action Borrower proposes to take with respect theretoto such event.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (i) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, or both, could would constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower; (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, in either case, if adversely decided, could adversely affect its condition (financial or otherwise) or operations (present or prospective) or which may expose Borrower would be likely to uninsured liability of $25,000.00 or morehave a Material Adverse Effect; (v) any default claimed by any other creditor for Borrowed Money of Borrower other than LenderLender in respect of Borrowed Money in a principal amount exceeding $250,000.00; and (vi) any other development in the business or affairs of Borrower which may be adverse; is likely to have a Material Adverse Effect, in each case describing the nature thereof and (in of the development. In the case of notification under clauses (i) and (ii)) , Borrower should set forth the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (ia) any Event of Default; (iib) any event which, with the giving of notice or lapse of time, or both, could would constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of BorrowerBorrower as of the date of such statements; (ivd) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which, if adversely decided, which could reasonably be expected to materially adversely affect its condition (financial or otherwise) or operations (present or prospective) or which may to expose Borrower to uninsured liability of $25,000.00 250,000.00 or more; (ve) any default claimed by any other creditor for Borrowed Money of Borrower other than LenderLender in respect of Borrowed Money in a principal amount in excess of $250,000.00; and (vif) any other development in the business or affairs of Borrower which may would be materially adverse; in each case describing the nature thereof and (in the case of notification under clauses (ia) and (iib)) the action Borrower proposes to take with respect thereto.