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, is reasonably likely to constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statements; (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 have a Material Adverse Effect on the condition (financial or otherwise) or operations (present or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 or more; (v) any default claimed by any other creditor for borrowed money of Borrower other than Lender in excess of $200,000; and (vi) any other development in the business or affairs of Borrower which may have 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, is reasonably likely to could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates date of such financial 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, could have a Material Adverse Effect on materially and adversely affect the condition (financial or otherwise) or operations (present or prospective) of Borrower the Borrowers, taken as a whole, or which may expose Borrower to uninsured liability of $500,000.00 100,000.00 or more; (ve) any default claimed by any other creditor for borrowed money of Borrower other than Lender Borrowed Money (in excess of $200,00050,000)of Borrower other than Lender; and (vif) any other development in the business or affairs of Borrower which may could have a Material Adverse Effectmaterial and adverse effect on the business operations of Borrowers, taken as a whole, or on the ability of Borrowers to repay the Loan; 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, is reasonably likely to could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (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 have a Material Adverse Effect on the adversely affect its condition (financial or otherwise) or operations (present current or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 25,000.00 or more; (v) any default claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess of $200,000Lender; and (vi) any other development in the business or affairs of Borrower which may have be adverse (which development individually or in the aggregate has a Material Adverse EffectEffect on the business or affairs of Borrower); 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, is reasonably likely to could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (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 have a Material Adverse Effect on the adversely affect its condition (financial or otherwise) or operations (present current or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 25,000.00 or more; (v) any default claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess Lender; (vi) the occurrence of $200,000; a breach or termination of any contract which accounts for fifteen percent (15%) or more of Borrower's average revenues, and (vivii) any other development in the business or affairs of Borrower which may have a Material Adverse Effectbe 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: (i1) any Event of Default; (ii) any event which, with the giving of notice or lapse of time, or both, is reasonably likely to constitute an Event of Default; (iii2) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (iv3) 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 would reasonably be expected to have a Material Adverse Effect on the condition (financial or otherwise) or operations (present or prospective) of Borrower or which may to expose Borrower to uninsured liability of $500,000.00 100,000 or more; (v4) any default claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess Lender; (5) a request to produce from, or the production of $200,000documents by Borrower with respect to the Real Property to, a Governmental Authority which would reasonably be expected to have a Material Adverse Effect; (6) any Lien arising against the Collateral (other than Permitted Liens); and (vi7) any other development in the business or affairs of Borrower which may have would reasonably be expected to cause 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 (i1) and (ii2)) ), 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, is reasonably likely to could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (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 have a Material Adverse Effect on the would be likely to materially adversely affect its condition (financial or otherwise) or operations (present or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 100,000.00 or more; (v) any default claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess of $200,000100,000 other than Lender; and (vi) any other development in the business or affairs of Borrower which may have a Material Adverse Effectis reasonably likely to be materially 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 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, is reasonably likely to could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (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 have a Material Adverse Effect on the adversely affect its condition (financial or otherwise) or operations (present or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 25,000.00 or more; (v) any default claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess of $200,000Lender; and (vi) any other development in the business or affairs of Borrower which may have a Material Adverse Effectbe 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, is reasonably likely to could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (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 have a Material Adverse Effect on the adversely affect its condition (financial or otherwise) or operations (present current or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 100,000 or more; (ve) any default claimed by any other creditor for borrowed money of Borrower other than Lender for Borrowed Money of Borrower in excess of $200,000100,000; and (vif) any other development in the business or affairs of Borrower which may have result in 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 (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: (ia) any Event of Default; (iib) any event whichthat, with the giving of notice or lapse of time, or both, is reasonably likely to could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (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 have a Material Adverse Effect on the adversely affect its condition (financial or otherwise) or operations (present current or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 25,000.00 or moremore (not including any applicable deductibles); (ve) any default claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess of $200,000Lender; and (vif) any other development in the business or affairs of Borrower which may have a Material Adverse Effectbe materially 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, is reasonably likely to could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (iv) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it whichit, which in any case, if 49 adversely decided, could have a Material Adverse Effect on the materially and adversely affect its condition (financial or otherwise) or operations (present or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 or more; (v) any default claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess of $200,000500,000.00; and (vi) any other development in the business or affairs of Borrower which may have be adverse in a Material Adverse Effectmaterial respect to the business, assets or financial condition of Borrower; 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, is reasonably likely to could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (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 have a Material Adverse Effect on the materially adversely affect its condition (financial or otherwise) or operations (present or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 25,000.00 or more; (ve) any default default, subject to applicable grace and cure periods, claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess of $200,000Lender; and (vif) any other development in the business or affairs of Borrower which may have a Material Adverse Effectbe 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, is reasonably likely to could constitute an Event of Default; (iii) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementsBorrower; (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 have a Material Adverse Effect on the adversely affect its condition (financial or otherwise) or operations (present or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 25,000.00 or more; (v) any default claimed by any other creditor for borrowed money of Borrower Borrower, other than Lender Lender, for Borrowed Money in a total principal in excess of $200,00010,000.00; and (vi) any other development in the business or affairs of Borrower which may have a Material Adverse Effectbe 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 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, is reasonably likely to could constitute an Event of Default; (iiic) any event, development or circumstance whereby the financial statements previously furnished to Lender hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower as of the dates of such financial statementson a consolidated basis; (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 have a Material Adverse Effect on the material adverse effect its condition (financial or otherwise) or operations (present current or prospective) of Borrower or which may expose Borrower to uninsured liability of $500,000.00 250,000.00 or more; (ve) any default claimed by any other creditor for borrowed money Borrowed Money of Borrower other than Lender in excess of $200,000Lender; and (vif) any Lien arising against the Collateral (other than a Permitted Lien); (g) any other development in the business or affairs of Borrower which may have a Material Adverse Effectbe materially 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.