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 (current or prospective) or which may expose Borrower to uninsured liability of $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 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 to 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 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 BorrowerBorrower on 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 adversely affect have a material adverse effect its condition (financial or otherwise) or operations (current or prospective) or which may expose Borrower to uninsured liability of $100,000.00 250,000.00 or more; (ve) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; 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 be materially adverse; in each case describing the nature of the event or development. In the case of notification under clauses (ia) and (ii)b), Borrower should set forth the action Borrower proposes to take with respect to 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 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 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, could materially and adversely affect its the condition (financial or otherwise) or operations (current present or prospective) of the Borrowers, taken as a whole, or which may expose Borrower to uninsured liability of $100,000.00 or more; (ve) any default claimed by any other creditor for Borrowed Money (in excess of $50,000)of Borrower other than Lender; and (vif) any other development in the business or affairs of Borrower which may be adversecould have a material 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 of the event or development. In thereof and (in the case of notification under clauses (ia) and (iib)), Borrower should set forth ) the action Borrower proposes to take with respect to such eventthereto.

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 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 (current present or prospective) or which may expose Borrower to uninsured liability of $100,000.00 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 of the event or development. In thereof and (in the case of notification under clauses (i) and (ii)), Borrower should set forth ) the action Borrower proposes to take with respect to such eventthereto.

Notification of Events of Default and Adverse Developments. Borrower Each of the Borrowers shall promptly will notify Lender the Administrative Agent upon obtaining knowledge of the occurrence of: : (ia) any Event of Default; ; (iib) any event which, with Default; (c) any litigation instituted or threatened against either of the giving Borrowers and of notice the entry of any judgment or lapse Lien (other than any Permitted Liens) against any of time the assets or both, could constitute an Event properties of Default; either of the Borrowers where the claims against either Borrower exceed Five Hundred Thousand Dollars (iii$500,000) and are not covered by insurance; (d) 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; either of the Borrowers; (ive) any judicial, administrative or arbitration arbitral proceeding pending against Borrower, either of the Borrowers and any judicial or administrative proceeding known by Borrower either of the Borrowers to be threatened against it either Borrower which, if adversely decided, could materially adversely affect its the financial condition (financial or otherwise) or operations (current present or prospective) of either Borrower; (f) the receipt by either of the Borrowers of any notice, claim or demand from any Governmental Authority which may expose Borrower alleges that either of the Borrowers is in violation of any of the terms of, or has failed to uninsured liability of $100,000.00 or morecomply with any applicable Laws regulating its operation and business, including, but not limited to, the Occupational Safety and Health Act and the Environmental Protection Act; and (v) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; and (vig) any other development in the business or affairs of Borrower either of the Borrowers which may be materially adverse; in each case describing in detail satisfactory to the Administrative Agent the nature of the event or development. In the case of notification under clauses (i) thereof and (ii)), Borrower should set forth the action Borrower proposes the Borrowers propose to take with respect to such eventthereto.

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 (current present or prospective) or which may expose Borrower to uninsured liability of $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 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 to such eventthereto.