Common use of Knowledge of Event of Default Clause in Contracts

Knowledge of Event of Default. Promptly after Borrower (i) obtains knowledge of any condition or event which constitutes an Event of Default or Unmatured Event of Default, or (ii) obtains knowledge of any condition or event which has a Material Adverse Effect, a notice specifying the nature and period of existence of such Event of Default, Unmatured Event of Default or Material Adverse Effect, and what action Borrower has taken, is taking and proposes to take with respect thereto.