Common use of Notice of Event of Default and Adverse Business Developments Clause in Contracts

Notice of Event of Default and Adverse Business Developments. Within three (3) Business Days after becoming aware of the existence of a Default or an Event of Default or any of the following: (a) any material dispute that may arise between any Loan Party and any governmental regulatory body or law enforcement authority, including any action relating to any tax liability of such Loan Party; (b) any labor controversy resulting in or threatening to result in a strike or work stoppage against any Loan Party; (c) any proposal by any public authority to acquire the assets or business of any Loan Party; (d) the location of any Collateral other than at any Loan Party’s place of business or as permitted under this Agreement; (e) any proposed or actual change of any Loan Party’s name, identity, state of organization or corporate/limited liability company structure; or (f) any other matter which has resulted or may reasonably be expected to result in a Material Adverse Effect. In each case, Borrower or the relevant Loan Party will provide Lenders with telephonic notice followed by written notice specifying and describing the nature of such Default, Event of Default or development or information, and such anticipated effect.

Notice of Event of Default and Adverse Business Developments. Within three (3) Business Days after becoming aware of the existence of a Default or an Event of Default or any of the following: (a) any material dispute that may arise between any Loan Party and any governmental regulatory body or law enforcement authority, including any action relating to any tax liability of such Loan Party; (b) any labor controversy resulting in or threatening to result in a strike or work stoppage against any Loan Party; (c) any proposal by any public authority to acquire the assets or business of any Loan Party; (d) the location of any Collateral other than at any Loan Party’s place of business or as permitted under this Agreement; (e) any proposed or actual change of any Loan Party’s name, identity, state of organization or corporate/limited liability company structure; or (f) any other matter which has resulted or may reasonably be expected to result in a Material Adverse Effect. In each case, Borrower or the relevant Loan Party will provide Lenders Lender with telephonic notice followed by written notice specifying and describing the nature of such Default, Event of Default or development or information, and such anticipated effect.