Notification of Events of Default and Adverse Developments Sample Clauses

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;

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;

Notification of Events of Default and Adverse Developments. Borrower promptly will notify Lender upon the occurrence of: (a) any Event of Default; (b) any event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default; (c) 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 as of the date of such statements; (d) any judicial, administrative or arbitration proceeding pending against Borrower, and any judicial or administrative proceeding known by Borrower to be threatened against it which could reasonably be expected to materially adversely affect its condition (financial or otherwise) or operations or to expose Borrower to uninsured liability of $250,000.00 or more; (e) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender in respect of Borrowed Money in a principal amount in excess of $250,000.00; and (f) any other development in the business or affairs of Borrower which would be materially adverse; in each case describing the nature thereof and (in the case of notification under clauses (a) and (b)) the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower shall promptly (and in any event within there Business Days) notify Lender of the occurrence of (i) any Incipient Default or Event of Default hereunder; (ii) any event, development or circumstance whereby any financial statements most recently furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and 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 Indebtedness of Borrower exceeding 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 (v) any other development in the business or affairs of Borrower if the effect thereof involves a significant risk of a Material Adverse Effect, in each case describing the nature thereof and the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrowers shall promptly notify Lender upon obtaining knowledge of the occurrence of: (a) any Event of Default; (b) any Default; (c) any litigation instituted or threatened against Borrowers or any Subsidiaries and of the entry of any judgment or Lien (other than any Permitted Liens) against any of the assets or properties of Borrowers or any Subsidiary where the claims against Borrowers or any Subsidiaries exceed Five Hundred Thousand Dollars ($500,000) and are not covered by insurance; (d) any event, development or circumstance whereby the financial statements furnished hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrowers or any Subsidiaries; (e) any judicial, administrative or arbitral proceeding pending against Borrowers or any of their Subsidiaries and any judicial or administrative proceeding known by Borrowers to be threatened against it or any of its Subsidiaries that, if adversely decided, could materially adversely affect its financial condition or operations (present or prospective); (f) the receipt by Borrowers or any of their Subsidiaries of any notice, claim or demand from any Governmental Authority which alleges that Borrowers or any Subsidiary is in violation of any of the terms of, or has failed to comply 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; (g) any default under any Government Contract to which any Borrower is a party, any event which if not corrected could give rise to a default under any Government Contract to which any Borrower is a party, or any event under any Government Contract with a contract value of One Million Dollars ($1,000,000) or greater, which if not corrected could give rise to a termination for convenience; and (h) any other development in the business or affairs of Borrowers and any of their Subsidiaries that may be materially adverse to such Persons taken as a whole; in each case describing in detail satisfactory to Lender the nature thereof and the action Borrowers propose to take with respect thereto.

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 $50,000.00 or more; (v) any default claimed by any other creditor for Borrowed Money of Borrower other than Lender; (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 shall promptly notify Lender upon obtaining knowledge of the occurrence of: (a) any Event of Default; (b) any Default; (c) any litigation instituted or threatened against Borrower or its Subsidiaries and of the entry of any judgment or Lien (other than any Permitted Liens) against any of the assets or properties of Borrower or any Subsidiary where the claims against Borrower or any of its Subsidiaries exceed Five Hundred Thousand Dollars ($500,000) and are not covered by insurance; (d) any event, development or circumstance whereby the financial statements furnished hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of Borrower or any of its Subsidiaries; (e) any judicial, administrative or arbitral proceeding pending against Borrower or any of its Subsidiaries and any judicial or administrative proceeding known by Borrower to be threatened against it or any of its Subsidiaries that, if adversely decided, could materially adversely affect its financial condition or operations (present or prospective); (f) the receipt by Borrower or any of its Subsidiaries of any notice, claim or demand from any Governmental Authority which alleges that Borrower or any Subsidiary is in violation of any of the terms of, or has failed to comply 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; (g) any default under any Government Contract to which Borrower is a party, any event which if not corrected could give rise to a default under any Government Contract to which Borrower is a party, or any event under any Government Contract with a contract value of One Million Dollars ($1,000,000) or greater, which if not corrected could give rise to a termination for convenience; and (h) any other development in the business or affairs of Borrower and any of its Subsidiaries that may be materially adverse to such Persons taken as a whole; in each case describing in detail satisfactory to Lender the nature thereof and the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Borrower shall promptly notify Lender of the occurrence of (i) any Incipient Default or Event of Default hereunder; (ii) any event, development or circumstance whereby any financial statements most recently furnished to Lender fail in any material respect to present fairly, in accordance with GAAP, the financial condition and 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 Indebtedness of Borrower exceeding 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 (v) any other development in the business or affairs of Borrower if the effect thereof involves a significant risk of a Material Adverse Effect, in each case describing the nature thereof and the action Borrower proposes to take with respect thereto.

Notification of Events of Default and Adverse Developments. Each of the Borrowers shall promptly notify the Administrative Agent upon obtaining knowledge of the occurrence of: (a) any Event of Default; (b) any Default; (c) any litigation instituted or threatened against either of the Borrowers and of the entry of any judgment or Lien (other than any Permitted Liens) against any of the assets or properties of either of the Borrowers where the claims against either Borrower exceed Five Hundred Thousand Dollars ($500,000) and are not covered by insurance; (d) any event, development or circumstance whereby the financial statements furnished hereunder fail in any material respect to present fairly, in accordance with GAAP, the financial condition and operational results of either of the Borrowers; (e) any judicial, administrative or arbitral proceeding pending against either of the Borrowers and any judicial or administrative proceeding known by either of the Borrowers to be threatened against either Borrower which, if adversely decided, could materially adversely affect the financial condition or operations (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 alleges that either of the Borrowers is in violation of any of the terms of, or has failed to comply 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 (g) any other development in the business or affairs of either of the Borrowers which may be materially adverse; in each case describing in detail satisfactory to the Administrative Agent the nature thereof and the action the Borrowers propose to take with respect thereto.