Common use of Knowledge of Event of Default Clause in Contracts

Knowledge of Event of Default. Promptly upon Borrower obtaining knowledge of (i) any condition or event which constitutes an Event of Default or Potential Event of Default, or (ii) any condition or event which has a Material Adverse Effect on Borrower or any Property, written notice specifying the nature and period of existence of any such condition or event and what action Borrower has taken, is taking and proposes to take with respect thereto. Each delivery of quarterly financial statements by Borrower pursuant to subparagraph (b) above shall be deemed to constitute a representation and warranty by Borrower that there then exists no Event of Default or Potential Event of Default, unless the same shall be qualified pursuant to a written notice delivered with such financial statements in accordance with this subparagraph (e).