Matters notifiable Clause Samples
The 'Matters notifiable' clause defines which events, issues, or changes must be formally communicated between parties under a contract. Typically, this clause outlines specific circumstances—such as breaches, delays, or regulatory changes—that require one party to notify the other within a set timeframe and by a prescribed method. Its core function is to ensure transparency and timely communication, thereby reducing misunderstandings and enabling both parties to respond appropriately to significant developments.
Matters notifiable. Each Bank shall promptly give notice to the Agent of:
(a) the institution by that Bank of a legal action or proceedings against an Obligor under this Agreement or under any of the other Finance Documents or in connection therewith as soon as practicable thereafter (and, in any event, within six Banking Days); and
(b) the receipt or recovery by that Bank of any amount due and payable by an Obligor under this Agreement or under any of the other Finance Documents which is received or recovered otherwise than through the Agent. Upon receipt of any such notice the Agent will as soon as practicable thereafter notify the other Banks.
Matters notifiable. Each Lender shall promptly give notice to the Agent of:
24.5.1 the institution by that Lender of a legal action or proceedings against the Borrower under this Agreement or any of the Finance Documents or in connection therewith; and
24.5.2 the receipt or recovery by that Lender of any amount due and payable by the Borrower under this Agreement or any of the Finance Documents which is received or recovered otherwise than through the Agent. Upon receipt of any such notice the Agent will as soon as practicable pass on details of it to the other Banks.