Common use of Notice of Adverse Events Clause in Contracts

Notice of Adverse Events. The Borrower shall promptly notify the Lender in writing of any Event of Default or institution of any litigation, administrative proceeding or lien filed by governmental authorities (or any other party) or other proceeding or occurrence which may have a material adverse effect on the business, property or financial condition of the Borrower or Project, including, but not limited to any failure of Borrower to pay when due any indebtedness (other than to Lender) or in the observance or performance of any term, covenant or condition in any document evidencing, securing or relating to such indebtedness.