Common use of Notice of Default, Litigation and ERISA Matters Clause in Contracts

Notice of Default, Litigation and ERISA Matters. Forthwith upon learning of the occurrence of any of the following, Borrower shall provide Lender with written notice thereof, describing the same and the steps being taken by Borrower with respect thereto: (1) the occurrence of any Event of Default, or (2) the institution of, or any adverse determination in, any litigation, arbitration proceeding or governmental proceeding, or (3) the occurrence of a Reportable Event under, or the institution of steps by Borrower to withdraw from, or the institution of any steps to terminate, any employee benefit plan as to which Borrower may have any liability.

Appears in 14 contracts

Samples: Business Loan Agreement (Nanophase Technologies Corporation), Construction Loan Agreement (Shepherd's Finance, LLC), Construction Loan Agreement (Shepherd's Finance, LLC)

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Notice of Default, Litigation and ERISA Matters. Forthwith upon learning of the occurrence of any of the following, Borrower shall provide Lender with written notice thereof, describing the same and the steps being taken by Borrower with respect thereto: (1) the occurrence of any Event of Default, or (2) the institution Institution of, or any adverse determination in, any litigation, arbitration proceeding or governmental proceeding, or (3) the occurrence of a Reportable Event under, or the institution of steps by Borrower to withdraw from, or the institution of any steps to terminate, any employee benefit plan as to which Borrower may have any liability.

Appears in 1 contract

Samples: Business Loan Agreement (Elevate.Money REIT I, Inc.)

Notice of Default, Litigation and ERISA Matters. Forthwith upon learning of the occurrence of any of the following, Borrower shall provide Lender with written notice thereof, describing the same and the steps being taken by Borrower with respect thereto: (1) the occurrence of any Event of Default, or (2) the institution of, or any adverse determination in, any and litigation, arbitration proceeding or governmental proceeding, or (3) the occurrence of a Reportable Event under, or the institution of steps by Borrower to withdraw from, or the institution of any steps to terminate, any employee benefit plan as to which Borrower may have any liability. Other information. From time to time Borrower will provide Lender with such other information as Lender may reasonable request.

Appears in 1 contract

Samples: Business Loan Agreement (Medalist Diversified REIT, Inc.)

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Notice of Default, Litigation and ERISA Matters. Forthwith upon learning of the occurrence of any of the following, Borrower shall provide Lender with written notice thereof, describing the same and the steps being taken by Borrower with respect thereto: (1i) the occurrence of any Event of Default, or (2ii) the institution of, or any adverse determination inIn, any litigation, arbitration proceeding or governmental proceeding, or (3iii) the occurrence of a Reportable Event under, or the institution of steps by Borrower to withdraw from, or the institution ,of any steps to terminate, any employee benefit plan as to which Borrower may have any liability.

Appears in 1 contract

Samples: American Fire Retardant Corp

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