Default or Litigation Notice Clause Samples
The Default or Litigation Notice clause establishes the requirement for one party to formally notify the other in the event of a default or the initiation of legal proceedings. Typically, this clause outlines the method and timing for delivering such notices, such as requiring written communication sent to a specified address within a certain timeframe. Its core function is to ensure that all parties are promptly and properly informed of significant legal developments, thereby promoting transparency and allowing for timely responses or remedial actions.
Default or Litigation Notice. Promptly upon any Responsible Officer of either Borrower or any of their respective Subsidiaries obtaining knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the appropriate Borrower proposes to take with respect thereto, and (ii) any litigation or governmental proceeding pending against either Borrower or any of their respective Subsidiaries that could reasonably be expected to result in a Material Adverse Effect.
Default or Litigation Notice. Promptly upon any Senior Officer of the Shareholder obtaining knowledge thereof, notice of (i) the occurrence of any event that constitutes a Completion Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Shareholder proposes to take with respect thereto, and (ii) any litigation or governmental proceeding pending against the Shareholder that could reasonably be expected to result in a Material Adverse Effect.
Default or Litigation Notice. Promptly upon any Responsible Officer of the Borrower or any of its Subsidiaries obtaining knowledge thereof, notice of (a) the commencement of a Dominion Period or a Compliance Period, (b) the occurrence of any event that constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Funds Administrator proposes to take with respect thereto, and (c) any litigation or governmental proceeding pending against the Borrower or any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect.