Common use of Institution of Proceedings Clause in Contracts

Institution of Proceedings. Promptly upon Parent or any Borrower obtaining knowledge of the institution of, or written threat of, any action, suit, proceeding, governmental investigation or arbitration against or affecting any Borrower, any Guarantor, or any Property not previously disclosed pursuant to Section 7.01(k), which action, suit, proceeding, governmental investigation or arbitration exposes, or in the case of multiple actions, suits, proceedings, governmental investigations or arbitrations arising out of the same general allegations or circumstances which expose, in such Borrower's reasonable judgment, the Borrowers and/or any Guarantor to liability in an amount aggregating $1,000,000 or more (exclusive of claims covered by insurance policies of the Borrowers and Guarantors unless the insurers of such claims have disclaimed coverage or reserved the right to disclaim coverage on such claims), such Borrower shall give written notice thereof to the Agent and the Lenders and provide such other information as may be reasonably available to enable each Lender and the Agent and its counsel to evaluate such matters.

Institution of Proceedings. Promptly upon Parent or any Borrower obtaining knowledge of the institution of, or written threat of, any action, suit, proceeding, governmental investigation or arbitration against or affecting any Borrower, any Guarantor, or any Property not previously disclosed pursuant to Section 7.01(kSECTION 7.01(K), which action, suit, proceeding, governmental investigation or arbitration exposes, or in the case of multiple actions, suits, proceedings, governmental investigations or arbitrations arising out of the same general allegations or circumstances which expose, in such Borrower's reasonable judgment, the Borrowers and/or any Guarantor to liability in an amount aggregating $1,000,000 or more (exclusive of claims covered by insurance policies of the Borrowers and Guarantors unless the insurers of such claims have disclaimed coverage or reserved the right to disclaim coverage on such claims), such Borrower shall give written notice thereof to the Agent and the Lenders and provide such other information as may be reasonably available to enable each Lender and the Agent and its counsel to evaluate such matters.

Institution of Proceedings. Promptly upon Parent or any the Borrower obtaining knowledge of the institution of, or written threat of, any action, suit, proceeding, governmental investigation or arbitration against or affecting any the Borrower, any Guarantor, or any Property not previously disclosed pursuant to Section SECTION 7.01(k), which action, suit, proceeding, governmental investigation or arbitration exposes, or in the case of multiple actions, suits, proceedings, governmental investigations or arbitrations arising out of the same general allegations or circumstances which expose, in such the Borrower's reasonable judgment, the Borrowers Borrower and/or any Guarantor to liability in an amount aggregating $1,000,000 or more (exclusive of claims covered by insurance policies of the Borrowers Borrower and Guarantors unless the insurers of such claims have disclaimed coverage or reserved the right to disclaim coverage on such claims), such the Borrower shall give written notice thereof to the Agent and the Lenders and provide such other information as may be reasonably available to enable each Lender and the Agent and its counsel to evaluate such matters.