Common use of Litigation Notice Clause in Contracts

Litigation Notice. The Borrower shall give the Trustee and the Credit Enhancer prompt notice of any action, suit or proceeding by it or against it at law or in equity, or before any governmental instrumentality or agency, or of any of the same which may be threatened, which, if adversely determined, would materially impair the right of the Borrower to carry on the business which is contemplated in connection with the Project, or would materially and adversely affect its business, operations, properties, assets or condition. Within five Business Days after the filing against the Borrower, and prior to the filing by the Borrower, of a petition in bankruptcy, the Borrower shall notify the Trustee and the Credit Enhancer in writing as to such occurrence.