Litigation Notice. Within five (5) business days after obtaining actual knowledge of any material litigation, arbitration or proceeding which may exist at any time that is reasonably likely to have a material adverse affect on Borrower’s ability to meet its obligations under this Note, a statement of the chief financial officer of the Borrower setting forth the details of such occurrence and the action that the Borrower has taken and proposes to take with respect thereto.
Appears in 4 contracts
Samples: Merger Agreement, Secured Subordinated Promissory Note, Merger Agreement (PNA Group Holding CORP)
