Material Change; Litigation Sample Clauses
Material Change; Litigation. The officers of the Company will promptly .advise the Major Investors and the Board of Directors of any material adverse change in the business or condition, financial or otherwise, of the Company and of each suit or proceeding commenced or threatened against the Company which, if adversely determined, in the reasonable judgment or the officers of the Company after consultation with counsel, would result in a material adverse change. The Company will also promptly advise the Major Investors of the occurrence of any event that constitutes a material breach of any covenant contained herein.
Material Change; Litigation. The Company shall promptly notify the Holders and all observers to the Company’s Board appointed by any of the Holders of: (i) any litigation, administrative or other similar proceeding commenced or, to its knowledge, threatened against the Company or any Subsidiary that is reasonably likely to result in a material adverse change; (ii) any notice of investigation or request for information from any federal, state or local Governmental Entity or agency which could reasonably be expected to be material to the Company or any Subsidiary; and (iii) any notice received by the Company or any Subsidiary from any financial institution, lender or other third party relating to any possible or actual breach or default by the Company or any Subsidiary with respect to any obligation arising under any loan agreement or guaranty, or any other arrangement or agreement the breach of or default in respect of which could be material to the Company or any Subsidiary.