Common use of Notice of Default; Litigation Clause in Contracts

Notice of Default; Litigation. The Borrower will give prompt notice (with a description in reasonable detail) to the Agent (in sufficient copies for each Lender) of: (i) the occurrence of any Default or any Event of Default; (ii) the occurrence of any litigation, arbitration or governmental investigation or proceeding not previously disclosed by the Borrower to the Agent which has been instituted or, to the knowledge of the Borrower, is threatened against the Borrower or any Subsidiary or to which any of their respective properties is subject which would reasonably be expected to result in a liability to the Borrower or any Subsidiary not covered by the Borrower's or such Subsidiary's insurers, as applicable, in excess of $10,000,000; (iii) any material development which shall occur in any litigation, arbitration or governmental investigation or proceeding previously disclosed by the Borrower to the Agent; (iv) the occurrence of any event which would reasonably be expected to have a Materially Adverse Effect; (v) the occurrence of (A) a Reportable Event with respect to any Pension Plan; (B) the institution of steps by the Borrower or any Subsidiary or any member of the Controlled Group of any of them to terminate, any Pension Plan where the unfunded liability is in excess of $10,000,000; or (C) a partial or complete withdrawal (as described in ERISA section 4203 or 4205) by the Borrower or any Subsidiary or any member of the Controlled Group of any of them from a Multiemployer Plan where the unfunded liability is in excess of $10,000,000; and

Notice of Default; Litigation. The Borrower will give prompt ----------------- notice (with a description in reasonable detail) to the Agent (in sufficient copies for each LenderBank) of: (ia) the occurrence of any Default or any Event of Default; (iib) the occurrence of any litigation, arbitration or governmental investigation or proceeding not previously disclosed by the Borrower to the Agent which has been instituted or, to the knowledge of the Borrower, is threatened against the Borrower or any Subsidiary or to which any of their respective properties is subject which would reasonably be expected to result in a liability to the Borrower or any Subsidiary not covered by the Borrower's or such Subsidiary's insurers, as applicable, in excess of $10,000,000; (iiic) any material development which shall occur in any litigation, arbitration or governmental investigation or proceeding previously disclosed by the Borrower to the Agent; (ivd) the occurrence of any event which would reasonably be expected to have a Materially Adverse Effect; (ve) the occurrence of (Ai) a Reportable Event with respect to any Pension Plan; (Bii) the institution of steps by the Borrower or any Subsidiary or any member of the Controlled Group of any of them to terminate, any Pension Plan where the unfunded liability is in excess of $10,000,000; or (Ciii) a partial or complete withdrawal (as described in ERISA section 4203 or 4205) by the Borrower or any Subsidiary or any member of the Controlled Group of any of them from a Multiemployer Plan where the unfunded liability is in excess of $10,000,000; and (f) the occurrence of (i) the institution of any steps by the PBGC to terminate any Pension Plan; (ii) the failure to make a required contribution to any Pension Plan if such failure is sufficient to give rise to a Lien under section 302(f) of ERISA; (iii) the adoption of an amendment or the application for a funding waiver that could result in a requirement that the Borrower or any Subsidiary furnish a bond or other security to the PBGC or to a Pension Plan pursuant to sections 306 or 307 of ERISA; (iv) the assertion of any claim with respect to any Pension Plan which could, if determined adversely, result in the incurrence by the Borrower or any Subsidiary of any material liability, fine or penalty; or (v) any material increase in the contingent liability of the Borrower or any Subsidiary with respect to post-retirement benefits under any Welfare Plan, as determined under Financial Accounting Standards Board No. 106.

Notice of Default; Litigation. The Borrower will give ----------------------------- prompt notice (with a description in reasonable detail) to the Agent (in sufficient copies for each LenderBank) of: (ia) the occurrence of any Default or any Event of Default; (iib) the occurrence of any litigation, arbitration or governmental investigation or proceeding not previously disclosed by the Borrower to the Agent which has been instituted or, to the knowledge of the Borrower, is threatened against the Borrower or any Subsidiary or to which any of their respective properties is subject which would reasonably be expected to result in a liability to the Borrower or any Subsidiary not covered by the Borrower's or such Subsidiary's insurers, as applicable, in excess of $10,000,000; (iiic) any material development which shall occur in any litigation, arbitration or governmental investigation or proceeding previously disclosed by the Borrower to the Agent; (ivd) the occurrence of any event which would reasonably be expected to have a Materially Adverse Effect; (ve) the occurrence of (Ai) a Reportable Event with respect to any Pension Plan; (Bii) the institution of steps by the Borrower or any Subsidiary or any member of the Controlled Group of any of them to terminate, any Pension Plan where the unfunded liability is in excess of $10,000,000; or (Ciii) a partial or complete withdrawal (as described in ERISA section 4203 or 4205) by the Borrower or any Subsidiary or any member of the Controlled Group of any of them from a Multiemployer Plan where the unfunded liability is in excess of $10,000,000; and (f) the occurrence of (i) the institution of any steps by the PBGC to terminate any Pension Plan; (ii) the failure to make a required contribution to any Pension Plan if such failure is sufficient to give rise to a Lien under section 302(f) of ERISA; (iii) the adoption of an amendment or the application for a funding waiver that could result in a requirement that the Borrower or any Subsidiary furnish a bond or other security to the PBGC or to a Pension Plan pursuant to sections 306 or 307 of ERISA; (iv) the assertion of any claim with respect to any Pension Plan which could, if determined adversely, result in the incurrence by the Borrower or any Subsidiary of any material liability, fine or penalty; or (v) any material increase in the contingent liability of the Borrower or any Subsidiary with respect to post-retirement benefits under any Welfare Plan, as determined under Financial Accounting Standards Board No. 106.

Notice of Default; Litigation. The Borrower will give prompt ----------------------------- notice (with a description in reasonable detail) to the Agent (in sufficient copies for each LenderBank) of: (ia) the occurrence of any Default or any Event of Default; (iib) the occurrence of any litigation, arbitration or governmental investigation or proceeding not previously disclosed by the Borrower to the Agent which has been instituted or, to the knowledge of the Borrower, is threatened against the Borrower or any Subsidiary or to which any of their respective properties is subject which would reasonably be expected to result in a liability to the Borrower or any Subsidiary not covered by the Borrower's or such Subsidiary's insurers, as applicable, in excess of $10,000,000; (iiic) any material development which shall occur in any litigation, arbitration or governmental investigation or proceeding previously disclosed by the Borrower to the Agent; (ivd) the occurrence of any event which would reasonably be expected to have a Materially Adverse Effect; (ve) the occurrence of (Ai) a Reportable Event with respect to any Pension Plan; (Bii) the institution of steps by the Borrower or any Subsidiary or any member of the Controlled Group of any of them to terminate, any Pension Plan where the unfunded liability is in excess of $10,000,000; or (Ciii) a partial or complete withdrawal (as described in ERISA section 4203 or 4205) by the Borrower or any Subsidiary or any member of the Controlled Group of any of them from a Multiemployer Plan where the unfunded liability is in excess of $10,000,000; and (f) the occurrence of (i) the institution of any steps by the PBGC to terminate any Pension Plan; (ii) the failure to make a required contribution to any Pension Plan if such failure is sufficient to give rise to a Lien under section 302(f) of ERISA; (iii) the adoption of an amendment or the application for a funding waiver that could result in a requirement that the Borrower or any Subsidiary furnish a bond or other security to the PBGC or to a Pension Plan pursuant to sections 306 or 307 of ERISA; (iv) the assertion of any claim with respect to any Pension Plan which could, if determined adversely, result in the incurrence by the Borrower or any Subsidiary of any material liability, fine or penalty; or (v) any material increase in the contingent liability of the Borrower or any Subsidiary with respect to post-retirement benefits under any Welfare Plan, as determined under Financial Accounting Standards Board No. 106.