Common use of Notice of Litigation, Defaults, etc Clause in Contracts

Notice of Litigation, Defaults, etc. The Company shall promptly furnish to the holders of any Notes notice of any litigation or any administrative or arbitration proceeding (a) which creates a material risk of resulting, after giving effect to any applicable insurance, in the payment by the Company and its Subsidiaries of more than $500,000 or (b) which results, or creates a material risk of resulting, in a Material Adverse Change. Promptly upon acquiring knowledge thereof, the Company shall notify the Lenders of the existence of any Default or Material Adverse Change, specifying the nature thereof and what action the Company or any of its Subsidiaries has taken, is taking or proposes to take with respect thereto.

Notice of Litigation, Defaults, etc. The Promptly after any Financial Officer acquires knowledge thereof, the Company shall promptly furnish to the holders of any Notes Lenders notice of any litigation or any administrative or arbitration proceeding (a) which creates a material risk of resulting, after giving effect to any applicable insurance, in the payment by the Company and its Subsidiaries of more than $500,000 or (b) which results, or creates a material risk of resulting, in a Material Adverse Change. Promptly upon acquiring after any Financial Officer acquires knowledge thereof, the Company shall notify the Lenders of the existence of any Default or Material Adverse Change, specifying the nature thereof and what action the Company or any of its Subsidiaries Subsidiary has taken, is taking or proposes to take with respect thereto.