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

Notice of Litigation, Defaults, etc. The Company will promptly, and in any event within five (5) days after the Company has Knowledge of such event, give written notice to each Majority Purchaser of (a) any litigation or any administrative proceeding commenced or threatened against the Company or any of its Subsidiaries which is reasonably likely to result in a charge against income in excess of $25,000 (after giving effect to applicable insurance) or if adversely determined would be reasonably likely to have a Material Adverse Effect, (b) any resignation of or other change in executive management of the Company or any serious illness of any member of such executive management, and (c) any offers to purchase a majority (or greater) interest in the Company or any of its Subsidiaries (whether by means of purchase of securities or assets or otherwise). The Company will promptly, and in any event within three (3) days after any officer of the Company or any of its Subsidiaries (if any) obtains knowledge of any material default under or violation of this Agreement or any other Transaction Document, furnish notice to each Purchaser specifying the nature of such default or violation and stating the

Notice of Litigation, Defaults, etc. The Company will promptly, and in any event within five (5) days after the Company has Knowledge knowledge of such event, give written notice to each Majority Purchaser of (a) any litigation or any administrative proceeding commenced or threatened against the Company or any of its Subsidiaries which is reasonably likely to result in a charge against income in excess of $25,000 (after giving effect to applicable insurance) or if adversely determined would be reasonably likely to have a Material Adverse Effect, (b) any resignation of or other change in executive management of the Company or any serious illness of any member of such executive management, and (c) any offers to purchase a majority (or greater) interest in the Company or any of its Subsidiaries (whether by means of purchase of securities or assets or otherwise). The Company will promptly, and in any event within three (3) days after any officer of the Company or any of its Subsidiaries (if any) obtains knowledge of any material default under or violation of this Agreement or any other Transaction Document, furnish notice to each Purchaser specifying the nature of such default or violation and stating thethe action the Company has taken or proposes to take with respect thereto. Promptly after the receipt thereof, the Company will furnish to each Majority Purchaser copies of any reports as to inadequacies in accounting controls submitted by independent accountants.