Common use of Notice of Material Litigation Clause in Contracts

Notice of Material Litigation. Each of the Borrowers and the Guarantor shall promptly notify the Lender in writing of any litigation, arbitration proceeding or administrative investigation, inquiry or other proceeding to which it may hereafter become a party which could reasonably be expected to have a Material Adverse Effect and which may involve any risk of any judgment or liability not fully covered by insurance or which may otherwise result in any materially adverse change in the business, operations, affairs or condition (financial or otherwise) of such Borrower or Guarantor or which may impair, in any material respect, the ability of such Borrower or Guarantor to perform its obligations under this Agreement, the Notes or the other Loan Documents.

Notice of Material Litigation. Each of the Borrowers Borrower and the Guarantor Guarantors shall promptly notify the Lender in writing of any litigation, arbitration proceeding or administrative investigation, inquiry or other proceeding to which it may hereafter become a party which could reasonably be expected to have a Material Adverse Effect and which may involve any risk of any judgment or liability not fully covered by insurance or which may otherwise result in any materially adverse change in the business, operations, affairs or condition (financial or otherwise) of such the Borrower or any Guarantor or which may impair, in any material respect, the ability of such the Borrower or any Guarantor to perform its obligations under this Agreement, the Notes Revolving Credit Note or the other Loan Documents.

Notice of Material Litigation. Each of the Borrowers and the Guarantor shall promptly notify the Lender in writing of any litigation, arbitration proceeding or administrative investigation, inquiry or other proceeding to which it may hereafter become a party which could reasonably be expected to have a Material Adverse Effect and which may involve any risk of any judgment or liability not fully covered by insurance or which may otherwise result in any materially adverse change in the business, operations, affairs or condition (financial or otherwise) of such Borrower or the Guarantor or which may impair, in any material respect, the ability of such Borrower or the Guarantor to perform its obligations under this Agreement, the Notes or Notes, the other Loan Documents, the Subordinated Note Purchase Agreement or the Subordinated Note.