Common use of Notification of litigation Clause in Contracts

Notification of litigation. It shall provide the Security Trustee with details of any Environmental Claim, any legal or administrative proceedings involving it, the Vessel or any Operative Document to which it is a party as soon as it becomes aware that such action has been instituted or it becomes apparent to the Security Trustee that it is likely to be instituted and such action is likely to have a Material Adverse Effect on the ability of it to perform its obligations under any Operative Document to which it is a party.