Common use of Report on Proceedings Clause in Contracts

Report on Proceedings. promptly upon the Transferor's becoming aware of (1) any proposed or pending investigation of it by any governmental authority or agency, or (2) any court or administrative proceeding, which involves or may involve the possibility of materially and adversely affecting the properties, business, prospects, profits or condition (financial or otherwise) of the Transferor, a written notice specifying the nature of such investigation or proceeding and what action the Transferor is taking or proposes to take with respect thereto and evaluating its merits;

Report on Proceedings. promptly upon the Transferor's becoming aware of (1) any proposed or pending investigation of it by any governmental authority or agency, or (2) any court or administrative proceeding, which involves or may involve the possibility of materially and adversely affecting the properties, business, prospects, profits or condition (financial or otherwise) of the Transferor, a written notice specifying the nature of such investigation or proceeding and what action the Transferor is taking or proposes to take with respect thereto and evaluating its merits;; and