Common use of Notice of Default, Litigation and ERISA Matters Clause in Contracts

Notice of Default, Litigation and ERISA Matters. Promptly and in any event within three days after learning of the occurrence of any of the following, written notice to the Lender describing the same and the steps being taken by the Borrowers affected in respect thereof: (A) the occurrence of an Event of Default or an Unmatured Event of Default; (B) the institution of, or any adverse determination in, any litigation, arbitration or governmental proceeding which is material to the Borrowers on a consolidated basis; (C) the occurrence of a Reportable Event under, or the institution of steps by the Borrowers to withdraw from, or the institution of any steps to terminate, any Plan; or (D) any change in the Borrowers' status for federal income tax purposes.