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

Notice of Default, Litigation and ERISA Matters. Promptly upon becoming aware of any of the following, written notice describing the same and the steps being taken by the Parent or the Subsidiary affected thereby with respect thereto: (i) the occurrence of a Default or Event of Default; (ii) any litigation, arbitration or governmental investigation or proceeding not previously disclosed by the Borrower to the Administrative Agent which has been instituted or, to the knowledge of a Responsible Officer of the Borrower, is threatened in writing against any Loan Party or their Subsidiaries or to which any of the properties of any thereof is subject that could reasonably be expected to have a Material Adverse Effect; (iii) the occurrence of any ERISA Event; (iv) any cancellation or material change in any material insurance maintained by any Loan Party or its Subsidiaries; (v) any other event (including (i) any violation of any Environmental Law or the assertion of any Environmental Claim or (ii) the enactment or effectiveness of any law, rule or regulation) that could reasonably be expected to have a Material Adverse Effect; or (vi) any (A) sale or issuance by any Loan Party or any of its Subsidiaries of any of its Capital Securities, (B) Asset Disposition by any Loan Party or any of its Subsidiaries or (C) the incurrence or issuance by any Loan Party or any of its Subsidiaries of any Debt (other than Debt permitted under Sections 7.01 (a) — (g)), in each case, to the extent requiring a mandatory prepayment under Section 2.05(b).

Notice of Default, Litigation and ERISA Matters. Promptly upon becoming aware of any of the following, written notice describing the same and the steps being taken by the Parent or the Subsidiary affected thereby with respect thereto: (i) the occurrence of a Default or Event of Default; (ii) any litigation, arbitration or governmental investigation or proceeding not previously disclosed by the Borrower to the Administrative Agent which has been instituted or, to the knowledge of a Responsible Officer of the Borrower, is threatened in writing against any Loan Party or their Subsidiaries or to which any of the properties of any thereof is subject that could reasonably be expected to have a Material Adverse Effect; (iii) the occurrence of any ERISA Event; (iv) any cancellation or material change in any material insurance maintained by any Loan Party or its Subsidiaries; (v) any other event (including (i) any violation of any Environmental Law or the assertion of any Environmental Claim or (ii) the enactment or effectiveness of any law, rule or regulation) that could reasonably be expected to have a Material Adverse Effect; or (vi) any (A) sale or issuance by any Loan Party or any of its Subsidiaries of any of its Capital Securities, (B) Asset Disposition by any Loan Party or any of its Subsidiaries or (CB) the incurrence or issuance by any Loan Party or any of its Subsidiaries of any Debt (other than Debt permitted under Sections 7.01 (a) — (gn)), in each case, to the extent requiring a mandatory prepayment under Section 2.05(b).