Common use of Notice of Default; Litigation; ERISA Matters Clause in Contracts

Notice of Default; Litigation; ERISA Matters. Promptly upon becoming aware of any of the following, written notice describing the same and the steps being taken by the Borrower or the applicable Loan Party affected thereby with respect thereto: (a) the occurrence of an Event of Default or a Default; (b) any litigation, arbitration or governmental investigation or proceeding not previously disclosed by Holdings or the Borrower to the Lender which has been instituted or, to the knowledge of Holdings or the Borrower, is threatened in writing against any Loan Party or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect; (c) any cancellation or material change in coverage in any insurance maintained by Holdings, the Borrower or any other Loan Party; or (d) any other event (including (i) any violation of any Environmental Law or the assertion of any Environmental Claim, (ii) any violation or noncompliance with any Applicable Law or (iii) any breach or non-performance of, or any default under, any contractual obligation of any Loan Party or any of its Subsidiaries), in all cases which could reasonably be expected to have a Material Adverse Effect.

Notice of Default; Litigation; ERISA Matters. Promptly upon becoming aware of any of the following, written notice describing the same and the steps being taken by the Borrower Borrowers or the applicable Loan Party affected thereby with respect thereto: (a) the occurrence of an Event of Default or a Default; (b) any litigation, arbitration or governmental investigation or proceeding not previously disclosed by Holdings or the Borrower Borrowers to the Lender which has been instituted or, to the knowledge of Holdings or the Borrower, is threatened in writing against any Loan Party a Borrower or any other Loan Party, or to which any of its Subsidiaries the properties of any thereof is subject, which could reasonably be expected to have a Material Adverse Effect; (c) any cancellation or material change in coverage in any insurance maintained by Holdings, the a Borrower or any other Loan Party; or (d) any other event (including (i) any violation of any Environmental Law or the assertion of any Environmental Claim, (ii) the enactment or effectiveness of any law, rule or regulation, (iii) any violation or noncompliance with any Applicable Law law or (iiiiv) any breach or non-performance of, or any default under, any contractual obligation of any Loan Party or any of its Subsidiaries), in all cases Party) which could reasonably be expected to have a Material Adverse Effect.