Notice of Material Litigation. The Manager shall cause to be delivered to each Member prompt notice of the commencement or institution by or against the Company or any Member of any dispute, litigation, suit, action or other proceeding before any court or other governmental, administrative or taxing authority which the Manager in good faith determines is reasonably likely to have a material adverse effect upon a Member.
Appears in 5 contracts
Sources: Series C Preferred Stock Purchase Agreement (Mp3 Com Inc), Series C Preferred Stock Purchase Agreement (Mp3 Com Inc), Series C Preferred Stock Purchase Agreement (Mp3 Com Inc)