Litigation; Material Change Sample Clauses
The 'Litigation; Material Change' clause defines the parties' obligations to disclose any ongoing or potential legal proceedings and to notify each other of significant changes that could affect the agreement. In practice, this clause typically requires a party to inform the other if it becomes involved in litigation or if there is a substantial change in its business, financial condition, or operations. By mandating such disclosures, the clause helps ensure transparency and allows the parties to assess and manage risks that may impact their contractual relationship.
Litigation; Material Change. The Local Government shall promptly notify VRA of (i) the existence and status of any litigation that the County Attorney determines is not reasonably certain to have a favorable outcome and which individually or in the aggregate could have a material adverse effect on the financial condition or operations of the Local Government or its ability to perform its payment and other obligations under this Agreement or
Litigation; Material Change. The Corporation and the County shall promptly notify the Bank of (i) the existence and status of any litigation which individually or in the aggregate could, in the event of an unfavorable outcome, or (ii) the occurrence of any other event or change which could have a material adverse effect on (A) the ability of the Corporation or the County to perform their respective obligations hereunder or under the other Related Documents or (B) the enforceability or validity of the Trust Agreement or any of the other Related Documents.
Litigation; Material Change. The Authority and the City shall promptly notify the Purchaser of (i) the existence and status of any litigation which individually or in the aggregate could, in the event of an unfavorable outcome, or (ii) the occurrence of any other event or change which could have a material adverse effect on (A) the ability of the Authority or the City to perform their respective obligations hereunder or under the Related Documents to which it is a party or (B) the enforceability or validity of the Indenture or any of the Related Documents.
Litigation; Material Change. The Authority and the City shall promptly notify the Bank Agent of (i) the existence and status of any litigation which individually or in the aggregate could, in the event of an unfavorable outcome, or (ii) the occurrence of any other event or change which could have a material adverse effect on (A) the ability of the Authority or the City to perform their respective obligations hereunder or under the Related Documents or (B) the enforceability or validity of the Trust Agreement or any of the Related Documents.
Litigation; Material Change. The School Board shall promptly notify the Corporation of the existence and status of any litigation that the School Board’s attorney determines is not reasonably certain to have a favorable outcome and which individually or in the aggregate could have a material adverse effect on the financial condition or operations of the School Board or its ability to perform its payment and other obligations under this Financing Lease.
Litigation; Material Change. The City shall promptly notify the Bank of
(i) the existence and status of any litigation which individually or in the aggregate could, in the event of an unfavorable outcome, or (ii) the occurrence of any other event or change which could have a material adverse effect on (A) the ability of the City to perform its obligations hereunder or under the other Related Documents or (B) the enforceability or validity of the Indenture or any of the other Related Documents.