Common use of Material Changes and Litigation Clause in Contracts

Material Changes and Litigation. The Company will promptly notify PIAC of any material adverse change in the business, properties, assets or condition, financial or otherwise, of the Company or the Group Company, and of any event or litigation or governmental proceeding or investigation pending or, to the reasonable knowledge of the Company, threatened against the Company or the Group Company, or against any officer, director, key employee or principal stockholder of the Company or the Group Company materially affecting, or that, if adversely determined, would materially adversely affect, the Company’s or the Group Company’s present or then proposed business, properties, assets or condition (financial or otherwise), and management’s proposed response thereto, taken as a whole on a consolidated basis.