Common use of Notification of litigation Clause in Contracts

Notification of litigation. The Lessee will provide the Lessor with details of any legal or administrative action involving the Lessee, any other Transaction Company (other than, following Delivery, the Replacement Purchaser), the Ship or any Transaction Document to which it is a party promptly after it becomes aware that such action has been instituted or it becomes apparent to the Lessee that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of the Lease Documents.