Promptly, following an Authorized Officer of any Issuer obtaining knowledge thereof, notify Agent in writing of any claim, litigation, suit or administrative proceeding affecting any Note Party, whether or not the claim is covered by insurance, and of any litigation, suit or administrative proceeding, which in any such case affects the Collateral or which could reasonably be expected to have a Material Adverse Effect, result in an Event of Default, result in material liability to such Note Party or materially and adversely affect such Note Party’s ability to conduct its business as currently conducted.