Legal Action Notice and Updates Sample Clauses

Legal Action Notice and Updates. A prompt report of any legal actions pending or threatened in writing against any Loan Party or any of its Subsidiaries that could result in damages or costs to any Loan Party or any of its Subsidiaries of, individually or in the aggregate for all related proceedings, Two Hundred Fifty Thousand Dollars ($250,000) or more, or of any Loan Party or any of its Subsidiaries taking or threatening legal action against any third person with respect to a material claim, and with respect to any pending action or threatened action, a prompt report of any material development with respect thereto.
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Legal Action Notice and Updates. (i) Prompt written notice of any legal actions, investigations or proceedings pending or threatened in writing, following the Effective Date, against any Borrower or any of its Subsidiaries that would reasonably be expected to result in damages or costs to any Borrower or any of its Subsidiaries of, individually or in the aggregate, Five Million Dollars ($5,000,000); and (ii) at the reasonable request of Bank, conference calls between Bank and/or its representatives and Lead Borrower’s officers with knowledge of any such legal actions, investigations or proceedings regarding developments therein; provided however, that
Sample 1
Legal Action Notice and Updates. (i) Prompt written notice of any legal actions, investigations or proceedings pending or threatened in writing, following the Effective Date, against any Borrower or any of its Subsidiaries that would reasonably be expected to result in damages or costs to any Borrower or any of its Subsidiaries of, individually or in the aggregate, Five Million Dollars ($5,000,000); and (ii) at the reasonable request of Bank, conference calls between Bank and/or its representatives and Lead Borrower’s officers with knowledge of any such legal actions, investigations or proceedings regarding developments therein; provided however, that Borrowers shall not be required to disclose any information that Borrowers reasonably deem to be subject to attorney- client privilege;
Sample 1

Related to Legal Action Notice and Updates

  • Notice of Legal Actions The Contractor must notify the Department of any legal actions filed against it for a violation of any laws, rules, codes, ordinances or licensing requirements within 30 days of the action being filed. The Contractor must notify the Department of any legal actions filed against it for a breach of a contract of similar size and scope to this Contract within 30 days of the action being filed. Failure to notify the Department of a legal action within 30 days of the action will be grounds for termination for cause of the Contract.

  • Notice of Litigation Each Seller shall promptly notify the applicable Purchaser upon becoming aware of any Proceedings or threatened Proceedings concerning any Serviced Appointment, in each case, excluding Proceedings in servicer-managed mortgage-level litigation with respect to residential mortgage-backed securities transactions. Notices delivered pursuant to this Section 5.4 will be delivered to the notice recipient designated on Annex B.

  • Notice of Default; Litigation Promptly after an Authorized Officer of the Borrower or any of the Restricted Subsidiaries obtains actual knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Borrower or any of the Subsidiaries that would reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

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