Common use of Litigation and Proceedings Clause in Contracts

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 4 contracts

Samples: Loan and Security Agreement (Novitron International Inc), Loan and Security Agreement (Smithway Motor Xpress Corp), Loan and Security Agreement (Digital Recorders Inc)

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Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 3 contracts

Samples: Loan and Security Agreement (Obsidian Enterprises Inc), Loan and Security Agreement (Allied Healthcare Products Inc), Loan and Security Agreement (Infinity Inc)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender Agent of any actions or proceedings which are pending or threatened against such any Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's ’s authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 2 contracts

Samples: Loan and Security Agreement (Amcon Distributing Co), Loan and Security Agreement (Amcon Distributing Co)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions actions, investigations or proceedings which are pending or threatened against such Borrower which might could reasonably be expected to have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's ’s authorization to amend Exhibit C hereto to add such Commercial Tort Claim.

Appears in 2 contracts

Samples: Loan and Security Agreement (Sri Surgical Express Inc), Loan and Security Agreement (Sri Surgical Express Inc)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Agent and each Lender of any actions or proceedings which are pending or threatened against such Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's ’s authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Perry-Judds Inc)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's ’s authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Perry-Judds Inc)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower or any Subsidiary which might have a Material Adverse Effect on Borrower or such Borrower Subsidiary and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Delphax Technologies Inc)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender Agent of any actions or proceedings which are pending or threatened against such any Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Amcon Distributing Co)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Numatics Inc)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower or any of its Subsidiaries which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower or any of its Subsidiaries which may arise, which notice shall constitute such Borrower's authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Horizon Medical Products Inc)

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Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's ’s authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Wells Gardner Electronics Corp)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any material actions or proceedings which are pending or or, to Borrower's knowledge, threatened against such Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Tarpon Industries, Inc.)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower or its Subsidiaries which might reasonably would have a Material Adverse Effect on such Borrower Person and of any Commercial Tort Claims of such Borrower any Obligor which may arisehave arisen, which notice shall constitute such Borrower's Obligor’s authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Emcore Corp)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such a Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's ’s authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Hartville Group Inc)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender Agent of any actions or proceedings which are pending or threatened against such Borrower which might could reasonably be expected to have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's ’s authorization to amend Exhibit C to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Apac Customer Service Inc)

Litigation and Proceedings. Promptly upon becoming aware thereof, notify Lender of any actions or proceedings which are pending or threatened against such Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower's authorization to amend Exhibit C Schedule 11(b) to add such Commercial Tort Claim.

Appears in 1 contract

Samples: Loan and Security Agreement (Cti Industries Corp)

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