Notice of Action. Each Borrower will promptly notify Lender in the event of any legal action, dispute, setoff, counterclaim, defense or reduction that is or may be asserted by an Obligor with respect to any Account that may have a material adverse effect on the collectibility of such Account or all Accounts collectively.
Appears in 3 contracts
Samples: Credit Agreement (Adcare Health Systems, Inc), Loan and Security Agreement (Healthessentials Solutions Inc), Loan and Security Agreement (Orion Healthcorp Inc)
Notice of Action. Each Borrower Borrowers will promptly notify Lender in the event of any legal action, dispute, setoff, counterclaim, defense or reduction that is or may which is reasonably expected to be asserted by an Obligor with respect to any Account Account(s) that may have a material adverse effect on the collectibility of such Account or Accounts representing more than one percent (1.0%) of the value of all Eligible Accounts collectivelyincluded in the Borrowing Base.
Appears in 3 contracts
Samples: Loan and Security Agreement (Providence Service Corp), Loan and Security Agreement (Providence Service Corp), Loan and Security Agreement (Providence Service Corp)
Notice of Action. Each Borrower will promptly notify Lender in the event it becomes aware of any legal action, dispute, setoff, counterclaim, defense or reduction that is or may be asserted by an Obligor with respect to any Account that may have a material adverse effect on the collectibility collectability of such Account or all Accounts collectively.
Appears in 2 contracts
Samples: Credit Agreement (Enzo Biochem Inc), Credit Agreement (Assisted 4 Living, Inc.)
Notice of Action. Each Borrower will promptly notify Lender in the event of any legal action, dispute, setoff, counterclaim, defense or reduction that is or may be asserted by an Obligor with respect to any Account that may could reasonably be expected to have a material adverse effect on the collectibility of such Account or all Accounts collectively.
Appears in 2 contracts
Samples: Credit Agreement (Clarient, Inc), Credit Agreement (Clarient, Inc)
Notice of Action. Each Borrower will promptly notify Lender in the event of any legal action, dispute, setoff, counterclaim, defense or reduction that is or may be asserted by an Obligor with respect to any Account that may have a material adverse effect Material Adverse Effect on the collectibility collectability of such Account or all Accounts collectively.
Appears in 1 contract
Notice of Action. Each Borrower will promptly notify Lender in the event of any legal action, dispute, setoff, counterclaim, defense or reduction in excess of $100,000 that is or may be asserted by an Obligor with respect to any Account that may have a material adverse effect on the collectibility of such Account or all Accounts collectively.
Appears in 1 contract
Samples: Loan and Security Agreement (New York Health Care Inc)