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