Common use of Notice of Commercial Tort Claims Clause in Contracts

Notice of Commercial Tort Claims. Such Grantor agrees that, if it shall acquire any interest in any commercial tort claim having a value predicted of $250,000 or more (as reasonably determined by a Responsible Officer of Borrower in good faith and based upon reasonable assumptions), whether from another Person or because such commercial tort claim shall have come into existence, (i) such Grantor shall, promptly (and in any event, within five (5) Business Days) upon such acquisition, deliver to Lender, in each case, in form and substance reasonably satisfactory to Lender, a notice of the existence and nature of such commercial tort claim and a supplement to Schedule 1 of the Disclosure Letter containing a specific description of such commercial tort claim, (ii) Section 3.1 shall apply to such commercial tort claim and (iii) such Grantor shall execute and deliver to Lender, in each case, in form and substance reasonably satisfactory to Lender, any document, and take all other action, deemed by Lender to be reasonably necessary or appropriate for Lender to obtain a perfected security interest having at least the priority set forth in Section 4.2 in all such commercial tort claims. Any supplement to Schedule 1 of the Disclosure Letter delivered pursuant to this Section 5.7 shall, after the receipt thereof by Lender, become part of Schedule 1 of the Disclosure Letter for all purposes hereunder other than in respect of representations and warranties made prior to the date of such receipt.

Notice of Commercial Tort Claims. Such Grantor agrees that, if it shall acquire any interest in any commercial tort claim having asserted against a value predicted third-party before a Governmental Authority or a third-party arbitrator (other than commercial tort claims where such Grantor is a plaintiff as part of a class action lawsuit (not initiated by such Grantor) where the amount of such claim and judgment amount to be realized to such Grantor from such claim does not exceed and could not reasonably be expected to exceed $25,000 individually for any single commercial tort claim and $250,000 or more in the aggregate for all such commercial tort claims) (as reasonably determined by a Responsible Officer of Borrower in good faith and based upon reasonable assumptions), whether from another Person or because such commercial tort claim shall have come into existence), (i) such Grantor shall, promptly (and in any event, within five (5) Business Days) immediately upon such acquisition, deliver to LenderAgent, in each case, case in form and substance reasonably satisfactory to LenderAgent, a notice of the existence and nature of such commercial tort claim and a supplement to Schedule 1 of the Disclosure Letter containing a specific description of such commercial tort claim, (ii) Section 3.1 shall apply to such commercial tort claim and (iii) such Grantor shall execute and deliver to LenderAgent, in each case, case in form and substance reasonably satisfactory to LenderAgent, any document, and take all other action, deemed by Lender Agent to be reasonably necessary or appropriate for Lender Agent to obtain obtain, on behalf of the Lenders, a perfected security interest having at least the priority set forth in Section 4.2 in all such commercial tort claims. Any supplement to Schedule 1 of the Disclosure Letter delivered pursuant to this Section 5.7 5.8 shall, after the receipt thereof by LenderAgent, become part of Schedule 1 of the Disclosure Letter for all purposes hereunder other than in respect of representations and warranties made prior to the date of such receipt. Notwithstanding the foregoing, the requirements set forth in this Section 5.8 shall not apply to the extent that the amount of a commercial tort claim held by a Grantor, together with the amount of all other commercial tort claims held by all Grantors in which Agent does not have a security interest, does not exceed $250,000 in the aggregate at any time.

Notice of Commercial Tort Claims. Such Grantor agrees that, if it shall acquire any interest in any commercial tort claim having a value predicted where such Grantor’s claim is in excess of $250,000 300,000 or more its recovery thereunder could reasonably be expected to be greater than $300,000 (as reasonably determined by a Responsible Officer of Borrower in good faith and based upon reasonable assumptions), whether from another Person or because such commercial tort claim shall have come into existence) and upon a Responsible Officer becoming aware thereof, (i) such Grantor shall, promptly (and in any event, within five (5) Business Days) upon such acquisition, deliver to Lenderthe Collateral Agent, in each case, case in form and substance reasonably satisfactory to Lenderthe Collateral Agent, a notice of the existence and nature of such commercial tort claim and a supplement to Schedule 1 of the Disclosure Letter containing a specific description of such commercial tort claim, (ii) Section 3.1 2.1 shall apply to such commercial tort claim and (iii) such Grantor shall execute and deliver to Lenderthe Collateral Agent, in each case, case in form and substance reasonably satisfactory to Lenderthe Collateral Agent, any document, and take all other actionaction necessary by law to create, deemed by Lender to be reasonably necessary or appropriate for Lender to obtain perfect and protect Collateral Agent’s Lien, on behalf of the Secured Parties, a perfected security interest having at least the priority set forth in Section 4.2 3.2 in all such commercial tort claims. Such Grantor shall do all of the foregoing at any time if requested by Collateral Agent in writing with respect to any commercial tort claim in which a Grantor maintains any interest, regardless of the amount of the claim in respect thereof or potential recovery thereunder. Any supplement to Schedule 1 of the Disclosure Letter delivered pursuant to this Section 5.7 4.9 shall, after the receipt thereof by Lenderthe Collateral Agent, become part of Schedule 1 of the Disclosure Letter for all purposes hereunder other than in respect of representations and warranties made prior to the date of such receipt.

Notice of Commercial Tort Claims. Such Grantor agrees that, if it shall acquire any interest in any commercial tort claim having asserted against a value predicted third-party before a Governmental Authority or a third-party arbitrator (other than commercial tort claims where such Grantor is a plaintiff as part of a class action lawsuit (not initiated by such Grantor) where the amount of such claim and judgment amount to be realized to such Grantor from such claim does not exceed and could not reasonably be expected to exceed $25,000 individually for any single commercial tort claim and $250,000 or more in the aggregate for all such commercial tort claims) (as reasonably determined by a Responsible Officer of Borrower in good faith and based upon reasonable assumptions), whether from another Person or because such commercial tort claim shall have come into existence), (i) such Grantor shall, promptly (and in any event, within five (5) Business Days) immediately upon such acquisition, deliver to LenderAgent, in each case, case in form and substance reasonably satisfactory to LenderAgent, a notice of the existence and nature of such commercial tort claim and a supplement to Schedule 1 of the Disclosure Letter containing a specific description of such commercial tort claim, (ii) Section 3.1 shall apply to such commercial tort claim claim, and (iii) such Grantor shall execute and deliver to LenderAgent, in each case, case in form and substance reasonably satisfactory to LenderAgent, any document, and take all other action, deemed by Lender Agent to be reasonably necessary or appropriate for Lender Agent to obtain obtain, on behalf of the Lenders, a perfected security interest having at least the priority set forth in Section 4.2 in all such commercial tort claims. Any supplement to Schedule 1 of the Disclosure Letter delivered pursuant to this Section 5.7 5.8 shall, after the receipt thereof by LenderAgent, become part of Schedule 1 of the Disclosure Letter for all purposes hereunder other than in respect of representations and warranties made prior to the date of such receipt. Notwithstanding the foregoing, the requirements set forth in this Section 5.8 shall not apply to the extent that the amount of a commercial tort claim held by a Grantor, together with the amount of all other commercial tort claims held by all Grantors in which Agent does not have a security interest, does not exceed $250,000 in the aggregate at any time.