Notice of Legal Proceedings. The Borrower will, forthwith upon becoming aware thereof, notify the Agent of the commencement of any legal or administrative proceedings against the Borrower or any Material Subsidiary which, if adversely determined against the Borrower or any Material Subsidiary could reasonably be expected to have a Material Adverse Effect.
Appears in 3 contracts
Samples: Credit Agreement (Protective Products of America, Inc.), Credit Agreement (Protective Products of America, Inc.), Credit Agreement (Protective Products of America, Inc.)
Notice of Legal Proceedings. The Borrower will, forthwith as soon as reasonably possible upon the Borrower becoming aware thereof, notify the Agent of the commencement of any legal or administrative proceedings or any insurance claims against the Borrower or any Material Subsidiary thereof which, if adversely determined against the Borrower or any Material Subsidiary could such Subsidiary, would reasonably be expected to have a Material Adverse Effectcreate an obligation or liability in excess of an amount equal to the Threshold Amount.
Appears in 1 contract
Samples: Credit Agreement
