Notice of Litigation and Other Proceedings. Give prompt notice in writing to the Lender of the commencement of (a) all material litigation which, if adversely determined, might adversely affect the business or financial condition of the Borrowers;
Appears in 2 contracts
Samples: Credit Agreement (American Leisure Holdings Inc), Credit Agreement (American Leisure Holdings Inc)
Notice of Litigation and Other Proceedings. Give prompt notice in writing to the Lender of the commencement of (a) all material litigation which, if adversely determined, might adversely affect the business or financial condition of the Borrowers;Borrower; and (b) all other litigation involving a claim against the Borrower for $25,000 or more in excess of applicable insurance coverage.
Appears in 2 contracts
Samples: Credit Agreement (Elandia International Inc.), Credit Agreement (Elandia International Inc.)
Notice of Litigation and Other Proceedings. Give prompt notice in writing to the Lender of the commencement of (a) all material litigation which, if adversely determined, might adversely affect the business or financial condition of the Borrowers;Borrower; and (b) all other litigation involving a claim against the Borrower for $2,000,000 or more in excess of applicable insurance coverage.
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