Common use of Notice of Litigation and Proceedings Clause in Contracts

Notice of Litigation and Proceedings. The BORROWER shall give prompt notice to the ADMINISTRATIVE AGENT of any action, suit, citation, violation, direction, notice or proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the BORROWER, or the assets or properties thereof, which, if determined adversely to the BORROWER: (a) could require the BORROWER to pay over more than One Million Dollars ($1,000,000.00) or deliver assets the value of which exceeds that sum (whether or not the claim is considered to be covered by insurance); or (b) could reasonably be expected to be or cause a MATERIAL ADVERSE EVENT.

Notice of Litigation and Proceedings. The BORROWER shall give prompt notice to the ADMINISTRATIVE AGENT LENDER of any action, suit, citation, violation, direction, notice or proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the BORROWER, or the assets or properties thereof, which, if determined adversely to the BORROWER: (a) could require the BORROWER to pay over more than One Million Twenty-Five Thousand Dollars ($1,000,000.0025,000.00) or deliver assets the value of which exceeds that sum (whether or not the claim is considered to be covered by insurance); or (b) could reasonably be expected to be have a material adverse effect upon the financial condition or cause a MATERIAL ADVERSE EVENTbusiness operations of the BORROWER.

Notice of Litigation and Proceedings. The BORROWER shall give prompt notice to the ADMINISTRATIVE AGENT LENDER of any action, suit, citation, violation, direction, notice or proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the BORROWER, or the assets or properties thereof, which, if determined adversely to the BORROWER: (a) could require the BORROWER to pay over more than One Million Fifty Thousand Dollars ($1,000,000.0050,000.00) or deliver assets the value of which exceeds that sum (whether or not the claim is considered to be covered by insurance); or (b) could reasonably be expected to be have a material adverse effect upon the financial condition or cause a MATERIAL ADVERSE EVENTbusiness operations of the BORROWER.