Notices of Litigation and Default. Borrower will give prompt written notice to Collateral Agent and the Lenders of any litigation or governmental proceedings pending or threatened (in writing) against Borrower or any of its Subsidiaries, which could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of Five Hundred Thousand Dollars ($500,000.00) or more or which could reasonably be expected to have a Material Adverse Change. Without limiting or contradicting any other more specific provision of this Agreement, promptly (and in any event within three (3) Business Days) upon (i) Borrower becoming aware of the existence of any Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default, Borrower shall give written notice to Collateral Agent and the Lenders of such occurrence, which such notice shall include a reasonably detailed description of such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default; and (ii) any material developments in any of the litigation disclosed in the Perfection Certificate delivered to Collateral Agent as of the Effective Date, or otherwise pending on or after the Effective Date, but no less frequently than quarterly, Borrower shall give written notice to Collateral Agent and the Lenders of such material developments, with at least the same level of detail as presented in the Perfection Certificate delivered to Collateral Agent as of the Effective Date.
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Samples: Loan and Security Agreement (Prometheus Biosciences, Inc.), Loan and Security Agreement (Prometheus Biosciences, Inc.), Loan and Security Agreement (Prometheus Biosciences, Inc.)
Notices of Litigation and Default. Borrower will give prompt written notice to Collateral Agent and the Lenders of any litigation or governmental proceedings pending or threatened (in writing) against Borrower or any of its Subsidiaries, which could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of Five Hundred Thousand Dollars ($500,000.00) or more or which could reasonably be expected to have a Material Adverse Change. Without limiting or contradicting any other more specific provision of this Agreement, promptly (and in any event within three (3) Business Days) upon (i) Borrower becoming aware of the existence of any Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default, Borrower shall give written notice to Collateral Agent and the Lenders of such occurrence, which such notice shall include a reasonably detailed description of such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default; and (ii) any material developments in any of the litigation disclosed in the Perfection Certificate delivered to Collateral Agent as of the Effective Date, or otherwise pending on or after the Effective Date, but no less frequently than quarterly, Borrower shall give written notice to Collateral Agent and the Lenders of such material developments, with at least the same level of detail as presented in the Perfection Certificate delivered to Collateral Agent as of the Effective Date.
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