Common use of Notification of Claims Against Collateral Clause in Contracts

Notification of Claims Against Collateral. The Parent and the Borrowers will, immediately upon becoming aware thereof, notify the Agent in writing of any setoff, claims, withholdings or other defenses to which any of the Collateral, or the Agent's rights with respect to the Collateral, are subject, involving in any one case an amount of $1,000,000 or more.

Notification of Claims Against Collateral. The Parent and the Borrowers will, immediately upon becoming aware thereof, notify the Administrative Agent in writing of any setoff, claims, withholdings or other defenses to which any of the Collateral, or the Administrative Agent's rights with respect to the Collateral, are subject, involving in any one case an amount of $1,000,000 500,000 or more.