Common use of Notification of Claims Against Collateral Clause in Contracts

Notification of Claims Against Collateral. The Borrower will, immediately upon becoming aware thereof, notify the Agent in writing of any setoff, claims, withholdings or other defenses in excess of $500,000 in the aggregate to which any of the Collateral, or the Agent's rights with respect to the Collateral, are subject.

Notification of Claims Against Collateral. The Each Borrower will, immediately upon becoming aware thereof, notify the Agent and each of the Banks in writing of any setoff, claims (including, with respect to the Real Estate, environmental claims), withholdings or other defenses to which any Collateral having a fair value, either, singularly or in the aggregate in excess of $500,000 in the aggregate to which any of the Collateral100,000 is subject, or the Agent's rights with respect to the any such Collateral, are is subject.