Notification of litigation. The Guarantor will provide the Agent with details of any material legal or administrative action involving the Guarantor as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding Ten million Dollars or the equivalent in another currency).
Appears in 5 contracts
Samples: Guarantee, Guarantee (Prestige Cruises International, Inc.), Guarantee (Prestige Cruises International, Inc.)
Notification of litigation. The Guarantor will provide the Agent with details of any material legal or administrative action involving the Guarantor as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding Ten ten million Dollars or the equivalent in another currency).
Appears in 2 contracts
Samples: Guarantee (Norwegian Cruise Line Holdings Ltd.), Guarantee (Norwegian Cruise Line Holdings Ltd.)
Notification of litigation. The Guarantor will provide the Agent with details of any material legal or administrative action involving any Borrower, any other Security Party, the Guarantor Approved Manager or any Ship, the Earnings or the Insurances as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall instituted, unless it is clear that the legal or administrative action cannot be deemed to be considered material if they involve a claim in an amount exceeding Ten million Dollars or the equivalent in another currency)context of any Finance Document.
Appears in 2 contracts
Samples: Loan Agreement (Scorpio Bulkers Inc.), Loan Agreement (Scorpio Tankers Inc.)
Notification of litigation. The Guarantor will provide the Agent with details of any material legal or administrative action involving the Guarantor Borrowers, any other Security Party, the Approved Manager or any Ship, the Earnings or the Insurances as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall instituted, unless it is clear that the legal or administrative action cannot be deemed to be considered material if they involve a claim in an amount exceeding Ten million Dollars the context of any Finance Document or the equivalent in another currency)Master Agreement.
Appears in 1 contract
