Non-Material Litigation definition

Non-Material Litigation means any litigation claim against any of the Credit Parties, and not solely against the subrogation recovery sought by the Credit Parties on behalf of a client, either actual or threatened and known to the Credit Parties, involving (i) a claim or claims for compensatory damages of less than $100,000 individually or $250,000 in the aggregate for all Credit Parties or (ii) a contingent liability determined by Borrower under the provisions of FASB Statement No. 5, Accounting for Contingencies, to be less than $100,000.
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Examples of Non-Material Litigation in a sentence

  • Except as detailed in Disclosure Schedule 2.23(B), the Group companies have not received any warning of an intention to file or institute litigation or other legal proceedings against them, nor are they aware of any such intention or of any event that to the best knowledge of the Company and the Sellers might serve as a basis for legal action (except Non-Material Litigation).

  • Except as set forth above and for Non-Material Litigation, there is no litigation pending against Group companies and the Group companies are not party to any legal proceeding.

  • Except as set forth on Schedule 5.6, and other than Non-Material Litigation, as of the Closing Date, there is no action, suit, proceeding or investigation initiated by any Credit Party currently pending.