Common use of Legal Action Notice Clause in Contracts

Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against any Loan Party or any of its Subsidiaries that could reasonably be expected to result in damages or costs to any Loan Party or any of its Subsidiaries of, individually or in the aggregate for all related proceedings, $250,000 or more or which could reasonably be expected to have a Material Adverse Effect, or of any Loan Party or any of its Subsidiaries taking or threatening legal action against any third person with respect to a material claim, and with respect to any pending action or threatened action, a prompt report of any material development with respect thereto. If an estimate of such Loan Party’s or such Subsidiary’s liability may commercially reasonably be determined in such party’s reasonable discretion at the time of each applicable notice or report, such notice or report shall include such an estimate, which estimate shall be determined reasonably and in good faith; provided, that each such estimate may be updated reasonably and in good faith by such Loan Party or Subsidiary from time to time.

Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against any Loan Party or any of its Subsidiaries that could reasonably be expected to result in damages or costs to any Loan Party or any of its Subsidiaries of, individually or in the aggregate for all related proceedings, $250,000 [***] or more or which could reasonably be expected to have a Material Adverse Effect, or of any Loan Party or any of its Subsidiaries taking or threatening legal action against any third person with respect to a material claim, and with respect to any pending action or threatened action, a prompt report of any material development with respect thereto. If an estimate of such Loan Party’s or such Subsidiary’s liability may commercially reasonably be determined in such party’s reasonable discretion at the time of each applicable notice or report, such notice or report shall include such an estimate, which estimate shall be determined reasonably and in good faith; provided, that each such estimate may be updated reasonably and in good faith by such Loan Party or Subsidiary from time to time.