Common use of Actions, Suits, Litigation, or Proceedings Clause in Contracts

Actions, Suits, Litigation, or Proceedings. Except as set forth in Section 5.10 of the Disclosure Schedules, as of the Closing Date, there are no actions or proceedings pending by or against any Loan Party or any Subsidiary of any Loan Party before any court, administrative agency, or arbitrator or threatened in writing against such Loan Party or Subsidiary which could reasonably be expected to result in liabilities of any Loan Party or any Subsidiary of any Loan Party, either individually or in the aggregate in excess of Two Million Five Hundred Thousand Dollars ($2,500,000). There are no such actions or proceedings in which a likely adverse decision would reasonably be expected to have a Material Adverse Effect. No Loan Party has any Commercial Tort Claims pending that, individually or in the aggregate for all Loan Parties, have a value or involve an asserted claim in excess of Two Million Five Hundred Thousand Dollars ($2,500,000) other than (a) those set forth in Section 5.10 of the Disclosure Schedules (as such schedule may be updated from time to time in writing by any Loan Party to Bank).