Common use of Defaults; Litigation Clause in Contracts

Defaults; Litigation. Promptly give written notice to Lender of (a) the occurrence of any Default or Event of Default, (b) all actions, proceedings or claims, of which Borrower may have notice, which may be commenced or asserted against Borrower or any subsidiary including PHS, Inc. after the date hereof once the aggregate amount involved for all actions, proceedings and claims is at least $200,000.00 in excess of the amount of any insurance applicable thereto, and thereafter, all new actions, proceedings and claims whenever the aggregate amount involved for all actions, proceedings and claims is at least $200,000.00 (in excess of applicable insurance) in excess of the amount involved at the time of the last notice hereunder, and (c) any dispute which may exist between Borrower or any subsidiary and any governmental regulatory body, which may substantially adversely affect the normal business operations of Borrower or any subsidiary or any of their respective properties and assets.