Other Default or Litigation Clause Samples

The 'Other Default or Litigation' clause defines the consequences and procedures that apply if a party defaults on its obligations or becomes involved in legal proceedings. Typically, this clause outlines what constitutes a default beyond payment failures, such as breaches of representations, insolvency, or involvement in lawsuits that may affect the agreement. It may specify notice requirements, cure periods, or the rights of the non-defaulting party, such as the ability to terminate the contract or seek remedies. The core function of this clause is to allocate risk and provide a clear framework for addressing situations where a party's legal or financial troubles could jeopardize the agreement.
Other Default or Litigation. (a) Any default or event of default under any Contractual Obligation of the Borrower, any Guarantor or any of their respective Subsidiaries that reasonably could be expected to have a Material Adverse Effect, (b) any litigation, investigation or proceeding that may exist at any time between the Borrower, any Guarantor or any of their respective Subsidiaries and any Governmental Authority (excluding, however, audits and inquiries made in the ordinary course of business), or (c) any other litigation that if adversely determined reasonably could be expected to have a Material Adverse Effect.
View SourceView Similar (6)
Other Default or Litigation. (a) Any default or event of default under any Contractual Obligation of the Borrower or any Guarantor that if adversely determined could result in liability equal to or greater than $1,000,000 or otherwise could have a Material Adverse Effect, (b) any action, suit, investigation, proceeding or other litigation that may exist at any time between the Borrower or any Guarantor and any Governmental Authority (excluding, however, audits and inquiries made in the ordinary course of business) or (c) any other action, suit, investigation, proceeding or other litigation that if adversely determined would (i) if the relief sought does not include damages, have a Material Adverse Effect, or (ii) if the relief sought includes damages, would result in an uninsured liability to the Company or any Guarantor equal to or in excess of $1,000,000.
View SourceView Similar (2)
Other Default or Litigation. (a) Any default or event of default under any Contractual Obligation of the Borrower or any of its Subsidiaries that if adversely determined could result in liability equal to or greater than $100,000 or otherwise could have a Material Adverse Effect, (b) any litigation, investigation or proceeding that may exist at any time between the Borrower or any of its Subsidiaries and any Governmental Authority (excluding, however, audits and inquiries made in the ordinary course of business) or (c) any other litigation that if adversely determined would (i) if the relief sought does not include damages, have a Material Adverse Effect, or (ii) if the relief sought includes damages, would result in an uninsured liability to the Borrower or any of its Subsidiaries equal to or in excess of $100,000.
View Source
Other Default or Litigation. (i) Any default or event of default under any Contractual Obligation of any Borrower or Guarantor of greater than $1,000,000 or which could otherwise have or result in a Material Adverse Effect; (ii) any litigation, investigation or proceeding which may exist at any time between the Borrowers and any Governmental Authority; or (iii) any other litigation, which, as relates to (i) or (ii) above, if adversely determined, could (y) if the remedies prayed for do not include damages, have or result in a Material Adverse Effect, and (z) if the remedies prayed for include damages, would result in a liability equal to or in excess of $5,000,000 if the claim is fully covered by insurance, and in excess of $1,000,000 if the claim is not covered by insurance.
View Source
Other Default or Litigation. (a) Any default or event of default under any Contractual Obligation of the Borrower or any of its Subsidiaries that if adversely determined could reasonably be expected to result in liability equal to or greater than $300,000 or otherwise could reasonably be expected to have a Material Adverse Effect, or (b) any litigation, investigation or other proceeding that if adversely determined would (i) if the relief sought does not include damages, have a Material Adverse Effect, or (ii) if the relief sought includes damages, result in an uninsured liability to the Borrower or any of its Subsidiaries equal to or in excess of $300,000.
View Source

Related to Other Default or Litigation

  • Notice of Default or Litigation Promptly after an Authorized Officer of the Borrower or any of the Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Borrower or any of the Subsidiaries that could reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

  • Default or Event of Default Seller shall notify Buyer of the occurrence of any Default or Event of Default with respect to Seller as soon as possible but in no event later than two (2) Business Days after obtaining Knowledge of such event.

  • Notice of Default or Event of Default promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

  • No Restraint or Litigation No action, suit, investigation or proceeding shall have been instituted or threatened to restrain or prohibit or otherwise challenge the legality or validity of the transactions contemplated hereby.

  • Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings If an Event of Default specified under Sections 9.1.1 through 9.1.10 shall occur and be continuing, the Lenders and the Administrative Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and