Common use of Proceedings or Adverse Changes Clause in Contracts

Proceedings or Adverse Changes. Each Borrower will as soon as practicable, and in any event within 2 Business Days after such Borrower learns of the following, give written notice to the Lender of any proceeding(s) being instituted, or threatened to be instituted, by or against any Borrower in any federal, state, local, or foreign court or before any commission or other regulatory body (federal, state, local, or foreign) that may expose any Borrower to liability in excess of $100,000.00 (without regard to whether any or all of such amount is covered by insurance). Each Borrower will as soon as possible, and in any event within 2 Business Days after such Borrower learns of the following, give written notice to the Lender of any Material Adverse Change. Provision of any such notice by any Borrower will not constitute a waiver or excuse of any Default or Event of Default occurring as a result of such changes or events.