Common use of Proceedings or Adverse Changes Clause in Contracts

Proceedings or Adverse Changes. The Borrowers will as soon as practicable, and in any event within thirty (30) Business Days after any Borrower learns of the following, give written notice to the Agent of (i) any proceeding(s) being instituted or threatened in writing to be instituted by or against any Borrower or any of its Subsidiaries in any federal, state, local or foreign court or before any commission or other regulatory body (federal, state, local or foreign) and (ii) any claims filed with respect to the Borrowers under PACA, which, in either case, has or could reasonably be expected to have a Material Adverse Effect. The Borrowers will as soon as possible, and in any event within five (5) Business Days after any Borrower learns of the following, give written notice to the Agent of any Material Adverse Change. Provision of any such notice by the Borrowers will not constitute a waiver or excuse of any Default or Event of Default occurring as a result of such changes or events.