Common use of Notice of Suit or Adverse Change in Business Clause in Contracts

Notice of Suit or Adverse Change in Business. (a) Such Borrower shall, as soon as possible, and in any event within forty-five (45) days after such Borrower learns of the following, give written notice to the Lender of: (i) any material proceeding(s) being instituted or threatened to be instituted by or against such Borrower in any federal, state, local or foreign court or before any commission or other regulatory body (federal, state, local or foreign) and (ii) any Material Adverse Change with respect to such Borrower. (b) Such Borrower shall, as soon as possible, and in any event within five (5) days after such Borrower learns of the occurrence of any Potential Event of Default or Event of Default hereunder with respect to such Borrower, give written notice thereof to the Lender.