PACA. Neither the Borrower nor any of its Subsidiaries has violated or failed to comply with PACA, except for any violation or failure which could not reasonably be expected to have a Material Adverse Effect. Neither the purchases by CIL of bananas nor the purchases by CIL of plantains give rise to the formation of a trust under PACA. Neither the purchases by the Borrower of bananas from CIL nor the purchases from CIL of plantains give rise to the formation of a trust under PACA. Neither the bananas nor the plantains, the sales of which in each case give rise to Accounts, nor the Accounts, are subject to a trust under PACA.
PACA. No CBII Entity shall fail to make payments on invoices or other obligations to vendors that are subject to PACA within 90 days of the due date, unless matters relating thereto are being contested in good faith by appropriate proceedings.
PACA. No PACA Claims have ever been successfully asserted against any of the Borrowers or their Subsidiaries. None of the Borrowers or their Subsidiaries has violated or failed to comply with PACA.
PACA. The Agent shall have received evidence satisfactory to the ---- Agent that all contracts between the Borrower and any of its Subsidiaries that are subject to the benefits of PACA have payment terms of at least thirty-one (31) days and include language necessary to exclude the underlying sales transactions from the benefits of PACA.
PACA. Borrower is not a “dealer,” “commission merchant,” or “broker” under PACA, and Borrower’s assets are not subject to the trust provisions provided for under PACA.
PACA. This section is a notice required under federal law. This Agreement may cover sales of perishable agricultural commodities as those terms are defined by federal law. All fresh and frozen fruits and vegetables which have not been processed beyond cutting, combining, or steam blanching are generally considered perishable agricultural commodities. All perishable agricultural commodities sold under this Agreement are sold subject to the statutory trust authorized by section 5(c) of the Perishable Agricultural Commodities Act of 1930 (7 U.S.C. 499e(c)). The seller of these commodities retains a trust claim over these commodities and all inventories of food or other products derived from these commodities, and any receivables or proceeds from the sale of these commodities until full payment is received.
PACA. Promptly inform the Administrative Agent if a Loan Party or any of its Subsidiaries obtains any notice regarding the existence of any Lien on, or trust over, any of the Collateral arising under PACA and promptly provide the Administrative Agent with a copy of such notice.
PACA. Each Loan Party shall, and shall cause each of its Subsidiaries to: (a) include language on all invoices and requests for payment with respect to produce or other perishable agricultural commodities capable of being subject to PACA providing that: “The perishable agricultural commodities listed on this invoice are sold subject to the statutory trust authorized by §5(c) of the Perishable Agricultural Commodities Act, 1930 (7 U.S.C. § 499e(c)). The seller of these commodities retains a trust claim over these commodities, all inventories of food or other products derived from these commodities, and any receivables or proceeds from the sale of these commodities until full payment is received.”, or such other language as may be prescribed pursuant to PACA from time to time; (b) take such other actions as are necessary under PACA to obtain the benefits available to any Loan Party under PACA with respect to produce or other perishable agricultural commodities capable of being subject to PACA; and (c) in the case of any Subsidiary that sells or supplies produce or other perishable agricultural commodities capable of being subject to PACA to a Loan Party, deliver a PACA Waiver to the Administrative Agent. 6.19
PACA. 116106 ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES 116107 8.01
PACA. Owner is not engaged in agriculture and no portion of the Property is used in such a way as to be subject to the Perishable Agricultural Commodities Act or the Packers and Stockyard Act (e.g., property which is a restaurant, grocery store, wholesaler, retailer, stockyard, or cattle/pig/poultry farm), and there are no outstanding unpaid sellers or suppliers of commodities or products, and there are no notices of claim or notices of intent to preserve claim rights from sellers or suppliers under the Perishable Agricultural Commodities Act of 1930, as amended, 7 USC 499a et seq., the Packers and Stockyard Act of 1921, as amended, 7 USC 181 et seq., and any similar state laws, except: NONE
