Common use of Proceedings or Changes Clause in Contracts

Proceedings or Changes. Promptly, and in any event within five ( 5) Business Days after a Loan Party becomes aware of (i) any proceeding including any proceeding the subject of which is based in whole or in part on a commercial tort claim being instituted or threatened to be instituted against a Loan Party or any of its Subsidiaries before any Governmental Authority which would reasonably be expected to result in a liability in excess of $1,500,000 or (ii) any actual change, development or event which has had or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, a written statement describing such proceeding, change, development or event and any action being taken by such Loan Party or any of its Subsidiaries with respect thereto.

Proceedings or Changes. Promptly, and in any event within five ( (5) Business Days after a Loan Party becomes aware of (i) any proceeding including any proceeding the subject of which is based in whole or in part on a commercial tort claim being instituted or threatened to be instituted against a Loan Party or any of its Subsidiaries before any Governmental Authority which would reasonably be expected to result in a liability in excess of $1,500,000 or (ii) any actual change, development or event which has had or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, a written statement describing such proceeding, change, development or event and any action being taken by such Loan Party or any of its Subsidiaries with respect thereto.

Proceedings or Changes. Promptly, and in any event within five ( 5ten (10) Business Days after a Loan Party becomes aware of (i) any proceeding proceeding, including any proceeding the subject of which is based in whole or in part on a commercial tort claim claim, being instituted or threatened to be instituted against a Loan Party or any of its Subsidiaries before any Governmental Authority which would which, if adversely determined, could reasonably be expected to result in a liability in excess of $1,500,000 Material Adverse Effect or (ii) any actual change, development or event which has had or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, a written statement describing such proceeding, change, development or event and any action being taken by such Loan Party or any of its Subsidiaries with respect thereto.