Common use of Cash Manager Termination Events Clause in Contracts

Cash Manager Termination Events. If any of the following events (Cash Manager Termination Events) shall occur: (a) default is made by the Cash Manager in the payment on the due date of any payment due and payable by it under this Agreement or in the performance of its obligations under Clauses 4.4 and 4.5 and such default continues unremedied for a period of three London Business Days after the earlier of the Cash Manager becoming aware of such default; or (b) default is made by the Cash Manager in the performance or observance of any of its other covenants and obligations under this Agreement, which in the reasonable opinion of Funding 1 and/or the Security Trustee is materially prejudicial to the interests of the Funding 1 Secured Creditors and such default continues unremedied for a period of twenty days after the earlier of the Cash Manager becoming aware of such default and receipt by the Cash Manager of written notice from the Security Trustee requiring the same to be remedied; (c) an Insolvency Event occurs, then Funding 1 and/or the Security Trustee may at once or at any time thereafter while such default continues by notice in writing to the Cash Manager terminate its appointment as Cash Manager under this Agreement with effect from a date (not earlier than the date of the notice) specified in the notice.

Cash Manager Termination Events. If any of the following events (Cash Manager Termination Events) shall occur: (a) default is made by the Cash Manager in the payment on the due date of any payment due and payable by it under this Agreement or in the performance of its obligations under Clauses 4.4 and 4.5 and such default continues unremedied for a period of three London Business Days after the earlier of the Cash Manager becoming becomes aware of such default; or (b) default is made by the Cash Manager in the performance or observance of any of its other covenants and obligations under this Agreement, which in the reasonable opinion of Funding 1 and/or the Security Trustee is materially prejudicial to the interests of the Funding 1 Secured Creditors and such default continues unremedied for a period of twenty days after the earlier of the Cash Manager becoming aware of such default and receipt by the Cash Manager of written notice from the Security Trustee requiring the same to be remedied; (c) an Insolvency Event occurs, then Funding 1 and/or the Security Trustee may at once or at any time thereafter while for so long as such default continues or event is continuing by notice in writing to the Cash Manager immediately terminate its appointment as of the Cash Manager under this Agreement with effect from a date (not earlier than the date of the notice) specified in the notice.

Cash Manager Termination Events. If any of the following events (Cash Manager Termination Events) shall occur: (a) default is made by the Cash Manager in the payment on the due date of any payment due and payable by it under this Agreement or in the performance of its obligations under Clauses 4.4 and 4.5 and such default continues unremedied for a period of three London Business Days after the earlier of the Cash Manager becoming aware of such default; or (b) default is made by the Cash Manager in the performance or observance of any of its other covenants and obligations under this Agreement, which in the reasonable opinion of Funding 1 and/or the Security Trustee is materially prejudicial to the interests of the Funding 1 Secured Back to Contents Creditors and such default continues unremedied for a period of twenty days after the earlier of the Cash Manager becoming aware of such default and receipt by the Cash Manager of written notice from the Security Trustee requiring the same to be remedied; (c) an Insolvency Event occurs, then Funding 1 and/or the Security Trustee may at once or at any time thereafter while such default or event continues by notice in writing to the Cash Manager terminate its appointment as Cash Manager under this Agreement with effect from a date (not earlier than the date of the notice) specified in the notice.