Common use of Notice of Material Event Clause in Contracts

Notice of Material Event. Such Seller shall promptly inform the Purchaser in writing of the occurrence of any of the following, in each case setting forth the details thereof and what action, if any, such Seller proposes to take with respect thereto: (i) any Litigation commenced, or to the knowledge of such Seller, threatened against it or with respect to or in connection with all or any substantial portion of the CEF Assets and, in the case of the SUBI Seller, the SUBI Assets or developments in such Litigation in each case that such Seller believes has a reasonable risk of being determined adversely to it and that could, if determined adversely, have a Material Adverse Effect on such Seller and, in the case of the SUBI Seller, the Titling Trust or the Purchaser; or (ii) the commencement of a case or proceeding by or against such Seller seeking a decree or order in respect to it (A) under the Bankruptcy Code or any other applicable federal, state or foreign bankruptcy or other similar law, (B) appointing a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for such Seller or for any substantial part of such Seller’s assets, or (C) ordering the winding-up or liquidation of the affairs of such Seller and, in the case of the SUBI Seller, the Titling Trust.

Notice of Material Event. Such Seller shall promptly inform the Purchaser in writing of the occurrence of any of the following, in each case setting forth the details thereof and what action, if any, such Seller proposes to take with respect thereto: (i) any Litigation commenced, or to the knowledge of such Seller, threatened against it or with respect to or in connection with all or any substantial portion of the CEF Assets [and, in the case of the SUBI Seller, the SUBI Assets Receivables or the SUBI Equipment] or developments in such Litigation in each case that such Seller believes has a reasonable risk of being determined adversely to it and that could, if determined adversely, have a Material Adverse Effect on such Seller and, in the case of the SUBI Seller, the Titling Trust or the Purchaser; or (ii) the commencement of a case or proceeding by or against such Seller seeking a decree or order in respect to it (A) under the Bankruptcy Code or any other applicable federal, state or foreign bankruptcy or other similar law, (B) appointing a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for such Seller or for any substantial part of such Seller’s assets, or (C) ordering the winding-up or liquidation of the affairs of such Seller [and, in the case of the SUBI Seller, the Titling Trust].