Common use of Notice of Material Litigation Clause in Contracts

Notice of Material Litigation. The Servicer shall provide notice of material litigation, actions or judgments involving CRB or the Depositor to the Issuer and the Indenture Trustee; provided that, except with respect to any such material litigation, actions or judgments involving the Issuer or the Depositor, the Servicer shall be deemed to have complied with the foregoing covenant with respect to any material litigation or judgments relating to the Servicer, to the extent that it or its parent company (California Republic Bancorp) properly complied with its disclosure obligations under the Exchange Act.