Common use of Notification of material developments Clause in Contracts

Notification of material developments. (a) The Issuer shall promptly after becoming aware of the occurrence thereof notify each Dealer of (A) any Event of Default or any condition, event or act which would after an issue of Notes (or would with the giving of notice and/or the lapse of time) constitute an Event of Default, (B) any material breach of the representations and warranties or undertakings contained in the Agreements or (C) anything that would require the publication of a supplement to the Base Prospectus or a new Base Prospectus pursuant to clause 5(2)(b).