Suspension of Purchases. The Purchaser shall suspend the purchase (and GMAC shall suspend the sale) of Receivables hereunder if either party shall receive notice at its principal corporate office that GMAC has become an involuntary party to (or has been made the subject of) any proceeding provided for by any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to GMAC or relating to all or substantially all of its property (an “Involuntary Case”).
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Wholesale Auto Receivables Corp), Pooling and Servicing Agreement (Superior Wholesale Inventory Financing Trust Ix), Pooling and Servicing Agreement (Wholesale Auto Receivables Corp)
Suspension of Purchases. The Purchaser shall suspend the purchase (and GMAC shall suspend the sale) of Receivables hereunder if either party shall receive notice at its principal corporate office that GMAC has become an involuntary party to (or has been made the subject of) any proceeding provided for by any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to GMAC or relating to all or substantially all of its property (an “"Involuntary Case”").
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Wholesale Auto Receivables Corp), Pooling and Servicing Agreement (Wholesale Auto Receivables Corp)
Suspension of Purchases. The Purchaser shall suspend the purchase (and GMAC shall suspend the sale) of Receivables hereunder if either party shall receive notice at its principal corporate office that GMAC has become an involuntary party to (or has been made the subject of) any proceeding provided for by any insolvency, readjustment of debt, marshaling marshalling of assets and liabilities or similar proceedings of or relating to GMAC or relating to all or substantially all of its property (an “Involuntary Case”"INVOLUNTARY CASE").
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wholesale Auto Receivables Corp)
Suspension of Purchases. The Purchaser shall suspend the purchase (and GMAC shall suspend the sale) of Receivables hereunder if either party shall receive notice at its principal corporate office that GMAC has become an involuntary party to (or has been made the subject of) any proceeding provided for by any insolvency, readjustment of debt, marshaling marshalling of assets and liabilities or similar proceedings of or relating to GMAC or relating to all or substantially all of its property (an “"Involuntary Case”").
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wholesale Auto Receivables Corp)
