TRUST CASH MANAGER DEFAULTS Clause Samples

TRUST CASH MANAGER DEFAULTS. 11.1 TRUST CASH MANAGER DEFAULTS If any one of the following events (a "TRUST CASH MANAGER DEFAULT") shall occur and be continuing: (a) any failure by the Trust Cash Manager or any Co-Trust Cash Manager to give advice or notice to the Receivables Trustee pursuant to an agreed schedule of collections and allocations or to advise the Receivables Trustee to make any required drawing, withdrawal, or payment pursuant to the Relevant Documents on or before the date occurring five Business Days after the date such payment, transfer, deposit, withdrawal or drawing or such advice or notice is required to be made or given, as the case may be, under the terms of this Deed or any Relevant Document; (b) failure on the part of the Trust Cash Manager or any Co-Trust Cash Manager duly to observe or perform in any respect any other covenants or agreements of the Trust Cash Manager or Co-Trust Cash Manager set forth in this Deed or any Relevant Document which has a Material Adverse Effect on the interests of the Investor Beneficiaries of any Applicable Series and which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Trust Cash Manager or relevant Co-Trust Cash Manager by the Receivables Trustee, or to the Trust Cash Manager or relevant Co-Trust Cash Manager and the Receivables Trustee by an Investor Beneficiary or Investor Beneficiaries representing in aggregate more than one-half of the Investor Interests of any Applicable Series adversely affected thereby and continues to have a Material Adverse Effect on the interests of an Investor Beneficiary of any Applicable Series for such period; (c) delegation by the Trust Cash Manager or any Co-Trust Cash Manager of its duties under this Deed to any other entity, except as permitted by Clause 10.6; (d) any relevant representation, warranty or certification made by the Trust Cash Manager or Co-Trust Cash Manager in this Deed or in any certificate delivered pursuant hereto proves to have been incorrect when made, which has a Material Adverse Effect on the interests of the Investor Beneficiaries of any Applicable Series and continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Trust Cash Manager or relevant Co-Trust Cash Manager by the Receivables Trustee or to the Trust Cash Mana...