Common use of Notice of Significant Events Clause in Contracts

Notice of Significant Events. Seller agrees to notify Greystone in writing within one (1) Business Day after any officer or employee of Seller becomes aware of the occurrence of any of the following: (i) any claim or assertion by the account debtor with respect to any Account sold to Greystone hereunder which would cause such Account to be a Disputed Account; (ii) the filing of any federal or state tax lien or the issuance of a notice of material levy, assessment, injunction or attachment against any Accounts or other material assets of Client; (iii) the cessation of the business of any Client or the calling of a meeting of the creditors of any Client; (iv) the sale, pledge or other disposition of any of the ownership interests in any Client by any of its owners; (v) any change in the senior management of any Client; (vi) the commencement of any bankruptcy, insolvency, arrangement, reorganization, receivership or similar proceedings under any federal or state law by or against any Client or any account debtor with respect to any Account sold to Greystone hereunder; (vii) the termination or notice of termination of financing by Seller or any Client under any Client Factoring Agreement; or (viii) any written notice of default or acceleration by Seller to any Client.

Notice of Significant Events. Seller agrees to notify Greystone in writing within one (1) Business Day after any officer or employee of Seller becomes aware of the occurrence of any of the following: (i) any claim or assertion by the account debtor with respect to any Account sold to Greystone hereunder which would cause such Account to be a Disputed Account; (ii) the filing of any federal or state tax lien or the issuance of a notice of material levy, assessment, injunction or attachment against any Accounts or other material assets of Client; (iii) the cessation of the business of any Client or the calling of a meeting of the creditors of any Client; (iv) the sale, pledge or other disposition of any of the ownership interests in any Client by any of its owners; (v) any change in the senior management of any Client; (vi) the commencement of any bankruptcy, insolvency, arrangement, reorganization, receivership or similar proceedings under any federal or state law by or against any Client or any account debtor with respect to any Account sold to Greystone hereunder; (vii) the termination or notice of termination of financing by Seller or any Client under any Client Factoring Agreement; or (viii) any written notice of default or acceleration by Seller to any Client.. 6