Common use of Notice to Collateral Agent Clause in Contracts

Notice to Collateral Agent. The Servicer shall advise the Collateral Agent and the Insurance Provider promptly, in reasonable detail, (i) of any Lien asserted or claim made against any of the Receivables, (ii) of the occurrence of any breach by the Servicer of any of its representations, warranties and covenants contained herein and (iii) of the occurrence of any other event which would have a material adverse effect on the Collateral Agent's security interest on behalf of the Secured Parties in the Receivables or the collectability thereof, or which would have a material adverse effect on the interests of any of the Secured Parties.

Notice to Collateral Agent. The Servicer Debtor shall advise the Collateral Agent and the Insurance Provider promptly, in writing and in reasonable detail, (i) of any Lien asserted or claim made against any of the Receivables, (ii) of the occurrence of any breach by the Servicer Debtor of any of its representations, warranties and covenants contained herein and (iii) of the occurrence of any other event which would have a material adverse effect on the Collateral Agent's security interest on behalf of the Secured Parties in the Receivables or the collectability thereof, or which would have a material adverse effect on the interests of any of the Secured Parties.