Common use of Proceedings Related to the Collateral Clause in Contracts

Proceedings Related to the Collateral. As soon as possible and in any event within three Business Days after any Responsible Officer of the Servicer receives notice or has actual knowledge of any settlement of, judgment (including a judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy, litigation, action, suit or proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that could reasonably be expected to have a Material Adverse Effect on the interests of the Trustee or the Secured Parties in, to and under the Collateral; provided, however, that, notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral or the Trustee’s or the Secured Parties’ interest in the Collateral in excess of $2,500,000 or more shall be deemed to be expected to have such a Material Adverse Effect for purposes of this Section 5.4(q).