Common use of Release Events Clause in Contracts

Release Events. The Escrow Materials will be released to Alstom upon the occurrence of any of the following events (each, a “Release Event”): (a) BSE ceases to function as a going concern or to do business in the ordinary course; (b) BSE files a voluntary petition in bankruptcy or is subject to bankruptcy (including without limitation, appointment of a receiver or trustee in bankruptcy, receivership, liquidation, assignment for the benefit of creditors or composition of creditors) or an order for relief is entered against BSE under, (i) Chapter 7 of the U.S. Bankruptcy Code or comparable provision of any other jurisdiction, or (ii) Chapter 11 of the U.S. Bankruptcy Code or comparable provision of any other jurisdiction if BSE has materially breached the Client Contract or as applicable has materially breached the Alstom-BSE Subcontract or the Consortium Agreement causing the Contractor (as defined in Exhibit D) to default under the Client Contract and the Escrow Materials are required to cure such breach.