Common use of Action Upon Certain Failures of the Servicer Clause in Contracts

Action Upon Certain Failures of the Servicer. If the Backup Servicer shall obtain actual knowledge of any Servicer Termination Event or event but for the lapse of time or the giving of notice, or both, would constitute a Servicer Termination Event, it shall be obligated to notify promptly the Indenture Trustee, the Insurer and each Rating Agency of such occurrence or circumstance. In the event a Responsible Officer of the Indenture Trustee shall have received such notice (or any comparable notice from the Servicer, the Insurer or by a Noteholder) or otherwise obtained actual knowledge of any failure of the Servicer specified in SECTION 9.1 which would give rise to a right of termination under such SECTION 9.1 upon the Servicer's failure to remedy the same after notice, the Indenture Trustee shall give prompt notice thereof to the Servicer, each Rating Agency, the Insurer and the Noteholders. The Indenture Trustee shall be under no duty or obligation to investigate or inquire as to any potential failure of the Servicer specified in SECTION 9.1.

Action Upon Certain Failures of the Servicer. If the Backup Servicer shall obtain actual knowledge of any Servicer Termination Event or event but for the lapse of time or the giving of notice, or both, would constitute a Servicer Termination Event, it shall be obligated to notify promptly the Indenture Trustee, the Insurer and each Rating Agency of such occurrence or circumstance. In the event a Responsible Officer of the Indenture Trustee shall have received such notice (or any comparable notice from the Servicer, the Insurer or by a Noteholder) or otherwise obtained actual knowledge of any failure of the Servicer specified in SECTION Section 9.1 which would give rise to a right of termination under such SECTION Section 9.1 upon the Servicer's failure to remedy the same after notice, the Indenture Trustee shall give prompt notice thereof to the Servicer, each Rating Agency, the Insurer and the Noteholders. The Indenture Trustee shall be under no duty or obligation to investigate or inquire as to any potential failure of the Servicer specified in SECTION Section 9.1.

Action Upon Certain Failures of the Servicer. If the Backup Servicer shall obtain actual knowledge of any Servicer Termination Event or event but for the lapse of time or the giving of notice, or both, would constitute a Servicer Termination Event, it shall be obligated to notify promptly the Indenture Trustee, the Insurer and each Rating Agency of such occurrence or circumstance. In the event a Responsible Officer of the Indenture Trustee shall have received such notice (or any comparable notice from the Servicer, the Insurer or by a Noteholder) or otherwise obtained actual knowledge of any failure of the Servicer specified in SECTION in Section 9.1 which would give rise to a right of termination under such SECTION Section 9.1 upon the Servicer's failure to remedy the same after notice, the Indenture Trustee shall give prompt notice thereof to the Servicer, each Rating Agency, the Insurer and the Noteholders. The Indenture Trustee shall be under no duty or obligation to investigate or inquire as to any potential failure of the Servicer specified in SECTION Section 9.1.