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

Action Upon Certain Failures of the Servicer. If either the Seller or 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 Trustee and the Rating Agency of such occurrence or circumstance. In the event a Trustee Officer of the Trustee shall have received such notice (or any comparable notice from the Servicer or by a Certificateholder) or otherwise obtained actual knowledge of any failure of the Servicer specified in Section 8.1 which would give rise to a right of termination under such Section upon the Servicer's failure to remedy the same after notice, the Trustee shall give prompt notice thereof to the Servicer, the Rating Agency and the Certificateholders. The Trustee shall be under no duty or obligation to investigate or inquire as to any potential failure of the Servicer specified in Section 8.1.

Action Upon Certain Failures of the Servicer. If either the Seller or 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 Trustee and the Rating Agency of such occurrence or circumstance. In the event a Trustee Officer of the Trustee shall have received such notice (or any comparable notice from the Servicer or by a Certificateholder) or otherwise obtained actual knowledge of any failure of the Servicer specified in Section SECTION 8.1 which would give rise to a right of termination under such Section upon the Servicer's failure to remedy the same after notice, the Trustee shall give prompt notice thereof to the Servicer, the Rating Agency and the Certificateholders. The Trustee shall be under no duty or obligation to investigate or inquire as to any potential failure of the Servicer specified in Section SECTION 8.1.