Common use of Action upon Certain Failures of the Servicer and upon Event of Default Clause in Contracts

Action upon Certain Failures of the Servicer and upon Event of Default. In the event that a Responsible Officer of the Securities Administrator or the Trustee shall have actual knowledge of any failure of the Servicer specified in Section 8.01(a) or (b) which would become an Event of Default upon the Servicer's failure to remedy the same after notice, the Securities Administrator or the Trustee, as the case may be, shall give notice thereof to the Servicer. If a Responsible Officer of the Trustee shall have knowledge of an Event of Default, the Trustee shall give prompt written notice thereof to the Securities Administrator and the Securities Administrator shall give prompt written notice thereof to the Certificateholders.

Action upon Certain Failures of the Servicer and upon Event of Default. In the event that a Responsible Officer of the Trustee or the Securities Administrator or the Trustee shall have actual knowledge of any failure of the Servicer specified in Section 8.01(a) or (b) which would become an Event of Default upon the such Servicer's failure to remedy the same after notice, the Securities Administrator Trustee or the TrusteeSecurities Administrator, as the case may be, shall give notice thereof to the Servicer. If a Responsible Officer of the Trustee or the Securities Administrator shall have knowledge of an Event of Default, the Trustee or the Securities Administrator, as the case may be, shall give prompt written notice thereof to the Securities Administrator and the Securities Administrator shall give prompt written notice thereof to the CertificateholdersCertificateholders in accordance with Section 8.01.