Notice of Defaults. Each Seller shall promptly notify the applicable Purchaser upon becoming aware of any default or event of default under the Serviced Corporate Trust Contract relating to any Serviced Appointment, including any failure by the obligor under any Serviced Corporate Trust Contract to make any payment of principal or interest when due and the receipt of notice under any such agreement that an event has occurred which, with the giving of notice or the lapse of time, or both, would constitute a default, termination or cancellation under such agreement.
Appears in 375 contracts
Samples: Servicing Agreement (Bank of America Merrill Lynch Commercial Mortgage Trust 2017-Bnk3), Servicing Agreement (GM Financial Automobile Leasing Trust 2020-1), Servicing Agreement (COMM 2014-Ccre18 Mortgage Trust)
Notice of Defaults. Each Seller Purchaser shall promptly notify the applicable Purchaser Seller upon becoming aware of any default or event of default under the Serviced Corporate Trust Contract Contracts relating to any Serviced Appointment, including any failure by the obligor under any Serviced Corporate Trust Contract to make any payment of principal or interest when due and the receipt of notice under any such agreement that an event has occurred which, with the giving of notice or the lapse of time, or both, would constitute a default, termination or cancellation under such agreement.
Appears in 375 contracts
Samples: Servicing Agreement (Navient Student Loan Trust 2015-1), Servicing Agreement (COMM 2012-Ccre2 Mortgage Trust), Servicing Agreement (COMM 2014-Ccre20 Mortgage Trust)