Common use of Significant Events Clause in Contracts

Significant Events. The Servicer will furnish to the Administrative Agent and each Managing Agent, as soon as possible and in any event within two (2) Business Days after a Responsible Officer becomes aware of the occurrence of each Event of Default, each Unmatured Event of Default and each Servicer Termination Event, a written statement, signed by a Responsible Officer, setting forth the details of such event and the action that the Servicer proposes to take with respect thereto.

Significant Events. The Servicer will furnish to the Administrative Agent and each Managing AgentLender, as soon as possible and in any event within two (2) Business Days after a Responsible Officer becomes aware of the occurrence of each Rapid Amortization Event, each Event of Default, each Unmatured Event of Default and each Servicer Termination Event, a written statement, signed by a Responsible Officer, setting forth the details of such event and the action that the Servicer proposes to take with respect thereto.