Common use of Notice of Certain Events Clause in Contracts

Notice of Certain Events. Each Purchaser shall promptly notify the applicable Seller upon receipt of (a) any written claim or allegation asserted by a third party (including any ratings agency) of any noncompliance by another party (including such Purchaser) with any Serviced Corporate Trust Contract relating to any Serviced Appointment, and (b) any written claim by any Government Authority responsible for the imposition of Taxes against any Trust Assets of any Serviced Appointment for additional Taxes, interest, penalties or additions to Tax, whether relating directly to a Tax liability of the Trust Assets or to an obligation to file information returns or reports with respect to or in connection with such Trust Asset, its beneficiaries or other third parties.