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

Action Upon Certain Failures of the Master Servicer and Upon Event of Default. In the event that the Trustee shall have knowledge of any failure of the Master Servicer specified in Section 7.01(i), (ii) or (iii) which would become an Event of Default upon the Master Servicer's failure to remedy the same after notice, the Trustee may, but need not if the Trustee deems it not in the Certificateholders' best interest, give notice thereof to the Master Servicer; provided however that, without limiting any remedy as a result of such failure, the Trustee shall be required to give notice thereof to the Master Servicer in the case of the failure by the Master Servicer to observe or perform any of its covenants under Sections 3.05, 3.11, 3.12, 6.02 or 6.06(b) of this Agreement. For all purposes of this Agreement, in the absence of actual knowledge by a Responsible Officer of the Trustee, the Trustee shall not be deemed to have knowledge of any failure of the Master Servicer as specified in Section 7.01(i), (ii) and (iii) or any Event of Default unless notified thereof in writing by the Master Servicer or by a Certificateholder.