Common use of Annual Statement as to Compliance; Notice of Event of Default Clause in Contracts

Annual Statement as to Compliance; Notice of Event of Default. (a) The Master Servicer will deliver to the Indenture Trustee, the Depositor and the Securities Insurer on or before May 31 of each year, beginning in 1998 an Officer's Certificate signed by two Responsible Officers of the Master Servicer stating with respect to the Trust, that: (i) a review of the activities of the Master Servicer during the preceding calendar year (or in connection with the first such Officer's Certificate the period from the Closing Date through the end of 1997) and of the Master Servicer's performance under this Agreement with respect to such Trust has been made under the supervision of the signer of such Officer's Certificate; and (ii) to the best of such signer's knowledge, based on such review, the Master Servicer has fulfilled all its obligations under this Agreement throughout such year (or such portion of such year), or there has been a default in the fulfillment of any such obligation, in which case such Officer's Certificate shall specify each such default known to such signer and the nature and status thereof and what action the Master Servicer proposes to take with respect thereto. (b) The Master Servicer shall deliver to the Indenture Trustee, the Securities Insurer and the Depositor, promptly after having obtained knowledge thereof, but in no event later than 2 Business Days thereafter, written notice in an Officer's Certificate of any event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 10.01. Each of Mego, the Depositor, the Securities Insurer, the Indenture Trustee, the Owner Trustee and the Master Servicer shall deliver to the other of such Persons promptly after having obtained knowledge thereof, but in no event later than 2 Business Days thereafter, written notice in an Officer's Certificate of any event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 10.01.

Annual Statement as to Compliance; Notice of Event of Default. (a) The Master Servicer will deliver to the Indenture Trustee, Trustee and the Depositor and the Securities Insurer on or before May 31 of each year, beginning in 1998 an Officer's Certificate signed by two Responsible Officers of the Master Servicer stating with respect to the Trust, that: (i) a review of the activities of the Master Servicer during the preceding calendar year (or in connection with the first such Officer's Certificate the period from the Closing Date through the end of 1997) and of the Master Servicer's performance under this Agreement with respect to such Trust has been made under the supervision of the signer of such Officer's Certificate; and (ii) to the best of such signer's knowledge, based on such review, the Master Servicer has fulfilled all its obligations under this Agreement throughout such year (or such portion of such year), or there has been a default in the fulfillment of any such obligation, in which case such Officer's Certificate shall specify each such default known to such signer and the nature and status thereof and what action the Master Servicer proposes to take with respect thereto. (b) The Master Servicer shall deliver to the Indenture Trustee, the Securities Insurer Trustee and the Depositor, promptly after having obtained knowledge thereof, but in no event later than 2 Business Days thereafter, written notice in an Officer's Certificate of any event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 10.01. Each of Mego, the Depositor, the Securities Insurer, the Indenture Trustee, the Owner Trustee and the Master Servicer shall deliver to the other of such Persons promptly after having obtained knowledge thereof, but in no event later than 2 Business Days thereafter, written notice in an Officer's Certificate of any event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 10.01.

Annual Statement as to Compliance; Notice of Event of Default. (a) The Master Servicer will deliver to the Indenture Trustee, the Depositor and the Securities Insurer on or before May 31 of each year, beginning in 1998 an Officer's Certificate signed by two Responsible Officers of the Master Servicer stating with respect to the Trust, that: (i) a review of the activities of the Master Servicer during the preceding calendar year (or in connection with the first such Officer's Certificate the period from the Closing Date through the end of 1997) and of the Master Servicer's performance under this Agreement with respect to such Trust has been made under the supervision of the signer of such Officer's Certificate; and (ii) to the best of such signer's knowledge, based on such review, the Master Servicer has fulfilled all its obligations under this Agreement throughout such year (or such portion of such year), or there has been a default in the fulfillment of any such obligation, in which case such Officer's Certificate shall specify each such default known to such signer and the nature and status thereof and what action the Master Servicer proposes to take with respect thereto. (b) The Master Servicer shall deliver to the Indenture Trustee, the Securities Insurer and the Depositor, promptly after having obtained knowledge thereof, but in no event later than 2 Business Days thereafter, written notice in an Officer's Certificate of any event 62 67 which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 10.01. Each of Mego, the Depositor, the Securities Insurer, the Indenture Trustee, the Owner Trustee and the Master Servicer shall deliver to the other of such Persons promptly after having obtained knowledge thereof, but in no event later than 2 Business Days thereafter, written notice in an Officer's Certificate of any event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 10.01.

Annual Statement as to Compliance; Notice of Event of Default. (a) The Master Servicer will deliver to the Indenture Trustee, Trustee and the Depositor and the Securities Insurer on or before May 31 of each year, beginning in 1998 an Officer's Certificate signed by two Responsible Officers of the Master Servicer stating with respect to the Trust, that: (i) a review of the activities of the Master Servicer during the preceding calendar year (or in connection with the first such Officer's Certificate the period from the Closing Date through the end of 1997) and of the Master Servicer's performance under this Agreement with respect to such Trust has been made under the supervision of the signer of such Officer's Certificate; and (ii) to the best of such signer's knowledge, based on such review, the Master Servicer has fulfilled all its obligations under this Agreement throughout such year (or such portion of such year), or there has been a default in the fulfillment of any such obligation, in which case such Officer's Certificate shall specify each such default known to such signer and the nature and status thereof and what action the Master Servicer proposes to take with respect thereto. (b) The Master Servicer shall deliver to the Indenture Trustee, the Securities Insurer Trustee and the Depositor, promptly after having obtained knowledge thereof, but in no event later than 2 Business Days thereafter, written notice in an Officer's Certificate of any event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 10.018.01. Each of Mego, the Depositor, the Securities Insurer, the Indenture Trustee, the Owner Trustee and the Master Servicer shall deliver to the other of such Persons promptly after having obtained knowledge thereof, but in no event later than 2 Business Days thereafter, written notice in an Officer's Certificate of any event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 10.018.01.