Common use of Notice of Defaults Clause in Contracts

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.

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.