Common use of Notice of Defaults Clause in Contracts

Notice of Defaults. Each Purchaser shall promptly notify the applicable Seller upon becoming aware of any default or event of default under the Serviced Corporate Trust 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.

Notice of Defaults. Each Purchaser Seller shall promptly notify the applicable Seller Purchaser upon becoming aware of any default or event of default under the Serviced Corporate Trust Contracts 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.