Common use of Notice of Event of Servicing Termination Clause in Contracts

Notice of Event of Servicing Termination. Immediately upon becoming aware of the existence of any condition or event which constitutes an Event of Servicing Termination or an Event of Default, or any event which, with the lapse of time and/or the giving of notice, would constitute an Event of Servicing Termination or an Event of Default and which, in each case, has not been waived in writing by the Majority Holders, a written notice describing its nature and period of existence and, in the case of an Event of Servicing Termination, the action the Servicer is taking or proposes to take with respect thereto; and