Common use of Notice of Events of Default and Servicer Replacement Event Clause in Contracts

Notice of Events of Default and Servicer Replacement Event. The Grantor Trust Trustee shall promptly upon receipt of a list of Grantor Trust Certificateholders from the Grantor Trust Certificate Registrar give notice to the Administrator and each Grantor Trust Certificateholder of any (a) Default or Event of Default of which a Responsible Officer of the Grantor Trust Trustee has been provided written notice pursuant to Section 6.5 of the Indenture and (b) Servicer Replacement Event of which a Responsible Officer of the Grantor Trust Trustee has been provided written notice pursuant to Section 7.1 of the Sale and Servicing Agreement. The Grantor Trust Trustee shall have no duty to investigate, verify or take any action to determine whether any Default, Event of Default or Servicer Replacement Event has in fact occurred and shall have no duty to make any determination as to the materiality of any fact, matter or event, or to make any demand or claim for repurchase of Receivables. The Grantor Trust Trustee shall have no duty to enforce remedies for breaches of representations and warranties under any Transaction Document.

Notice of Events of Default and Servicer Replacement Event. The Grantor Trust Trustee shall promptly upon receipt of a list of Grantor Trust Certificateholders from the Grantor Trust Certificate Registrar give notice to the Administrator and each Grantor Trust Certificateholder of any (a) Default or Event of Default of which a Responsible Officer of the Grantor Trust Trustee has been provided written notice pursuant to Section 6.5 of the Indenture and (b) Servicer Replacement Event of which a Responsible Officer of the Grantor Trust Trustee has been provided written notice pursuant to Section 7.1 of the Sale and Servicing Agreement. The Grantor Trust Trustee shall have no duty to investigate, verify or take any action to determine whether any Default, Event of Default or Servicer Replacement Event has in fact occurred and shall have no duty to make any determination as to the materiality of any fact, matter or event, or to make any demand or claim for repurchase of Receivables. The Grantor Trust Trustee shall have no duty to enforce remedies for breaches of representations and warranties under any Transaction Document.