Common use of Notice of Redemption by the Servicer Clause in Contracts

Notice of Redemption by the Servicer. Notices of redemption shall be given by the Servicer or by the Indenture Trustee at the Servicer’s direction by first class mail, postage prepaid, mailed not less than 15 days prior to the Redemption Date to each Noteholder, at the address listed in the Note Register and to each Rating Agency (unless a shorter period shall be satisfactory to the Indenture Trustee). All notices of redemption shall state (a) the Redemption Date, (b) the Redemption Price, (c) that on the Redemption Date, the Redemption Price will become due and payable in respect of each Note, and that interest thereon shall cease to accrue if payment is made on the Redemption Date and (d) the office of the Indenture Trustee where the Notes are to be surrendered for payment of the Redemption Price. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any other Note.