Common use of Notification to Holders and Swap Counterparties Clause in Contracts

Notification to Holders and Swap Counterparties. (a) Promptly following the occurrence of any Servicer Default, the Servicer shall give written notice thereof to the Trustees, the Trust Depositor and each Rating Agency at the addresses described in Section 13.04 hereof, to each Swap Counterparty at its address as set forth in the applicable Swap, and to the Holders at their respective addresses appearing on the Note Register and the Certificate Register, respectively. (b) Within ten days following any termination of a Servicer or appointment of a Successor Servicer pursuant to this Article VIII, the Indenture Trustee shall give written notice thereof to each Rating Agency and the Trust Depositor at the addresses described in Section 13.04 hereof, to each Swap Counterparty at its address as set forth in the applicable Swap and to the Holders at their respective addresses appearing on the Note Register and the Certificate Register, respectively.