Common use of Notification to Securityholders Clause in Contracts

Notification to Securityholders. (a) Upon any termination or appointment of a successor to any Master Servicer pursuant to this Article VII or Section 3.34, the Note Registrar or the Indenture Trustee, if the Master Servicer is also the Note Registrar and Securities Administrator, shall give prompt written notice thereof to the Noteholders at their respective addresses appearing in the Note Register and to each Rating Agency. (b) No later than 60 days after the occurrence of any event which constitutes or which, with notice or a lapse of time or both, would constitute an Event of Default of which a Responsible Officer of the Indenture Trustee becomes aware of the occurrence of such an event, the Indenture Trustee shall transmit by mail to all Noteholders notice of such occurrence unless such Event of Default shall have been waived or cured.