Common use of Performance of Obligations; Servicing Agreement Clause in Contracts

Performance of Obligations; Servicing Agreement. (a) The Company will punctually perform and observe all of its obligations and agreements contained in the Servicing Agreement. (b) The Company will not take any action or permit any action to be taken by others which would release any Person from any of such Person's covenants or obligations under any of the Contract Documents, or which would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any of the Contract Documents or any such instrument, except as expressly provided in this Indenture, the Servicing Agreement or such Contract Document or other instrument. (c) If the Company shall have knowledge of the occurrence of a default by the Servicer of any of its material obligations under the Servicing Agreement or Article Twelve hereof, the Company shall promptly notify the Trustee thereof, and shall specify in such notice the action, if any, the Company is taking in respect of such default. If such default arises from the failure of the Servicer to perform any of its obligations under the Servicing Agreement or Article Twelve hereof with respect to the Contracts, the Company may remedy such failure. Unless directed or permitted by the Trustee or the Majority Holders, the Company may not waive any such default under the Servicing Agreement or Article Twelve hereof or terminate the rights and powers of the Servicer under the Servicing Agreement and Article Twelve hereof.