Common use of Report on Proceedings and Servicer Event of Default Clause in Contracts

Report on Proceedings and Servicer Event of Default. (i) Promptly upon a Responsible Officer of the Servicer’s obtaining Knowledge of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or is reasonably likely to have a material and adverse effect affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and its subsidiaries, as a whole, the Servicer shall send written notice specifying the nature of such investigation or proceeding and what action the Servicer is taking or proposes to take with respect thereto and evaluating its merits, or (ii) immediately upon obtaining Knowledge of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall send written notice to the Issuer, the Indenture Trustee and the Initial Purchasers describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto. The Issuer, the Indenture Trustee and the Initial Purchasers acknowledge that if any condition or event referred to in subparagraph (i) above has been disclosed on a timely basis in filings with the Securities and Exchange Commission relating to the Servicer, that such disclosure will satisfy the requirements of subparagraph (i) above.

Report on Proceedings and Servicer Event of Default. (i) Promptly upon a Responsible Officer of the Servicer’s obtaining Knowledge of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or is reasonably likely to have a material and adverse effect affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and its subsidiaries, as a whole, the Servicer shall send written notice specifying the nature of such investigation or proceeding and what action the Servicer is taking or proposes to take with respect thereto and evaluating its merits, or (ii) immediately upon obtaining Knowledge of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall send written notice to the Issuer, the Indenture Trustee and the Initial Purchasers Purchaser describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto. The Issuer, the Indenture Trustee and the Initial Purchasers Purchaser acknowledge that if any condition or event referred to in subparagraph (i) above has been disclosed on a timely basis in the Servicer’s periodic filings with the Securities and Exchange Commission relating to the Serviceron a timely basis, that such disclosure will satisfy the requirements of subparagraph (i) above.

Report on Proceedings and Servicer Event of Default. (i) Promptly upon a Responsible Officer of the Servicer’s obtaining Knowledge of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or is reasonably likely to have a material and adverse effect affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and its subsidiaries, as a whole, the Servicer shall send written notice specifying the nature of such investigation or proceeding and what action the Servicer is taking or proposes to take with respect thereto and evaluating its merits, or (ii) immediately upon obtaining Knowledge of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall send written notice to the Note Issuer, the Indenture Trustee Collateral Agent and the Initial Purchasers Noteholder describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto. The Note Issuer, the Indenture Trustee Collateral Agent and the Initial Purchasers Noteholder acknowledge that if any condition or event referred to in subparagraph clause (i) above has been disclosed on a timely basis in the Servicer’s periodic filings with the Securities and Exchange Commission relating to the Serviceron a timely basis, that such disclosure will satisfy the requirements of subparagraph clause (i) above.

Report on Proceedings and Servicer Event of Default. (i) Promptly upon a Responsible Officer of the Servicer’s obtaining Knowledge of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or is reasonably likely to have a material and adverse effect affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and its subsidiaries, as a whole, the Servicer shall send written notice to the Indenture Trustee specifying the nature of such investigation or proceeding and what action the Servicer is taking or proposes to take with respect thereto and evaluating its meritsmerits (and such notice shall direct the Indenture Trustee to notify the Noteholders of the same), or (ii) immediately upon obtaining Knowledge of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall send written notice to the Issuer, the Indenture Trustee and the Initial Purchasers Placement Agent describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect theretothereto (and such notice shall direct the Indenture Trustee to notify the Noteholders of the same). The Issuer, the Indenture Trustee and the Initial Purchasers Placement Agent acknowledge that if any condition or event referred to in subparagraph (i) above has been disclosed on a timely basis in the Servicer’s periodic filings with the Securities and Exchange Commission relating to the Serviceron a timely basis, that such disclosure will satisfy the requirements of subparagraph (i) above.

Report on Proceedings and Servicer Event of Default. (i) Promptly upon a Responsible Officer of the Servicer’s obtaining Knowledge of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or is reasonably likely to have a material and adverse effect affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and its subsidiaries, as a whole, the Servicer shall send written notice specifying the nature of such investigation or proceeding and what action the Servicer is taking or proposes to take with respect thereto and evaluating its merits, or (ii) immediately upon obtaining Knowledge of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall send written notice to the Issuer, the Indenture Trustee and the Initial Purchasers describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto. The Issuer, the Indenture Trustee and the Initial Purchasers acknowledge that if any condition or event referred to in subparagraph (i) above has been disclosed on a timely basis in filings with the Securities and Exchange Commission relating to the Servicer, that such disclosure will satisfy the requirements of subparagraph (i) above.. KL2 3337076.6

Report on Proceedings and Servicer Event of Default. (i) Promptly upon a Responsible Officer of the Servicer’s 's obtaining Knowledge of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or is reasonably likely to have a material and adverse effect affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and its subsidiaries, as a whole, the Servicer shall send written notice specifying the nature of such investigation or proceeding and what action the Servicer is taking or proposes to take with respect thereto and evaluating its merits, or (ii) immediately upon obtaining Knowledge of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall send written notice to the Issuer, the Indenture Trustee and the Initial Purchasers Purchaser describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto. The Issuer, the Indenture Trustee and the Initial Purchasers Purchaser acknowledge that if any condition or event referred to in subparagraph (i) above has been disclosed on a timely basis in the Servicer's periodic filings with the Securities and Exchange Commission relating to the Serviceron a timely basis, that such disclosure will satisfy the requirements of subparagraph (i) above.

Report on Proceedings and Servicer Event of Default. (i) Promptly upon a Responsible Officer of the Servicer’s 's obtaining Knowledge of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or is reasonably likely to have a material involve the possibility of materially and adverse effect adversely affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and its subsidiaries, as a whole, the Servicer shall send written notice specifying the nature of such investigation or proceeding and what action the Servicer is taking or proposes to take with respect thereto and evaluating its merits, or (ii) immediately upon obtaining Knowledge of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall send written notice to the Issuer, the Indenture Trustee and the Initial Purchasers Purchaser describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto. The Issuer, the Indenture Trustee and the Initial Purchasers Purchaser acknowledge that if any condition or event referred to in subparagraph (i) above has been disclosed on a timely basis in the Servicer's periodic filings with the Securities and Exchange Commission relating to the Serviceron a timely basis, that such disclosure will satisfy the requirements of subparagraph (i) above.