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 the Servicer’s becoming aware of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or may involve the possibility of materially and adversely affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and subsidiaries, as a whole, or (ii) immediately upon becoming aware of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall deliver a written notice to the Issuer, the Indenture Trustee, the Rating Agencies and the Initial Purchaser describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto.

Report on Proceedings and Servicer Event of Default. (i) Promptly upon the Servicer’s becoming aware of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or may involve the possibility of materially and adversely affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and subsidiaries, as a whole, or (ii) immediately upon becoming aware of the existence of any condition or event which constitutes a Servicer Event of Default, the Servicer shall deliver a written notice to the Issuer, the Indenture Trustee, the Rating Agencies Agency and the Initial Purchaser describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto.