BANKRUPTCY OF OBLIGOR. If Servicer has actual knowledge that an Obligor is the subject of a proceeding under the Bankruptcy Code or any other similar law, has made an assignment for the benefit of creditors or has had a receiver or custodian appointed for its property, Servicer shall retain an attorney to pursue claim to payment on the Loan and foreclosure on the Property. If the Property is acquired in an insolvency proceeding, it shall be acquired in the name of Owner or its designee.
BANKRUPTCY OF OBLIGOR. If Interim Servicer has actual knowledge that an Obligor is the subject of a proceeding under the Bankruptcy Code or any other similar law, has made an assignment for the benefit of creditors or has had a receiver or custodian appointed for its property, Interim Servicer shall retain an attorney to pursue claims to payment on the Loan and foreclosure on the Property. If the Property is acquired in an insolvency proceeding, it shall be acquired in the name of Owner or its designee.
BANKRUPTCY OF OBLIGOR. Without limiting the generality of any of the other provisions hereof, each Guarantor specifically agrees that upon the filing or other commencement of any bankruptcy or insolvency proceedings by, for or against any obligor, including without limitation, any assignment for the benefit of creditors or other proceedings intended to liquidate
BANKRUPTCY OF OBLIGOR. As of the applicable Cut-Off Date, no Obligor is a debtor under proceedings under the United States Bankruptcy Code, and no Obligor has defaulted in payments on a Home Loan after the filing of such bankruptcy case, whether under a plan or reorganization or otherwise.
BANKRUPTCY OF OBLIGOR. If the Subservicer has actual knowledge that an Obligor is the subject of a proceeding under the Bankruptcy Code or any other similar law, has made an assignment for the benefit of creditors or has had a receiver or custodian appointed for its property, the Subservicer shall retain an attorney to pursue claims to payment on the Asset and, if applicable, foreclosure or begin a forfeiture action on the Property, provided, however, that the Subservicer shall use its best efforts to notify and consult with the related Owner in the event that the related Obligor has asserted legal defenses based on the enforceability of the related Loan documents and, at such Owner's option upon providing written notice to the Subservicer, the Owner may direct such bankruptcy proceeding and related actions in those cases where such defenses are raised, provided further that the Owner shall instruct the Subservicer, using the Subservicer's posting instruction form, on the manner in which amounts received in connection with such bankruptcy proceedings shall be posted and shall provide the Subservicer with copies of the pleadings, correspondence, environmental reports, appraisals and such other documents to the extent in the Owner's possession that the Subservicer may reasonably need in connection with performing its obligations under this Agreement. If the Owner elects the option of directing the bankruptcy proceeding, the Subservicer shall only be responsible for posting funds in accordance with the loan documents and the Subservicer's posting instruction form. If the Property is acquired in an insolvency proceeding, it shall be acquired in the name of the related Owner or its designee. Within three (3) Business Days of the Subservicer's obtaining actual knowledge thereof, the Subservicer shall notify such Owner regarding any Asset the Obligor in respect of which is the subject of a proceeding under the Bankruptcy Code or any other similar law, has made an assignment for the benefit of creditors or has had a receiver or custodian appointed for its property. The Subservicer and Owners agree to cooperate in good faith to effectuate the intent of this Section. ARTICLE IV PROPERTY MANAGEMENT AND DISPOSITION SERVICES
BANKRUPTCY OF OBLIGOR. If the Servicer has actual knowledge --------------------- that an Obligor is the subject of a proceeding under the Bankruptcy Code or any other similar law, has made an assignment for the benefit of creditors or has had a receiver or custodian appointed for its property, the Servicer will (pursuant to the authority granted to the Servicer by the terms and provisions of Section 3.1 above) retain an attorney to pursue claims to payment on the Loan and foreclosure on the Property. If the Property is acquired in an insolvency proceeding it shall be acquired in the name of Owner or its designee.
BANKRUPTCY OF OBLIGOR. If the Servicer has actual knowledge that an Obligor is the subject of a proceeding under the Bankruptcy Code or any other similar law, has made an assignment for the benefit of creditors or has had a receiver or custodian appointed for its property, the Servicer shall retain an attorney to pursue claims to payment on the Asset and, if applicable, foreclosure or begin a forfeiture action on the Property, provided, however, that the Servicer shall use its best efforts to notify and consult with the related Owner in the event that the related Obligor has asserted legal defenses based on the enforceability of the related Loan documents and, at such Owner's option, the Owner may direct such bankruptcy proceeding and related actions in those cases where such defenses are raised. If the Property is acquired in an insolvency proceeding, it shall be acquired in the name of the related Owner or its designee. Within three (3) Business Days of the Servicer's obtaining actual knowledge thereof, the Servicer shall notify such Owner regarding any Asset the Obligor in respect of which is the subject of a proceeding under the Bankruptcy Code or any other similar law, has made an assignment for the benefit of creditors or has had a receiver or custodian appointed for its property. The Servicer and Owners agree to cooperate in good faith to effectuate the intent of this Section.
