Common use of Certain Servicing and Loan Administration Decisions Clause in Contracts

Certain Servicing and Loan Administration Decisions. The Manager shall have full power and authority, acting alone or through any Servicer or Subservicer, to cause to be done any and all things in connection with the servicing and administration of the Loans that the Manager may deem necessary or desirable, and cause to be made all servicing decisions in its reasonable discretion, subject to its obligation to comply with the Servicing Standard and other applicable provisions herein and in the Ancillary Documents. Upon the occurrence of an event of default under any of the Loan Documents, but subject to the other terms and conditions of this Agreement (including the Servicing Standard), the Manager shall cause to be determined the response to such default and course of action with respect to such default, including (i) the selection of attorneys to be used in connection with any action, whether judicial or otherwise, to protect the interests of the Company in the Loan and the Underlying Collateral, (ii) the declaration and recording of a notice of such default and the acceleration of the maturity of the Loan, (iii) the institution of proceedings to foreclose the Loan Documents securing the Loan pursuant to the power of sale contained therein or through a judicial action, (iv) the institution of proceedings against any Obligor, (v) the acceptance of a deed in lieu of foreclosure, (vi) the purchase of the real property Underlying Collateral at a foreclosure sale or trustee’s sale or the purchase of the personal property Underlying Collateral at a Uniform Commercial Code sale, and (vii) the institution or continuation of proceedings to obtain a deficiency judgment against such Borrower or any Obligor. Notwithstanding any provision to the contrary herein, the Manager shall not, and shall not cause any Servicer or Subservicer to, take any action that is inconsistent with or prohibited by the terms of the Reimbursement, Security and Guaranty Agreement or the Custodial and Paying Agency Agreement without the prior written consent of the Initial Member.

Certain Servicing and Loan Administration Decisions. The Manager shall have full power and authority, acting alone or through any Servicer or Subservicer, to cause to be done any and all things in connection with the servicing and administration of the Loans that the Manager may deem necessary or desirable, and cause to be made all servicing decisions in its reasonable discretion, subject to its obligation to comply with the Servicing Standard and other applicable provisions herein and in the Ancillary Transaction Documents. Upon the occurrence of an event of default under any of the Loan Documents, but subject to the other terms and conditions of this Agreement (including the Servicing Standard), the Manager shall cause to be determined the response to such default and course of action with respect to such default, including (i) the selection of attorneys to be used in connection with any action, whether judicial or otherwise, to protect the interests of the Company in the Loan and the Underlying Collateral, (ii) the declaration and recording of a notice of such default and the acceleration of the maturity of the Loan, (iii) the institution of proceedings to foreclose the Loan Documents securing the Loan pursuant to the power of sale contained therein or through a judicial action, (iv) the institution of proceedings against any Obligor, (v) the acceptance of a deed in lieu of foreclosure, (vi) the purchase of the real property Underlying Collateral at a foreclosure sale or trustee’s sale or the purchase of the personal property Underlying Collateral at a Uniform Commercial Code sale, and (vii) the institution or continuation of proceedings to obtain a deficiency judgment against such Borrower or any Obligor. Notwithstanding any provision to the contrary herein, the Manager shall not, and shall not cause any Servicer or Subservicer to, take any action that is inconsistent with or prohibited by the terms of the Reimbursement, Security and Guaranty Agreement or the Custodial and Paying Agency Agreement without the prior written consent of the Initial Member.

Certain Servicing and Loan Administration Decisions. The Manager shall have full power and authority, acting alone or through any Servicer or Subservicer, to cause to be done any and all things in connection with the servicing and administration of the Loans that the Manager may deem necessary or desirable, and cause to be made all servicing decisions in its reasonable discretion, subject to its obligation to comply with the Servicing Standard and other applicable provisions herein and in the Ancillary Documents. Upon the occurrence of an event of default under any of the Loan Documents, but subject to the other terms and conditions of this Agreement (including the Servicing Standard), the Manager shall cause to be determined the response to such default and course of action with respect to such default, including (i) the selection of attorneys to be used in connection with any action, whether judicial or otherwise, to protect the interests of the Company in the Loan and the Underlying Collateral, (ii) the declaration and recording of a notice of such default and the acceleration of the maturity of the Loan, (iii) the institution of proceedings to foreclose the Loan Documents securing the Loan pursuant to the power of sale contained therein or through a judicial action, (iv) the institution of proceedings against any Obligor, (v) the acceptance of a deed in lieu of foreclosure, (vi) the purchase of the real property Underlying Collateral at a foreclosure sale or trustee’s sale or the purchase of the personal property Underlying Collateral at a Uniform Commercial Code sale, and (vii) the institution or continuation of proceedings to obtain a deficiency judgment against such Borrower or any Obligor. Notwithstanding any provision to the contrary herein, the Manager shall not, and shall not cause any Servicer or Subservicer to, take any action that is inconsistent with or prohibited by the terms of the Reimbursement, Security and Guaranty Agreement or the Custodial and Paying Agency Agreement without the prior written consent of the Initial Member.is