Common use of Enforcement Procedures Clause in Contracts

Enforcement Procedures. (a) Notwithstanding anything in Section 3.3, each of the Secured Parties holding Related Loans, shall refrain from taking any Enforcement Procedures in respect of Related Loans unless directed by the Servicer or Replacement Servicer, as applicable, and the Servicer or Replacement Servicer (acting on the exclusive direction of the Guarantor) or the Guarantor, for itself, shall be solely entitled to take or direct the taking of Enforcement Procedures in respect of such Related Loans and their Shared Security and shall take such Enforcement Procedures in accordance with the Servicing Agreement (or the servicing agreement entered into with the Replacement Servicer), this Agreement and the terms of such Related Loans and their Shared Security as it would be reasonable to expect a Reasonable and Prudent Mortgage Lender to take in administering its Loans and their Related Security, in accordance with applicable laws, provided that the Servicer or Replacement Servicer, as applicable, shall (i) where practicable prior to taking any Enforcement Procedure, and (ii) in any event simultaneously with taking any Enforcement Procedure, provide the Seller and the Guarantor, by the fastest means possible, a copy of any notices sent to the Borrower along with the details of any Enforcement Procedure (to the extent not included in copies of the relevant notice(s) so delivered) and the Seller shall not take any action that conflicts with such Enforcement Procedure. (b) Subject to paragraph (a) above, to the extent any Related Loan is a demand loan that, by its terms, or the terms of any of the Mortgage Conditions on the related Mortgage Terms for each such Loan, do not include cross-default provisions such that a default under any such Related Loan shall constitute a default under all Related Loans secured by the same Shared Security, then the Servicer hereby undertakes (itself or through its subservicer) to demand repayment (in a manner and in circumstances customary for a Reasonable and Prudent Mortgage Lender) of such Related Loan upon a default under any Related Loans secured by the same Shared Security, as the case may be. Each of the Secured Parties hereby consents to the Servicer (itself or through its subservicer) making any such demand on its behalf.

Enforcement Procedures. (a) Notwithstanding anything in Section 3.3, each of the Secured Parties holding Related Loans, shall refrain from taking any Enforcement Procedures in respect of Related Loans unless directed by the Servicer or Replacement Servicer, as applicable, and the Servicer or Replacement Servicer (acting on the exclusive direction of the Guarantor) or the Guarantor, for itself, shall be solely entitled to take or direct the taking of Enforcement Procedures in respect of such Related Loans and their Shared Security and shall take such Enforcement Procedures in accordance with the Servicing Agreement (or the servicing agreement entered into with the Replacement Servicer), this Agreement and the terms of such Related Loans and their Shared Security as it would be reasonable to expect a Reasonable and Prudent Mortgage Hypothecary Lender to take in administering its Loans and their Related Security, in accordance with applicable laws, provided that the Servicer or Replacement Servicer, as applicable, shall (i) where practicable prior to taking any Enforcement Procedure, and (ii) in any event simultaneously with taking any Enforcement Procedure, provide the Seller and the Guarantor, by the fastest means possible, a copy of any notices sent to the Borrower along with the details of any Enforcement Procedure (to the extent not included in copies of the relevant notice(s) so delivered) and the Seller shall not take any action that conflicts with such Enforcement Procedure. (b) Subject to paragraph (a) above, to the extent any Related Loan is a demand loan that, by its terms, or the terms of any of the Mortgage Hypothecary Loan Conditions on the related Mortgage Hypothec Terms for each such Loan, do not include cross-default provisions such that a default under any such Related Loan shall constitute a default under all Related Loans secured by the same Shared Security, then the Servicer hereby undertakes (itself or through its subservicer) to demand repayment (in a manner and in circumstances customary for a Reasonable and Prudent Mortgage Hypothecary Lender) of such Related Loan upon a default under any Related Loans secured by the same Shared Security, as the case may be. Each of the Secured Parties hereby consents to the Servicer (itself or through its subservicer) making any such demand on its behalf.

Enforcement Procedures. ‌ (a) Notwithstanding anything in Section 3.3, each of the Secured Parties holding Related Loans, shall refrain from taking any Enforcement Procedures in respect of Related Loans unless directed by the Servicer or Replacement Servicer, as applicable, and the Servicer or Replacement Servicer (acting on the exclusive direction of the Guarantor) or the Guarantor, for itself, shall be solely entitled to take or direct the taking of Enforcement Procedures in respect of such Related Loans and their Shared Security and shall take such Enforcement Procedures in accordance with the Servicing Agreement (or the servicing agreement entered into with the Replacement Servicer), this Agreement and the terms of such Related Loans and their Shared Security as it would be reasonable to expect a Reasonable and Prudent Mortgage Lender to take in administering its Loans and their Related Security, in accordance with applicable laws, provided that the Servicer or Replacement Servicer, as applicable, shall (i) where practicable prior to taking any Enforcement Procedure, and (ii) in any event simultaneously with taking any Enforcement Procedure, provide the Seller and the Guarantor, by the fastest means possible, a copy of any notices sent to the Borrower along with the details of any Enforcement Procedure (to the extent not included in copies of the relevant notice(s) so delivered) and the Seller shall not take any action that conflicts with such Enforcement Procedure. (b) Subject to paragraph (a) above, to the extent any Related Loan is a demand loan that, by its terms, or the terms of any of the Mortgage Conditions on the related Mortgage Terms for each such Loan, do not include cross-default provisions such that a default under any such Related Loan shall constitute a default under all Related Loans secured by the same Shared Security, then the Servicer hereby undertakes (itself or through its subservicer) to demand repayment (in a manner and in circumstances customary for a Reasonable and Prudent Mortgage Lender) of such Related Loan upon a default under any Related Loans secured by the same Shared Security, as the case may be. Each of the Secured Parties hereby consents to the Servicer (itself or through its subservicer) making any such demand on its behalf.

Enforcement Procedures. (a) Notwithstanding anything in Section 3.3, each of the Secured Parties holding Related Loans, shall refrain from taking any Enforcement Procedures in respect of Related Loans unless directed by the Servicer or Replacement Servicer, as applicable, and the Servicer or Replacement Servicer (acting on the exclusive direction of the Guarantor) or the Guarantor, for itself, shall be solely entitled to take or direct the taking of Enforcement Procedures in respect of such Related Loans and their Shared Security and shall take such Enforcement Procedures in accordance with the Servicing Agreement (or the servicing agreement entered into with the Replacement Servicer), this Agreement and the terms of such Related Loans and their Shared Security as it would be reasonable to expect that a Reasonable and Prudent Mortgage Lender would be expected to take in administering its Loans and their Related Security, in accordance with applicable laws, provided that the Servicer or Replacement Servicer, as applicable, shall (i) where practicable prior to taking any Enforcement Procedure, and (ii) in any event simultaneously with taking any Enforcement Procedure, provide the Seller and the Guarantor, by the fastest means possible, a copy of any notices sent to the Borrower along with the details of any Enforcement Procedure (to the extent not included in copies of the relevant notice(s) so delivered) and the Seller shall not take any action that conflicts with such Enforcement Procedure. (b) Subject to paragraph (a) above, to the extent any Related Loan is a demand loan that, by its terms, or the terms of any of the Mortgage Conditions on the related Mortgage Terms for each such Loan, do not include cross-cross- default provisions such that a default under any such Related Loan shall constitute a default under all Related Loans secured by the same Shared Security, then the Servicer hereby undertakes (itself or through its subservicer) to demand repayment (in a manner and in circumstances customary for a Reasonable and Prudent Mortgage Lender) of such Related Loan upon a default under any Related Loans secured by the same Shared Security, as the case may be. Each of the Secured Parties hereby consents to the Servicer (itself or through its subservicer) making any such demand on its behalf.