Exercise of Remedies on Default Sample Clauses

Exercise of Remedies on Default. ‌ (a) As soon as practicable after a Primary Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraph (b) of Subsection 5.3(3), with respect to which a payment default is Reasonably Foreseeable, the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may (i) begin foreclosure proceedings upon the related Mortgaged Property, in accordance with the Mortgage Documents and applicable law, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or (iii) otherwise accept less than the full unpaid principal balance of the Mortgage Loan, subject in each case to any environmental concerns or other risks of foreclosure. The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) also may determine that foreclosure proceedings should be commenced concurrently with the pursuit of any Loss Mitigation Alternatives. Subject to the foregoing, the course of action to be followed will be determined by the Primary Servicer or the Master Servicer, in accordance with Accepted Servicing Practices, to be the course of action most likely to produce the greatest recovery for the Trust. For purposes of this Subsection 5.10(1), loss mitigation measures include the arrangements specified in Subsections 5.3(3). (b) The Master Servicer may direct the Primary Servicer as to whether, or which, Mortgage Loans or mortgage loans should be accelerated in the event of a default under a Mortgage Loan that is cross-defaulted with other Mortgage Loans or mortgage loans. In determining its course of action with respect to a defaulted Mortgage Loan (including whether to accelerate other Mortgage Loans or mortgage loans in the case of cross-defaults), the Master Servicer will pursue or cause to be pursued whichever course of action it determines, in accordance with Accepted Servicing Practices, to be likely to produce the greatest recovery for the Trust.
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
Exercise of Remedies on Default. The Secured Party may exercise any or all of the rights and remedies set out in Section 10 without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except as required by applicable law) to or on the Debtor or any other Person, and the Debtor by this Agreement waives each such demand, presentment, protest, advertisement and notice to the extent permitted by applicable law. None of the above rights or remedies will be exclusive of or dependent on or merge in any other right or remedy, and one or more of such rights and remedies may be exercised independently or in combination from time to time. Without prejudice to the ability of the Secured Party to dispose of the Collateral in any manner which is commercially reasonable, the Debtor acknowledges that a disposition of Collateral by the Secured Party which takes place substantially in accordance with the following provisions will be deemed to be commercially reasonable: (i) Collateral may be disposed of in whole or in part; (ii) Collateral may be disposed of by public auction, public tender or private contract, with or without advertising and without any other formality; (iii) any purchaser or lessee of Collateral may be a customer of the Secured Party; (iv) a disposition of Collateral may be on such terms and conditions as to credit or otherwise as the Secured Party, in is sole discretion, may deem advantageous; and (v) the Secured Party may establish an upset or reserve bid or price in respect of Collateral.
Sample 1Sample 2
Exercise of Remedies on Default. As soon as practicable after a Direct Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraphs (b) and (c) of Subsection 5.3(3), with respect to which a payment default is reasonably foreseeable, the Direct Servicer or the Master Servicer will (i) begin foreclosure proceedings upon the related Mortgaged Property, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or
Sample 1Sample 2
Exercise of Remedies on Default. ‌ (a) As soon as practicable after a Primary Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraph (b) of Subsection 5.3(3), with respect to which a payment default is Reasonably Foreseeable, the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) may (i) begin foreclosure proceedings upon the related Mortgaged Property, in accordance with the Mortgage Documents and applicable law, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or
Sample 1

Related to Exercise of Remedies on Default

  • RIGHTS AND REMEDIES ON DEFAULT If an Event of Default occurs under this Agreement, at any time thereafter, Lender may exercise any one or more of the following rights and remedies: Accelerate Indebtedness. Declare all Indebtedness, including any prepayment penalty which Grantor would be required to pay, immediately due and payable, without notice of any kind to Grantor.

  • Remedies on Default Whenever any event of default referred to in Section 9.l hereof shall have happened and be continuing, Issuer may take any one or more of the following remedial steps: (a) By written notice to Company, Issuer may declare an amount equal to the principal and accrued interest on the 2002 Series A Bonds then Outstanding, as defined in the Indenture, to be immediately due and payable under this Agreement, whereupon the same shall become immediately due and payable. (b) Issuer may have access to and inspect, examine and make copies of the books and records and any and all accounts, data and income tax and other tax returns of Company. (c) Issuer may take whatever action at law or in equity may appear necessary or desirable to collect the amounts then due and thereafter to become due, or to enforce performance and observance of any obligation, agreement or covenant of Company under this Agreement, including, until the Release Date, any remedies available in respect of the First Mortgage Bonds. In case there shall be pending a proceeding of the nature described in Section 9.1(d) or (e) above, Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to file and prove a claim or claims for the whole amount owing and unpaid pursuant to this Agreement and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of Trustee allowed in such judicial proceedings relative to Company, its creditors or its property, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses; and any custodian (including, without limitation a receiver, trustee or liquidator) of Company appointed in connection with such proceedings is hereby authorized to make such payments to Trustee, and to pay to Trustee any amount due it for compensation and expenses, including reasonable counsel fees and expenses incurred by it up to the date of such distribution. Any amounts collected pursuant to action taken under this Section 9.2 (other than the compensation and expenses referred to in the immediately prior sentence) shall be paid into the Bond Fund and applied in accordance with the provisions of the Indenture or, if the 2002 Series A Bonds have been fully paid (or provision for payment thereof has been made in accordance with the provisions of the Indenture) and all reasonable and necessary fees and expenses of Trustee and any paying agents accrued and to accrue through final payment of the 2002 Series A Bonds, and all other liabilities of Company accrued and to accrue hereunder or under the Indenture through final payment of the 2002 Series A Bonds have been paid, such amounts so collected shall be paid to Company.

  • Cumulation of Remedies All of the various rights, options, elections, powers and remedies of the parties shall be construed as cumulative, and no one of them exclusive of any other or of any other legal or equitable remedy which a party might otherwise have in the event of a breach or default of any condition, covenant or term by the other party. The exercise of any single right, option, election, power or remedy shall not, in any way, impair any other right, option, election, power or remedy until all duties and obligations imposed shall have been fully performed.

  • Limitation of Remedies The Credit Enhancement Provider shall not have the right to cause the Loan or any portion thereof to become due and payable prior to the due date for the Loan as set forth herein.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!