Common use of Liquidation of Business Loans Clause in Contracts

Liquidation of Business Loans. In the event that any payment due under any Business Loan and not postponed pursuant to Section 4.01 is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Business Loan, the Servicer shall take such action as it shall deem to be in the best interests of the Noteholders and Certificateholders. The Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the Trust of Mortgaged Properties or other Collateral relating to defaulted Business Loans for which the related Business Loan is still outstanding, as to which no satisfactory arrangements can be made for collection of delinquent payments in accordance with the provisions of Section 4.10. In connection with such foreclosure or other conversion, the Servicer shall exercise collection and foreclosure procedures with the same degree of care and skill in its exercise or use as it would exercise or use under the circumstances in the conduct of its own affairs. Any amounts advanced in connection with such foreclosure or other action shall constitute "Servicing Advances." The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes on Mortgaged Properties in determining whether to foreclose upon or otherwise comparably convert the ownership of such Mortgaged Property, and will not foreclose on a Mortgaged Property where it has cause to believe such substances exist unless it (i) has received a Phase I environmental report and such report reveals no environmental problems, or (ii) any problems revealed by such Phase I environmental report have been corrected or such Mortgaged Property is subject to an environmental rehabilitation for which the Servicer is not responsible. After a Business Loan has become a Liquidated Business Loan, the Servicer shall promptly prepare and forward to the Indenture Trustee and upon request, any Noteholder or Certificateholder, a Liquidation Report, in the form attached hereto as Exhibit J, detailing the Liquidation Proceeds received from the Liquidated Business Loan, expenses incurred with respect thereto, and any loss incurred in connection therewith.

Liquidation of Business Loans. In the event that any payment due under any Business Loan and not postponed pursuant to Section 4.01 5.01 is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Business Loan, the Servicer shall take such action as it shall deem to be in the best interests of the Noteholders and Certificateholders. The Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the Trust Trustee of Mortgaged Properties or other Collateral relating to defaulted Business Loans for which the related Business Loan is still outstanding, as to which no satisfactory arrangements can be made for collection of delinquent payments in accordance with the provisions of Section 4.105.10. In connection with such foreclosure or other conversion, the Servicer shall exercise collection and foreclosure procedures with the same degree of care and skill in its exercise or use as it would exercise or use under the circumstances in the conduct of its own affairs. Any amounts advanced in connection with such foreclosure or other action shall constitute "Servicing Advances." The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes on Mortgaged Properties in determining whether to foreclose upon or otherwise comparably convert the ownership of such Mortgaged Property, and will not foreclose on a Mortgaged Property where it has cause to believe such substances exist unless it (i) has received a Phase I environmental report and such report reveals no environmental problems, or (ii) any problems revealed by such Phase I environmental report have been corrected or such Mortgaged Property is subject to an environmental rehabilitation for which the Servicer Seller is not responsible. After a Business Loan has become a Liquidated Business Loan, the Servicer shall promptly prepare and forward to the Indenture Trustee and upon request, any Noteholder or Certificateholder, a Liquidation Report, in the form attached hereto as Exhibit J, detailing the Liquidation Proceeds received from the Liquidated Business Loan, expenses incurred with respect thereto, and any loss incurred in connection therewith.

Liquidation of Business Loans. In the event that any payment due under any Business Loan and not postponed pursuant to Section 4.01 is not paid when the same becomes due and payable, or in the event the Obligor fails to perform any other covenant or obligation under the Business Loan, the Servicer shall take such action as it shall deem to be in the best interests of the Noteholders and Certificateholders. The Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the Trust of Mortgaged Properties or other Collateral relating to defaulted Business Loans for which the related Business Loan is still outstanding, as to which no satisfactory arrangements can be made for collection of delinquent payments in accordance with the provisions of Section 4.10. In connection with such foreclosure or other conversion, the Servicer shall exercise collection and foreclosure procedures with the same degree of care and skill in its exercise or use as it would exercise or use under the circumstances in the conduct of its own affairs. Any amounts advanced in connection with such foreclosure or other action shall constitute "Servicing Advances." The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes on Mortgaged Properties in determining whether to foreclose upon or otherwise comparably convert the ownership of such Mortgaged Property, and will not foreclose on a Mortgaged Property where it has cause to believe such substances exist unless it (i) has received a Phase I environmental report and such report reveals no environmental problems, or (ii) any problems revealed by such Phase I environmental report have been corrected or such Mortgaged Property is subject to an environmental rehabilitation for which the Servicer is not responsible. After a Business Loan has become a Liquidated Business Loan, the Servicer shall promptly prepare and forward to the Indenture Trustee and upon request, any Noteholder or Certificateholder, a Liquidation Report, in the form attached hereto as Exhibit J, detailing the Liquidation Proceeds received from the Liquidated Business Loan, expenses incurred with respect thereto, and any loss incurred in connection therewith.