Liquidation of Loans. (a) In the event that any payment due under any Loan and not postponed pursuant to Section 5.02 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 Loan, the Servicer in accordance with the Credit and Collection Policy shall take such action as shall maximize the amount of recovery thereon and it shall deem to be in the best interests of the Noteholders and the Hedge Counterparties. The Servicer, consistent with its Credit and Collection Policy, may accelerate all payments due thereunder to the extent permitted by the Required Loan Documents and foreclose upon at a public or private sale or otherwise comparably effect the ownership of Collateral relating to defaulted Loans for which the related Loan is still outstanding and as to which no satisfactory arrangements can be made for collection of delinquent payments in accordance with the provisions of Section 5.10 and shall act as sales and processing agent for the Collateral that is repossessed. In connection with such foreclosure or other conversion and any other liquidation action or enforcement of remedies, 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 with respect to its own affairs, in accordance with prudent servicing standards, and in accordance with the Credit and Collection Policy. Without limiting the generality of the foregoing, the Servicer may not sell any such Collateral without first using commercially reasonable efforts to obtain bids to purchase such Collateral from at least three (3) Persons (other than the Servicer or any of its Affiliates). The Servicer may sell the Collateral to the highest bidder (if any bids are received) or the Servicer or an Affiliate may purchase the Collateral for a price equal to the highest bid, but in no event may the Servicer sell any Collateral for less than the then fair market value of the Collateral. If no bids are received and the Servicer has used commercially reasonable efforts to obtain such bids, the Servicer or an Affiliate may purchase the Collateral for a price equal to the then fair market value of such Collateral. Any such sale of the Collateral is to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Indenture Trustee setting forth the Loan, the Collateral, the sale price of the Collateral and certifying that such sale pri...
Liquidation of Loans. (a) In the event that any payment due under any Loan and not postponed pursuant to Section 5.02 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 Loan which results in an event of default thereunder, the Servicer in accordance with the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard shall take such commercially reasonable action as shall maximize the amount of recovery thereon and as the Servicer shall deem to be in the best interests of the Issuer; provided that if such Loan is an Agented Loan, Co-Agented Loan or a Third Party Agented Loan, the Servicer’s obligations shall be limited to exercising the Issuer’s rights thereunder; provided, further, that in lieu of taking such action, the Servicer, consistent with its Credit and Collection Policy and the Servicing Standard, may amend or modify such Loan.
(b) The Servicer will not be in breach of its obligations under this Section 5.03 by reason of any action taken by the administrative agent, syndicate agent or other Person acting in a similar capacity in respect of a Third Party Agented Loan or a Participated Loan pursuant to its own authority or in respect of an Agented Loan, Co-Agented Loan, Third Party Agented Loan or Participated Loan at the direction of the requisite percentage of the lenders in violation of this Agreement if the Servicer, acting on behalf of the Issuer, did not consent to such action on behalf of the Issuer. The Servicer, consistent with its Credit and Collection Policy and the Servicing Standard, may accelerate all payments due under any Loan to the extent permitted by the Required Loan Documents and foreclose upon at a public or private sale or otherwise comparably effect the ownership of Related Property relating to Defaulted Loans for which the related Loan is still outstanding and as to which no satisfactory arrangements can be made for collection of delinquent payments in accordance with the provisions of Section 5.10 nor satisfactory amendment or modification is made in accordance with Section 5.03(a). Subject to applicable law, the Servicer shall act, or shall engage an experienced Person qualified to act, as sales and processing agent for the Related Property that is foreclosed upon. In connection with such foreclosure or other conversion and any other liquidation action or enforcement of remedies, the Servicer shall exercise collection and foreclosur...
Liquidation of Loans. In the event that any payment due under any 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 Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as it shall deem to be in the best interests of the Noteholders and the Certificateholders. The Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the Trustee for the benefit of the Noteholders and the Certificateholders, as the case may be, of Mortgaged Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of delinquent payments in accordance with the provisions of Section 4.
Liquidation of Loans. 67 Section 5.04 Fidelity Bond.................................................................... 68 Section 5.05 Maintenance of Hazard Insurance.................................................. 68 Section 5.06 Collection of Certain Loan Payments.............................................. 69 Section 5.07 Access to Certain Documentation and Information Regarding the Loans.............. 70 Section 5.08 Satisfaction of Mortgages and Collateral and Release of Loan Files............... 70 Section 5.09 Scheduled Payment Advances....................................................... 71 Section 5.10 Title, Management and Disposition of Foreclosed Property......................... 72
Liquidation of Loans. (a) The producer is required to repay the loan on or before maturity by pay- ment of the amount of loan, plus any charges, plus interest.
(b) If a producer fails to settle the loan in accordance with paragraph (a) of this section within 30 calendar days from the maturity date of such loan, or other reasonable time period as estab- lished by CCC, a claim for the loan amount, plus charges, plus interest shall be established. CCC shall inform the producer before the maturity date of the loan of the date by which the loan must be settled or a claim will be established in accordance with part 1403 of this title.
Liquidation of Loans. In the event that any payment due under any Loan and not postponed pursuant to Section 5.2 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 Loan, the Servicer in accordance with the Credit and Collection Policy shall take such action as it shall deem to be in the best interests of the Noteholders. The Servicer consistent with its Credit and Collection Policy shall foreclose upon or otherwise comparably effect the disposition of Collateral relating to Charged-Off Loans and defaulted Loans for which the related Loan is still outstanding, and as to which no satisfactory arrangements can be made for collection of delinquent payments in accordance with the provisions of Section 5.10. In connection with such foreclosure or other conversion and any other liquidation action or enforcement of remedies, 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 with respect to its own affairs, in accordance with prudent servicing standards, and in accordance with the Credit and Collection Policy.
Liquidation of Loans. In the event that any payment due under any -------------------- Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under any Loan and such failure continues beyond any applicable grace period, Originator shall take such action as it shall deem to be in the best interest of Purchaser. In the event that any payment due under any Loan remains delinquent for a period of 60 days or more, Originator shall commence foreclosure proceedings after written notification to Purchaser:
Liquidation of Loans. In the event that any payment due under any Loan and not postponed, and is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Loan and such failure continues beyond any applicable grace period, Celink shall take such action as (1) shall be consistent with Applicable Requirements (including, without limitation, the requirements of any Insurer and/or Investor regarding the servicing of defaulted reverse mortgage loans), and (2) Celink shall determine prudently to be in the best interest of the RMF. Foreclosure or comparable proceedings shall be initiated not earlier than thirty (30) days but within one hundred eighty (180) days of default for Mortgaged Properties for which no satisfactory arrangements can be made for collection of delinquent payments unless prevented by statutory limitations or states whose bankruptcy laws prohibit such actions within such timeframe. Notwithstanding anything herein to the contrary, foreclosure proceedings and the initiation thereof shall be held in accordance with the Applicable Requirements. Celink shall use its best efforts to realize upon defaulted Loans in such manner as will maximize the receipt of principal and interest by the RMF, taking into account, among other things, the timing of foreclosure proceedings. In such connection, Celink shall from its own funds make all necessary and proper Advances in accordance with the Applicable Requirements, and Celink shall be reimbursed for such Advances according to Section 5.09. Notwithstanding anything to the contrary contained herein, in connection with a foreclosure or acceptance of a deed in lieu of foreclosure, in the event Celink has reasonable cause to believe that a Mortgaged Property is contaminated by hazardous or toxic substances or wastes, or if the RMF otherwise requests an environmental inspection or review of such Mortgaged Property, such an inspection or review is to be conducted by a qualified inspector. The cost for such inspection or review shall be borne by the RMF. Upon completion of the inspection or review, Celink shall promptly provide the RMF with a written report of the environmental inspection. After reviewing the environmental inspection report, the RMF shall determine how Celink shall proceed with respect to the Mortgaged Property. In the event (a) the environmental inspection report indicates that the Mortgaged Property is contaminated by hazardous or toxic subs...
Liquidation of Loans. 57 Section 4.03 Establishment of Principal and Interest Accounts; Deposits in Principal and Interest Account.................58 Section 4.04 Permitted Withdrawals From the Principal and Interest Accounts..........................................59 Section 4.05 Payment of Taxes, Insurance and Other Charges..............61 Section 4.06 Transfer of Accounts.......................................62 Section 4.07 Maintenance of Hazard Insurance............................62 Section 4.08 REMIC Related Duties.......................................62 Section 4.09 Fidelity Bond..............................................64 Section 4.10 Title, Management and Disposition of REO Property..........64 Section 4.11 Certain Tax Information....................................65 Section 4.12 Collection of Certain Loan Payments........................65 Section 4.13 Access to Certain Documentation and Information Regarding the Loans........................................66 Section 4.14 Superior Liens.............................................66 ARTICLE V GENERAL SERVICING PROCEDURE
Liquidation of Loans. 70 Section 5.04 Fidelity Bond................................................................................ 72 Section 5.05
