Common use of Liquidation of SBA Loans Clause in Contracts

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 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 SBA Loan, the Servicer shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders and the SBA. With respect to any such SBA ss. 7 (a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Trustee's Document File relating to such SBA ss. 7 (a) Loan and the Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (a) Loans for which the related SBA ss. 7 (a) 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 5.

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 5.01 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 SBA Loan, the Servicer in accordance with the SBA Rules and Regulations shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders Noteholders and the SBA. With respect to any such SBA ss. 7 (a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Indenture Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Indenture Trustee's Document File relating to such SBA ss. 7 (a) Loan and the Indenture Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Note Distribution Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (a) Loans for which the related SBA ss. 7 (a) 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 54.10. In connection with such foreclosure or other conversion and any other liquidation action, 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 applicable SBA Rules and Regulations. Prior to undertaking foreclosure of any Mortgaged Property, the Servicer must investigate environmental conditions, including, if the Servicer deems necessary or if required by the SBA Rules and Regulations the performance of a Phase I and/or Phase II environmental site assessment, to ascertain the actual or potential presence of any hazardous material on or under such property. For purposes of this Agreement, the term hazardous material includes (1) any hazardous substance, as defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. 9601-9675, and (2) petroleum (as that term is defined at 42 U.S.C. ss. 6991) including any derivative, fraction, by-product, constituent or breakdown product thereof, or additive thereto. In the event that the environmental investigation determines the existence of any hazardous material on or under the Mortgaged Property in excess of minimum action levels established by relevant regulatory agencies, title to such property shall not be taken without prior written approval from the SBA.

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 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 SBA Loan, the Servicer in accordance with the SBA Rules and Regulations shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders and the SBA. With respect to any such SBA ss. 7 (aSection 7(a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Trustee's Document File relating to such SBA ss. Section 7 (a) Loan and the Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (aSection 7(a) Loans for which the related SBA ss. 7 (aSection 7(a) 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 55.10. In connection with such foreclosure or other conversion and any other liquidation action, 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 applicable SBA Rules and Regulations. Prior to undertaking foreclosure of any Mortgaged Property, the Servicer must investigate environmental conditions, including the performance of a Phase I and/or Phase II environmental site assessment, to ascertain the actual or potential presence of any hazardous material on or under such property. For purposes of this Agreement, the term hazardous material includes (1) any hazardous substance, as defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. 9601-9675, and (2) petroleum (as that term is defined at 42 U.S.C. Section 6991) including any derivative, fraction, by-product, constituent or breakdown product thereof, or additive thereto. In the event that the environmental investigation determines the existence of any hazardous material on or under the Mortgaged Property in excess of minimum action levels established by relevant regulatory agencies, title to such property shall not be taken without prior written approval from the SBA.

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 5.01 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 SBA Loan, the Servicer in accordance with the SBA Rules and Regulations shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders Noteholders and the SBA. With respect to any such SBA ss. 7 (aSection 7(a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Indenture Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Indenture Trustee's Document File relating to such SBA ss. 7 (aSection 7(a) Loan and the Indenture Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, documents as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Note Distribution Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (aSection 7(a) Loans for which the related SBA ss. 7 (aSection 7(a) 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 5.4.10. In connection with such foreclosure or other conversion and any other liquidation action, 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 applicable SBA Rules and Regulations. Prior to undertaking foreclosure of any Mortgaged Property, the Servicer must investigate environmental conditions, including the performance of a Phase I and/or Phase II environmental site assessment, to ascertain the actual or potential presence of any hazardous material on or under such property. For purposes of this Agreement, the term hazardous material includes (1) any hazardous substance, as defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 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 SBA Loan, the Servicer shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders and the SBA. With respect to any such SBA ss. 7 (a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Trustee's Document File relating to such SBA ss. 7 (a) Loan and the Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (a) Loans for which the related SBA ss. 7 (a) 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 5.

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 5.01 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 SBA Loan, the Servicer in accordance with the SBA Rules and Regulations shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders Noteholders and the SBA. With respect to any such SBA ss. 7 (a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Indenture Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Indenture Trustee's Document File relating to such SBA ss. 7 (a) Loan and the Indenture Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, in each case without recourse, representation or warranty of any kind, as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Note Distribution Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (a) Loans for which the related SBA ss. 7 (a) 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 5.for

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 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 SBA Loan, the Servicer in accordance with the SBA Rules and Regulations shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders and the SBA. With respect to any such SBA ss. 7 (aSection 7(a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Trustee's Document File relating to such SBA ss. 7 (aSection 7(a) Loan and the Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (aSection 7(a) Loans for which the related SBA ss. 7 (aSection 7(a) 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 5.5.10. In connection with such foreclosure or other conversion and any other liquidation action, 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 applicable SBA Rules and Regulations. Prior to undertaking foreclosure of any Mortgaged Property, the Servicer must investigate environmental conditions, including the performance of a Phase I and/or Phase II environmental site assessment, to ascertain the actual or potential presence of any hazardous material on or under such property. For purposes of this Agreement, the term hazardous material includes (1) any hazardous substance, as defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. 9601-9675, and (2) petroleum (as that term is defined at 42 U.S.C. Section 6991) including any derivative, fraction, by-product, constituent or breakdown product thereof, or additive thereto. In the event that the environmental investigation determines the existence of any hazardous material on or under the Mortgaged Property in excess of

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 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 SBA Loan, the Servicer shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders and the SBA. With respect to any such SBA ss. 7 (a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Trustee's Document File relating to such SBA ss. 7 (a) Loan and the Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (a) Loans for which the related SBA ss. 7 (a) 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 5.

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 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 SBA Loan, the Servicer shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders and the SBA. With respect to any such SBA ss. 7 (a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Trustee's Document File relating to such SBA ss. 7 (a) Loan and the Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (a) Loans for which the related SBA ss. 7 (a) 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 5.

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 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 SBA Loan, the Servicer shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders and the SBA. With respect to any such SBA ss. 7 (aS) 7(a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Trustee's Document File relating to such SBA ss. 7 (aS) 7(a) Loan and the Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer or the SBA shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations), the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (aS) 7(a) Loans for which the related SBA ss. 7 (aS) 7(a) 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 5.

Liquidation of SBA Loans. In the event that any payment due under any SBA Loan and not postponed pursuant to Section 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 SBA Loan, the Servicer shall take such action in accordance with the applicable SBA Rules and Regulations as it shall deem to be in the best interests of the Certificateholders and the SBA. With respect to any such SBA ss. 7 (aSection 7(a) Loan for which the SBA has expressed to the Servicer the SBA's desire to assume servicing of such SBA Loan consistent with the SBA Rules and Regulations, the Trustee shall, upon written direction of the Servicer, deliver to the SBA or its designee all or any portion of the Trustee's Document File relating to such SBA ss. 7 (aSection 7(a) Loan and the Trustee shall execute such documents, including but not limited to an endorsement of the related SBA Note and an assignment of the related Mortgage, as the Servicer shall request. Expenses incurred in connection with any such action shall be the responsibility of the Servicer and shall not be chargeable to the Principal and Interest Account or the Certificate Account. Subject to the SBA Rules and Regulations and with the prior written consent of the SBA (if required by the SBA Rules and Regulations)SBA, the Servicer shall foreclose upon or otherwise comparably effect the ownership in the name of the SBA of Mortgaged Properties or other Collateral relating to defaulted SBA ss. 7 (aSection 7(a) Loans for which the related SBA ss. 7 (aSection 7(a) 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 5.