Management of Participation Loans. (1) The Lender shall have the right to manage, perform and enforce the terms of each Note and the other Loan Documents pertaining to ay Participation Loan and to exercise and enforce all privileges and rights exercisable or enforceable by it thereunder and to grant or withhold consents or approvals thereunder according to the Lender’s discretion and in the exercise of its business judgement (subject to the provisions in clause (2) of this Section 5.3), provided that the Lender will not take any of the following described actions with respect to any Participation Loan without the prior written approval of the MT SSBCI 2.0 LPP:
Management of Participation Loans. (1) The Lender shall have the right to manage, perform and enforce the terms of each Note and the other Loan Documents pertaining to any Participation Loan and to exercise and enforce all privileges and rights exercisable or enforceable by it thereunder and to grant or withhold consents or approvals there under according to the Lender’s discretion and in the exercise of its business judgment.
Management of Participation Loans. (1) The Lender shall have the right to manage, perform and enforce the terms of each Note and the other Loan Documents pertaining to any Participation Loans and to exercise and enforce all privileges and rights exercisable or enforceable by it thereunder and to grant or withhold consents or approvals there under according to the Lender’s discretion and in the exercise of its business judgment (subject to the provisions of clause (2) of this Section 5.04), provided that the Lender will not take any of the following described actions with respect to any Participation Loan without the prior written approval of the Board: amend or modify any terms of the relevant Note or the other Loan Documents; release any property subject to a Security Agreement (whether or not new collateral is substituted) which it is not obligated to release prior to payment in full of the indebtedness secured thereby or by terms of the Loan Documents; or accelerate the maturity or grant any material extension of time for performance by the Borrower under the relevant Note or any other Loan Document. make an additional voluntary advance to the Borrower under an open end mortgage or deed of trust, secured by the same Collateral. xxx or foreclose upon any Security Agreement, which prior approval shall include approval by the Board of the selection of legal counsel for such foreclosure; waive any claim against the Borrower or any guarantor, standby creditor or other obligor of such Loan; disburse any proceeds from fire or other insurance received as a result of fire or casualty damage or loss in excess of $10,000 covering any Collateral or any award received as a result of any proceeding involving the condemnation of any Collateral, except as permitted by the applicable Security Agreement; consent to the sale, transfer, pledge or assignment of any of the Collateral or the grant of any other security interest in the Collateral by a Borrower; or subordinate the Lender’s lien rights in any of the Collateral. With respect to each Participation Loan the Lender will: exercise the same degree of care that it exercises in the servicing and administration of loans for its own account; service the Participation Loan in accordance with generally accepted banking practices; take all reasonable steps to collect promptly amounts due on each Participation Loan; and provide the Board with accurate information regarding each Participation Loan. All funds received from any Borrower or from any other source, ...
