Obligor Defaults Sample Clauses

Obligor Defaults. Servicer agrees to promptly give any notice to an Obligor required to commence the running of any applicable cure period following a default in the performance by Obligor of its obligations under the Loan, the related Note and Related Documents. If an Obligor Default shall occur and be continuing or if a Loan shall otherwise become a Defaulted Loan, Servicer shall promptly undertake the collection of such Obligor's indebtedness in accordance with the Credit and Collection Policy and shall develop, if necessary, after consultation with the Buyer, a strategy for liquidating the Collateral with respect to such Loan; provided, however, that the Servicer may modify the terms of a Defaulted Loan with the prior written consent of the Buyer, which consent shall not be unreasonably withheld. Servicer shall commence liquidation of the Collateral pledged to secure such Obligor's obligations under its Defaulted Loan within 90 days after the occurrence of such Obligor's default or upon a Loan becoming a Defaulted Loan, unless (a) Servicer, with the consent of Buyer, has determined to modify the terms of a Defaulted Loan or (b) Buyer directs the Servicer to do otherwise or (c) Servicer receives notice from the Seller of its repurchase of such Loan pursuant to Section 7.01 of this Agreement. Buyer shall promptly notify Servicer of any payment default by an Obligor under a Note of which it obtains knowledge and Servicer shall promptly notify Buyer, Seller and Guarantor of the occurrence of any payment or other Obligor Default or of a Loan becoming a Defaulted Loan. In its efforts to collect the indebtedness evidenced by any Note, Servicer shall in all events proceed in good faith and in a commercially reasonable manner, and, when seeking to realize on Collateral pledged by any Obligor, shall proceed in such a fashion as to preserve to Buyer its rights to seek collection of a deficiency against such Obligor if the sale of the Collateral is insufficient to pay such Obligor's obligations in full, unless (i) Buyer has consented to proceeding in a manner that does not result in preserving the right to collect a deficiency or (ii) such right is of minor practical value. Notwithstanding any other provision in this Agreement to the contrary, Buyer shall have the right, at its sole discretion, to assume the servicing obligations of the Servicer hereunder in connection with the liquidation of a Defaulted Loan and related Property and Servicer shall cooperate with Buyer in effecting...

Obligor Defaults. 38 SECTION 5.06 Servicer Reports; Annual Audit. . . . . . . . . . . . 39 SECTION 5.07 Loan and Other Payments . . . . . . . . . . . . . . . 40 SECTION 5.08 Computation and Payment of Periodic Payments, Servicing Fees and Guaranty Fees; Servicer's Expenses. . . . . . . . . . . . . . . . . . . . . . . 41 SECTION 5.09 Applicable Rate . . . . . . . . . . . . . . . . . . . 43 SECTION 5.10 Concerning Insurance on Collateral . . . . . . . . . 44 SECTION 5.11 Access to Certain Documentation and Certain Information Regarding the Loans . . . . . . . . . . . 45 SECTION 5.12

Obligor Defaults. FULL AND LIMITED RECOURSE;

Obligor Defaults. 39 SECTION 5.06 Servicer Reports; Annual Compliance Report. . . . . . . .40 SECTION 5.07 Lockboxes . . . . . . . . . . . . . . . . . . . . . . . .41 SECTION 5.08 Payment of Guaranty Fees and Servicing Fees . . . . . . .41 SECTION 5.09

Obligor Defaults. The Borrower shall give, or shall cause the Servicer to give, notice to the Agent within two Business Days of the Borrower’s, the Transferor’s or the Servicer’s actual knowledge of the occurrence of any default by an Obligor under any Loan USActive 52762757.4460819853.6 Trustee’s behalf, after the occurrence or declaration of the Facility Maturity Date but subject to the proviso in Section 7.02(a)) Obligor notification forms to give notice to the Obligors of the Trustee’s interest in the Collateral Portfolio and the obligation to make payments as directed by the Agent on the Trustee’s behalf.