Common use of PROCEDURES ON DEFAULT Clause in Contracts

PROCEDURES ON DEFAULT. The Mortgage Manager must take such action following the occurrence of an Event of Default, and enforce the Powers (including by taking legal proceedings) in respect of any Defaulting Mortgage in such manner as: (a) the Mortgage Manager reasonably considers necessary to: (i) remedy that Event of Default; (ii) recover the money secured by that Defaulting Mortgage; and (iii) protect and preserve the rights of the Trustee as mortgagee and the interests of Bondholders under the Trust Deed and Security Trust Deed; and (b) is required to ensure that any losses suffered in relation to that Mortgage which are, or are required to be insured under a Mortgage Insurance Policy are able to be claimed under that Mortgage Insurance Policy.