Common use of Procedures with Respect to Defaulted Loan; Realization upon the Property Clause in Contracts

Procedures with Respect to Defaulted Loan; Realization upon the Property. (a) Following and during the continuance of a Special Servicing Loan Event, the Special Servicer (with notification to and consent of the Directing Holder during any Subordinate Control Period, and subject to the non-binding consultation rights of the Directing Holder during any Subordinate Consultation Period, the Risk Retention Consultation Party (unless it is a Borrower Related Party) and Companion Loan Holders (who are not and whose representatives are not Borrower Related Parties) during any Note A-B Control Appraisal Period) subject to the terms of the Loan Documents and the Co-Lender Agreement and consistent with Accepted Servicing Practices, shall promptly pursue the remedies set forth therein or otherwise available in accordance with Accepted Servicing Practices, including foreclosure or otherwise realization on the Property and the other collateral for the Whole Loan. In connection with any foreclosure, enforcement of the Loan Documents or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance, in which case it will be an expense of the Trust.