Common use of Realization Upon Defaulted Loans Clause in Contracts

Realization Upon Defaulted Loans. The Servicer will use commercially reasonable efforts in accordance with the Credit and Collection Policy and consistent with the Servicing Standard to foreclose upon or repossess, as applicable, or otherwise comparably convert the ownership of any Related Property relating to a Defaulted Loan as to which no satisfactory arrangements can be made for collection of delinquent payments. The Servicer will comply with the Credit and Collection Policy, the Servicing Standard and Applicable Law in realizing upon such Related Property, and employ practices and procedures including commercially reasonable efforts to enforce all obligations of Obligors, foreclosing upon, repossessing and causing the sale of such Related Property at public or private sale in circumstances other than those described in the preceding sentence. Without limiting the generality of the foregoing, unless the Administrative Agent has specifically given instruction to the contrary, the Servicer may (i) cause the sale of any such Related Property to the Servicer or its Affiliates for a purchase price equal to the then fair market value thereof, any such sale to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Administrative Agent setting forth the Loan, the Related Property, the sale price of the Related Property and an appraisal supporting the fair market value of such Related Property or (ii) bid on or purchase any Related Property at a private or public sale, in which case the deliverables required under clause (i) above will not be necessary. In any case in which any such Related Property has suffered damage, the Servicer will not expend funds in connection with any repair or toward the foreclosure or repossession of such Related Property unless it has a reasonable expectation that such repair and/or foreclosure or repossession will increase the Recoveries by an amount greater than the amount of such expenses. The Servicer will remit to the Collection Account the Recoveries received in connection with the sale or disposition of Related Property relating to a Defaulted Loan.

Realization Upon Defaulted Loans. The Servicer will use commercially its reasonable efforts in accordance with the Credit and Collection Policy and consistent with the Servicing Standard to foreclose upon or repossess, as applicable, repossess or otherwise comparably convert the ownership of any Related Property relating with respect to a Defaulted Loan and will act as to which no satisfactory arrangements can be made sales and processing agent for collection of delinquent paymentsRelated Property that it repossesses. The Servicer will comply with follow the practices and procedures set forth in the Credit and Collection Policy, the Servicing Standard and Applicable Law Policy in realizing order to realize upon such Related Property, and employ practices and procedures including commercially reasonable efforts ; provided that the Servicer shall not be required to enforce all obligations of Obligors, foreclosing upon, repossessing and causing pay or incur any Liquidation Expense in connection with the sale realization of such Related Property at public or private sale in circumstances other than those described unless, in the preceding sentencereasonable opinion of the Servicer, such Liquidation Expenses will be recoverable by the Servicer from the proceeds of sale or other disposition of such Related Property or otherwise. Without limiting the generality of the foregoing, unless the Administrative Agent has specifically given instruction to the contrary, the Servicer may (i) cause the sale of sell any such Related Property with respect any Defaulted Loan to the Servicer or its Affiliates for a purchase price equal to the then fair market value thereof, ; any such sale to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Administrative Agent setting forth identifying the Loan, Defaulted Loan and the Related Property, setting forth the sale price of the Related Property and an appraisal supporting certifying that such sale price is the fair market value of such Related Property Property; provided that if after giving effect to such sale (a) the Availability is not greater than or equal to $0 or (iib) bid on an Unmatured Termination Event, a Termination Event or purchase a Servicer Termination Event would occur, then the Servicer prior to selling any Related Property at with respect a private or public sale, in which case Defaulted Loan shall obtain the deliverables required under clause (i) above will not be necessaryprior written consent of the Agent. In any case in which any such Related Property has suffered damage, the Servicer will not expend funds in connection with any repair or toward the foreclosure or repossession of such Related Property unless it has a reasonable expectation reasonably determines that such repair and/or foreclosure or repossession will increase the Recoveries by an amount greater than the amount of such expenses. The Servicer will remit to the Collection Account the Recoveries received in connection with the sale or disposition of Related Property relating with respect to a Defaulted Loan.

Realization Upon Defaulted Loans. The Servicer will use commercially reasonable efforts in accordance with the Credit and Collection Policy and consistent with the Servicing Standard to foreclose upon or repossess, as applicable, repossess or otherwise comparably convert the ownership of any Related Property relating with respect to a Defaulted Loan and will act as to sales and processing agent for Related Property which no satisfactory arrangements can be made for collection of delinquent paymentsit repossesses. The Servicer will comply with follow such other practices and procedures as it deems necessary or advisable and as are customary and usual in its servicing of loans and other actions by the Credit and Collection Policy, the Servicing Standard and Applicable Law Servicer in realizing order to realize upon such Related Property, and employ which practices and procedures including commercially may include reasonable efforts to enforce all obligations of Obligors, foreclosing upon, Obligors and repossessing and causing the sale of selling such Related Property at public or private sale in circumstances other than those described in the preceding sentence, provided, however, that so long as FIB or the Servicer Assignee is Servicer the Servicer shall follow the practices and procedures with respect to the servicing of loans and the realization upon any Related Property as are set forth in the Credit and Collection Policies. Without limiting the generality of the foregoing, unless the Administrative Agent has specifically given instruction to the contrary, the Servicer may (i) cause the sale of sell any such Related Property with respect to the Servicer or its Affiliates for a purchase price equal to the then fair market value thereof, any such sale to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Administrative Deal Agent setting forth the Loan, the Related Property, the sale price of the Related Property and an appraisal supporting certifying that such sale price is the fair market value of such Related Property or (ii) bid on or purchase any Related Property at a private or public sale, in which case the deliverables required under clause (i) above will not be necessaryProperty. In any case in which any such Related Property has suffered damage, the Servicer will not expend funds in connection with any repair or toward the foreclosure or repossession of such Related Property unless it has a reasonable expectation reasonably determines that such repair and/or foreclosure or repossession will increase the Recoveries by an amount greater than the amount of such expenses. The Servicer will remit to the Collection Account the Recoveries received in connection with the sale or disposition of Related Property relating with respect to a Defaulted Loan.

Realization Upon Defaulted Loans. The Servicer will use commercially reasonable efforts in accordance with the Credit and Collection Policy and consistent with the Servicing Standard to foreclose upon or repossess, as applicable, repossess or otherwise comparably convert the ownership of any Related Property relating with respect to a Defaulted Loan and will act as to sales and processing agent for Related Property which no satisfactory arrangements can be made for collection of delinquent paymentsit repossesses. The Servicer will comply with follow such other practices and procedures as it deems necessary or advisable and as are customary and usual in its servicing of loans and other actions by the Credit and Collection Policy, the Servicing Standard and Applicable Law Servicer in realizing order to realize upon such Related Property, and employ which practices and procedures including commercially may include reasonable efforts to enforce all obligations of Obligors, foreclosing upon, Obligors and repossessing and causing the sale of selling such Related Property at public or private sale in circumstances other than those described in the preceding sentence, provided, however, that so long -------- ------- as FNBNE or the Servicer Assignee is Servicer the Servicer shall follow the practices and procedures with respect to the servicing of loans and the realization upon any Related Property as are set forth in the Credit and Collection Policies. Without limiting the generality of the foregoing, unless the Administrative Agent has specifically given instruction to the contrary, the Servicer may (i) cause the sale of sell any such Related Property with respect to the Servicer or its Affiliates for a purchase price equal to the then fair market value thereof, any such sale to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Administrative Deal Agent setting forth the Loan, the Related Property, the sale price of the Related Property and an appraisal supporting certifying that such sale price is the fair market value of such Related Property or (ii) bid on or purchase any Related Property at a private or public sale, in which case the deliverables required under clause (i) above will not be necessaryProperty. In any case in which any such Related Property has suffered damage, the Servicer will not expend funds in connection with any repair or toward the foreclosure or repossession of such Related Property unless it has a reasonable expectation reasonably determines that such repair and/or foreclosure or repossession will increase the Recoveries by an amount greater than the amount of such expenses. The Servicer will remit to the Collection Account the Recoveries received in connection with the sale or disposition of Related Property relating with respect to a Defaulted Loan.