Common use of Realization Upon Loans Clause in Contracts

Realization Upon Loans. The Collateral Manager may, in its discretion and consistent with the Collateral Manager Standard and the Underlying Instruments, foreclose upon or repossess, as applicable, or otherwise comparably convert the ownership of any Underlying Assets relating to a Loan that has become subject to any default and as to which no satisfactory arrangements can be made for collection of delinquent payments. The Collateral Manager will comply with the Collateral Manager Standard and Applicable Law in realizing upon such Underlying Assets, and employ practices and procedures including reasonable efforts consistent with the Collateral Manager Standard to enforce all obligations of Obligors by foreclosing upon, repossessing and causing the sale of such Underlying Assets 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 Collateral Manager may cause the sale of any such Underlying Assets to the Collateral Manager 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 Collateral Manager delivered to the Administrative Agent setting forth the Loan, the Underlying Assets, the sale price of the Underlying Assets and certifying that such sale price is the fair market value of such Underlying Assets. In any case in which any such Underlying Asset has suffered damage, the Collateral Manager will not expend funds in connection with any repair or toward the foreclosure or repossession of such Underlying Asset unless the Collateral Manager reasonably determines that such repair and/or foreclosure or repossession will increase recoveries by an amount greater than the amount of such expenses. The Collateral Manager will remit to the Collection Account all recoveries received by the Collateral Manager in connection with the sale or disposition of Underlying Assets relating to any Loan hereunder.

Realization Upon Loans. The Collateral Manager Servicer may, in its discretion and consistent with the Collateral Manager Standard and the Underlying InstrumentsServicing Standard, foreclose upon or repossess, as applicable, or otherwise comparably convert the ownership of any Underlying Assets Collateral relating to a defaulted Loan that has become subject to any default and as to which no satisfactory arrangements can be made for collection of delinquent payments. In addition, the Servicer may, consistent with the Servicing Standard, sell or otherwise transfer, or if it deems advisable to maximize recoveries, hold any defaulted Loan, equity or other securities received by the Borrower in connection with a default, workout, restructuring or plan of reorganization or similar event under a Loan. The Collateral Manager Servicer will comply with the Collateral Manager Servicing Standard and Applicable Law in realizing upon such Underlying AssetsCollateral, and employ practices and procedures including reasonable efforts consistent with the Collateral Manager Standard Servicing Standard, (x) to enforce all obligations of Obligors by foreclosing under the Loan Agreements and other legal documentation related to such defaulted Loan and (y) to foreclose upon, repossessing repossess and causing cause the sale of such Underlying Assets Collateral 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 Collateral Manager Servicer may cause the sale of any such Underlying Assets Collateral to the Collateral Manager Servicer or its Affiliates for a purchase price equal to the then fair market value thereof, and any direction by the Servicer to the Collateral Agent to effect such sale shall be deemed to be evidenced constitute a certification by a certificate of a Responsible Officer of the Collateral Manager delivered to the Administrative Agent setting forth the Loan, the Underlying Assets, the sale price of the Underlying Assets and certifying Servicer that such sale price is at least equal to the fair market value of such Underlying AssetsCollateral. In any case in which any such Underlying Asset Collateral has suffered damage, the Collateral Manager Servicer will not expend funds in connection with any repair or toward the foreclosure or repossession of such Underlying Asset Collateral unless such actions are consistent with the Collateral Manager reasonably determines that such repair and/or foreclosure or repossession will increase recoveries by an amount greater than the amount of such expensesServicing Standard. The Collateral Manager Servicer will remit to the Collection Account all the recoveries received by the Collateral Manager in connection with the sale or disposition of Underlying Assets Collateral relating to any Loan hereundera defaulted Loan.