Default by the Borrower. Upon the occurrence of an event of default (or similar phrase or term under the Loan Documents) by the Borrower (which is not cured after the expiration of any applicable opportunity to cure) under the Loan Documents: (a) the Lender shall copy the MSF with all notices to the Borrower, and further provide the MSF written notice describing in reasonable detail the circumstances of the event of default; and (b) the Lender shall diligently pursue the collection of all amounts owed by the Borrower under the Loan Documents until the Loan is brought current, collected in full, reduced to a Judgment, settled, or upon the reasonable judgment of the Lender, other action is desired (collectively, the “Legal Action”).
Appears in 4 contracts
Sources: Loan Participation and Servicing Agreement, Loan Participation and Servicing Agreement, Loan Participation and Servicing Agreement