Common use of Default Management Responsibilities Clause in Contracts

Default Management Responsibilities. Without limiting the generality of Section 2.3, the Servicer is hereby authorized and empowered by each Owner to take the following actions, without limitation: (i) prepare, execute and deliver, on behalf of an Owner at its expense, any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien on each Property and related collateral; and, at the Servicer's expense, modifications, waivers (including, without limitation, waivers of any late payment charge in connection with any delinquent payment on an Asset), consents, amendments, discounted payoff agreements, forbearance agreements, cash management agreements or consents to or with respect to any documents contained in the related Servicing File; and any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other instruments comparable to any of the types of instruments described in this subsection (i), and (ii) institute and prosecute judicial and non-judicial foreclosures, suits on promissory notes, indemnities, guaranties or other Custodial Documents (including, without limitation, suits for collection of monthly rental income under assignments of rents and suits for enforcement of collateral contract obligations), actions for equitable and/or extraordinary relief (including, without limitation, actions for temporary restraining orders, injunctions, and appointment of receivers), suits for waste, fraud, misapplication of rents and any and all other tort, contractual and/or other claims of whatever nature, and to appear in and file on behalf of an Owner such pleadings or documents as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action. The Servicer shall notify the related Owner regarding any Asset that is proceeding through foreclosure/forfeiture without modification, and the Owner shall have the option to attempt an Asset modification with the related Obligor to the extent permitted by law. All such fees generated in respect of a modification undertaken by the related Owner shall be remitted by the Servicer to such Owner unless the Servicer has provided services in connection therewith, in which case the related Owner and the Servicer shall cooperate in determining the appropriate allocation of such fees. The Servicer and the Owners agree to cooperate in good faith to effect any Asset modifications desired to be entered into pursuant to this Agreement.

Default Management Responsibilities. Without limiting the generality of Section 2.3, the Servicer Subservicer is hereby authorized and empowered by each Owner to take the following actions, without limitation: (i) prepare, execute and deliver, on behalf of an Owner at its such Owner's expense, any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien on each Property and related collateral; and, at the Servicerrelated Owner's expenseexpense (to the extent not paid by the Obligor and, with respect to Commercial Mortgage Loans subject to such Owner's prior approval), modifications, waivers (including, without limitation, waivers of any late payment charge in connection with any delinquent payment on an Asset), consents, amendments, discounted payoff agreements, forbearance agreements, cash management agreements or consents to or with respect to any documents contained in the related Servicing File; and any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other instruments comparable to any of the types of instruments described in this subsection (i), and (ii) institute and prosecute judicial and non-judicial foreclosures, suits on promissory notes, indemnities, guaranties or other Custodial Documents (including, without limitation, suits for collection of monthly rental income under assignments of rents and suits for enforcement of collateral contract obligations), actions for equitable and/or extraordinary relief (including, without limitation, actions for temporary restraining orders, injunctions, and appointment of receivers), suits for waste, fraud, misapplication of rents and any and all other tort, contractual and/or other claims of whatever nature, and to appear in and file on behalf of an Owner such pleadings or documents as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action. The Servicer Subservicer shall notify the related Owner regarding any Asset that is proceeding through foreclosure/forfeiture without modification, and the Owner shall have the option to attempt an Asset modification with the related Obligor to the extent permitted by law. All such fees generated in respect of a modification undertaken by the related Owner shall be remitted by the Servicer Subservicer to such Owner unless the Servicer Subservicer has provided services in connection therewith, in which case the related Owner and the Servicer Subservicer shall cooperate in determining the appropriate allocation of such fees. The Servicer Subservicer and the Owners agree to cooperate in good faith to effect any Asset modifications desired to be entered into pursuant to this Agreement.

Default Management Responsibilities. Subject only to ----------------------------------- Accepted Servicing Practices and the Decision Matrix, the Servicer shall have full power and authority to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. Without limiting the generality of Section 2.3the foregoing, the Servicer is hereby authorized and empowered by each Owner (if, in the Servicer's reasonable judgment, such action with respect to the Loans and/or the Properties is in the best interests of Owner in accordance with, or is required by, this Agreement, and subject to Accepted Servicing Practices and the Decision Matrix) to take the following actions, actions (without limitation: ): (i) prepare, execute and deliver, on behalf of an Owner at its expense, any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; and, at subject to the Servicer's expenseremaining terms and provisions of this Article III, modifications, waivers (including, without limitation, waivers of any late payment charge in connection with any delinquent payment on an Asseta Loan), consents, amendments, discounted payoff agreements, forbearance agreements, cash management agreements or consents to or with respect to any documents contained in the related Servicing File; and any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other instruments comparable to any of the types of instruments described in this subsection (i), and (ii) institute and prosecute judicial and non-judicial foreclosures, suits on promissory notes, indemnities, guaranties or other Custodial Documents (including, without limitation, suits for collection of monthly rental income under assignments of rents and suits for enforcement of collateral contract obligations)Loan Documents, actions for equitable and/or extraordinary relief (including, without limitation, actions for temporary restraining orders, injunctions, and appointment of receivers), suits for waste, fraud, misapplication of rents fraud and any and all other tort, contractual and/or other claims of whatever nature, and to appear in and file on behalf of an Owner such pleadings or documents as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action. The Servicer shall notify the related Owner regarding any Asset that is proceeding through foreclosure/forfeiture without modification, and the Owner shall have the option to attempt an Asset modification with the related Obligor to the extent permitted by law. All such fees generated in respect of a modification undertaken by the related Owner shall be remitted by the Servicer to such Owner unless the Servicer has provided services in connection therewith, in which case the related Owner and the Servicer shall cooperate in determining the appropriate allocation of such fees. The Servicer and the Owners agree to cooperate in good faith to effect any Asset modifications desired to be entered into pursuant to this Agreement.