Default Administration Sample Clauses
The Default Administration clause outlines the procedures and responsibilities that come into effect when a party defaults under the agreement. Typically, it specifies the steps the non-defaulting party may take, such as appointing an administrator, enforcing security interests, or managing the defaulting party’s obligations. This clause ensures that there is a clear and orderly process for handling defaults, minimizing disruption and protecting the interests of the non-defaulting party.
Default Administration. Delinquencies o With respect to Reimbursable Advances for Delinquent Loans, Seller shall provide Purchaser a detailed listing of each loan for which Seller is requesting reimbursement of an advance to include, at a minimum, the loan number and reason for the advance, payee and amount together with copies of all applicable documentation supporting each advance. Applicable documentation will mean copies of all invoices and check copies or payment histories (copies from applicable working files should not be removed, but additional copies made and attached to detail schedule to satisfy this request). o Seller shall provide Purchaser a listing of all accounts on a repayment plan at the Transfer Date.
Default Administration. Upon the determination by Lender or Participant, as the case may be, of a course of action taken after an Event of Default in accordance with Section 6.1 hereof, Lender shall have the right to maintain, manage, and operate the Collateral and sell all or any part thereof in a manner consistent with such course of action or as Lender determines to be prudent, respectively, and may employ an independent management company, sales agent, or others to maintain, manage, operate, and sell the Collateral, all of which activity shall be part of Lender’s right to service and administer the Loan. If Lender determines, in its discretion, that a management agreement is necessary, Lender will negotiate such management agreement in good faith. In the event of the appointment of a receiver for any of the Collateral during the pendency of a foreclosure proceeding or otherwise, Participant shall share in the profits and expenses of the receivership in proportion to its Share.