Exercise of Remedies on Default. The Secured Party may exercise any or all of the rights and remedies set out in Section 10 without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except as required by applicable law) to or on the Debtor or any other Person, and the Debtor by this Agreement waives each such demand, presentment, protest, advertisement and notice to the extent permitted by applicable law. None of the above rights or remedies will be exclusive of or dependent on or merge in any other right or remedy, and one or more of such rights and remedies may be exercised independently or in combination from time to time. Without prejudice to the ability of the Secured Party to dispose of the Collateral in any manner which is commercially reasonable, the Debtor acknowledges that a disposition of Collateral by the Secured Party which takes place substantially in accordance with the following provisions will be deemed to be commercially reasonable:
Exercise of Remedies on Default. (a) As soon as practicable after a Primary Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraphs (b) and (c) of Subsection 5.3(3), with respect to which a payment default is reasonably foreseeable, the Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) will (i) begin foreclosure proceedings upon the related Mortgaged Property, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or (iii) otherwise accept less than the full unpaid principal balance of the Mortgage Loan, subject in each case to any environmental concerns or other risks of foreclosure. (Whether a payment default is reasonably foreseeable will be determined in accordance with paragraph (b) of Subsection 5.3(3).) The Master Servicer (or to the extent provided in the Servicing Contract, the Primary Servicer) also may determine that foreclosure proceedings should be commenced concurrently with the pursuit of any Loss Mitigation Alternatives. Subject to the foregoing, the course of action to be followed will be determined by the Primary Servicer or the Master Servicer, in accordance with Accepted Servicing Practices, to be the course of action most likely to produce the greatest recovery for the Trust, taking into consideration the time value of money. For purposes of this Subsection 5.11(1), loss mitigation measures include the arrangements specified in Subsections 5.3(3) and 5.3(4).
Exercise of Remedies on Default. As soon as practicable after a Direct Servicer or the Master Servicer determines, in accordance with Accepted Servicing Practices, that no satisfactory loss mitigation measures can be taken in connection with a Mortgage Loan in payment default or, to the extent permitted by paragraphs (b) and (c) of Subsection 5.3(3), with respect to which a payment default is reasonably foreseeable, the Direct Servicer or the Master Servicer will (i) begin foreclosure proceedings upon the related Mortgaged Property, (ii) otherwise comparably convert the ownership of such Mortgaged Property (including accepting a deed-in-lieu of foreclosure or conducting a preforeclosure sale of such Mortgaged Property that may be for an amount less than the full unpaid principal balance of the Mortgage Loan) or
