Common use of Foreclosure Rights Clause in Contracts

Foreclosure Rights. (a) For so long as the Seller is the Majority Certificateholder, the Servicer shall not commence foreclosure proceedings with respect to a Mortgage Loan unless (i) no later than five Business Days prior to its commencement of such foreclosure proceedings, it provides written notice to the Master Servicer and the Majority Certificateholder of its intention to do so, and (ii) the Majority Certificateholder consents in writing to such action; provided, however, if the Majority Certificateholder does not consent in writing within five Business Days of receipt of written notice from the Servicer of its intention to foreclose, consent shall be deemed to have been given by the Majority Certificateholder.

Foreclosure Rights. (a) For so long as the Seller is the Majority Certificateholder, the Servicer shall not commence foreclosure proceedings with respect to a Mortgage Loan unless (i) no later than five Business Days prior to its commencement of such foreclosure proceedings, it provides written notice to the Master Servicer and the Majority Certificateholder of its intention to do so, and (ii) the Majority Certificateholder consents in writing to such action; providedPROVIDED, howeverHOWEVER, if the Majority Certificateholder does not consent in writing within five Business Days of receipt of written notice from the Servicer of its intention to foreclose, consent shall be deemed to have been given by the Majority Certificateholder.

Foreclosure Rights. (a) For so long as the Seller is the Majority Certificateholder, the Servicer shall not commence foreclosure proceedings with respect to a Mortgage Loan unless (i) no later than five Business Days prior to its commencement of such foreclosure proceedings, it provides written notice to the Master Servicer and the Majority Certificateholder of its intention to do so, and (ii) the Majority Certificateholder consents in writing to such action; provided, provided however, if the Majority Certificateholder does not consent in writing within five Business Days of receipt of written notice from the Servicer of its intention to foreclose, consent shall be deemed to have been given by the Majority Certificateholder.