Common use of Repurchase of Defaulted Loans Clause in Contracts

Repurchase of Defaulted Loans. In the event a Loan becomes a Defaulted Loan, the Servicer is hereby granted an option (a “Purchase Option”) to purchase such Defaulted Loan at a price (the “Option Price”) equal to the Fair Market Value thereof. Upon a Loan becoming a Defaulted Loan, the Servicer may exercise the Purchase Option by providing the Borrower, the Trustee, the Administrative Agent and the Lenders at least five days prior written notice thereof (the “Purchase Option Notice”), which notice shall specify a cash exercise price at least equal to the Option Price. The exercise of any Purchase Option shall be irrevocable. Unless and until the Purchase Option with respect to a Defaulted Loan is exercised, the Servicer shall pursue such other resolution strategies available hereunder with respect to such Defaulted Loan, including, without limitation, workout and foreclosure, as the Servicer may deem appropriate and consistent with the Servicing Standard and the Credit and Collection Policy, in each case with a view towards the maximization of the recovery on such Loan to the Borrower on a present value basis. The exercise of the Purchase Option shall be subject to the following conditions precedent:

Repurchase of Defaulted Loans. In the event a Loan becomes a Defaulted Loan, the Servicer Collateral Manager is hereby granted an option (a “Purchase Option”) to purchase such Defaulted Loan at a price (the “Option Price”) equal to the Fair Market Value thereof. Upon a Loan becoming a Defaulted Loan, the Servicer Collateral Manager may exercise the Purchase Option by providing the Borrower, the Trustee, the Administrative Agent and the Lenders at least five days prior written notice thereof (the “Purchase Option Notice”), which notice shall specify a cash exercise price at least equal to the Option Price. The exercise of any Purchase Option shall be irrevocable. Unless and until the Purchase Option with respect to a Defaulted Loan is exercised, the Servicer Collateral Manager shall pursue such other resolution strategies available hereunder with respect to such Defaulted Loan, including, without limitation, workout and foreclosure, as the Servicer Collateral Manager may deem appropriate and consistent with the Servicing Collateral Management Standard and the Credit and Collection Policy, in each case with a view towards the maximization of the recovery on such Loan to the Borrower on a present value basis. The exercise of the Purchase Option shall be subject to the following conditions precedent:

Repurchase of Defaulted Loans. In the event a Loan becomes a Defaulted Loan, the Servicer is and Equityholder are each hereby granted an option (a “Purchase Option”) to purchase such Defaulted Loan at a price (the “Option Price”) equal to the Fair Market Value thereof. Upon a Loan becoming a Defaulted Loan, the Servicer or Equityholder may exercise the Purchase Option by providing the Borrower, the Trustee, the Administrative Agent and the Lenders at least five (5) days prior written notice thereof (the “Purchase Option Notice”), which notice shall specify a cash exercise price at least equal to the Option Price. The exercise of any Purchase Option shall be irrevocable. Unless and until the Purchase Option with respect to a Defaulted Loan is exercised, the Servicer shall pursue such other resolution strategies available hereunder with respect to such Defaulted Loan, including, without limitation, workout and foreclosure, as the Servicer may deem appropriate and consistent with the Servicing Standard and the Credit and Collection Policy, in each case with a view towards the maximization of the recovery on such Loan to the Borrower on a present value basis. The exercise of the Purchase Option shall be subject to the following conditions precedent:

Repurchase of Defaulted Loans. In the event a Loan becomes a Defaulted Loan, the Servicer is hereby granted an option (a “Purchase Option”) to purchase such Defaulted Loan at a price (the “Option Price”) equal to the Fair Market Value thereof. Upon a Loan becoming a Defaulted Loan, the Servicer may exercise the Purchase Option by providing the Borrower, the Trustee, the Administrative Agent and the Lenders Lender Agents at least five days prior written notice thereof (the “Purchase Option Notice”), which notice shall specify a cash exercise price at least equal to the Option Price. The exercise of any Purchase Option shall be irrevocable. Unless and until the Purchase Option with respect to a Defaulted Loan is exercised, the Servicer shall pursue such other resolution strategies available hereunder with respect to such Defaulted Loan, including, without limitation, workout and foreclosure, as the Servicer may deem appropriate and consistent with the Servicing Standard and the Credit and Collection Policy, in each case with a view towards the maximization of the recovery on such Loan to the Borrower on a present value basis. The exercise of the Purchase Option shall be subject to the following conditions precedent: