Common use of Rights Of Sponsor Upon Payment; Cooperation By Servicer Clause in Contracts

Rights Of Sponsor Upon Payment; Cooperation By Servicer. Upon receipt by the Servicer of payment in full of the Loan Indebtedness of a Defaulted Borrower by Sponsor, Sponsor shall be subrogated to the rights of the Servicer with respect to such Loan Indebtedness and the Servicer shall be deemed to have assigned to Sponsor, and Sponsor shall, to the extent permitted by applicable law, automatically, immediately and without further action by any Person, be entitled to, all rights and remedies that the Servicer may have had against the Defaulted Borrower and any other Persons primarily or secondarily liable on such Loan Indebtedness, including without limitation the right to resort to any and all Collateral which secures such Loan Indebtedness, and the Sponsor shall, automatically, immediately and without further action, be deemed to have assumed all obligations of the Servicer under the Loan Commitment and the Operative Documents with respect to such Loan Indebtedness, and the Servicer shall be released from any further obligations with respect thereto. The Servicer agrees that, upon receipt of payment in full of such Loan Indebtedness, the Servicer shall:

Rights Of Sponsor Upon Payment; Cooperation By Servicer. Upon receipt by the Servicer of payment in full of the Loan Indebtedness of a Defaulted Borrower Loan by Sponsor, Sponsor shall be subrogated to the rights of the Servicer with respect to such the Loan Indebtedness and the Servicer shall be deemed to have assigned to Sponsor, and Sponsor shall, to the extent permitted by applicable law, automatically, immediately and without further action by any Person, be entitled to, all rights and remedies that the Servicer may have had against the Defaulted Borrower and any other Persons primarily or secondarily liable on such Loan IndebtednessDefaulted Loan, including without limitation the right to resort to any and all Collateral which secures such Loan Indebtednessthe Defaulted Loan, and the Sponsor shall, automatically, immediately and without further action, be deemed to have assumed all obligations of the Servicer under the Loan Commitment and the Operative Documents with respect to such Loan IndebtednessDefaulted Loan, and the Servicer shall be released from any further obligations with respect thereto. The Servicer agrees that, upon receipt of payment in full of such the Loan Indebtedness, the Servicer shall: