Common use of Servicing Responsibilities Clause in Contracts

Servicing Responsibilities. Gonzo hereby assumes the responsibility for administering and servicing the Loans, as specified in this Agreement, and shall retain such responsibility while this Agreement remains in effect, unless a new servicer is designated. In its management and administration of the Loans or in connection with the exercise of any rights or remedies under the Loan Documents or at law, Gonzo shall use the same diligence and care as customarily used by Gonzo with respect to loans held entirely for its own account, In no event shall Gonzo be liable for any action taken at the direction of the requisite Participation Percentage of the Participants as set forth in Section 4.3 below or as otherwise set forth in this Agreement. Subject to the other provisions of this Agreement, Gonzo shall have all of the rights of a holder of the Notes and as Lender under the Loan Documents and is specifically authorized, without limitation, to execute with binding effect all Loan Documents on behalf of Beneficiary. As servicer of the Loans, Gonzo specifically agrees to perform the following. (1) to monitor and deal with the Loan Documents on behalf of the Participants; (2) to disburse the proceeds of the Loans in accordance with the Loan Documents; (3) to service and manage the Loans and the Collateral in the ordinary course of business and in accordance with its usual practices in managing loans for its own account; (4) to examine the Collateral and the books and records of Borrowers relating to the Loans as it shall deem necessary; (5) to request such additional financial or other information and/or detail as to any item or items contained in any financial information tendered by Borrowers upon the request of Beneficiary as long as such request for additional information is reasonable; (6) to remit to Beneficiary, upon request, all financial information received by Gonzo which is material to the Loans, the Borrowers, or any guarantor; (7) to remit to Beneficiary periodic accounting of the Loans in accordance with its normal and usual servicing practices; and (8) to disburse to Beneficiary its prorata share of Loan payments received net of fees and costs (including, without limitation, the servicer and other fees specified in Article 7. below), on or before the twentieth (20th) day of each month after receipt by Gonzo.

Servicing Responsibilities. Gonzo hereby assumes Subject to Accepted Servicing Practices, the responsibility for administering Subservicer shall have full power and servicing the Loans, as specified in this Agreement, authority to do or cause to be done any and shall retain such responsibility while this Agreement remains in effect, unless a new servicer is designated. In its management and administration of the Loans or all things in connection with such servicing and administration which it may deem necessary or desirable. Subject to Section 2.1 and in accordance with Accepted Servicing Practices, in performing its obligations hereunder, the exercise of any rights or remedies under Subservicer shall comply with the Loan Documents or at law, Gonzo shall use the same diligence and care as customarily used by Gonzo following with respect to loans held entirely for its own accounteach Asset, In no event shall Gonzo continuously from the date hereof until the date each Asset ceases to be liable for any action taken at the direction of the requisite Participation Percentage of the Participants as set forth in Section 4.3 below or as otherwise set forth in subject to this Agreement. Subject To the extent there is a conflict between the provisions set forth below and the Accepted Servicing Practices, the Accepted Servicing Practices shall control: (a) The Subservicer shall hold all funds received for the Owners hereunder in trust for such Owners in a segregated Collection Account in accordance with all applicable Requirements. Such funds shall be deposited to the other provisions of this Agreement, Gonzo shall have all of the rights of a holder of the Notes and as Lender under the Loan Documents and is specifically authorized, without limitation, to execute with binding effect all Loan Documents on behalf of Beneficiary. As servicer of the Loans, Gonzo specifically agrees to perform the following. Collection Account within one (1) to monitor and deal Business Day of receipt. The Collection Account shall be held at the Subservicer, or if it is not held at the Subservicer, then it must be an Eligible Account. In the event the amount held in the Collection Account maintained at the Subservicer, together with the Loan Documents aggregate of all other amounts held in custodial or other accounts (excluding Escrow Accounts) maintained by the Subservicer on behalf of the Participants; (2) Owners, exceeds $5 million, the Subservicer shall promptly deposit any excess amounts to disburse another Collection Account not maintained at the proceeds of Subservicer. Any amounts held in the Loans Collection Account may be, but are not required to be, invested by the Subservicer in Permitted Investments. Any income on the Collection Account shall belong to the Subservicer and may be withdrawn therefrom in accordance with the Loan Documents; (3) to service Sections 6.2 and manage the Loans and the Collateral in the ordinary course of business and in accordance with its usual practices in managing loans for its own account; (4) to examine the Collateral and the books and records of Borrowers relating to the Loans as it shall deem necessary; (5) to request such additional financial or other information and/or detail as to any item or items contained in any financial information tendered by Borrowers upon the request of Beneficiary as long as such request for additional information is reasonable; (6) to remit to Beneficiary, upon request, all financial information received by Gonzo which is material to the Loans, the Borrowers, or any guarantor; (7) to remit to Beneficiary periodic accounting of the Loans in accordance with its normal and usual servicing practices; and (8) to disburse to Beneficiary its prorata share of Loan payments received net of fees and costs (including, without limitation, the servicer and other fees specified in Article 7. below), on or before the twentieth (20th) day of each month after receipt by Gonzo.