easy · Asset-Backed Securities asset-nuances

Which party directly evaluates and executes a workout or note sale, subject to the servicing standard and any document-defined Controlling Class Representative rights that remain in effect?

1. The Special Servicer, acting under the PSA's servicing standard and applicable consultation or consent rights.
2. The Controlling Class Representative, which directly services the loan and executes every recovery action itself.
3. The Master Servicer, which retains direct workout control after the loan transfers into special servicing.
4. The Trustee, which selects and carries out the asset-level recovery strategy for each defaulted mortgage loan.

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