What must be in place in order for a lender to appoint a receiver or manager in the event of default on a commercial operating loan?

Name: What must be in place in order for a lender to appoint a receiver or manager in the event of default on a commercial operating loan?
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Question

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A general security agreement (GSA) is typically required as it provides the lender with a security interest in the borrower's assets, allowing them to appoint a receiver or manager in the event of default.

What Must Be in Place in Order for a Lender