Servicing Standard definition

Servicing Standard shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement. The Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Note Holder.

Servicing Standard shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

Servicing Standard. That degree of skill and care exercised by the Master Servicer with respect to mortgage loans comparable to the Mortgage Loans serviced by the Master Servicer for itself or others.

Examples of Servicing Standard in a sentence

• Except as otherwise directed by the Manager, the Servicer will maintain (and cause each applicable Subservicer to maintain) a collection department that complies with the Servicing Standard and protects the Company’s interests in the Assets and the Collateral in accordance with the Servicing Standard.

• The Manager hereby grants to the Servicer a limited power of attorney to execute all documents on its behalf (including as the “Manager” of the Company, in turn acting on behalf of the Company) in accordance with the Servicing Standard set forth below and as may be necessary to effectuate the Servicer’s obligations under this Agreement until such time as the Manager revokes said limited power of attorney.

• The Servicer will not (i) place, or (ii) knowingly (including for this purpose any knowledge that the Servicer would have obtained if it had complied with the Servicing Standard) permit (voluntarily or involuntarily) to be placed, or to exist, any Lien on any of the Assets, the Collateral, the Asset Documents, or the Asset Proceeds, except for, in the case of Collateral or Acquired Property, such Permitted Liens as the Manager may permit from time to time.

• Any Subservicing Agreement with any Subservicer must provide for the Servicing by the Subservicer in accordance with the Servicing Standard and the other terms of this Agreement and the LLC Operating Agreement, and must comply with the requirements set forth in Section 3 of the Servicing Addendum to the LLC Operating Agreement.

More Definitions of Servicing Standard

Servicing Standard means the standards set forth in Section 3.01.

Servicing Standard means “Accepted Servicing Practices” as defined in the Lead Securitization Servicing Agreement.

Servicing Standard. As defined in Section 3.01(a).

Servicing Standard. The standards set forth in the first paragraph of Section 3.01.

Servicing Standard means, with respect to the Borrower and the Services Provider, in rendering its services hereunder and under the other Loan Documents, diligently using a degree of skill and attention no less than that which (i) would be exercised by a prudent institutional portfolio manager in connection with the servicing and administration of assets similar to the Collateral Loans under similar circumstances and (ii) the Services Provider exercises with respect to comparable assets that it manages for itself and for others having similar investment objectives and restrictions in accordance with its existing practices and procedures relating to assets of the nature and character of the Collateral Loans.

Servicing Standard shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

Servicing Standard. With respect to the Master Servicer or the Special Servicer, as applicable, the servicing and administration of the Mortgage Loans (including the Great Mall B-Note Loan) for which it is responsible hereunder (a) in the same manner in which, and with the same care, skill, prudence and diligence with which, the Master Servicer or the Special Servicer, as the case may be, generally services and administers similar mortgage loans (i) for other third parties, giving due consideration to customary and usual standards of practice of prudent institutional commercial mortgage loan servicers servicing mortgage loans for third parties or (ii) held in its own portfolio, whichever standard is higher, (b) with a view to the maximization of the recovery on such Mortgage Loan on a net present value basis (the relevant discounting of anticipated collections to be performed at the related Mortgage Rate) and the best interests of the Certificateholders and the Trust Fund (and, in the case of the Great Mall Loan Pair, the Great Mall B-Noteholder), and (c) without regard to (i) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof may have with the related Mortgagor, the Depositor, any Mortgage Loan Seller, or any other party to the transactions contemplated hereby; (ii) the ownership of any Certificate by the Master Servicer or the Special Servicer, as the case may be, or by any Affiliate thereof; (iii) the right of the Master Servicer or the Special Servicer, as the case may be, to receive compensation or other fees for its services rendered pursuant to this Agreement; (iv) the obligations of the Master Servicer or the Special Servicer, as the case may be, to make Advances; (v) the ownership, servicing or management by the Master Servicer or the Special Servicer or any Affiliate thereof for others of any other mortgage loans or mortgaged property not included in or securing, as the case may be, the Mortgage Pool; (vi) any obligation of the Master Servicer or any Affiliate of the Master Servicer to repurchase or substitute a Mortgage Loan as a Mortgage Loan Seller; (vii) any obligation of the Master Servicer or any Affiliate of the Master Servicer to cure a breach of a representation and warranty with respect to a Mortgage Loan; and (viii) any debt the Master Servicer or Special Servicer or any Affiliate of either has extended to any Mortgagor.