Common use of Rating Agency Confirmation Clause in Contracts

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) within 10 Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 Business Days of such second request, then (1) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2) with respect to replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, in the event Fitch is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 10 contracts

Samples: Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-C7), Trust and Servicing Agreement (Benchmark 2020-B16 Mortgage Trust), Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2020-Gc46)

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Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans and the Trust Subordinate Companion Loan (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency, as applicable; and (4) if Xxxxx’x is the non responding Rating Agency, in the case of the replacement of the Special Servicer in respect of the 000 Xxxxx Xxxxxx Loan Combination or the Master Servicer, (i) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis of a CMBS transaction with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (ii) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2019-C18), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-C7), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-C7)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “RAC Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such RAC Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again. The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.” Once the RAC Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, and (y) if such RAC Requesting Party may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section 13.10(d). If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as the case may be, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) the applicable replacement master servicer or special servicer has been appointed and currently serves as a master servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by Moody’s that currently has securities outstanding and for which Moody’s has not cited servicing concerns with respect to such replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the event Fitch ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in any other CMBS transaction serviced by such replacement master servicer or special servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the replacement master servicer) or “CSS3” (in the case of the replacement special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not publicly cited servicing concerns with respect to the applicable replacement master servicer has a commercial or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of at least “CSS3” from Fitchsecurities in any other CMBS transaction serviced by such replacement master servicer or special servicer prior to the time of determination, as applicableif KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.13(c). 146 Promptly following the Master Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.27 3.25(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.13(c).

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33), Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C1), Pooling and Servicing Agreement (Bank 2017-Bnk4)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans and the Trust Subordinate Companion Loans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (3) the applicable replacement master servicer or special servicer has a ranking by Morningstar equal to or higher than “MOR CS3” as a master servicer or a special servicer or the applicable replacement master servicer or special servicer is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by an NRSRO within the twelve (12) month period prior to the date of determination and Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of such commercial mortgage-backed certificates citing servicing concerns with the replacement master servicer or special servicer, as applicable, as the sole or material factor in such rating action, if Morningstar is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2019-Gc42), Pooling and Servicing Agreement (Benchmark 2019-B13 Mortgage Trust), Pooling and Servicing Agreement (BBCMS Mortgage Trust 2019-C4)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “RAC Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such RAC Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again. The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.” Once the RAC Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such RAC Requesting Party may, but shall not be obligated to, send such request directly to the Rating Agencies in accordance with the procedure and (y) if timeframes set forth in Section 13.10(d). If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) (a) it has been appointed and currently serves as a master servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by Moody’s that currently has securities outstanding and (b) it is not a master servicer or special servicer, as applicable, that has been publicly cited by Moody’s as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the event Fitch ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s in a CMBS transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.13(c). 146 Promptly following the Master Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.27 3.25(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.13(c).

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Bank 2017-Bnk8), Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C6), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2018-Gs9)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, : (1) in the event Fitch case that Xxxxx’x is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the master servicer or special servicer, as applicable, on a transaction level basis with respect to a commercial mortgage loan securitization as to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-P7), Pooling and Servicing Agreement (CD 2017-Cd4 Mortgage Trust), Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C1)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, : (1) in the event Fitch case that Xxxxx’x is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act as the master servicer or special servicer, as applicable, on a transaction level basis on the closing date of a commercial mortgage loan securitization with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (CFCRE 2016-C3 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P3), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2016-C34)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, : (1) in the event Fitch case that Xxxxx’x is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the master servicer or special servicer, as applicable, on a transaction level basis with respect to a CMBS transaction as to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Bank 2017-Bnk4), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-P7), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2017-Gs6)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) within 10 Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 Business Days of such second request, then (1) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2) with respect to replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, if (A) in the event Fitch Xxxxx’x is the non-responding Rating Agency, (I) the replacement servicer or special servicer has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis of a CMBS transaction with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (II) Moody’s has not cited servicing concerns of the applicable replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, and (B) in the event DBRS Morningstar is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably 155 acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 7 contracts

Samples: Trust and Servicing Agreement (CSAIL 2021-C20 Commercial Mortgage Trust), Trust and Servicing Agreement (DBJPM 2020-C9 Mortgage Trust), Trust and Servicing Agreement (Benchmark 2020-B18 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, in : (1) the event Fitch is the non-responding Rating Agency, the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (2) if DBRS Morningstar is the non-responding Rating Agency, the applicable replacement master servicer or special servicer, as applicable, (A) has a current ranking from DBRS Morningstar of at least “MOR CS3” or (B) if not ranked by DBRS Morningstar, is currently acting as servicer or special servicer, as applicable, for a commercial mortgage-backed securities transaction rated by DBRS Morningstar and as to which DBRS Morningstar has not cited servicing concerns with respect to such servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal, which placement on “watch status” has not been withdrawn within 60 days without any ratings downgrade or withdrawal) of securities in such commercial mortgage-backed securities transaction serviced by the applicable servicer prior to the time of determination; (3) if Xxxxx’x is the non-responding Rating Agency, (A) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis of a CMBS transaction with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (B) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2022-Gc48), Pooling and Servicing Agreement (Bank 2022-Bnk42), Pooling and Servicing Agreement (Benchmark 2022-B34 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-C7), Pooling and Servicing Agreement (Benchmark 2019-B14 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2019-B15 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) DBRS Morningstar has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if DBRS Morningstar is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2020-Gsa2), Pooling and Servicing Agreement (JPMDB Commercial Mortgage Securities Trust 2020-Cor7), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2020-Gc46)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing Holder unless an applicable Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if Xxxxx’x is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as applicablethe sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2015-Gc29), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2015-Gc32), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2015-Gc29)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, : (1) in the event Fitch case that Xxxxx’x is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act as the master servicer or special servicer, as applicable, on a transaction level basis on the closing date of a commercial mortgage loan securitization with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 -280- Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-Gc36), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-Gc36), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-Gc37)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans and the Trust Subordinate Companion Loans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (4) in the case of the replacement of the Special Servicer in respect of the 360 Rxxxxxxx Loan Combination or the Master Servicer, (A) the applicable replacement master servicer or special servicer has a rating by DBRS Morningstar higher than or equal to “MOR CS3” as a master servicer or special servicer, as applicable (if rated by DBRS Morningstar) or (B) the applicable replacement master servicer or special servicer, as applicable, is currently acting as a master servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement master servicer or special servicer, as applicable, prior to the time of determination, if DBRS Morningstar is the non-responding rating agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (BMO 2022-C1 Mortgage Trust), Pooling and Servicing Agreement (BMO 2022-C3 Mortgage Trust), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans and the Trust Subordinate Companion Loan (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) DBRS Morningstar has not cited servicing concerns of the applicable replacement master servicer or special servicer as applicablethe sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if DBRS Morningstar is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Benchmark 2021-B24 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2021-B25 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2020-B21 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage the Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a the Rating Agency that any a particular action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on of the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any the Rating Agency for such Rating Agency Confirmation and or written confirmation and, within ten (ii10) within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s WebsiteRating Agency, such the Rating Agency has not replied to such request or has responded in a manner that indicates that such the Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to promptly request (i) confirm (through direct communication and not by posting any confirmation on the related 17g-5 Information Provider’s Website) that the Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has, promptly request such Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 five (5) Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the requirement to obtain Rating Agency Confirmation such condition shall be considered not deemed to apply be satisfied (provided that granting such request is in accordance with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such timeAccepted Servicing Practices), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, in be satisfied if (A) the event Fitch is the non-responding Rating Agency, the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch Servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from FitchSpecial Servicer, as applicable, was appointed to act as, and currently serves as, the master servicer or special servicer on a transaction level basis, as applicable, on the closing date of a commercial mortgage-backed securities transaction with respect to which Moody’s rated one or more classes of certificates and one or more of such classes of certificates are still outstanding and rated by Moody’s and (B) Moody’s has not cited servicing concerns with respect to the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction serviced by the applicable servicer prior to the time of determination. Any Rating Agency Confirmation request requests made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may and email shall be in electronic formsufficient as a writing), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the any Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b8.15(b). 146 Promptly following the Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.27 3.26 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b8.15(b).

Appears in 5 contracts

Samples: Trust and Servicing Agreement (BMO 2022-C1 Mortgage Trust), Trust and Servicing Agreement (Benchmark 2022-B32 Mortgage Trust), Trust and Servicing Agreement (Benchmark 2022-B33 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) or (z) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to the Specially Serviced Loans, REO Mortgage Loans and any non-Specially Serviced Loans if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect to such non-Specially Serviced Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) or consultation with the Controlling Class Representative (unless a Consultation Termination Event has occurred and is continuing) or, with respect to the Cxxxxxx River Plaza North Whole Loan, for so long as the holder of the Cxxxxxx River Plaza North Subordinate Companion Loan is the Cxxxxxx River Plaza North Directing Holder, the consent of the Cxxxxxx River Plaza North Directing Holder or, with respect to the WPC Department Store Portfolio Whole Loan (prior to the WPC Department Store Portfolio Securitization Date), the consent of the WPC Department Store Portfolio Directing Holder, as applicable (but in the case of the Controlling Class Representative, only in the case of actions that would otherwise be Major Decisions and, in the case of the Cxxxxxx River Plaza North Subordinate Companion Loan or the WPC Department Store Portfolio Directing Holder, only in the case of actions that would otherwise be AB Whole Loan Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Controlling Class Representative, Cxxxxxx River Plaza North Directing Holder or the WPC Department Store Portfolio Directing Holder, as applicable, does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to Specially Serviced Loans, REO Mortgage Loans and non-Specially Serviced Loans if the Special Servicer is processing)) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.29(b), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply, (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if, considered satisfied if (i) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of a Special Servicer), if Fitch is the non-responding Rating Agency; (ii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; (iii) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency; and (iv) the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial is acting as master servicer or special servicer rating of at least “CSS3” from Fitchservicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS certificates citing servicing concerns with the replacement master servicer or replacement special servicer, as applicable, as the sole or material factor in such rating action, if Morningstar is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.29(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (CSAIL 2016-C6 Commercial Mortgage Trust), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2015-Ubs8), Pooling and Servicing Agreement (Bank of America Merrill Lynch Commercial Mortgage Trust 2015-Ubs7)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2018-C46), Pooling and Servicing Agreement (Benchmark 2018-B7 Mortgage Trust), Pooling and Servicing Agreement (DBGS 2018-C1 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (COMM 2019-Gc44 Mortgage Trust), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-Gc41), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-Gc43)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, : (1) in the event Fitch case that Xxxxx’x is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the master servicer or special servicer, as applicable, on a transaction level basis with respect to a CMBS transaction as to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency, as applicable; and (4) the applicable replacement master servicer or special servicer, as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-P8), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-C4)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, : (1) in the event Fitch case that Xxxxx’x is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the master servicer or special servicer, as applicable, on a transaction level basis with respect to a commercial mortgage loan securitization as to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P5), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2016-Lc24), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-C2)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2020-Gsa2), Pooling and Servicing Agreement (DBJPM 2020-C9 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2020-B20 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement as applicablethe sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C18), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C19), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C21)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a the Rating Agency that any a particular action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such the Rating Agency Confirmation or written confirmation has (i) made a request to any the Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s WebsiteRating Agency, such the Rating Agency has not replied to such request or has responded in a manner that indicates that such the Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm that the Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 five Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the such requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to or written confirmation from such Rating Agency for such action at such time (as if such requirement did will not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall requirement to obtain Rating Agency Confirmation or written confirmation from the Rating Agency for such action at such time will be deemed to be satisfied (provided that granting such request is in accordance with Accepted Servicing Practices) if the applicable replacement has been appointed and currently serves as master or special servicer on a deal-level or transaction-level basis for a CMBS transaction that has securities outstanding that are then-currently rated by Moody’s and for which Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade, withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s in a commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to apply ifthe time of determination, in the event Fitch if Xxxxx’x is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic formformat), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 4 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C4), Trust and Servicing Agreement (Benchmark 2019-B12 Mortgage Trust), Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C5)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if, considered satisfied if (i) the replacement is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency, (ii) the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch Master Servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from FitchSpecial Servicer, as applicable, is currently on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C10), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C10), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C10)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) within 10 ten (10) Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of 159 such second request, then (1) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2) with respect to replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, if (A) in the event Fitch Xxxxx’x is the non-responding Rating Agency, (I) the replacement servicer or special servicer has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis of a CMBS transaction with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (II) Moody’s has not cited servicing concerns of the applicable replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer or special servicer, as applicable, prior to the time of determination, and (B) in the event DBRS Morningstar is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, is currently ranked “MOR CS3” as a commercial mortgage servicer or special servicer, as applicable, by DBRS Morningstar (if ranked by DBRS Morningstar) or is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination and (3) with respect to a replacement of, or successor to, the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Trustee, the Certificate Administrator or the Certificate AdministratorOperating Advisor, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Trustee, the Certificate Administrator or the Certificate AdministratorOperating Advisor, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 160 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfiedsatisfied as described in the first paragraph of this Section 3.27(a), the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 3 contracts

Samples: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2022-C62), Trust and Servicing Agreement (Bank 2022-Bnk41), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans) or the Special Servicer (with respect to the Specially Serviced Loans and REO Mortgage Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing)) (but only in the case of actions that would otherwise be Major Decisions), which consent shall be deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Loan Holder (as a collective whole as if such Certificateholders and related Companion Loan Holder constituted a single lender), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction that was rated by Moody’s and serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if Xxxxx’x is the non-responding Rating Agency; (ii) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a CMBS transaction that was rated by DBRS and serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency; and (iii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement servicer has operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial master servicer rating of at least “CMS3” from Fitch or mortgage-backed securities transaction with respect to which the replacement special servicer has a commercial special servicer rating operating advisor acts as trust advisor or operating advisor prior to the time of at least “CSS3” from Fitch, as applicabledetermination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc23), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc22), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2017-H1)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage the Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a the Rating Agency that any a particular action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on of the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any the Rating Agency for such Rating Agency Confirmation and or written confirmation and, within ten (ii10) within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s WebsiteRating Agency, such the Rating Agency has not replied to such request or has responded in a manner that indicates that such the Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to promptly request (i) confirm (through direct communication and not by posting any confirmation on the related 17g-5 Information Provider’s Website) that the Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has, promptly request such Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 five (5) Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the requirement to obtain Rating Agency Confirmation such condition shall be considered not deemed to apply be satisfied (provided that granting such request is in accordance with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such timeAccepted Servicing Practices), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, in be satisfied if (A) the event Fitch is the non-responding Rating Agency, the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch Servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from FitchSpecial Servicer, as applicable, was appointed to act as, and currently serves as, the master servicer or special servicer on a transaction level basis, as applicable, on the closing date of a commercial mortgage-backed securities transaction with respect to which Xxxxx’x rated one or more classes of certificates and one or more of such classes of certificates are still outstanding and rated by Xxxxx’x and (B) Xxxxx’x has not cited servicing concerns with respect to the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction serviced by the applicable servicer prior to the time of determination. Any Rating Agency Confirmation request requests made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may and email shall be in electronic formsufficient as a writing), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the any Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b8.15(b). 146 Promptly following the Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.27 3.26 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b8.15(b).

Appears in 3 contracts

Samples: Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8), Trust and Servicing Agreement (Benchmark 2022-B34 Mortgage Trust), Trust and Servicing Agreement (Bank 2022-Bnk41)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).at

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Benchmark 2020-B17 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2021-B27 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2021-B28 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency, as applicable; and (4) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Benchmark 2019-B9 Mortgage Trust), Pooling and Servicing Agreement (Benchmark 2019-B10 Mortgage Trust), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2019-Gc38)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) the replacement master servicer or special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, in the event Fitch as applicable, if S&P is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement as applicablethe sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C19), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C19), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-C20)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if Xxxxx’x is the non-responding Rating Agency, or (ii) the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch Master Servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from FitchSpecial Servicer, as applicable, is currently on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-Lc11), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-Lc11), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-Lc11)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s Websiteapplicable Rating Agency, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm (which may be through direct communication) that the applicable Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoan (other than as set forth in clause (y) below), the such requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to or written confirmation from such Rating Agency for such action at such time (as if such requirement did will not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall requirement to obtain Rating Agency Confirmation or written confirmation from such Rating Agency for such action at such time will be deemed not to apply ifbe satisfied (provided that granting such request is in accordance with Accepted Servicing Practices), in (I) with respect to S&P, if the event Fitch is the non-responding Rating Agency, the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, (II) with respect to KBRA, if KBRA has not cited servicing concerns of the applicable replacement servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a commercial mortgage-backed securities transaction serviced by the applicable servicer or special servicer prior to the time of determination and (III) with respect to Moody’s, if it has been appointed and currently serves as a servicer or special servicer, as applicable, on a transaction-level basis on a transaction currently rated by Moody’s that currently has securities outstanding and for which Moody’s has not publicly cited servicing concerns of the applicable replacement servicer or special servicer, as applicable, as the sole or a material factor any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a commercial mortgage-backed securitization transaction serviced by the applicable replacement servicer or special servicer prior to the time of determination. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.26(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 3 contracts

Samples: Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P6), Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P5), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, in : (1) the event Fitch is the non-responding Rating Agency, the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (2) the applicable replacement master servicer or special servicer, as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (BBCMS 2023-C20), Pooling and Servicing Agreement (BBCMS Mortgage Trust 2023-C19), Pooling and Servicing Agreement (BMO 2023-C6 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if Xxxxx’x is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as applicablethe sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2015-P1), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2015-Gc33), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-Nxs3)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) or (z) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans) or the Special Servicer (with respect to the Specially Serviced Loans and REO Mortgage Loans), as applicable) shall determine (other than in respect of an Excluded Loan then subject to an Exclusion Period, with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) or consultation with the Controlling Class Representative (unless a Consultation Termination Event has occurred and is continuing) and, except with respect to the Soho-Tribeca Grand Hotel Portfolio Whole Loan, for so long as the holder of the Soho-Tribeca Grand Hotel Portfolio Subordinate Companion Loan is the Soho-Tribeca Grand Hotel Portfolio Directing Holder) or, with respect to the Soho-Tribeca Grand Hotel Portfolio Whole Loan, the holder of the Soho-Tribeca Grand Hotel Portfolio Subordinate Companion Loan (for so long as the holder of the Soho-Tribeca Grand Hotel Portfolio Subordinate Companion Loan is the Soho-Tribeca Grand Hotel Portfolio Directing Holder) or, with respect to the Westfield Wheaton Whole Loan (prior to the Westfield Wheaton Securitization Date), the Westfield Wheaton Directing Holder, as applicable (but in the case of the Controlling Class Representative, only in the case of actions that would otherwise be Major Decisions, and, in the case of the holder of the Soho-Tribeca Grand Hotel Portfolio Subordinate Companion Loan or the Westfield Wheaton Directing Holder, only in the case of actions that would otherwise be Whole Loan Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Controlling Class Representative, Soho-Tribeca Grand Hotel Portfolio Directing Holder or Westfield Wheaton Directing Holder, as applicable, does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.29(b), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply, (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Xxxxx’x is the non-responding Rating Agency; (ii) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of a Special Servicer), if Fitch is the non-responding Rating Agency; (iii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (iv) the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial is acting as master servicer or special servicer rating of at least “CSS3” from Fitchservicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS certificates citing servicing concerns with the replacement master servicer or replacement special servicer, as applicable, as the sole or material factor in such rating action, if Morningstar is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.29(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (CSAIL 2015-C3 Commercial Mortgage Trust), Pooling and Servicing Agreement (CSAIL 2015-C2 Commercial Mortgage Trust), Pooling and Servicing Agreement (CSAIL 2015-C1 Commercial Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage the Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation or written confirmation, and if, within ten (ii10) within 10 Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied responded in writing (which may be electronically) to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmationany manner, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response from the applicable Rating Agency to either such second Rating Agency Confirmation or written confirmation request within 5 five (5) Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document or the Co-Lender Agreement requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time Loan (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and as set forth in clause (2y) with respect to replacement of the Servicer or Special Servicerbelow), such condition shall be deemed not to apply, and (y) with respect to a replacement of the Servicer or the Special Servicer, such condition will be deemed not to apply if, if (A) in the event Fitch Morningstar is the non-responding Rating Agency, if either (x) such master servicer or special servicer has a then current ranking by Morningstar equal to or higher than “MOR CS3” as a master servicer or special servicer or (y)(1) such master servicer or special servicer is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination and (2) Morningstar has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the then-current rating or ratings of one or more classes of such commercial mortgage backed securities certificates, or (B) in the event S&P is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has is on S&P’s Select Servicer List as a commercial special servicer rating of at least “CSS3” from FitchU.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-back- 120 up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 3 contracts

Samples: Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Bnk2), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to the Specially Serviced Loans, REO Mortgage Loans and non-Specially Serviced Loans, if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect to such non-Specially Serviced Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.31(b), whether or not such action would be in the best interests of the Certificateholders and, with respect to any Whole Loan, the related Companion Loan Holder (as a collective whole as if such Certificateholders and related Companion Loan Holder constituted a single lender), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Xxxxx’x is the non-responding Rating Agency; (ii) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; and (iii) KBRA has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement servicer has operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial master servicer rating of at least “CMS3” from Fitch or mortgage-backed securities transaction with respect to which the replacement special servicer has a commercial special servicer rating operating advisor acts as trust advisor or operating advisor prior to the time of at least “CSS3” from Fitch, as applicabledetermination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.31(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc18), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc18), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc19)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency or (ii) if the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the event case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2013-C14), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C18)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a the Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s Websiteapplicable Rating Agency, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm that the Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 five Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the such requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to or written confirmation from such Rating Agency for such action at such time (as if such requirement did will not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall requirement to obtain Rating Agency Confirmation or written confirmation from such Rating Agency for such action at such time will be deemed to be satisfied (provided that granting such request is in accordance with Accepted Servicing Practices) with respect to: (1) Moody’s, if the applicable replacement has been appointed and currently serves as master or special servicer on a deal-level or transaction-level basis for a CMBS transaction that has securities outstanding that are then-currently rated by Moody’s and for which Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade, withdrawal of the ratings (or placement on “watch status” in contemplation of a rating agency downgrade or withdrawal) of securities rated by Moody’s in a commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to apply ifthe time of determination, in the event Fitch if Xxxxx’x is the non-responding Rating Agency, the and (2) Morningstar, if (i) such replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial ranking by Morningstar higher than or equal to “MOR CS3” as a master servicer or special servicer, as applicable or (ii)(A) such replacement servicer or special servicer rating of at least “CSS3” from Fitchis acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and (B) Morningstar has not cited servicing concerns of the applicable replacement servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the then-current rating or ratings of one or more classes of such commercial mortgage backed securities. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic formformat), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 2 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C3), Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C5)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or Trust Companion Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or Trust Companion Loan documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document or Trust Companion Loan document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans and the Trust Companion Loan (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or a material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable replacement master servicer or special servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as applicablethe sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if DBRS is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C22), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C23)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to the Specially Serviced Loans, REO Mortgage Loans and non-Specially Serviced Loans, if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect to such non-Specially Serviced Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.31(b), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if, considered satisfied if (i) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency, ; and (ii) the applicable replacement servicer has Master Servicer or Special Servicer is currently on S&P’s Select Servicer List as a commercial master servicer rating of at least “CMS3” from Fitch U.S. Commercial Mortgage Master Servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from FitchU.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.31(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj12), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj12)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to the Specially Serviced Loans, REO Mortgage Loans and any non-Specially Serviced Loans if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect to such non-Specially Serviced Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) or consultation with the Controlling Class Representative (unless a Consultation Termination Event has occurred and is continuing)) (but in the case of the Controlling Class Representative, only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to Specially Serviced Loans, REO Mortgage Loans and non-Specially Serviced Loans if the Special Servicer is processing)) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.29(b), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply, (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) as certified in writing by the replacement master servicer or special servicer, as applicable, DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction that was rated by DBRS and serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if DBRS is the non-responding Rating Agency; (ii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; (iii) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency; and (iv) the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial is acting as master servicer or special servicer rating of at least “CSS3” from Fitchservicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS certificates citing servicing concerns with the replacement master servicer or replacement special servicer, as applicable, as the sole or material factor in such rating action, if Morningstar is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.29(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (CSAIL 2015-C2 Commercial Mortgage Trust), Pooling and Servicing Agreement (CSAIL 2015-C3 Commercial Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, : (1) in the event Fitch case that Xxxxx’x is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the master servicer or special servicer, as applicable, on a transaction level basis with respect to a CMBS transaction as to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2017-C41), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2017-C4)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (xi) such Requesting Party shall be required to confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request (after seeking to confirm that the applicable Rating Agency received such second request), as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Mortgage Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing pursued by the Special Servicer (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in the best interests of the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Xxxxx’x is the non-responding Rating Agency, as applicable; (ii) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; and (iii) KBRA has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the replacement ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer has a commercial master servicer rating prior to the time of at least “CMS3” from Fitch or determination, if KBRA is the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicablenon-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj9), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj9)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a the Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any the Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s WebsiteRating Agency, such the Rating Agency has not replied to such request or has responded in a manner that indicates that such the Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm that the Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the such requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such or written confirmation from the Rating Agency for such action at such time (as if such requirement did will not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall requirement to obtain Rating Agency Confirmation or written confirmation from the Rating Agency for such action at such time will be deemed not to apply if, be satisfied (provided that granting such request is in accordance with Accepted Servicing Practices): if the event Fitch is the non-responding Rating Agency, the applicable replacement servicer has or special servicer, as applicable, is listed on S&P’s Select Servicer List as a commercial master servicer rating of at least “CMS3” from Fitch U.S. Commercial Mortgage Master Servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from FitchU.S. Commercial Mortgage Special Servicer, as applicable. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 2 contracts

Samples: Trust and Servicing Agreement (CSAIL 2018-Cx11 Commercial Mortgage Trust), Trust and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C7)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) within 10 ten (10) Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such the Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, then (1) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if 151 such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2) with respect to replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, if (A) in the event Fitch Xxxxx’x is the non-responding Rating Agency, (I) the replacement servicer or special servicer has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis of a CMBS transaction with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (II) Moody’s has not cited servicing concerns of the applicable replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer or special servicer, as applicable, prior to the time of determination, and (B) in the event DBRS Morningstar is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, is currently ranked “MOR CS3” as a commercial mortgage servicer or special servicer, as applicable, by DBRS Morningstar (if ranked by DBRS Morningstar) or is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination and (3) with respect to a replacement of, or successor to, the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as operating advisor prior to the time of determination. Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed above following any requirement to obtain Rating Agency Confirmation being considered satisfied as described in the immediately preceding sentence, the Servicer or Special Servicer, as applicable, shall be required to provide written notice to the 17g-5 Information Provider, who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to this Agreement. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Trustee, the Certificate Administrator or the Certificate AdministratorOperating Advisor, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-back up material the Servicer, the Special Servicer, the Trustee Trustee, the Certificate Administrator or the Certificate AdministratorOperating Advisor, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 17g 5 Information Provider, and the 17g-5 17g 5 Information Provider shall post such request on the 17g-5 17g 5 Information Provider’s Website in accordance with Section 8.14(b). 146 152 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfiedsatisfied as described in the first paragraph of this Section 3.27(a), the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 2 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2022-C15), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s Websiteapplicable Rating Agency, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm (which may be through direct communication) that the applicable Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoan (other than as set forth in clause (y) below), the such requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to or written confirmation from such Rating Agency for such action at such time (as if such requirement did will not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall requirement to obtain Rating Agency Confirmation or written confirmation from such Rating Agency for such action at such time will be deemed not to apply ifbe satisfied (provided that granting such request is in accordance with Accepted Servicing Practices), in (I) with respect to S&P, if the event Fitch is the non-responding Rating Agency, the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable and (II) with respect to KBRA, if KBRA has not cited servicing concerns of the applicable replacement servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a commercial mortgage-backed securities transaction serviced by the applicable servicer or special servicer prior to the time of determination. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.26(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 2 contracts

Samples: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2016-C35), Trust and Servicing Agreement (SG Commercial Mortgage Securities Trust 2016-C5)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (xi) such Requesting Party shall be required to confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request (after seeking to confirm that the applicable Rating Agency received such second request), as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans and REO Mortgage Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing and other than with respect to the Whole Loans, for so long as the related Companion Loan Holder or its designee is the related Whole Loan Directing Holder) or the related Whole Loan Directing Holder (with respect to a Whole Loan, for so long as the related Companion Loan Holder or its designee is the related Whole Loan Directing Holder) pursued by the Special Servicer (but in each case only in the case of actions that would otherwise be Major Decisions and/or, if applicable, Whole Loan Major Decisions), which consent shall be deemed given if such Controlling Class Representative or Whole Loan Directing Holder, as applicable, does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.29(b), whether or not such action would be in the best interests of the Certificateholders and, with respect to any Whole Loan, the related Companion Loan Holder (as a collective whole as if such Certificateholders and related Companion Loan Holder constituted a single lender), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if Mxxxx’x is the non-responding Rating Agency, as applicable; (ii) DBRS has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency; and (iii) the applicable replacement Master Servicer or Special Servicer has a commercial master servicer rating or special servicer, as applicable, ranking of at least “CMS3MOR CS3from Fitch by Morningstar and is currently acting as a master servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, on a deal or transaction-level basis for all or a significant portion of the related mortgage loans in other CMBS transactions rated by any NRSRO and the Trustee does not have actual knowledge that Morningstar has, and the applicable replacement Master Servicer or Special Servicer certifies that Morningstar has not, with respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings on one or more classes of such CMBS transaction, if Morningstar is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.29(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj7), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj7)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on sent to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to (i) confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation request within 5 Business Days of such confirmation or such second request, as applicable, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special ServicerAgency, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if the applicable replacement Master Servicer or Special Servicer (i) is currently acting as a master servicer or special servicer, as applicable, on a deal or transaction-level basis for all or a significant portion of the related mortgage loans in other CMBS transactions rated by any NRSRO, the Trustee does not have actual knowledge that Morningstar has, and the applicable replacement Master Servicer or Special Servicer certifies that Morningstar has not, with respect to apply ifany such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings on one or more classes of such CMBS transaction, if Morningstar is the non-responding Rating Agency; (ii) is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; and (iii) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the replacement ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer has a commercial master servicer rating prior to the time of at least “CMS3” from Fitch or determination, if Mxxxx’x is the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchnon-responding Rating Agency, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.29(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2011-Gc5), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2011-Gc5)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to apply ifthe time of determination, in if Xxxxx’x is the event Fitch non-responding Rating Agency or (ii) the replacement Master Servicer or Special Servicer, as applicable, is currently on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-Lc9), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-Lc9)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or Trust Companion Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or Trust Companion Loan documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document or Trust Companion Loan document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans and the Trust Companion Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or a material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable replacement master servicer or special servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as applicablethe sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization serviced by the applicable master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C23), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C25)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a the Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any the Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s WebsiteRating Agency, such the Rating Agency has not replied to such request or has responded in a manner that indicates that such the Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm that the Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 five Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the such requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such or written confirmation from the Rating Agency for such action at such time (as if such requirement did will not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall requirement to obtain Rating Agency Confirmation or written confirmation from the Rating Agency for such action at such time will be deemed not to apply if, be satisfied (provided that granting such request is in accordance with Accepted Servicing Practices) if the event Fitch is the non-responding Rating Agency, the applicable replacement servicer has or special servicer, as applicable, is listed on S&P’s Select Servicer List as a commercial master servicer rating of at least “CMS3” from Fitch U.S. Commercial Mortgage Master Servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from FitchU.S. Commercial Mortgage Special Servicer, as applicable. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic formformat), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 2 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C4), Trust and Servicing Agreement (CSAIL 2019-C15 Commercial Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to the Specially Serviced Loans, REO Mortgage Loans and non-Specially Serviced Loans, if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect to such non-Specially Serviced Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing and other than with respect to the AB Whole Loan, for so long as the related Subordinate Companion Loan Holder or its designee is the related Whole Loan Directing Holder) or the related Whole Loan Directing Holder (with respect to the AB Whole Loan, for so long as the related Subordinate Companion Loan Holder or its designee is the related Whole Loan Directing Holder)) (but in each case only in the case of actions that would otherwise be Major Decisions and/or, if applicable, Whole Loan Major Decisions), which consent shall be deemed given if such Controlling Class Representative or Whole Loan Directing Holder, as applicable, does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Loan Holder (as a collective whole as if such Certificateholders and related Companion Loan Holder constituted a single lender, taking into account the subordinate nature of the related Subordinate Companion Loan), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Mxxxx’x is the non-responding Rating Agency; (ii) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; and (iii) KBRA has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement servicer has operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial master servicer rating of at least “CMS3” from Fitch or mortgage-backed securities transaction with respect to which the replacement special servicer has a commercial special servicer rating operating advisor acts as trust advisor or operating advisor prior to the time of at least “CSS3” from Fitch, as applicabledetermination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc21), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc20)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (xi) such Requesting Party shall be required to confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request (after seeking to confirm that the applicable Rating Agency received such second request), as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Mortgage Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) pursued by the Special Servicer (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be deemed given if the Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.29(b), whether or not such action would be in the best interests of the Certificateholders and, with respect to any Whole Loan, the related Companion Loan Holder (as a collective whole as if such Certificateholders and related Companion Loan Holder constituted a single lender), and if the Requesting Party, the Master Servicer or the Special Servicer, as applicable, makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered not to apply if: (1) Moody’s has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, as applicable; (2) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement Master Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the replacement ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer has a commercial master servicer rating prior to the time of at least “CMS3” from Fitch or determination, if KBRA is the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicablenon-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.29(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2012-Gc8), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2012-Gc8)

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Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) within 10 ten (10) Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, then (1) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2) with respect to replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, if (A) in the event Fitch Xxxxx’x is the non-responding Rating Agency, (I) the replacement servicer or special servicer has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis of a CMBS transaction with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (II) Moody’s has not cited servicing concerns of the applicable replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, and (B) in the event DBRS Morningstar is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfiedsatisfied as described in the first paragraph of this Section 3.27(a), the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 2 contracts

Samples: Trust and Servicing Agreement (Bank 2021-Bnk33), Trust and Servicing Agreement (Benchmark 2021-B25 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to the Specially Serviced Loans, REO Mortgage Loans and non-Specially Serviced Loans, if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect to such non-Specially Serviced Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.29(b), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if, in the event Fitch considered satisfied if (i) [add rating agency specific requirements] if [____] is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.29(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Gs Mortgage Securities Corp Ii)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to (i) confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if, considered satisfied if the applicable replacement Master Servicer or Special Servicer (i) is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; (ii) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency or (iii) is currently acting as Master Servicer or Special Servicer, as applicable, on a deal or transaction-level basis for all or a significant portion of the related mortgage loans in other CMBS, the Trustee does not have actual knowledge that Morningstar has, and the applicable replacement servicer Master Servicer or Special Servicer certifies that Morningstar has a commercial master servicer not, with respect to any such other transaction, qualified, downgraded or withdrawn its rating or ratings on one or more classes of at least “CMS3” from Fitch or such CMBS, if Morningstar is the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchnon-responding Rating Agency, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Servicer or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c), and on the second Business Day following such delivery to the 17g-5 Information Provider, the Master Servicer, Special Servicer or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with the delivery instructions set forth in Section 3.15. 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c), and on the second Business Day following delivery of such notice to the 17g-5 Information Provider, the Special Servicer shall deliver such notice to the Rating Agencies.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2011-C5), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2011-C5)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Serviced Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Loans and the Outside Serviced Trust Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the Controlling Class Representative unless a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Xxxxx’x is the non-responding Rating Agency; (2) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; and (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement servicer has operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial master servicer rating of at least “CMS3” from Fitch or mortgage-backed securities transaction with respect to which the replacement special servicer has a commercial special servicer rating operating advisor acts as trust advisor or operating advisor prior to the time of at least “CSS3” from Fitch, as applicabledetermination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc19), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc22)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on sent to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to (i) confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation request within 5 Business Days of such confirmation or such second request, as applicable, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special ServicerAgency, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if the applicable replacement Master Servicer or Special Servicer (i) is currently acting as a master servicer or special servicer, as applicable, on a deal or transaction-level basis for all or a significant portion of the related mortgage loans in other CMBS transactions rated by any NRSRO, the Trustee does not have actual knowledge that [____________] has, and the applicable replacement Master Servicer or Special Servicer certifies that [____________] has not, with respect to apply ifany such other CMBS transaction, in the event Fitch qualified, downgraded or withdrawn its rating or ratings on one or more classes of such CMBS transaction, if [____________] is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of ; (ii) is rated at least “CMS3[___]from Fitch (in the case of the Master Servicer) or “[___]” (in the case of the Special Servicer), if [____________] is the non-responding Rating Agency; and (iii) [____________] has not cited servicing concerns of the applicable replacement special as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer has a commercial special servicer rating prior to the time of at least “CSS3” from Fitchdetermination, if [____________] is the non-responding Rating Agency, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer[, the Trustee or the Certificate Administrator] or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer,[ Certificate Administrator] or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.29(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, [Certificate Administrator] or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (RBS Commercial Funding Inc.), Pooling and Servicing Agreement (RBS Commercial Funding Inc.)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied (i) with respect to DBRS, if the applicable replacement is currently acting as a master servicer or special servicer, as applicable, on a deal or transaction level basis for all or a significant portion of the related mortgage loans in other CMBS transactions and the Certificate Administrator does not have actual knowledge that DBRS has, and the applicable replacement certifies that DBRS has not, with respect to apply ifany such other CMBS transaction (A) qualified, downgraded or withdrawn, its rating or ratings of one or more classes of such CMBS or (B) has placed one or more such classes on “watch status” in contemplation of a ratings downgrade or withdrawal (and such placement will not have been withdrawn at the time of the suggested replacement) and, in the event Fitch case of clauses (A) or (B), cited servicing concerns with the replacement master servicer or special servicer, as the case may be, as the sole or material factor in such rating action or (ii) if Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c), and promptly, but not earlier than the second Business Day following such delivery to the 17g-5 Information Provider, the Master Servicer, Special Servicer, the Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with the delivery instructions set forth in Section 3.15. 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c), and promptly, but not earlier than the second Business Day following delivery of such notice to the 17g-5 Information Provider, the Special Servicer shall deliver such notice to the Rating Agencies.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-Cibx), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-Cibx)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) the applicable replacement master servicer or special servicer, as applicable, has a ranking of equal to or higher than “MOR CS3” as a master servicer or special servicer, as applicable, by Morningstar (provided that if Morningstar has not issued a ranking with respect to such master servicer or special servicer, as applicable, then the following requirement will apply in the case of Morningstar: such master servicer or special servicer is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination, and Morningstar has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such master servicer or special servicer as master servicer or special servicer, as applicable, of such commercial mortgage securities), if Morningstar is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C16), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C16)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole, or a material factor in such rating action or any qualification, downgrade or withdrawal of the event Fitch ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency, (ii) DBRS has not cited servicing concerns of the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has as the sole, or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency or (iii) (a) such master servicer or special servicer rating of at least “CSS3” from Fitchis acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination and (b) Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of certificates citing servicing concerns with the master servicer or special servicer, as applicable, as the sole, or a material factor in such rating action, if Morningstar is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C21), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-C20)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Serviced Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the related Directing Holder unless an applicable Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if Mxxxx’x is the non-responding Rating Agency; (2) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement servicer has operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial master servicer rating of at least “CMS3” from Fitch or mortgage-backed securities transaction with respect to which the replacement special servicer has a commercial special servicer rating operating advisor acts as trust advisor or operating advisor prior to the time of at least “CSS3” from Fitch, as applicabledetermination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2015-Gc27)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s Websiteapplicable Rating Agency, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 five (5) Business Days of such second request, then (1a) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (b) below), the requirement to obtain Rating Agency Confirmation such condition shall be considered not deemed to apply be satisfied with respect to such Rating Agency for (provided that granting such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement request is in accordance with respect to the replacement of the Servicer or Special Servicer, Accepted Servicing Practices) and (2b) with respect to a replacement of the Servicer or Special Servicer, such condition shall be deemed to be satisfied with respect to (1) Moody’s, if the applicable replacement has been appointed and currently serves as master or special servicer on a deal-level or transaction-level basis for a CMBS transaction that has securities outstanding that are then-currently rated by Moody’s and for which Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade, withdrawal of the ratings (or placement on “watch status” in contemplation of a rating agency downgrade or withdrawal) of securities rated by Moody’s in a commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to apply ifthe time of determination, in the event Fitch if Xxxxx’x is the non-responding Rating Agency, the and (2) Morningstar, if (i) such replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial ranking by Morningstar higher than or equal to “MOR CS3” as a master servicer or special servicer, as applicable or (ii)(A) such replacement servicer or special servicer rating of at least “CSS3” from Fitchis acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and (B) Morningstar has not cited servicing concerns of the applicable replacement servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the then-current rating or ratings of one or more classes of such commercial mortgage backed securities. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may and email will be in electronic formsufficient as a writing), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 2 contracts

Samples: Trust and Servicing Agreement (CSAIL 2018-C14 Commercial Mortgage Trust), Trust and Servicing Agreement (UBS Commercial Mortgage Trust 2018-C12)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if, considered satisfied if (i) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency, (ii) the applicable replacement servicer has Master Servicer or Special Servicer is currently acting as a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, on a deal or transaction level basis for all or a significant portion of the related mortgage loans in other CMBS transactions and the Certificate Administrator does not have actual knowledge that DBRS has, and the applicable replacement certifies that DBRS has not, with respect to any such other CMBS transaction (A) qualified, downgraded or withdrawn, its rating or ratings of one or more classes of such CMBS or (B) placed one or more such classes on “watch status” in contemplation of a ratings downgrade or withdrawal (and such placement will not have been withdrawn at the time of the suggested replacement), (iii) KBRA has not (A) cited servicing concerns with the replacement master servicer or special servicer, as the case may be, as the sole or material factor in such rating action or (B) cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, or (iv) the replacement Master Servicer or Special Servicer, as applicable, is currently on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C8)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or a material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable replacement master servicer or special servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as applicablethe sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if DBRS is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C21), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C22)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement as applicablethe sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C18), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2013-C17)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Serviced Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable) shall determine (with the consent of the Directing Holder unless a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Xxxxx’x is the non-responding Rating Agency; (2) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; (3) DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the non-responding Rating Agency; and (4) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement servicer has operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial master servicer rating of at least “CMS3” from Fitch or mortgage-backed securities transaction with respect to which the replacement special servicer has a commercial special servicer rating operating advisor acts as trust advisor or operating advisor prior to the time of at least “CSS3” from Fitch, as applicabledetermination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc26), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc25)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency or (ii) the replacement Master Servicer or Special Servicer, as applicable, is currently on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C13), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C13)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again. The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. It is also possible that Moody’s or another Rating Agency may require that it be indemnified for any Rating Agency Confirmation as a condition to considering any request for a Rating Agency Confirmation and that the Requesting Party will not agree to provide such indemnification. The circumstances referred to in the preceding sentence are referred to in this Agreement as a “RAC Indemnity Refusal Scenario”. None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Senior Trust Advisor or the Depositor will be required to agree to indemnify any Rating Agency in connection with a Rating Agency Confirmation. However, to the extent any of such parties does agree to do so, and (y) such party determines that such indemnity is in the best interest of the Trust and the Certificateholders, they will be entitled to be indemnified in turn from the Trust Fund pursuant to the terms of this Agreement. In addition, the Master Servicer or the Special Servicer, as applicable, may agree to provide such indemnification on behalf of the Trust Fund directly if such servicer determines that doing so would be consistent with the Servicing Standard. In a RAC Indemnity Refusal Scenario, or if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario, then (1x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if, considered satisfied if the applicable replacement Master Servicer or Special Servicer (i) is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency or (ii) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).with

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C6), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-C6)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling Class Representative, a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, : (1) in the event Fitch case that Xxxxx’x is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the master servicer or special servicer, as applicable, on a transaction level basis with respect to a CMBS transaction as to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSAIL 2018-C14 Commercial Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if Xxxxx’x is the non-responding Rating Agency, (ii) the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch Master Servicer or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from FitchSpecial Servicer, as applicable, is currently on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2013-C12)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) within 10 Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 Business Days of such second request, then (1) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with 144 respect to the replacement of the Servicer or Special Servicer, and (2) with respect to replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, if (A) in the event Fitch is the non-responding Rating Agency, if the replacement servicer has a commercial master or special servicer rating of is rated at least “CMS3” from by Fitch (in the case of the Servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchby Fitch in the case of the Special Servicer), and (B) in the event DBRS Morningstar is the non-responding Rating Agency, such replacement servicer or special servicer, as applicable, is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination. Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed above following any requirement to obtain Rating Agency Confirmation being considered satisfied as described in the immediately preceding sentence, the Servicer or Special Servicer, as applicable, shall be required to provide written notice to the 17g-5 Information Provider, who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to this Agreement. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b)) and a copy simultaneously may be delivered to the Rating Agencies. 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 1 contract

Samples: Trust and Servicing Agreement (GS Mortgage Securities Trust 2020-Gc47)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency or (ii) if the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the event case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2013-C14)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) or (z) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans) or the Special Servicer (with respect to the Specially Serviced Loans and REO Mortgage Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) or consultation with the Controlling Class Representative (unless a Consultation Termination Event has occurred and is continuing) and, except with respect to the Soho-Tribeca Grand Hotel Portfolio Whole Loan, for so long as the holder of the Soho-Tribeca Grand Hotel Portfolio Subordinate Companion Loan is the Soho-Tribeca Grand Hotel Portfolio Directing Holder) or, with respect to the Soho-Tribeca Grand Hotel Portfolio Whole Loan, the holder of the Soho-Tribeca Grand Hotel Portfolio Subordinate Companion Loan (for so long as the holder of the Soho-Tribeca Grand Hotel Portfolio Subordinate Companion Loan is the Soho-Tribeca Grand Hotel Portfolio Directing Holder) or, with respect to the Westfield Wheaton Whole Loan (prior to the Westfield Wheaton Securitization Date), the Westfield Wheaton Directing Holder, as applicable (but in the case of the Controlling Class Representative, only in the case of actions that would otherwise be Major Decisions, and, in the case of the holder of the Soho-Tribeca Grand Hotel Portfolio Subordinate Companion Loan or the Westfield Wheaton Directing Holder, only in the case of actions that would otherwise be Whole Loan Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Controlling Class Representative, Soho-Tribeca Grand Hotel Portfolio Directing Holder or Westfield Wheaton Directing Holder, as applicable, does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.29(b), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply, (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Xxxxx’x is the non-responding Rating Agency; (ii) the applicable replacement Master Servicer or Special Servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of a Special Servicer), if Fitch is the non-responding Rating Agency; (iii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (iv) the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial is acting as master servicer or special servicer rating of at least “CSS3” from Fitchservicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS certificates citing servicing concerns with the replacement master servicer or replacement special servicer, as applicable, as the sole or material factor in such rating action, if Morningstar is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.29(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSAIL 2015-C1 Commercial Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or ESK Companion Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or ESK Companion Loan documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document or ESK Companion Loan document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans and the ESK Companion Loan (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or a material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable replacement master servicer or special servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as applicablethe sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C24)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to the Specially Serviced Loans, REO Mortgage Loans and non-Specially Serviced Loans, if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect to such non-Specially Serviced Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.31(b), whether or not such action would be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Loan Holder (as a collective whole as if such Certificateholders and related Companion Loan Holder constituted a single lender), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) DBRS has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if DBRS is the non-responding Rating Agency, ; (ii) KBRA has not cited servicing concerns of the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency and (iii) Moody’s has a commercial not cited servicing concerns of the applicable replacement master servicer or special servicer rating as the sole or material factor in any qualification, downgrade or withdrawal of at least the ratings (or placement on CSS3watch statusfrom Fitchin contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.31(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj16)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s Websiteapplicable Rating Agency, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm that the Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the such requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to or written confirmation from such Rating Agency for such action at such time (as if such requirement did will not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall requirement to obtain Rating Agency Confirmation or written confirmation from such Rating Agency for such action at such time will be deemed not to apply if, be satisfied (provided that granting such request is in the event Fitch is the non-responding Rating Agencyaccordance with Accepted Servicing Practices): with respect to S&P, the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, and with respect to Morningstar, the applicable replacement servicer or special servicer, as applicable, (i) has a ranking by Morningstar higher than or equal to “MOR CS3” as a master servicer or special servicer, as applicable or (ii)(A) such replacement servicer or special servicer is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and (B) Morningstar has not publicly cited servicing concerns of the applicable replacement servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the then-current rating or ratings of one or more classes of such commercial mortgage backed securities. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 1 contract

Samples: Trust and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C1)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or Trust Companion Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or Trust Companion Loan documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (1x) with respect to any condition in any Mortgage Loan Document or Trust Companion Loan document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans and the Trust Companion Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if(as if such requirement did not exist) if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or a material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the event Fitch applicable replacement master servicer or special servicer prior to the time of determination, if Mxxxx’x is the non-responding Rating Agency, (ii) the applicable replacement servicer has a commercial master servicer rating of or special servicer is rated at least “CMS3” from Fitch (in the case of the master servicer) or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as applicablethe sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization serviced by the applicable master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfieddeemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C24)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation againagain (which may also be through direct communication). The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. Once the Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, and (y) if such Requesting Party, may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section 11.13(k). If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, request in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans) or the Special Servicer (with respect to the Specially Serviced Loans and REO Mortgage Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) or consultation with the Controlling Class Representative (unless a Consultation Termination Event has occurred and is continuing) or which consent shall be pursued by the Special Servicer and deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Mortgage Loans)) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.29(b), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply, (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply if, considered satisfied if (i) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the event case of the master servicer) or “CSS3” (in the case of a special servicer), if Fitch is the non-responding Rating Agency; (ii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; (iii) as certified in writing by the replacement servicer has a commercial master servicer rating of or special servicer, as applicable, it was appointed to act as the master servicer or special servicer, as applicable, on a transaction level basis with respect to at least one commercial mortgage loan securitization in which Moody’s has rated one or more classes of the related securities issued that are still outstanding and Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on CMS3watch statusfrom Fitch in contemplation of a ratings downgrade or withdrawal) of any such securities, prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency; and (iv) the replacement master servicer or replacement special servicer has a commercial is acting as master servicer or special servicer rating of at least “CSS3” from Fitchservicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS certificates citing servicing concerns with the replacement master servicer or replacement special servicer, as applicable, as the sole or material factor in such rating action, if Morningstar is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.29(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSAIL 2015-C4 Commercial Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) within 10 ten (10) Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, then (1) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2) with respect to replacement of the Servicer or Special Servicer, such condition shall be deemed not to apply if, if (A) in the event Fitch Xxxxx’x is the non-responding Rating Agency, (I) the replacement servicer or special servicer has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis of a CMBS transaction with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (II) Moody’s has not cited 148 servicing concerns of the applicable replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, and (B) in the event DBRS Morningstar is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination, and (3) with respect to a replacement of, or successor to, the Operating Advisor, such condition shall be deemed to be waived with respect to a Rating Agency if it does not respond so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Trustee, the Certificate Administrator or the Certificate AdministratorOperating Advisor, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Trustee, the Certificate Administrator or the Certificate AdministratorOperating Advisor, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 Error! Reference source not found. following any requirement to obtain a Rating Agency Confirmation being considered satisfiedsatisfied as described in the first paragraph of this Section 3.27(a), the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 1 contract

Samples: Trust and Servicing Agreement (Benchmark 2020-B21 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation or written confirmation, and (ii) if, within 10 Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied responded in writing (which may be electronically) to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmationany manner, then (x) such Requesting Party shall be required to (i) promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document or the Co-Lender Agreement requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the requirement to obtain Rating Agency Confirmation such condition shall be considered deemed to not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall will be deemed to not apply (provided that granting such request is in accordance with Accepted Servicing Practices), (I) with respect to apply ifS&P, if the applicable replacement servicer or special servicer, as applicable, is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, and (II) if the applicable replacement servicer or special servicer is rated at least “CMS3” (in the event case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.26(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 1 contract

Samples: Trust and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C18)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Serviced Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and, if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect thereto, with respect to Performing Serviced Loans), as applicable) shall determine (with the consent of the Directing Holder unless a Control Termination Event has occurred and is continuing (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if: (1) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Xxxxx’x is the non-responding Rating Agency; (2) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the event case of the Master Servicer) or “CSS3” (in the case of the Special Servicer), if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement servicer has operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial master servicer rating of at least “CMS3” from Fitch or mortgage-backed securities transaction with respect to which the replacement special servicer has a commercial special servicer rating operating advisor acts as trust advisor or operating advisor prior to the time of at least “CSS3” from Fitch, as applicabledetermination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc23)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans and the Trust Subordinate Companion Loan (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if, in : (1) the event Fitch is the non-responding Rating Agency, the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (2) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (3) if Mxxxx’x is the non-responding Rating Agency, (A) the applicable replacement master servicer or special servicer, as applicable, has confirmed in writing that it was appointed to act, and as of the date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis with respect to a CMBS transaction as to which Moody’s rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s and (B) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (BMO 2023-C7 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a the Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any the Rating Agency for such Rating Agency Confirmation and (ii) or written confirmation and, within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s WebsiteRating Agency, such the Rating Agency has not replied to such request or has responded in a manner that indicates that such the Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the such requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such or written confirmation from the Rating Agency for such action at such time (as if such requirement did will not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall requirement to obtain Rating Agency Confirmation or written confirmation from the Rating Agency for such action at such time will be deemed to be satisfied (provided that granting such request is in accordance with Accepted Servicing Practices) if DBRS has not cited servicing concerns with respect to apply if, in the event Fitch is the non-responding Rating Agency, the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS in any other commercial mortgage-backed securitization transaction rated by DBRS serviced by the applicable servicer or special servicer prior to the time of determination. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 1 contract

Samples: Trust and Servicing Agreement (CSAIL 2017-Cx10 Commercial Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) and, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Depositor’s 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second request, as applicable, or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation then (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), then the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to the non-Specially Serviced Loans, if the Master Servicer is processing the action requiring Rating Agency Confirmation) or the Special Servicer (with respect to the Specially Serviced Loans, REO Mortgage Loans and non-Specially Serviced Loans, if the Special Servicer is processing the action requiring Rating Agency Confirmation with respect to such non-Specially Serviced Loans), as applicable) shall determine (with the consent of the Controlling Class Representative (unless a Control Termination Event has occurred and is continuing) (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be deemed given if such Controlling Class Representative does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard whether such action would be in accordance with the Servicing Standard, and if the Requesting Party (or if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in accordance with the Servicing Standard, except as provided in Section 3.31(b), then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) DBRS has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to apply ifthe time of determination, in the event Fitch if DBRS is the non-responding Rating Agency, ; (ii) KBRA has not cited servicing concerns of the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency and (iii) Moody’s has a commercial not cited servicing concerns of the applicable replacement master servicer or special servicer rating as the sole or material factor in any qualification, downgrade or withdrawal of at least the ratings (or placement on CSS3watch statusfrom Fitchin contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of determination, if Xxxxx’x is the non-responding Rating Agency, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 11.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b11.13(b) and the Master Servicer, Special Servicer. Certificate Administrator or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 11.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.31(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 11.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b11.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2013-Gcj14)

Rating Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage Loan Documents (except as otherwise expressly provided for in the Rating Agency confirmation provisions contained in the “Permitted Investments” definition of the Mortgage Loan Documents Agreement, which sets forth an alternative process for obtaining a rating confirmation from a Rating Agency) or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation and or written confirmation and, within ten (ii10) within 10 Business Days of such request being posted on sent to the 17g-5 Information Provider’s Websiteapplicable Rating Agency, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing either declining to review such request nor or waiving the requirement for Rating Agency ConfirmationConfirmation or written confirmation, then (x) such Requesting Party shall be required to (i) confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has, promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response to either such Rating Agency Confirmation or written confirmation request within 5 five (5) Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document or the Co-Lender Agreement requiring such Rating Agency Confirmation or such written confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the requirement to obtain Rating Agency Confirmation such condition shall be considered not deemed to apply be satisfied (provided that granting such request is in accordance with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such timeAccepted Servicing Practices), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall be deemed to be satisfied with respect to (I) Moody’s, if the applicable replacement is currently acting as a master servicer or special servicer, as applicable, on a “deal-level” or “transaction-level” basis for all or a significant portion of the related mortgage loans in other CMBS transactions and Moody’s has not, with respect to any such other CMBS transaction qualified, downgraded or withdrawn, its rating or ratings of one or more classes of such CMBS, or placed one or more such classes on “watch status” in contemplation of a ratings downgrade or withdrawal (and such placement shall not have been withdrawn at the time of the suggested replacement), and cited servicing concerns with the replacement servicer or special servicer, as the case may be, as the sole or material factor in such rating action, (II) S&P, if the applicable replacement is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable and (III) DBRS, the applicable replacement is currently acting as a servicer or special servicer, as applicable, on a deal or transaction level basis for all or a significant portion of the related mortgage loans in other commercial mortgage backed securitization transactions and the Certificate Administrator or the Trustee has not received written notice that DBRS has, and the applicable replacement certifies that DBRS has not, with respect to apply ifany such other transaction (A) qualified, downgraded or withdrawn, its rating or ratings of one or more classes of such commercial mortgage backed securitization or (B) has placed one or more such classes on “watch status” in contemplation of a ratings downgrade or withdrawal (and such placement will not have been withdrawn at the time of the suggested replacement) and, in the event Fitch is the non-responding Rating Agencycase of clauses (A) or (B), cited servicing concerns with the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicablethe case may be, as the sole or material factor in such rating action. Any Rating Agency Confirmation request requests made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may and email shall be in electronic formsufficient as a writing), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b8.15(b). 146 Promptly following the Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.27 3.26 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b8.15(b).

Appears in 1 contract

Samples: Trust and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2015-C28)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage the Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required seeking to obtain such Rating Agency Confirmation or written confirmation has (i) made a request to any Rating Agency for such Rating Agency Confirmation or written confirmation, and (ii) if, within 10 Business Days of such request being posted on the 17g-5 Information Provider’s Website, such Rating Agency has not replied responded in writing (which may be electronically) to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmationany manner, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation or written confirmation again, and (yii) if there is no response from the applicable Rating Agency to either such second Rating Agency Confirmation or written confirmation request within 5 Business Days of such second request, then (1x) with respect to any condition in any Mortgage Loan Document or the Co-Lender Agreement requiring such Rating Agency Confirmation or such written confirmation, or any other matter under this Agreement relating to the servicing of the Mortgage LoanWhole Loan (other than as set forth in clause (y) below), the requirement to obtain Rating Agency Confirmation such condition shall be considered deemed not to apply with respect to such Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicerapply, and (2y) with respect to a replacement of the Servicer or Special Servicer, such condition shall will be deemed not to apply if, in the event Fitch is if the non-responding Rating Agency, Agency has not cited servicing concerns of the applicable replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitchservicer, as applicablethe case may be, as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of its ratings of securities in any other CMBS transaction serviced by the applicable replacement servicer or special servicer, as the case may be, prior to the time of determination. Any Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). 146 Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.27(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

Appears in 1 contract

Samples: Trust and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-Gc43)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage related Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and (ii) if, within 10 Business Days of such the Rating Agency Confirmation request being posted on to the Rule 17g-5 Information Provider’s Website, such any Rating Agency has not replied to granted such request, rejected such request or has responded in provided a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency ConfirmationDeclination, then (xi) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation again, and (yii) if there is no response to either such second Rating Agency Confirmation request from the applicable Rating Agency within 5 five (5) Business Days of such second request, then whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination, then: (1x) with respect to any condition in any Mortgage Loan Document or related intercreditor agreement or Co-Lender Agreement requiring such a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Serviced Mortgage LoanLoans and the Trust Subordinate Companion Loans (other than as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing Serviced Loans if the subject action is not a Major Decision or a Special Servicer Decision or the Master Servicer is processing a Major Decision or a Special Servicer Decision) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties and with respect to Performing Serviced Loans if the subject action is a Major Decision or a Special Servicer Decision processed by the Special Servicer), as applicable) shall determine (with the consent of the applicable Directing Holder (but in each case only in the case of actions that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if such Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard, and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such time apply; (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the replacement of the Servicer or Special Servicer, and (2y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply considered satisfied if: (1) the applicable replacement master servicer or special servicer, in the event Fitch as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, ; (2) the applicable replacement master servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; (3) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of the ratings of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency; and (4) in the case of the replacement of the Special Servicer in respect of the 360 Xxxxxxxx Loan Combination or the Master Servicer, (A) the applicable replacement master servicer or special servicer has a rating by DBRS Morningstar higher than or equal to “MOR CS3” as a master servicer or special servicer, as applicable (if rated by DBRS Morningstar) or (B) the applicable replacement master servicer or special servicer, as applicable, is currently acting as a master servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement master servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement master servicer or special servicer, as applicable, prior to the time of determination, if DBRS Morningstar is the non-responding rating agency; and (z) with respect to a replacement or successor of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other CMBS transaction with respect to which the replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, Operating Advisor or Trustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request, subject to Section 12.12. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b). 146 Promptly following the Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special Servicer’s ’s, as applicable) determination to take any action discussed in this Section 3.27 following 3.30(a) without receiving any requirement to obtain a required Rating Agency Confirmation being considered satisfiedConfirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable, ) shall provide electronic written notice to the 17g-5 Information Provider in accordance with Section 12.13(b) of the action taken for the particular item at such time, time and the 17g-5 Information Provider Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall post such notice on be required to send the 17g-5 Information Provider’s Website Rating Agency Confirmation request to the Rating Agencies in accordance with Section 8.14(b12.13(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (BMO 2022-C1 Mortgage Trust)

Rating Agency Confirmation. (a) Notwithstanding the terms of any of the related Mortgage Loan Documents documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has (i) made a request to any Rating Agency for such Rating Agency Confirmation and and, within ten (ii10) within 10 Business Days of such the Rating Agency Confirmation request being posted on to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again, and (y) if . The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario”. If there is no response to either such Rating Agency Confirmation request within 5 five (5) Business Days of such second requestrequest in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required (1without providing notice to the 17g-5 Information Provider) to confirm (by direct communication and not by posting any confirmation on the 17g-5 website) that the applicable Rating Agency has received such second request and, following such confirmation, (x) with respect to any condition in any Mortgage Loan Document document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage LoanLoans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be considered not to apply satisfied with respect to such Rating Agency for and the Master Servicer or the Special Servicer, as the case may be, may then take such action at if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such time (as if such requirement did not exist for such matter at such time), other than such a requirement request) that taking the action with respect to which it requested the replacement of Rating Agency Confirmation would still be consistent with the Servicer or Special ServicerServicing Standard, and (2y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed considered satisfied if (i) Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to apply ifthe time of determination, if Moxxx’x xs the non-responding Rating Agency, (ii) the replacement Master Servicer or Special Servicer, as applicable, is currently on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable replacement as the sole or material factor in such rating action or any qualification, downgrade or withdrawal of the event Fitch ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the non-responding Rating Agency, the replacement servicer has a commercial master servicer rating of at least “CMS3” from Fitch or the replacement special servicer has a commercial special servicer rating of at least “CSS3” from Fitch, as applicable. Any Rating Agency Confirmation request made by the Master Servicer, the Special Servicer, the Trustee Certificate Administrator or the Certificate AdministratorTrustee, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form)writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c). 146 Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 3.30(a) following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b3.15(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2013-C12)

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