RIGHTS OF THE HOLDER OF A B NOTE Sample Clauses
The "Rights of the Holder of a B Note" clause defines the specific entitlements and limitations of an investor or lender who holds a B Note in a structured loan arrangement. Typically, a B Note is a subordinate debt instrument, ranking below the A Note in terms of repayment priority and security. This clause outlines what actions the B Note holder can take, such as receiving payments after the A Note is satisfied, participating in certain decisions, or enforcing remedies in the event of borrower default. Its core function is to clarify the rights and obligations of B Note holders, thereby reducing ambiguity and potential disputes among different classes of lenders.
RIGHTS OF THE HOLDER OF A B NOTE. With respect to each A/B Mortgage Loan (if any), the holder of the B Note shall have such consent rights or consultation rights, during the specified time periods, as are set forth in the related Intercreditor Agreement. Notwithstanding the foregoing, if the Master Servicer or Special Servicer, as applicable, determines that immediate action is necessary to protect the interest of the Certificateholders and the holder of any related Serviced Companion Mortgage Loan (as a collective whole), then the Master Servicer or Special Servicer, as applicable may take any such action without waiting for the response of the holder of the B Note provided for in the related Intercreditor Agreement. In addition, with respect to any A/B Mortgage Loan, to the extent provided for in the related Intercreditor Agreement, the holder of the B Note may direct the Master Servicer or Special Servicer, as applicable, to take, or to refrain from taking, such actions as the holder of the B Note may deem advisable or as to which provision is otherwise made herein. Upon reasonable request, the Master Servicer or Special Servicer, as applicable, shall, with respect to any A/B Mortgage Loan, provide the holder of the B Note with any information in the Master Servicer's or Special Servicer's, as applicable, possession with respect to such matters, including its reasons for determining to take a proposed action. In the event that the holder of the B Note shall direct the Master Servicer or the Special Servicer to take any action (other than those provided for in the related Intercreditor Agreement), the Master Servicer or the Special Servicer shall be entitled to receive reimbursement from collections on and other proceeds of the B Note for (i) its reasonable out-of-pocket expenses incurred in taking such action and (ii) to the extent that such action constitutes an extraordinary action not in the ordinary course of administering and servicing such mortgage loan, other reasonable costs incurred by the Master Servicer or the Special Servicer in taking such action. The Master Servicer or the Special Servicer shall notify the holder of the B Note, prior to taking the related action, if the Master Servicer or the Special Servicer anticipates that it will seek reimbursement therefor under the preceding sentence, and of the estimated amount of such reimbursement, and shall further notify the holder of the B Note if it intends to obtain actual reimbursement in excess of the estimated amount. Notw...
RIGHTS OF THE HOLDER OF A B NOTE. With respect to each A/B Mortgage Loan (if any), pursuant to the related Intercreditor Agreement, either the Master Servicer (with respect to Mortgage Loans that are not Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans), as applicable, shall consult with the holder of the related B Note (or an operating advisor appointed by the holder of the B Note to act on its behalf at the expense of the holder of the B Note) regarding its views, and shall provide the holder of the related B Note with any proposals and back-up materials that are used by either the Master Servicer or the Special Servicer, as applicable, in developing such proposals (as reasonably determined by either the Master Servicer or the Special Servicer, as applicable), including but not limited to (and only if previously obtained by either the Master Servicer or the Special Servicer, as applicable, and not previously delivered to such holder of the B Note) property inspection reports, credit reports, the Mortgagor financial and/or operating statements, appraisals, engineering reports, soil reports, environmental assessment reports, seismic reports, architect's certificates, insurance premium receipts and insurance claim files, with respect to the following actions at least five (5) Business Days prior to any such action being taken:
RIGHTS OF THE HOLDER OF A B NOTE. With respect to each A/B Mortgage Loan (if any), pursuant to the related Intercreditor Agreement, the holder of the B Note may advise the Master Servicer (with respect to an A/B Mortgage Loan that is not a Specially Serviced Mortgage Loan) or the Special Servicer (with respect to A/B Mortgage Loans that are Specially Serviced Mortgage Loans), as applicable, with respect to the following actions of the Master Servicer or Special Servicer, as applicable, and neither the Master Servicer nor the Special Servicer shall be permitted to take any of the following actions with respect to the A/B Mortgage Loan unless and until it has notified the holder of the B Note in writing and the holder of the B Note has not objected in writing within ten (10) Business Days of having been notified thereof and having been provided with all reasonably requested information with respect thereto (it being understood and agreed that if such written objection has not been received by the Master Servicer or Special Servicer, as applicable, within such ten (10) Business Day period, then the holder of the B Note's approval shall be deemed to have been given):
RIGHTS OF THE HOLDER OF A B NOTE. With respect to each A/B Mortgage Loan (if any), the holder of the B Note shall have such consent rights or consultation rights, if any, during the specified time periods, as are set forth in the related Intercreditor Agreement.