Common use of Securitization Servicing Agreement Clause in Contracts

Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely releases each other Note Holder and any Servicer from any liability to the pledging Note Holder on account of such other Note Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

Securitization Servicing Agreement. Any pledging Each Note Holder hereby unconditionally irrevocably appoints the Master Servicer, the Special Servicer and absolutely releases each the Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder set forth herein and in the Lead Securitization Servicing Agreement). In no event shall the Lead Securitization Servicing Agreement require the Servicer to enforce the rights of any Note Holder against the other Note Holder and any or limit the Servicer from any liability to in enforcing the pledging rights of one Note Holder on account of such against the other Note Holder’s or Servicer’s compliance ; however, this statement shall not be construed to otherwise limit the rights of one Note Holder with any Redirection Notice believed by any Servicer or such respect to the other Note Holder to have been delivered by a Note PledgeeHolder. Note Pledgee Each Servicer shall be permitted required pursuant to exercise fully its rights and remedies against the pledging Note Holder Lead Securitization Servicing Agreement to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), service the Mortgage Loan in accordance with applicable law and this Agreement. In such eventthe Servicing Standard, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other than terms of the Mortgage Loan Borrower Documents, the Lead Securitization Servicing Agreement and applicable law, each Servicer shall provide information to each Non-Lead Servicer under the Non-Lead Securitization Servicing Agreement to enable each such Non-Lead Servicer to perform its servicing duties under the Non-Lead Securitization Servicing Agreement and each Servicer shall not take any action or refrain from taking any Affiliate thereof which is also a Qualified Institutional Lender at action or follow any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as direction inconsistent with the successor to the pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminatedforegoing.