Common use of Syndicates Clause in Contracts

Syndicates. A Permitted Mortgagee may consist of a syndicate of Institutional Lenders or other syndicate meeting the definition of Permitted Mortgagee; provided, however, that (i) only one Institutional Lender or a duly authorized professional servicer representing all lenders may exercise the rights of the Permitted Mortgagee hereunder; (ii) such Institutional Lender shall be designated by a notice delivered to District and executed by all of the Institutional Lenders in such syndicate; (iii) District shall deal solely with such Institutional Lender, on behalf of such syndicate, as the sole Permitted Mortgagee hereunder; (iv) the actions taken, and the documents executed, by such Institutional Lender shall be binding upon all Persons in such syndicate; and (v) District shall be permitted to disregard any notice, demand, direction, or other communication received from any Institutional Lender in such syndicate that is not such designated Institutional Lender.

Syndicates. A The Permitted Mortgagee may consist of a syndicate of Institutional Lenders or other syndicate meeting the definition of Permitted Mortgagee; provided, however, that (i) only one Institutional Lender or a duly authorized professional servicer representing all lenders may exercise the rights of the Permitted Mortgagee hereunder; (ii) such Institutional Lender shall be designated by a notice delivered to District and executed by all of the Institutional Lenders in such syndicate; (iii) District shall deal solely with such Institutional Lender, on behalf of such syndicate, as the sole Permitted Mortgagee hereunder; (iv) the actions taken, and the documents executed, by such Institutional Lender shall be binding upon all Persons in such syndicate; and (v) District shall be permitted to disregard any notice, demand, direction, direction or other communication received from any Institutional Lender in such syndicate that is not such designated Institutional Lender.