Lead Master Servicer definition
Examples of Lead Master Servicer in a sentence
The Lead Special Servicer shall promptly deliver notice to the Lead Certificate Administrator and the Lead Master Servicer of any such determination and recalculation of Appraisal Reduction Amount and the Lead Certificate Administrator shall promptly post such notice to the Lead Certificate Administrator’s Website.
Until the delivery of such a notice, each other Note A Holder, the Lead Special Servicer, the Lead Master Servicer and the Lead Trustee shall be entitled to assume, without investigation, that the Note A-1 Holder or the Note A-2 Holder constitutes a Control-Eligible Note A Holder.
If a letter of credit is furnished as Threshold Event Collateral, the letter of credit must (i) have an initial term no shorter than six (6) months, (ii) contain an evergreen clause providing for automatic renewal for additional periods not less than six (6) months and (iii) provide that the Lead Master Servicer may draw upon such letter of credit if it is not renewed prior to the date that is 30 days prior to the expiration date of such letter of credit.
If a letter of credit is furnished as Threshold Event Collateral, the Note B Holder shall be required to replace such letter of credit with other Threshold Event Collateral within 30 days if the credit ratings of the issuer of the letter of credit are downgraded below the required ratings set forth above; provided, however, that, if such Threshold Event Collateral is not so replaced, the Lead Master Servicer shall draw upon such letter of credit and hold proceeds thereof as Threshold Event Collateral.
None of the Lead Master Servicer, the Lead Trustee or the Lead Certificate Administrator shall calculate or verify Appraisal Reduction Amounts.
A transferring Noteholder agrees it will pay the reasonable out-of-pocket expenses of the other Noteholders (including all reasonable out-of-pocket expenses of the Lead Master Servicer, the Lead Special Servicer, each Non-Lead Master Servicer and each Non-Lead Special Servicer) in connection with any such Transfer unless such transfer is made by the Initial Note B Holder to any other Person in accordance with the terms of this Section 20.
If the Appraised Value of the Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence of a Control Appraisal Period without taking into consideration any, or some portion of, Threshold Event Collateral then held by the Lead Master Servicer, any or such portion of Threshold Event Collateral held by the Lead Master Servicer shall promptly be returned to the Note B Holder (at its sole direction and expense).
Upon a Final Recovery Determination with respect to the Mortgage Loan, the Lead Master Servicer shall transfer any related Threshold Event Collateral held in the form of cash (or, if the related Threshold Event Collateral is a letter of credit, the proceeds of such Threshold Event Collateral) to the Custodial Account, which such transferred amount shall be treated as Liquidation Proceeds and applied in accordance with Section 3(b) or 3(c), as applicable.
Promptly following request made by any Noteholder, the Lead Master Servicer or the Lead Special Servicer shall deliver to the Lead Certificate Administrator, for posting to such website, the most recent borrower financial statements, property operating statements, rent rolls and inspection reports then in the possession of the Lead Master Servicer or the Lead Special Servicer, as the case may be, in each case to the extent not previously so delivered.
The Lead Master Servicer and the Lead Special Servicer may rely on an opinion of counsel with respect to the determination described in clause (B) of the immediately preceding sentence.