Lead Special Servicer definition
Examples of Lead Special 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.
The Lead Special Servicer shall provide all information reasonably requested by any applicable Consulting Party and in the Lead Special Servicer's possession that is necessary in order for such Consulting Party to exercise its consultation rights set forth in the first sentence of this paragraph.
The Controlling Noteholder (or its Controlling Noteholder Representative), at its expense (including, without limitation, the reasonable costs and expenses of counsel to any third parties and costs and expenses of a terminated Lead Special Servicer), shall have the right, at any time from time to time following the closing of the Lead Securitization, to appoint a replacement Lead Special Servicer with a Special Servicer that has the Required Lead Special Servicer Rating.
Furthermore, the Controlling Noteholder may direct the Lead Special Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as such party may reasonably deem advisable or as to which provision is otherwise made herein or in the Servicing Agreement (but this shall not be construed to limit the rights of other Noteholders under the other provisions of this subsection or under Section 5(d) or Section 5(e)).
No Person who constitutes a Decision-Eligible Note A Holder with respect to an Extraordinary Major Decision under subsection (d) or a Majority Decision under subsection (e) shall also be entitled to non-binding consultation with the Lead Special Servicer with respect to such Extraordinary Major Decision or such Majority Decision, as the case may be, notwithstanding that such Person may otherwise then constitute a Consulting Party.
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.
In the event of such a replacement of the Lead Special Servicer when the Note A-1 Holder or the Note A-2 Holder is the Controlling Noteholder, the Note A-1 Holder or the Note A-2 Holder (as the case may be) and such other approving Decision-Eligible Note A Holder(s) (pro rata according to their Note Principal Balances) shall pay or reimburse the costs and expenses arising from causing the satisfaction of any and all conditions to such replacement as are set forth herein or in the Servicing Agreement.
Each Decision-Eligible Note A Holder who delivers to the Lead Special Servicer an affirmative approval of or objection to a Majority Decision shall use commercially reasonable efforts to notify the other Decision-Eligible Note A Holders of such approval or objection but a failure to provide such notice shall not limit the effectiveness of the approval (or deemed approval) or objection delivered by such Decision-Eligible Note A Holder to the Lead Special Servicer.
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.