Qualified Servicer definition

Qualified Servicer means any nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,” in the case of a special servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, (3) as to which neither Moody’s nor KBRA has cited servicing concerns of such servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch statusin contemplation of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the time of determination, (4) a servicer that (i) during the 12-month period prior to the date of determination, acted as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the servicer or special servicer, as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS, that within the twelve (12) month period prior to the date of determination such servicer was acting as servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by DBRS and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such servicer as servicer or special servicer, as applicable, of such commercial mortgage securities as a material reason for such downgrade or withdrawal (or placement on watch status). For purposes of this definition, for so long as any Note is included in a Securitization, the ratings or actions of any Rating Agency that is not rating any such Securitization(s) shall not be considered.
Qualified Servicer means:
Qualified Servicer. As defined in Section 3.30 of this Agreement.

Examples of Qualified Servicer in a sentence

  • Subject to the terms of the Lead Securitization Servicing Agreement for so long as the Lead Note is included in the Lead Securitization, the Directing Holder shall have the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof.


More Definitions of Qualified Servicer

Qualified Servicer means any Person that (i) is properly licensed and qualified to conduct business in each jurisdiction in which such licenses and qualifications to conduct business are necessary for the servicing of the Loans and management of the Underlying Collateral and the Acquired Property, (ii) has the management capacity and experience to service Loans of the type held by the Company, especially performing and non-performing construction loans secured by multi-family residential properties or commercial properties, as applicable, including the number and types of loans serviced, and the ability to track, process and post payments, and to furnish tax reports to borrowers, to monitor construction and to approve and disburse construction draws, (iii) either (x) has an Acceptable Rating or (y) is approved by and continues to be acceptable to the Initial Member in its sole discretion, and (iv) in the event any of the serviced Loans are (or are required pursuant to the terms hereof to be) registered on the MERS® System, is a member of MERS.
Qualified Servicer. With respect to the applicable replacement Servicer or Special Servicer and the applicable non-responding Rating Agency pursuant to Section 3.26 hereof, (a) with respect to S&P, such replacement servicer or special servicer, as applicable, is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, and (b) with respect to KBRA, KBRA has not cited servicing concerns of the applicable replacement servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch statusin contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction serviced by the applicable replacement servicer or special servicer prior to the time of determination.
Qualified Servicer means (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of PNC Bank, National Association, (iii) KeyBank National Association, or in the case of a Special Servicer, Rialto Capital Advisors, LLC or
Qualified Servicer. As defined in Section 3.30.
Qualified Servicer. Any nationally recognized commercial mortgage loan servicer (other than ORIX Capital Markets LLC or any of its Affiliates) rated at least “Css2” (or equivalent successor rating) by Fitch, Inc., or any successor to Fitch, Inc. and on the approved master servicer list or special servicer list of Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.
Qualified Servicer. With respect to the applicable replacement Servicer or Special Servicer and the applicable non-responding Rating Agency pursuant to Section 3.24 hereof, the applicable replacement is rated at least “CMS3” (in the case of the Servicer) or “CSS3” or “CLLSS3” (in the case of the Special Servicer).
Qualified Servicer means (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of PNC Bank, National Association, (iii) KeyBank National Association or (iv) any nationally recognized commercial mortgage loan servicer