The Special Servicer definition
The Special Servicer s decision as to how each REO Property shall be managed shall be based on the Servicing Standard and in any case on the good faith and reasonable judgment of the Special Servicer as to which means would be in the best interest of the Certificateholders (or, if the REO Property was formerly a Mortgaged Property securing a Co-Lender Loan, the Certificateholders and the related Companion Holder (as a collective whole in accordance with the Servicing Standard, taking into account the subordinate nature of the Companion Loan, if applicable)) by maximizing (to the extent commercially feasible and consistent with Section 3.17(b)) the net after-tax REO Revenues received by the Trust Fund with respect to such property and, to the extent consistent with the foregoing, in the same manner as would prudent mortgage loan servicers operating acquired mortgaged property comparable to the respective Mortgaged Property. Both the Special Servicer and the REMIC Administrator may, at the expense of the Trust Fund payable pursuant to Section 3.05(a)(xiv), consult with counsel.
The Special Servicer s decision as to how each REO Property shall be managed shall be based on the Servicing Standard and in any case on the good faith and reasonable judgment of the Special Servicer as to which means would be in the best interest of the Certificateholders (or, if the REO Property was formerly a Mortgaged Property securing a Co-Lender Loan, the Certificateholders and the related Companion Holder (as a collective whole in accordance with the Servicing Standard)) by maximizing (to the extent commercially feasible and consistent with Section 3.17(b)) the net after-tax REO Revenues received by the Trust Fund with respect to such property and, to the extent consistent with the foregoing, in the same manner as would prudent mortgage loan servicers operating acquired mortgaged property comparable to the respective Mortgaged Property. Both the Special Servicer and the REMIC Administrator may, at the expense of the Trust Fund payable pursuant to Section 3.05(a)(xiv), consult with counsel.
The Special Servicer s decision as to how each REO Property shall be managed shall be based on the Servicing Standard and in any case on the good faith and reasonable judgment of the Special Servicer as to which means would be in the best interest of the Certificateholders by maximizing (to the extent commercially feasible and consistent with Section 3.17(b)) the net after-tax REO Revenues received by the Trust Fund with respect to such property and, to the extent consistent with the foregoing, in the same manner as would prudent mortgage loan servicers operating acquired mortgaged property comparable to the respective Mortgaged Property. Both the Special Servicer and the REMIC Administrator may, at the expense of the Trust Fund payable pursuant to Section 3.05(a)(xiii) consult with counsel.
Examples of The Special Servicer in a sentence
The Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.
The Special Servicer shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions.
The Special Servicer shall notify the Controlling Note Holder Representative and each Non-Controlling Note Holder Representative of any inquiries or offers received regarding the sale of such Defaulted Mortgage Loan.
The Special Servicer shall have no obligation to make any P&I Advance.
The Special Servicer shall be responsible for the preparation of all such documents and pleadings.
More Definitions of The Special Servicer
The Special Servicer s decision as to how each Administered REO Property shall be managed and operated shall be based on the Servicing Standard and, further, based on the reasonable judgment of the Special Servicer as to which means would be in the best interest of the Certificateholders (and, in the case of any Loan Combination REO Property, the related Non-Trust Noteholder(s)), as a collective whole, by maximizing (to the extent commercially reasonable and consistent with Section 3.17(b)) the net after-tax REO Revenues received by the Trust Fund with respect to such property and, to the extent consistent with the foregoing, in the same manner as would prudent mortgage loan servicers operating acquired mortgaged property comparable to the respective Serviced Mortgaged Property. Both the Special Servicer and the REMIC Administrator may, at the expense of the Trust Fund payable pursuant to Section 3.05(a)(xiii) consult with counsel.
The Special Servicer shall obtain the prior written approval of the Extension Advisor in respect of any proposed modification of a Mortgage Loan pursuant to Section 3.10(a) with respect to which three successive extensions shall have already been granted. The Special Servicer shall advise the Extension Advisor in a written report (in reasonable detail) if any such modification after the third successive previous extension of such Mortgage Loan with respect to a Specially Serviced Mortgage Loan is proposed and the Special Servicer shall grant such extension only if the Extension Advisor approves such extension in writing. The Extension Advisory Fee shall be paid to the Extension Advisor, first from loan modification fees paid by the Borrower under the related Mortgage Loan as to which an extension was requested, and, to the extent that such loan modification fees are insufficient to pay the Extension Advisory Fee, any such shortfall shall be paid from the Servicing Compensation; provided that the reduction in Servicing Compensation shall be allocated equally between the Servicer and the Special Servicer. The Extension Advisor may be replaced at any time by the Holders of____% of the Voting Rights allocated to each Class of Regular Certificates, other than the most subordinate such Class of Regular Certificates, by written notice to the Extension Advisor, the Trustee and the Special Servicer. Notwithstanding anything to the contrary contained herein, in no event shall the Special Servicer be the Extension Advisor.
The Special Servicer shall deliver electronically using the ARCap Naming Convention a written Inspection Report of each Specially Serviced Mortgage Loan in accordance with Section 9.4(b) to the Operating Adviser.
The Special Servicer shall obtain the prior written approval of the Extension Advisor in respect of any proposed extension of a Mortgage Loan pursuant to Section 3.10(a) with respect to which three successive extensions shall have already been granted. The Special Servicer shall advise the Extension Advisor in a written report (in reasonable detail) if any such extension is proposed and the Special Servicer shall grant such extension only if the Extension Advisor approves such extension in writing. The Extension Advisor will be paid a fee of 0.04% of the Scheduled Principal Balance of any Mortgage Loan as to which an extension is requested that requires the Extension Advisor's approval pursuant to Section 3.10(a). Such fee shall be payable first from loan modification fees from the Borrower under the related Mortgage Loan and, to the extent such amounts are insufficient, from Servicing Compensation otherwise payable to the Servicer and the Special Servicer (allocated equally between the Servicer and the Special Servicer). The Holders of 66-2/3% of the aggregate Voting Rights of all Classes of Regular Certificates, other than the most subordinate such Class of Regular Certificates, shall be entitled to appoint an initial Extension Advisor or remove and replace the current Extension Advisor by providing written notice thereof to the Trustee and the Special Servicer. The Trustee shall notify the Certificateholders and the Rating Agencies in the event the Trustee receives written notice from the Holders of 66-2/3% of the aggregate Voting Rights of all Classes of Regular Certificates, other than the most subordinate such Class of Regular Certificates, or, in the case of resignation, from the Extension Advisor, which notice provides that an initial Extension Advisor has been appointed or that the current Extension Advisor has been removed or has resigned. Notwithstanding anything to the contrary described herein, the Special Servicer will not have any right or obligation to consult with, seek and obtain the approval or direction from an Extension Advisor during the time that no Person is acting in such capacity.
The Special Servicer s decision as to how each Administered REO Property shall be managed shall be based on the Servicing Standard and in any case on the good faith and reasonable judgment of the Special Servicer as to which means would be in the best interest of the Certificateholders and, in the case of any SLC REO Property, the related Serviced Non-Trust Mortgage Loan Noteholder(s) (as a collective whole) by maximizing (to the extent commercially feasible and consistent with Section 3.17(b)) the net after-tax REO Revenues received by the Trust Fund with respect to such property and, to the extent consistent with the foregoing, in the same manner as would prudent mortgage loan servicers operating acquired mortgaged property comparable to the respective REO Property. Both the Special Servicer and the Trustee may, at the expense of the Trust Fund payable pursuant to Section 3.05(a) and, to the extent such amounts relate to a Serviced Loan Combination and/or an SLC REO Property, at the expense of the Trust Fund and the related Serviced Non-Trust Mortgage Loan Noteholder(s) payable pursuant to Section 3.05(e), consult with counsel.
The Special Servicer s decision as to how each Administered REO Property shall be managed and operated shall be based on the Servicing Standard and, further, based on the good faith and reasonable judgment of the Special Servicer as to which means would be in the best interest of the Certificateholders (and, in the case of any Administered REO Property related to a Serviced Loan Combination, the related Serviced Non-Trust Mortgage Loan Noteholder(s)), as a collective whole, by maximizing (to the extent commercially reasonable and consistent with Section 3.17(b)) the net after-tax REO Revenues received with respect to such property without materially impairing the Special Servicer's ability to promptly sell such property for a fair price. In connection with performing their respective duties under this Section 3.17(a), both the Special Servicer and the Tax Administrator may consult with counsel and tax accountants, the reasonable cost of which consultation shall be covered by, and be reimbursable as, a Servicing Advance to be made by the Special Servicer.
The Special Servicer shall, promptly after a Mortgage Loan becomes a Specially Serviced Mortgage Loan, give written notice to the Master Servicer, the Controlling Class Representative and the Trustee which shall include an explanation as to the reasons such Mortgage Loan became a Specially Serviced Mortgage Loan and the Special Servicer's plan for servicing such Mortgage Loan, a copy of which notice shall be provided by the Trustee to each Rating Agency and upon request to each Certificateholder and the Depositor.