Appointment of a Special Servicer. The Servicer may enter into a special servicing agreement with an unaffiliated holder of Subordinate Certificates or a holder of a class of securities representing interests in such Class of Subordinate Certificates, such agreement to be (i) substantially in the form of Exhibit R hereto or (ii) subject to each Rating Agency's acknowledgment that the ratings of the Certificates in effect immediately prior to the entering into of such agreement would not be qualified, downgraded or withdrawn and the Certificates would not be placed on credit review status (except for possible upgrading) as a result of such agreement. Any such agreement may contain provisions whereby such holder may instruct the Servicer to commence or delay foreclosure proceedings with respect to delinquent Loans and may contain provisions for the deposit of cash by the holder that would be available for distribution to Certificateholders if Liquidation Proceeds are less than they otherwise may have been had the Servicer acted in accordance with its normal procedures.
Appointment of a Special Servicer. The Servicer may enter into a special servicing agreement with an unaffiliated holder of a 100% Percentage Interest of a Subordinate Certificate or a holder of a class of securities representing interests in such Subordinate Certificate and/or other subordinate mortgage pass-through certificates, such agreement to be (i) substantially in the form of Exhibit R hereto or (ii) subject to each Rating Agency's acknowledgment that the ratings of the Certificates in effect immediately prior to the entering into of such agreement would not be qualified, downgraded or withdrawn and the Certificates would not be placed on credit review status (except for possible upgrading) as a result of such agreement. Any such agreement may contain provisions whereby such holder may instruct the Servicer to commence or delay foreclosure proceedings with respect to delinquent Loans and will contain provisions for the deposit of cash by the holder that would be available for distribution to Certificateholders if Liquidation Proceeds are less than they otherwise may have been had the Servicer acted in accordance with its normal procedures.
Appointment of a Special Servicer. 74 Section 3.20 ALLOCATION OF REALIZED LOSSES............................................75
Appointment of a Special Servicer. 69 Section 3.20 ALLOCATION OF REALIZED LOSSES.........................................................69 Section 3.21 MAINTENANCE OF THE ROUNDING ACCOUNT; COLLECTIONS THEREUNDER...........................70
Appointment of a Special Servicer. Subject to the following conditions, the Transferor, in its capacity as Servicer, may appoint a special servicer to service any Mortgage Loan that as of the first day of a fiscal quarter is delinquent in payment by 90 days or more or is an REO Property (a “Distressed Mortgage Loan”). The appointment of a special servicer by the initial Servicer and the execution of a special servicing agreement with the special servicer shall be subject to the consent of the Master Servicer, the Depositor and the Trustee and the receipt of confirmation from the Rating Agencies that the transfer of servicing to the special servicer shall not result in a reduction of the then-current rating previously given by such Rating Agency to any Certificate. The special servicing agreement shall provide that the special servicer shall undertake all duties and responsibilities of the Servicer under this Agreement in respect of any Distressed Mortgage Loans serviced by the special servicer, including in particular, all advancing obligations and all Exchange Act reporting obligations of the Servicer with respect to such Mortgage Loans.
Appointment of a Special Servicer. 59 TABLE OF CONTENTS (continued) ----------------- Section Page ------- ---- ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS; ADVANCES; STATEMENTS AND REPORTS
Appointment of a Special Servicer. The Master Servicer has entered into a Special Servicing Agreement with the Special Servicer. Pursuant to the Special Servicing Agreement, the Special Servicer may instruct the Master Servicer and if applicable, any sub-Servicer, to commence or delay foreclosure proceedings with respect to delinquent Mortgage Loans.]
Appointment of a Special Servicer. 67 Section 3.20 Allocation of Realized Losses..................................67 Section 3.21 Maintenance of the Rounding Accounts; Collections Thereunder...68
Appointment of a Special Servicer. The Servicer may enter into a special servicing agreement with an unaffiliated holder of Subordinate Certificates or a holder of a class of securities representing interests in such Class of Subordinate Certificates, such agreement to be (i) substantially in the form of Exhibit R hereto or (ii) subject to each Rating Agency's acknowledgment that the ratings of the Certificates in effect immediately prior to the entering into of such agreement would not be qualified, downgraded or withdrawn and the Certificates would not be placed on credit review status (except for possible upgrading) as a result of such
Appointment of a Special Servicer. 68 Section 3.20 Allocation of Realized Losses.........................................................68
