Common use of Appointment of a Special Servicer Clause in Contracts

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Certificates in effect immediately prior to the entering into of such agreement would not be qualified, downgraded or withdrawn and the Certificates would not be placed on credit review status (except for possible upgrading) as a result of such agreement.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 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in effect immediately prior to the entering 107 into of such agreement would not be qualified, downgraded or withdrawn and the Certificates would not be placed on credit review status (except for possible upgrading) as a result of such agreement.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 Each 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 related 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 related Servicer acted in accordance with its normal procedures.