Enforcement of Alienation Clauses. The Master Servicer (at the direction of the Special Servicer), in the case of Mortgage Loans other than Specially Serviced Mortgage Loans, and the Special Servicer, in the case of Specially Serviced Mortgage Loans, on behalf of the Trustee as the mortgagee of record, shall enforce the restrictions contained in any Mortgage on transfers or further encumbrances of the related Mortgaged Property and on transfers of interests in the related Mortgagor, unless the Special Servicer has determined, in its reasonable good faith judgment, that waiver of such restrictions would be in accordance with the Servicing Standard; provided that the Special Servicer shall not waive, or instruct the Master Servicer to waive, any right it has, or grant any consent, or instruct the Master Servicer to grant any consent, it is otherwise entitled to withhold, under any related "due-on-encumbrance" clause until it has received written confirmation from each Rating Agency that such action would not result in the downgrade, qualification or withdrawal of the rating then assigned by such Rating Agency to any Class of Bonds. After having made any such determination, the Special Servicer shall deliver to the Trustee and the Master Servicer an Officer's Certificate setting forth the basis for such determination. The Master Servicer shall provide the Special Servicer with all information as it may reasonably request in order to make such determination.
Appears in 3 contracts
Samples: Servicing and Administration Agreement (Criimi Mae CMBS Corp), Servicing and Administration Agreement (Structured Asset Securities Corp Series 1997 Ll I), Servicing and Administration Agreement (Criimi Mae CMBS Corp)
Enforcement of Alienation Clauses. The Master Servicer (at the direction of the Special Servicer), in the case of Mortgage Loans other than Specially Serviced Mortgage Loans, and the Special Servicer, in the case of Specially Serviced Mortgage Loans, on behalf of the Trustee as the mortgagee of record, shall enforce the restrictions contained in any Mortgage on transfers or further encumbrances of the related Mortgaged Property and on transfers of interests in the related Mortgagor, unless the Special Servicer has determined, in its reasonable good faith judgment, that waiver of such restrictions would be in accordance with the Servicing Standard; provided that the Special Servicer shall not waive, or instruct the Master Servicer to waive, any right it has, or grant any consent, or instruct the Master Servicer to grant any consent, it is otherwise entitled to withhold, under any related "due-on-encumbrance" clause until it has received written confirmation from each Rating Agency that such action would not result in the downgrade, qualification or withdrawal of the rating then assigned by such Rating Agency to any Class of BondsCertificates. After having made any such determination, the Special Servicer shall deliver to the Trustee and the Master Servicer an Officer's Certificate setting forth the basis for such determination. The Master Servicer shall provide the Special Servicer with all information as it may reasonably request in order to make such determination.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Criimi Mae CMBS Corp), Pooling and Servicing Agreement (DLJ Commercial Mortgage Corp), Pooling and Servicing Agreement (Criimi Mae CMBS Corp)
