Common use of Loan Administration Prior to Lead Securitization Date Clause in Contracts

Loan Administration Prior to Lead Securitization Date. Notwithstanding anything herein to the contrary (and each Note Holder hereby agrees that this Section 32 shall control over any conflicting provisions contained in this Agreement (including with respect to any other provisions containing the phrase “notwithstanding anything herein to the contrary” or words of similar effect or intent)), prior to the Lead Securitization Date, (x) the Mortgage Loan shall be serviced and administered pursuant to that certain Interim Servicing Agreement, dated as of August 16, 2022, between Barclays Bank PLC, as owner, Barclays, as owner, any new owners, as owner, and Midland Loan Services, a division of PNC Bank, National Association, as servicer, or any replacement servicing agreement entered into with any successor interim servicer appointed by Barclays, and (y) all servicing and other decisions regarding the Mortgage Loan shall be made: (i) with respect to matters set forth on Exhibit D hereto as constituting “Unanimous Decisions”, by unanimous consent of the Note Holders, (ii) with respect to matters set forth on Exhibit D hereto as “Super-Majority Decisions”, by consent of Note Holders of at least 75.00% Percentage Interest of the Mortgage Loan, and (iii) with respect to all other matters, except as otherwise expressly set forth in this Agreement or in the Servicing Agreement (provided that any conflict between the Servicing Agreement and this Agreement shall be resolved in favor of this Agreement), by the Controlling Note Holder.

Appears in 4 contracts

Samples: Agreement Between Note Holders (BBCMS Mortgage Trust 2024-5c31), Agreement Between Note Holders (Bank 2024-Bnk47), Agreement Between Note Holders (BBCMS Mortgage Trust 2024-C26)

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