PAYOFFS. o The Master Servicer has 2 Business Days to confirm the payoff amount including any required prepayment premium from the date it is provided by the Primary Servicer. o If approval of the Special Servicer is required, to the extent such request is not made directly to the Special Servicer by the Primary Servicer, the Master Servicer shall forward its recommendation to the Special Servicer within such 2 Business Day period and shall immediately upon receipt of the Special Servicer's decision (not to exceed 1 Business Day) advise the Primary Servicer of such decision or, if applicable, immediately (not to exceed 1 Business Day) advise the Primary Servicer that the Special Servicer's time to respond lapsed without a response. o Failure of the Master Servicer to respond within the timeframes specified above will be deemed a waiver of its right to consent and as such the recommendation of the Primary Servicer shall be deemed approved. LETTER OF CREDIT RENEWALS AND RELEASES o The Master Servicer has 5 Business Days to respond to the recommendation of the Primary Servicer from the date of receipt of Primary Servicer's recommendation. o If approval of the Special Servicer is required, to the extent such request is not made directly to the Special Servicer by the Primary Servicer, the Master Servicer shall forward its recommendation to the Special Servicer within such 5 Business Day period and shall immediately upon receipt of the Special Servicer's decision (not to exceed 1 Business Day) advise the Primary Servicer of such decision or, if applicable, immediately (not to exceed 1 Business Day) advise the Primary Servicer that the Special Servicer's time to respond lapsed without a response. o Failure of the Master Servicer to respond within the timeframes specified above will be deemed a waiver of its right to consent and as such the recommendation of the Primary Servicer shall be deemed approved. o If a release of the Letter of Credit is approved, the party holding the Letter has a 5 Business Day period to release.
Appears in 4 contracts
Samples: Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr14), Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr11), Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr15)
