Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect to its Note shall be for its own account. Any Note Holder that receives proceeds from the sale of the primary servicing rights with respect to the Mortgage Loan shall remit to the other Note Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of such proceeds on a Pro Rata and Pari Passu Basis.
Appears in 6 contracts
Samples: Agreement Between Note Holders (Benchmark 2024-V5 Mortgage Trust), Agreement Between Note Holders (Benchmark 2023-B40 Mortgage Trust), Agreement Between Note Holders (MSWF Commercial Mortgage Trust 2023-2)
Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect to its Note shall be for its own account. Any Note Holder that receives proceeds from the sale of the primary servicing rights with respect to the Mortgage Loan shall remit to the other Note Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of such proceeds on a Pro Rata and Pari Passu Basis.
Appears in 2 contracts
Samples: Agreement Between Note Holders (BBCMS Mortgage Trust 2018-C2), Agreement Between Note Holders (Benchmark 2018-B7 Mortgage Trust)
