Common use of Special Servicing Clause in Contracts

Special Servicing. (a) Subject to the conditions described in Section 3.23(b) below, the Holder of the Class SB Certificates may (but is not obligated to) appoint a special servicer (each, a "Special Servicer") to service any Mortgage Loan which is delinquent in payment by 120 days or more as of the related Special Servicing Transfer Date; provided, however, that the aggregate Stated Principal Balance of Mortgage Loans transferred to a Special Servicer pursuant to this Section shall not equal or exceed 10% of the Cut-off Date Balance. The Holder of the Class SB Certificates shall give the Trustee and the Master Servicer not less than 40 days prior written notice of the date on which it anticipates the transfer of servicing with respect to any Mortgage Loan to a Special Servicer to occur (the "Special Servicing Transfer Date"), specifying (i) the Mortgage Loan(s) that it intends to transfer and (ii) the related Special Servicer.

Special Servicing. (a) Subject to the conditions described in Section 3.23(b3.22(b) below, the Holder of the Class SB Certificates may (but is not obligated to) appoint a special servicer (each, a "Special Servicer") to service any Mortgage Loan which is delinquent in payment by 120 days or more as of the related Special Servicing Transfer Date; provided, however, that the aggregate Stated Principal Balance of Mortgage Loans transferred to a Special Servicer pursuant to this Section shall not equal or exceed 10% of the Cut-off Date Balance. The Holder of the Class SB Certificates shall give the Trustee and the Master Servicer not less than 40 days prior written notice of the date on which it anticipates the transfer of servicing with respect to any Mortgage Loan to a Special Servicer to occur (the "Special Servicing Transfer Date"), specifying (i) the Mortgage Loan(s) that it intends to transfer and (ii) the related Special Servicer.