Common use of The Directing Certificateholder and the Risk Retention Consultation Party Clause in Contracts

The Directing Certificateholder and the Risk Retention Consultation Party. (a) (A) Other than with respect to any Serviced AB Whole Loan that is not subject to an AB Control Appraisal Period, for so long as no Control Termination Event has occurred and is continuing, the Directing Certificateholder shall be entitled to advise (1) the Special Servicer with respect to all Major Decisions for all Mortgage Loans (other than any Excluded Loan with respect to the Directing Certificateholder), (2) the Special Servicer with respect to all Mortgage Loans, as to the Special Servicer Decisions described in clauses (d), (e), (f) and (g) of the definition of “Special Servicer Decision” and (3) the Master Servicer to the extent the Directing Certificateholder’s consent is required by clauses (x) and (xii) of the definition of Master Servicer Decision, and (B) the Risk Retention Consultation Party shall (other than with respect to an Excluded Loan with respect to the Risk Retention Consultation Party) be entitled to consult on a strictly non-binding basis with the Special Servicer (1) prior to the occurrence and continuance of a Consultation Termination Event, with respect to any Major Decision in respect of a Specially Serviced Loan and, (2) after the occurrence and during the continuance of a Consultation Termination Event, with respect to any Major Decision in respect of any Mortgage Loan. For the avoidance of doubt, any consultation with the Risk Retention Consultation Party under this Agreement shall occur only upon request of the Risk Retention Consultation Party with respect to any individual triggering event, and any such consultation shall be on a strictly non-binding basis and shall be subject to all limitations with respect to the procedures and timing of such consultation set forth in this Section 6.08. Notwithstanding anything herein to the contrary, except as set forth in, and in any event subject to, the third and fourth paragraphs of this Section 6.08(a) and Section 6.08(b), for so long as no Control Termination Event has occurred and is continuing, the Special Servicer shall only be permitted to take any of the following actions (each, a “Major Decision”) as to which the Directing Certificateholder has consented in writing within ten (10) Business Days after the Directing Certificateholder’s receipt of the Special Servicer’s written recommendation and analysis and all information reasonably requested by the Directing Certificateholder, and reasonably available to the Special Servicer in order to grant or withhold such consent (provided that if such written consent has not been received by the Special Servicer within such ten (10) Business Day period, then the Directing Certificateholder will be deemed to have approved such action):

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Bnk2), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2017-Gs7), Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C1)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.