Lead Servicing Agreement definition

Lead Servicing Agreement means the pooling and servicing agreement to be entered into in connection with the Lead Securitization Note. The Servicing Standard in the Lead Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Note Holder.

Lead Servicing Agreement means such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency; provided, further, however, that the Note that was held by the Lead Securitization shall continue to be considered as the Lead Note; provided further, however, that unless otherwise agreed to by the holder of the Lead Note, the master servicer under such subsequent servicing agreement shall not be required to make any P&I Advance in respect of such Note; provided, however, that until a replacement servicing agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Lead Servicing Agreement (excluding, however, any obligation to make any P&I Advances in respect of the Lead Note except as specifically agreed to by the Servicer, and provided that the Servicer’s right to reimbursement for Servicing Advances as set forth in Section 2(c) shall remain in effect), as if such agreement was still in full force and effect with respect to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder that is a qualified servicer meeting the requirements of the Lead Servicing Agreement and meeting the Required Special Servicer Rating (to the extent such servicer is performing special servicing functions).

Lead Servicing Agreement means during the period (a) from and after the Note A-1 Securitization and Note A-8 Securitization and prior to the Note A-4 Securitization, the BBCMS 2022-C18 PSA and (b) from and after the Note A-4 Securitization, the pooling and servicing agreement to be entered into in connection with the Note A-4 Securitization. The Servicing Standard in the Lead Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Note Holder.

Examples of Lead Servicing Agreement in a sentence

• The Controlling Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling Note Holder Representative in accordance with the terms of the Lead Servicing Agreement.

• Subject to the terms of the Lead Servicing Agreement, each of the Controlling Note Holder, the Controlling Note Holder Representative, the Non-Controlling Note Holder and the Non-Controlling Note Holder Representative shall be permitted to bid at any sale of the Mortgage Loan unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

• Upon the Mortgage Loan becoming a Defaulted Mortgage Loan, each Non-Lead Securitization Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) to sell the Notes as notes evidencing one whole loan in accordance with the terms of the Lead Servicing Agreement.

• Subject to the terms of the Lead Servicing Agreement governing servicer liability, no Note Holder shall have any liability to any other Note Holder with respect to its Note except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach of this Agreement on the part of such Note Holder.

• Subject to the terms of the Lead Servicing Agreement, the Controlling Note Holder (or its Controlling Note Holder Representative) shall have the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof.

• Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto by such term or other analogous term in the Lead Servicing Agreement.

• Except for the foregoing reallocation and for modifications pursuant to the Lead Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without the consent of its holder and the consent of the holder of each other Note.

• If the Controlling Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of the securitization under the Lead Servicing Agreement, then the initial Special Servicer designated in the Lead Servicing Agreement shall serve as the initial Special Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan as aforesaid.

• In no event shall the Lead Servicing Agreement require the Servicer to enforce the rights of any Note Holder against any other Note Holder or limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder; however, this statement shall not be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder.

• So long as no Consultation Termination Event is in effect pursuant to the terms of the Lead Servicing Agreement, the Controlling Note Holder Representative shall be the Lead Securitization Subordinate Class Representative.