Securitization Servicing Agreement definition

Securitization Servicing Agreement means the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing Agreement.

Securitization Servicing Agreement means the Note A-1 PSA.

Securitization Servicing Agreement means a pooling and servicing agreement, substantially in the form of the Model PSA, to be entered into in connection with the Lead Securitization, between (a) the Trustee, (b) the Person who serves as master servicer from and after the Securitization Date, (c) the Person which serves as special servicer from and after the Securitization Date, (d) the Person who services as operating advisor from and after the Securitization Date and (e) the Depositor, and any other additional Persons that may be party to such pooling and servicing agreement; provided it is acknowledged that such agreement is subject in all respects to changes (i) required by the Code relating to the tax elections of the related Lead Securitization Trust, (ii) required by law or changes in any law, rule or regulation and (iii) requested by the Rating Agencies or any purchaser of subordinate certificates. The Servicing Standard in the Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Noteholder (taking into account that Note B is junior to the Senior Notes).

Examples of Securitization Servicing Agreement in a sentence

• Except for the foregoing reallocation or severance and for modifications pursuant to the Lead Securitization 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.

• The Controlling Note Holder (or its Controlling Note Holder Representative) shall have the right (subject to the terms, conditions and limitations in the Lead Securitization Servicing Agreement) 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 with the Required Special Servicer Rating.

• Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of such Note Holder set forth herein and in the Lead Securitization Servicing Agreement).

• Each 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), upon the Mortgage Loan becoming a Defaulted Loan, to sell the Notes together as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement.

• In determining whether any offer received represents a fair price for the Mortgage Loan, the Trustee or the Special Servicer, as applicable, shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization Servicing Agreement within the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal.

More Definitions of Securitization Servicing Agreement

Securitization Servicing Agreement means, as of any date of determination, the pooling and servicing agreement that governs the Securitization that is then the Lead Securitization; provided that during any period that the Mortgage Loan is no longer subject to the provisions of the Securitization Servicing Agreement, the “Securitization Servicing Agreement” shall be determined in accordance with the second paragraph of Section 2(a).

Securitization Servicing Agreement means, subject to Section 2 hereof, a pooling and servicing agreement to be entered into in connection with the Lead Securitization.

Securitization Servicing Agreement means during the period (i) from and after the First Non-Lead Note Securitization and prior to the Note A-1 Securitization, the Interim Servicing Agreement and (ii) from and after the Note A-1 Securitization, the Note A-1 TSA; provided that in the event the Lead Senior Note is no longer an asset of the trust fund created pursuant to the Securitization Servicing Agreement, the term “Securitization Servicing Agreement” shall refer to the subsequent servicing agreement entered into pursuant to Section 2.

Securitization Servicing Agreement means during the period (i) from and after the First Non-Lead Note Securitization, if any, and prior to the Note A-1 Securitization, the First Non-Lead Note Servicing Agreement and (ii) from and after the Note A-1 Securitization, the Note A-1 Servicing Agreement; provided that in the event the Lead Senior Note is no longer an asset of the trust fund created pursuant to the Securitization Servicing Agreement, the term “Securitization Servicing Agreement” shall refer to the subsequent servicing agreement entered into pursuant to Section 2.

Securitization Servicing Agreement means a pooling and servicing agreement, substantially in the form of the Model PSA entered into in connection with the Lead Securitization, which pooling and servicing agreement is in a form customary and usually used in the servicing practices of servicers of commercial mortgage loans included in a securitization by and among (a) the Trustee, (b) the Person who serves as master servicer from and after the Securitization Date, (c) the Person which serves as special servicer from and after the Securitization Date, (d) the Person who services as operating advisor from and after the Securitization Date and (e) the Depositor, and any other additional Persons that may be party to such pooling and servicing agreement; provided it is acknowledged that such agreement is subject in all respects to changes (i) required by the Code relating to the tax elections of the related Lead Securitization Trust, (ii) required by law or changes in any law, rule or regulation and (iii) requested by the Rating Agencies or any purchaser of subordinate certificates that are customary and consistent with market standards. The Servicing Standard in the Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Noteholder (taking into account that the Note B is junior to Note A-1 and Note A-2). During any period that the Mortgage Loan is no longer subject to the provisions of the Securitization Servicing Agreement, the “Securitization Servicing Agreement” shall be determined in accordance with Section 2(f) hereof.

Securitization Servicing Agreement means such subsequent servicing agreement; provided, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each other Rating Agency with respect to any such Non-Lead Securitization Note regarding any Special Servicer to be appointed under such replacement servicing agreement that does not have the Required Special Servicer Rating for such Rating Agency or, with respect to the Master Servicer, would not otherwise meet the conditions to be a servicer under the Lead Securitization Servicing Agreement that is being replaced; provided, further, 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 Securitization Servicing Agreement, as if such agreement were still in full force and effect with respect to the Mortgage Loan, by the Servicers in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder that is a Person meeting the requirements of a master servicer under the Lead Securitization Servicing Agreement and, in the case of the Special Servicer, that meets the Required Special Servicer Rating for each Rating Agency then rating securities of a Non-Lead Securitization.

Securitization Servicing Agreement shall be determined in accordance with the second paragraph of Section 2(a).