Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 465 contracts
Sources: Agreement Between Note Holders (Benchmark 2025-V18 Mortgage Trust), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2025-C65), Agreement Between Note Holders (Bank5 2025-5yr17)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each the related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the such Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the such Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the such Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related the Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 194 contracts
Sources: Agreement Between Note Holders (Bank5 2025-5yr18), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2025-C65), Agreement Between Note Holders (Bank5 2025-5yr16)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
(c) If a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate at the Non-Lead Securitization Note Holder’s expense with such Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent that such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer (and the Non-Lead Asset Representations Reviewer has informed such party that it has first requested, and not received, the documents from the master servicer, special servicer and custodian for the applicable Non-Lead Securitization).
Appears in 183 contracts
Sources: Agreement Between Note Holders (BMO 2025-5c12 Mortgage Trust), Agreement Between Note Holders (Benchmark 2025-B41 Mortgage Trust), Agreement Between Note Holders (Benchmark 2025-B41 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Non-Securitizing Lead Securitization Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such a Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such any Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such . Such Non-Securitizing Lead Securitization Note Holder agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such a Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such each Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 122 contracts
Sources: Co Lender Agreement (Benchmark 2025-V18 Mortgage Trust), Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2025-C65), Co Lender Agreement (Benchmark 2025-V17 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such each Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note Lead Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 109 contracts
Sources: Co Lender Agreement (BMO 2025-5c12 Mortgage Trust), Co Lender Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35), Co Lender Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents. Each Securitizing Note Holder shall promptly notify each Initial Note Holder that is a Non-Securitizing Note Holder of the closing of any securitization relating to the Mortgage Loan and such notification shall include the securitization name, the Note(s) included in such securitization, the closing date of such securitization and the names of the parties to the related Securitization Servicing Agreement (provided that notwithstanding Section 27 hereof, such notification may be via email to the address set forth on Exhibit B hereto).
Appears in 94 contracts
Sources: Agreement Between Note Holders (Bank5 2025-5yr18), Agreement Between Note Holders (Morgan Stanley Bank of America Merrill Lynch Trust 2025-5c2), Agreement Between Note Holders (Bank5 2025-5yr17)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Non-Securitizing Lead Securitization Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such a Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such any Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such a Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such each Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 86 contracts
Sources: Co Lender Agreement (Bank5 2025-5yr18), Co Lender Agreement (BBCMS Mortgage Trust 2025-5c38), Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2025-5c5)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 83 contracts
Sources: Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2019-Cor4), Co Lender Agreement (Benchmark 2019-B9 Mortgage Trust), Co Lender Agreement (Benchmark 2019-B9 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a the Lead Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Lead Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Lead Securitization; provided, however, that in connection with the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any Securitization, each related The Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Lead Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be or has been incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing any Note Holder. The Securitizing Lead Securitization Note Holder shall Holder, at the Non-Lead Securitization Note Holder’s sole cost and expense, will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 78 contracts
Sources: Agreement Between Note Holders (BBCMS Mortgage Trust 2025-5c37), Agreement Between Note Holders (BMO 2025-5c9 Mortgage Trust), Agreement Between Note Holders (BMO 2024-C10 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing the Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 64 contracts
Sources: Co Lender Agreement (BBCMS Mortgage Trust 2024-5c25), Co Lender Agreement (BMO 2024-5c3 Mortgage Trust), Co Lender Agreement (BMO 2024-5c3 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder Holders shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder Holders shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such any Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall Holders agree to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder Holders and its any Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder Holders covenant and agree that they shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder Holders and its any Non-Lead Securitization Note in any Securitization document. Each Any Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each any Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each any Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such any Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder Holders drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 64 contracts
Sources: Co Lender Agreement (Benchmark 2020-B22 Mortgage Trust), Co Lender Agreement (Benchmark 2020-B21 Mortgage Trust), Co Lender Agreement (Benchmark 2020-B20 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder each Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentenceany A Note, each other Noteholder, at the request of the related Securitizing Note Holdersecuritizing Noteholder, each related Non-Securitizing Note Holder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, however, that either in connection with such Securitization or otherwise at any time prior to such Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of an A Note, each related Non-Securitizing Note Holder shall provide other Noteholder agrees to provide, for inclusion in any disclosure document relating to such Securitization Securitization, such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with such Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 40.
(b) Each Note A Holder securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents, the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each Note A Holder acknowledges and the pooling and servicing agreement for the agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with such Note A Holder’s respective Securitization of such Securitizing Note A Holder’s A Note, and (ii) each such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the requesting Note and provide reasonable opportunity A Holder to review and comment on be necessary to satisfy its disclosure obligations in connection with such documentsNote A Holder’s respective Securitization.
Appears in 63 contracts
Sources: Agreement Between Noteholders (3650R 2021-Pf1 Commercial Mortgage Trust), Intercreditor Agreement (Benchmark 2021-B27 Mortgage Trust), Intercreditor Agreement (Benchmark 2021-B26 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Non-Securitizing Lead Securitization Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such a Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such any Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such . Such Non-Securitizing Lead Securitization Note Holder agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such a Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such each Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 46 contracts
Sources: Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2019-Cor5), Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2019-Cor5), Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2019-Cor5)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the related Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the related Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing the Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 40 contracts
Sources: Co Lender Agreement (BMO 2024-5c3 Mortgage Trust), Co Lender Agreement (Benchmark 2023-B40 Mortgage Trust), Co Lender Agreement (BMO 2023-C7 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, a Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Non- Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 37 contracts
Sources: Co Lender Agreement (BMO 2025-C13 Mortgage Trust), Co Lender Agreement (BMO 2025-C13 Mortgage Trust), Co Lender Agreement (Benchmark 2025-V17 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies or applicable law in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be required by applicable law or reasonably requested by the Rating Agencies or prospective investors to effect such Securitization; provided, however, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the such Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the such Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the such Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. .
(b) The Securitizing holder of any Note Holder that will, upon Securitization, be the Lead Securitization Note shall reasonably cooperate with give each of the other Note Holders and parties to any Non-Securitizing Note Holder by providing all information reasonably requested Lead Securitization Servicing Agreement (that is in are not also parties to the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts proposed Lead Securitization Servicing Agreement) notice of the preliminary and final offering memoranda, prospectus supplement, free Securitization of the Lead Securitization Note in writing prospectus and any other disclosure documents and (which may be by e-mail) not less than 5 business days prior to the pooling and servicing agreement applicable pricing date for the Securitization of such Securitizing Note. Such notice shall contain contact information for each of the parties to the proposed Lead Securitization Servicing Agreement. In addition, notwithstanding anything to the contrary herein, the holder of the Note Holder’s that will, upon Securitization, be the Lead Securitization Note shall send each distributed draft of the proposed Lead Securitization Servicing Agreement to each of the other Note Holders and provide parties to any Non-Lead Securitization Servicing Agreement (that are not also parties to the proposed Lead Securitization Servicing Agreement) and shall send copies of the offering documents (prior to printing or filing thereof) related to the Securitization of such Note to each of the other Note Holders and the Non-Lead Securitization Note Holders shall have a reasonable opportunity to review and comment on such documentsthereon.
Appears in 33 contracts
Sources: Agreement Between Noteholders (BBCMS Mortgage Trust 2020-C7), Co Lender Agreement (GS Mortgage Securities Trust 2020-Gc47), Agreement Between Noteholders (BBCMS Mortgage Trust 2019-C5)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any each Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no each Non-Securitizing Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the such Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the such Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the such Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a the Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 31 contracts
Sources: Agreement Between Note Holders (BBCMS Mortgage Trust 2022-C15), Agreement Between Note Holders (BBCMS Mortgage Trust 2022-C14), Agreement Between Note Holders (BBCMS Mortgage Trust 2021-C12)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 29 contracts
Sources: Co Lender Agreement (Bank5 2023-5yr4), Co Lender Agreement (Bank 2023-Bnk46), Co Lender Agreement (Benchmark 2023-V3 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 28 contracts
Sources: Co Lender Agreement (CD 2017-Cd4 Mortgage Trust), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2017-P7), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2017-P7)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, a Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 24 contracts
Sources: Co Lender Agreement (Citigroup Commercial Mortgage Trust 2019-Gc43), Co Lender Agreement (Benchmark 2019-B13 Mortgage Trust), Co Lender Agreement (GS Mortgage Securities Trust 2019-Gc40)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 24 contracts
Sources: Agreement Between Note Holders (Bank 2019-Bnk16), Agreement Between Note Holders (Bank 2018-Bnk15), Agreement Between Note Holders (Morgan Stanley Capital I Trust 2018-L1)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall agrees to provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder covenants and agrees that it shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as to a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such the related Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall will reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such the Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each the Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the related Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 23 contracts
Sources: Co Lender Agreement (Bank5 2025-5yr18), Co Lender Agreement (BBCMS Mortgage Trust 2025-5c38), Co Lender Agreement (Benchmark 2025-V18 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note A Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencean A Note, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise adversely (other than de minimis changes) affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of an A Note, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 40.
(b) Each Note A Holder securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each of Note A Holder acknowledges and agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective Securitizations of an A Note, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the pooling and servicing agreement for the Securitization of such Securitizing requesting Note Holder’s Note and provide reasonable opportunity A Holder to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 22 contracts
Sources: Co Lender Agreement (BBCMS Mortgage Trust 2022-C15), Co Lender Agreement (BBCMS Mortgage Trust 2022-C15), Co Lender Agreement (Morgan Stanley Capital I Trust 2022-L8)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related the Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no the Non-Securitizing Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related the Non-Securitizing Note Holder shall agrees to provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder covenants and agrees that it shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as to a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such the related Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall will reasonably cooperate with each the Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such the Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each the Securitizing Note Holder shall deliver to each related the Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the related Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 21 contracts
Sources: Co Lender Agreement (BBCMS Mortgage Trust 2025-5c38), Co Lender Agreement (Benchmark 2025-V18 Mortgage Trust), Co Lender Agreement (Benchmark 2025-V16 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, provided that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 21 contracts
Sources: Agreement Among Note Holders (BBCMS Mortgage Trust 2023-C19), Agreement Among Note Holders (FIVE 2023-V1 Mortgage Trust), Agreement Among Note Holders (Bank5 2023-5yr1)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder Holders shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder Holders shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such any Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related the Non-Securitizing Lead Securitization Note Holder shall Holders agree to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder Holders and its any Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder Holders covenant and agree that they shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder Holders and its any Non-Lead Securitization Note in any Securitization document. Each Any Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each any Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each any Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such any Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder Holders drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 19 contracts
Sources: Co Lender Agreement (Bank5 2024-5yr5), Co Lender Agreement (Benchmark 2023-B40 Mortgage Trust), Co Lender Agreement (Bank5 2023-5yr4)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, a Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing the Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 18 contracts
Sources: Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2025-C65), Co Lender Agreement (BMO 2025-C13 Mortgage Trust), Co Lender Agreement (Benchmark 2025-B41 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of a Senior Noteholder, the related Securitizing Note Holder, each related Non-Securitizing Note B Holder shall use reasonable efforts, at such Securitizing Note HolderSenior Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder Senior Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder Senior Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder Senior Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, that no Non-Securitizing either in connection with the Securitization or otherwise at any time prior to the Securitization, the Note B Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments topayments, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any the Securitization, each related Non-Securitizing the Note B Holder shall agrees to provide the identity of such Holder and the Controlling Noteholder Representative for inclusion in any disclosure document relating to such the related Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder applicable Senior Noteholder reasonably determines to be necessary or appropriate, . The Note B Holder covenants and such Non-Securitizing Note Holder shall, agrees that (at the Securitizing Note Holderapplicable Senior Noteholder’s expense, ) it shall use reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) Senior Noteholder in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document. Each The Note B Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder applicable Senior Noteholder may be incorporated into the offering documents for such a Securitization. Each Securitizing Note Holder The Senior Noteholders and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing the Note B Holder. .
(b) The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is applicable Senior Noteholder may, at its election (and, in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation case of disclosure materials in connection with a Securitization. Upon requestthe Securitization Servicing Agreement, each Securitizing Note Holder shall shall) deliver to each related Non-Securitizing the Note B Holder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and the Securitization Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. The Note B Holder may, at its election, review and comment thereon insofar as it relates to Note B, such Holder, and/or this Agreement, and, if such Holder elects to review and comment, such Holder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, three (3) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such Holder fails to respond within such time, such Holder shall be deemed to have elected to not comment thereon. In the event of any disagreement between the Note B Holder with respect to the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and or any other disclosure documents the Senior Noteholder’s determination shall control. The Note B Holder has no obligation with respect to, and such Holder shall have no liability with respect to, any such offering documents other than the accuracy of any comments it elects to make regarding itself. The applicable Senior Noteholder shall reimburse the Note B Holder for any reasonable, out-of-pocket costs and expenses (including reasonable attorneys’ fees) actually incurred by such Holder in connection with such Holder’s review of or commenting on the documents referred to above.
(c) Notwithstanding anything herein to the contrary, the Senior Noteholders acknowledge and agree that (i) the Note B Holder shall not be required to incur any out-of-pocket expenses in connection with a Securitization of a Senior Note and (ii) the Note B Holder shall not be required to disclose any confidential or proprietary information or any of the beneficial owners of the managed account on behalf of which it is holding Note B; provided that the Note B Holder acknowledges that the identities of the Note B Holder and the pooling and Controlling Noteholder Representative are not considered confidential or proprietary information.
(d) The Senior Noteholders have advised the Note B Holder that no Senior Noteholder expects to receive any consideration from the sale of the primary servicing agreement for rights with respect to Note B in connection with the Securitization Lead Securitization. In the event any such consideration is received in connection with the consummation of the Lead Securitization, any Senior Noteholder receiving such Securitizing Note Holder’s Note and provide reasonable opportunity consideration shall cause such amount to review and comment on such documentsbe remitted, promptly upon receipt thereof, to the related Noteholder.
Appears in 17 contracts
Sources: Agreement Between Noteholders (GS Mortgage Securities Trust 2020-Gsa2), Agreement Between Noteholders (JPMDB Commercial Mortgage Securities Trust 2019-Cor6), Agreement Between Noteholders (Benchmark 2019-B14 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplementpreliminary and final prospectus, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 17 contracts
Sources: Agreement Between Note Holders (BENCHMARK 2018-B2 Mortgage Trust), Agreement Between Note Holders (UBS Commercial Mortgage Trust 2018-C8), Agreement Between Note Holders (BENCHMARK 2018-B2 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplementpreliminary and final prospectuses, free writing prospectus prospectuses and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents. The Lead Securitization Note Holder shall send or make available to each Non-Lead Securitization Note Holder and the parties to the related Non-Lead Securitization Servicing Agreement (that are not also party to the Lead-Securitization Servicing Agreement) (a) on or promptly following the Securitization Date (to the extent the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related Non-Lead Depositor on or prior to the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the execution version of the Lead Securitization Servicing Agreement, (b) within two (2) Business Days after the date of any re-filing by the Depositor of the Lead Securitization Servicing Agreement with the Commission to account for any changes thereto (other than a formal amendment thereto following the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the re-filed Lead Securitization Servicing Agreement, and (c) promptly following distribution thereof to the parties to the Lead Securitization Servicing Agreement, any changes made by the Depositor to the Lead Securitization Servicing Agreement (other than a formal amendment thereto following the Securitization Date).
Appears in 16 contracts
Sources: Co Lender Agreement (Bank5 2024-5yr9), Co Lender Agreement (Bank5 2024-5yr8), Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2025-C65)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder Holders shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder Holders shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such any Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall Holders agree to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder Holders and its any Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder Holders covenant and agree that they shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder Holders and its any Non-Lead Securitization Note in any Securitization document. Each Any Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each any Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each any Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such any Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder Holders drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 16 contracts
Sources: Co Lender Agreement (Benchmark 2018-B1 Mortgage Trust), Co Lender Agreement (JPMDB Commercial Mortgage Securities Trust 2017-C7), Co Lender Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing the Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 15 contracts
Sources: Agreement Between Note Holders (BBCMS Mortgage Trust 2025-5c36), Agreement Between Note Holders (BBCMS Mortgage Trust 2025-C35), Agreement Between Note Holders (BMO 2025-5c11 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Controlling Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Controlling Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Controlling Note Holder or (ii) materially increase such a Non-Securitizing Controlling Note Holder’s obligations or materially decrease such any Non-Securitizing Controlling Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the such Non-Securitizing Controlling Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Controlling Note Holder and its the Non-Controlling Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Controlling Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such any Non-Securitizing Controlling Note Holder and its the related Non-Controlling Note in any Securitization document. Each Non-Controlling Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each such Non-Securitizing Controlling Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each any Non-Securitizing Controlling Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Controlling Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related any Non-Securitizing Controlling Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
(b) In connection with a Securitization, at the request of the applicable Non-Controlling Note Holder, the Lead Securitization Holder (including the Master Servicer, the Special Servicer and the Trustee) shall use reasonable efforts, at such Non-Controlling Note Holder’s expense, to satisfy, and to cooperate with the Non-Controlling Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the Non-Controlling Note Holder customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however, that either in connection with a Non-Lead Securitization or otherwise at any time prior to a Non-Lead Securitization, no Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, a Non-Controlling Note Holder or (ii) materially increase a Non-Controlling Note Holder’s obligations or materially decrease any Non-Controlling Note Holder’s rights, remedies or protections or cause an adverse REMIC event to occur under the Lead Securitization. In connection with a Non-Lead Securitization, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be required to perform certain obligations set forth in the Lead Securitization Servicing Agreement. In addition, each other applicable Holder shall provide for inclusion in any disclosure document relating to such Non-Lead Securitization such information concerning such Holder and the related Note as such Non-Controlling Note Holder reasonably determines to be necessary or appropriate, and each such Holder covenants and agrees that it shall, at such Non-Controlling Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Non-Controlling Note Holder in connection with such Non-Lead Securitization (including, without limitation, reasonably cooperating with such Non-Controlling Note Holder (without any obligation to make additional representations and warranties) to enable such Non-Controlling Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to the applicable Holders and the related Non-Controlling Note in any Securitization document. Each Holder acknowledges that the information provided by it to the other Non-Controlling Holders may be incorporated into the offering documents for the applicable Non-Lead Securitization. Each Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, any other Note Holder in connection with the related Non-Lead Securitization. Each Holder will reasonably cooperate with the other Holders by providing all information reasonably requested that is in the such Holder’s possession in connection with such Holder’s preparation of disclosure materials in connection with a Securitization.
Appears in 14 contracts
Sources: Co Lender Agreement (Morgan Stanley Capital I Trust 2022-L8), Co Lender Agreement (Bank 2022-Bnk39), Co Lender Agreement (Benchmark 2022-B35 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any either Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related the Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no the Non-Securitizing Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related the Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the such Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the such Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the such Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a the Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related the Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 14 contracts
Sources: Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2019-C51), Agreement Between Note Holders (BBCMS Mortgage Trust 2019-C3), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2019-C49)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder Holders shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder Holders shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such any Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall Holders agree to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder Holders and its any Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder Holders covenant and agree that they shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder Holders and its any Non-Lead Securitization Note in any Securitization document. Each Any Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each any Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each any Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such any Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder Holders drafts of the preliminary and final Lead Securitization offering memoranda, prospectus, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 14 contracts
Sources: Co Lender Agreement (Benchmark 2020-B19 Mortgage Trust), Co Lender Agreement (DBJPM 2020-C9 Mortgage Trust), Co Lender Agreement (Benchmark 2020-B18 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.or
Appears in 13 contracts
Sources: Co Lender Agreement (GS Mortgage Securities Trust 2018-Gs9), Agreement Between Note Holders (Citigroup Commercial Mortgage Trust 2018-B2), Agreement Between Note Holders (Bank 2018-Bnk10)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder Holders shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note HolderHolders. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder Holders by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder Holders drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 13 contracts
Sources: Co Lender Agreement (JPMDB Commercial Mortgage Securities Trust 2018-C8), Co Lender Agreement (Morgan Stanley Capital I Trust 2019-L2), Co Lender Agreement (BBCMS Mortgage Trust 2018-C2)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the related Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the related Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing the Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 12 contracts
Sources: Co Lender Agreement (BMO 2024-C8 Mortgage Trust), Co Lender Agreement (BBCMS Mortgage Trust 2024-C24), Co Lender Agreement (Benchmark 2023-B40 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note A Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencean A Note, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise adversely (other than de minimus changes) affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of an A Note, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 40.
(b) Each Note A Holder securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each of Note A Holder acknowledges and agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective Securitizations of an A Note, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the pooling and servicing agreement for the Securitization of such Securitizing requesting Note Holder’s Note and provide reasonable opportunity A Holder to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 12 contracts
Sources: Agreement Between Noteholders (Benchmark 2021-B27 Mortgage Trust), Agreement Between Noteholders (Benchmark 2021-B26 Mortgage Trust), Agreement Between Noteholders (Bank 2021-Bnk33)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s sole cost and expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s sole cost and expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warrantiesrepresentations, warranties or indemnifications of any nature whatsoever) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 12 contracts
Sources: Agreement Between Note Holders (Benchmark 2020-B18 Mortgage Trust), Agreement Between Note Holders (Morgan Stanley Capital I Trust 2020-Hr8), Agreement Between Note Holders (Bank 2020-Bnk27)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencea Senior Note, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of a Senior Note, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 24 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Senior Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, by each Non-Securitizing Note Holder. other Noteholder pursuant to this Section 24.
(b) The Securitizing Senior Note Holder shall reasonably cooperate with each Non-Securitizing securitizing its Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestmay, each Securitizing Note Holder shall at its election, deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon. In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control. No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each Noteholder acknowledges and the pooling and servicing agreement for the agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with its Securitization of such Securitizing Note Holder’s Note Note, and provide reasonable opportunity (ii) any such other Noteholder shall only be required to review and comment on disclose such documentscustomary non-confidential information reasonably determined by the requesting Noteholder to be necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 12 contracts
Sources: Agreement Between Noteholders (Benchmark 2020-B20 Mortgage Trust), Agreement Between Noteholders (Benchmark 2020-B19 Mortgage Trust), Agreement Between Noteholders (Benchmark 2020-B18 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, a Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 11 contracts
Sources: Co Lender Agreement (BBCMS 2023-C20), Co Lender Agreement (BMO 2023-C5 Mortgage Trust), Co Lender Agreement (BMO 2022-C2 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no Non-Securitizing either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing a Note Holder or (ii) materially increase such Non-Securitizing a Note Holder’s Holders’ obligations or materially decrease such Non-Securitizing any Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Note Holder and its the related Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing each Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing a Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing each Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing a Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 11 contracts
Sources: Co Lender Agreement (UBS Commercial Mortgage Trust 2017-C6), Co Lender Agreement (CSAIL 2018-Cx11 Commercial Mortgage Trust), Co Lender Agreement (CSAIL 2018-Cx11 Commercial Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder Holders shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder Holders or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Lead Securitization Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing any Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder Holders drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 11 contracts
Sources: Agreement Between Note Holders (UBS Commercial Mortgage Trust 2018-C11), Agreement Between Note Holders (UBS Commercial Mortgage Trust 2018-C9), Agreement Between Note Holders (UBS Commercial Mortgage Trust 2018-C8)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each a Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 11 contracts
Sources: Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2020-C58), Agreement Between Note Holders (BBCMS Mortgage Trust 2020-C7), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2020-C55)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Non- Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 11 contracts
Sources: Agreement Between Note Holders (CSAIL 2018-Cx11 Commercial Mortgage Trust), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2017-C42), Agreement Between Note Holders (Bank 2018-Bnk10)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, that no however, none of the Non-Securitizing Lead Securitization Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such a Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such any Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such a Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such each Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 10 contracts
Sources: Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-P6), Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2016-C36), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-P5)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Senior Noteholder may elect, in its sole discretion, and at its sole cost and expense, to include its respective Senior Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, (x) at the request of the related Securitizing Note Holdersecuritizing Noteholder, each related Nonnon-Securitizing Note Holder securitizing Noteholder shall use reasonable efforts, at such Securitizing Note Holderthe securitizing Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder securitizing Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the applicable Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, however, that no Nonnon-Securitizing Note Holder securitizing Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments topayments, such Non-Securitizing Note Holder Noteholder or (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations (other than to an immaterial extent) or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections (other than to an immaterial extent). In connection with any a Securitization, each related Nonnon-Securitizing Note Holder shall securitizing Noteholder shall, at the sole cost and expense of the securitizing Noteholder, provide for inclusion in any disclosure document relating to such the related Securitization such information concerning such Nonnon-Securitizing Note Holder securitizing Noteholder and its Note the other Notes as the related Securitizing Note Holder securitizing Noteholder reasonably determines to be necessary or appropriate, ; and such Non(y) each non-Securitizing Note Holder shallsecuritizing Noteholder shall cooperate, at the Securitizing Note Holder’s expensesole cost and expense of the securitizing Noteholder, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the securitizing Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such a Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof relating thereto and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder it and its Note the other Notes in any Securitization document. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as to a Non-Securitizing Note Holder to the related Securitizing Note Holder securitizing Noteholder may be incorporated into the offering documents for such a Securitization. Each Securitizing Note Holder securitizing Noteholder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Nonthe non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in securitizing Noteholders.
(b) A securitizing Noteholder may, at its election, deliver to the Securitizing Note Holder’s possession other Noteholders drafts of the preliminary and final prospectus, drafts of the preliminary and final offering memoranda and any other disclosure documents and the servicing agreement at such time as it deems necessary or appropriate in connection with the Securitization of the related Note. Each of the non-securitizing Noteholders may, at its election, review and comment thereon insofar as it relates to such Nonnon-Securitizing Note Holder’s preparation securitizing Noteholder or its Note, and, if such non-securitizing Noteholder elects to review and comment, such non-securitizing Noteholder shall review and comment thereon as soon as possible but in no event later than two (2) Business Days of disclosure materials its receipt thereof, and if such non-securitizing Noteholder fails to respond within such time, such non-securitizing Noteholder shall be deemed to have elected to not comment thereon, provided that if such non-securitizing Noteholder elects to review and comment, any such review and comments with respect to the final draft distributed in connection with a Securitizationthe preparation of the preliminary and final prospectus for printing shall be made no later than the time requested in the e-mail containing such final draft and if such non-securitizing Noteholder fails to respond by such time period (or, prior to the expiration of such time period, request additional time from the securitizing Noteholder), such non-securitizing Noteholder shall be deemed to have elected to not comment thereon. Upon request, each Securitizing Note Holder shall deliver In the event of any disagreement between the securitizing Noteholder and such non-securitizing Noteholder with respect to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and or any other disclosure documents the securitizing Noteholder’s determination shall control. A non-securitizing Noteholder has no obligation and shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make or refrain from making, regarding itself or its Note.
(c) Notwithstanding anything herein to the contrary, the Senior Noteholders acknowledge and agree that (i) the Junior Noteholder shall not be required to incur any out-of-pocket costs and expenses in connection with a Securitization of any Senior Note or any portion thereof and (ii) if applicable, the Junior Noteholder shall not be required to disclose any of the beneficial owners of a managed account on behalf of which it holds the Junior Note.
(d) If a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the pooling Custodian shall reasonably cooperate at the Non-Lead Securitization Noteholder’s cost and servicing agreement expense, with the applicable Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent that such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer (and the Non-Lead Asset Representations Reviewer has informed such party that it has first requested, and not received, the documents from the master servicer, special servicer, trustee and custodian for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documentsapplicable Non-Lead Securitization).
Appears in 10 contracts
Sources: Agreement Among Noteholders (Citigroup Commercial Mortgage Trust 2018-C5), Agreement Among Noteholders (JPMDB Commercial Mortgage Securities Trust 2018-C8), Agreement Among Noteholders (CSAIL 2018-Cx11 Commercial Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Nonnon-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Nonnon-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Nonnon-Securitizing Note Holder or (ii) materially increase such Nonnon-Securitizing Note Holder’s obligations or materially decrease such Nonnon-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Nonnon-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Nonnon-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Non- Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Nonnon-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Nonnon-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Nonnon-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Nonnon-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Nonnon-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related any Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 10 contracts
Sources: Agreement Between Note Holders (BBCMS Mortgage Trust 2020-C8), Agreement Between Note Holders (BBCMS Mortgage Trust 2020-C7), Agreement Between Note Holders (BBCMS Mortgage Trust 2019-C5)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Controlling Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Controlling Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Controlling Note Holder or (ii) materially increase such a Non-Securitizing Controlling Note Holder’s obligations or materially decrease such any Non-Securitizing Controlling Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the such Non-Securitizing Controlling Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Controlling Note Holder and its the Non-Controlling Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Controlling Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such any Non-Securitizing Controlling Note Holder and its the related Non-Controlling Note in any Securitization document. Each Non-Controlling Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each such Non-Securitizing Controlling Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each any Non-Securitizing Controlling Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Controlling Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related any Non-Securitizing Controlling Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
(b) In connection with a Securitization, at the request of the applicable Non-Controlling Note Holder, the Lead Securitization Holder (including the Master Servicer, the Special Servicer and the Trustee) shall use reasonable efforts, at such Non-Controlling Note Holder’s expense, to satisfy, and to cooperate with the Non-Controlling Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the Non-Controlling Note Holder customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however, that either in connection with a Non-Lead Securitization or otherwise at any time prior to a Non-Lead Securitization, no Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, a Non-Controlling Note Holder or (ii) materially increase a Non-Controlling Note Holder’s obligations or materially decrease any Non-Controlling Note Holder’s rights, remedies or protections or cause an adverse REMIC event to occur under the Lead Securitization. In connection with a Non-Lead Securitization, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor shall be required to perform certain obligations set forth in the Lead Securitization Servicing Agreement. In addition, each other applicable Holder shall provide for inclusion in any disclosure document relating to such Non-Lead Securitization such information concerning such Holder and the related Note as such Non-Controlling Note Holder reasonably determines to be necessary or appropriate, and each such Holder covenants and agrees that it shall, at such Non-Controlling Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Non-Controlling Note Holder in connection with such Non-Lead Securitization (including, without limitation, reasonably cooperating with such Non-Controlling Note Holder (without any obligation to make additional representations and warranties) to enable such Non-Controlling Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to the applicable Holders and the related Non-Controlling Note in any Securitization document. Each Holder acknowledges that the information provided by it to the other Non-Controlling Holders may be incorporated into the offering documents for the applicable Non-Lead Securitization. Each Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, any other Note Holder in connection with the related Non-Lead Securitization. Each Holder will reasonably cooperate with the other Holders by providing all information reasonably requested that is in the such Holder’s possession in connection with such Holder’s preparation of disclosure materials in connection with a Securitization.
Appears in 10 contracts
Sources: Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2017-C41), Co Lender Agreement (UBS Commercial Mortgage Trust 2017-C4), Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2017-C40)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note or Notes, as applicable, in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies or applicable law in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be required by applicable law or reasonably requested by the Rating Agencies or prospective investors to effect such Securitization; provided, however, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note or Notes, as applicable, as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the such Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the such Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the such Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note or Notes, as applicable, in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. .
(b) The Securitizing holder of any Note Holder that will, upon Securitization, be the Lead Securitization Note shall reasonably cooperate with give each of the other Note Holders and parties to any Non-Securitizing Note Holder by providing all information reasonably requested Lead Securitization Servicing Agreement (that is in are not also parties to the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts proposed Lead Securitization Servicing Agreement) notice of the preliminary and final offering memoranda, prospectus supplement, free Securitization of the Lead Securitization Note in writing prospectus and any other disclosure documents and (which may be by e-mail) not less than five (5) Business Days prior to the pooling and servicing agreement applicable closing date for the Securitization of such Securitizing Note. Such notice shall contain contact information for each of the parties to the proposed Lead Securitization Servicing Agreement. In addition, notwithstanding anything to the contrary herein, the holder of the Note Holder’s that will, upon Securitization, be the Lead Securitization Note shall send each distributed draft of the proposed Lead Securitization Servicing Agreement to each of the other Note Holders and provide parties to any Non-Lead Securitization Servicing Agreement (that are not also parties to the proposed Lead Securitization Servicing Agreement) and shall send copies of the offering documents (prior to printing or filing thereof) related to the Securitization of such Note to each of the other Note Holders and the Non-Lead Securitization Note Holders shall have a reasonable opportunity to review and comment on such documentsthereon.
Appears in 10 contracts
Sources: Agreement Between Noteholders (Morgan Stanley Bank of America Merrill Lynch Trust 2025-5c2), Agreement Between Noteholders (BBCMS Mortgage Trust 2022-C15), Agreement Between Noteholders (BBCMS Mortgage Trust 2022-C15)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 9 contracts
Sources: Co Lender Agreement (GS Mortgage Securities Trust 2019-Gc38), Co Lender Agreement (Benchmark 2019-B9 Mortgage Trust), Co Lender Agreement (Benchmark 2018-B7 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder Holders shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder Holders shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder Holders or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing any Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 8 contracts
Sources: Co Lender Agreement (JPMDB Commercial Mortgage Securities Trust 2016-C4), Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2016-Jp3), Co Lender Agreement (DBJPM 2016-C3 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, a Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Nonnon-Securitizing securitizing Note Holder shall agrees to provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its the related Note as the related Securitizing securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing each Note Holder covenants and agrees that it shall, at the Securitizing securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Nonnon-Securitizing securitizing Note Holder and its the related Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as to a Non-Securitizing Note Holder to the related Securitizing securitizing Note Holder may be incorporated into the offering documents for such a Securitization. Each Securitizing The securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Nonnon-Securitizing securitizing Note Holder. The Securitizing Each Note Holder shall will reasonably cooperate with each Non-Securitizing any securitizing Note Holder by providing all information reasonably requested that is in the Securitizing non-securitizing Note Holder’s possession in connection with such Non-Securitizing securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the securitizing Note Holder shall deliver to each related Nonnon-Securitizing securitizing Note Holder drafts of the preliminary and final Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the applicable Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 8 contracts
Sources: Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2025-5c5), Co Lender Agreement (BMO 2025-5c11 Mortgage Trust), Co Lender Agreement (BMO 2025-5c10 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencea Senior Note, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise adversely affect in more than a de minimis manner the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of a Senior Note, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 24 may be incorporated into the offering documents for such a Securitization. Each Securitizing Note Holder A requesting Senior Noteholder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 24.
(b) The Senior Noteholder securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon. In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control. No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each Noteholder acknowledges and the pooling and servicing agreement for the agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with its Securitization of such Securitizing Note, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the requesting Noteholder to be necessary to satisfy its disclosure obligations in connection with its Securitization.
(d) If the Mortgage Loan becomes a Specially Serviced Loan and the Special Servicer determines to sell any of the Lead Securitization Note Holderin accordance with the Securitization Servicing Agreement, it shall have the right and the obligation to sell all of the Notes as notes evidencing one whole loan in accordance with the terms of the Securitization Servicing Agreement and this Agreement. In connection with any such sale, the Special Servicer shall provide notice to each Non-Controlling Noteholder of the planned sale and of such Non-Controlling Noteholder’s Note and provide reasonable opportunity to review and comment bid on such documentsthe Mortgage Loan.
Appears in 8 contracts
Sources: Agreement Between Noteholders (Bank 2021-Bnk32), Agreement Between Noteholders (Bank 2020-Bnk30), Agreement Between Noteholders (CSAIL 2021-C20 Commercial Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Senior Noteholder may elect, in its sole discretion, and at its sole cost and expense, to include its respective Senior Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, (x) at the request of the related Securitizing Note Holdersecuritizing Noteholder, each related Nonnon-Securitizing Note Holder securitizing Noteholder shall use reasonable efforts, at such Securitizing Note Holderthe securitizing Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder securitizing Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the applicable Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, however, that no Nonnon-Securitizing Note Holder securitizing Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments topayments, such Non-Securitizing Note Holder Noteholder or (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations (other than to an immaterial extent) or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections (other than to an immaterial extent). In connection with any a Securitization, each related Nonnon-Securitizing Note Holder shall securitizing Noteholder shall, at the sole cost and expense of the securitizing Noteholder, provide for inclusion in any disclosure document relating to such the related Securitization such information concerning such Nonnon-Securitizing Note Holder securitizing Noteholder and its Note the other Notes as the related Securitizing Note Holder securitizing Noteholder reasonably determines to be necessary or appropriate, ; and such Non(y) each non-Securitizing Note Holder shallsecuritizing Noteholder shall cooperate, at the Securitizing Note Holder’s expensesole cost and expense of the securitizing Noteholder, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the securitizing Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such a Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof relating thereto and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder it and its Note the other Notes in any Securitization document. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as to a Non-Securitizing Note Holder to the related Securitizing Note Holder securitizing Noteholder may be incorporated into the offering documents for such a Securitization. Each Securitizing Note Holder securitizing Noteholder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Nonthe non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in securitizing Noteholders.
(b) A securitizing Noteholder may, at its election, deliver to the Securitizing Note Holder’s possession other Noteholders drafts of the preliminary and final prospectus, drafts of the preliminary and final offering memoranda and any other disclosure documents and the servicing agreement at such time as it deems necessary or appropriate in connection with the Securitization of the related Note. Each of the non-securitizing Noteholders may, at its election, review and comment thereon insofar as it relates to such Nonnon-Securitizing Note Holder’s preparation securitizing Noteholder or its Note, and, if such non-securitizing Noteholder elects to review and comment, such non-securitizing Noteholder shall review and comment thereon as soon as possible but in no event later than two (2) Business Days of disclosure materials its receipt thereof, and if such non-securitizing Noteholder fails to respond within such time, such non-securitizing Noteholder shall be deemed to have elected to not comment thereon, provided that if such non-securitizing Noteholder elects to review and comment, any such review and comments with respect to the final draft distributed in connection with a Securitizationthe preparation of the preliminary and final prospectus for printing shall be made no later than the time requested in the e-mail containing such final draft and if such non-securitizing Noteholder fails to respond by such time period (or, prior to the expiration of such time period, request additional time from the securitizing Noteholder), such non-securitizing Noteholder shall be deemed to have elected to not comment thereon. Upon request, each Securitizing Note Holder shall deliver In the event of any disagreement between the securitizing Noteholder and such non-securitizing Noteholder with respect to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and or any other disclosure documents the securitizing Noteholder’s determination shall control. A non-securitizing Noteholder has no obligation and shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make or refrain from making, regarding itself or its Note.
(c) Notwithstanding anything herein to the contrary, the Senior Noteholder acknowledges and agree that (i) the Junior Noteholder shall not be required to incur any out-of-pocket costs and expenses in connection with a Securitization of any Senior Note or any portion thereof and (ii) if applicable, the Junior Noteholder shall not be required to disclose any of the beneficial owners of a managed account on behalf of which it holds the Junior Note.
(d) If a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the pooling Custodian shall reasonably cooperate at the Non-Lead Securitization Noteholder’s cost and servicing agreement expense, with the applicable Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent that such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer (and the Non-Lead Asset Representations Reviewer has informed such party that it has first requested, and not received, the documents from the master servicer, special servicer, trustee and custodian for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documentsapplicable Non-Lead Securitization).
Appears in 8 contracts
Sources: Agreement Among Noteholders (Wells Fargo Commercial Mortgage Trust 2020-C57), Agreement Among Noteholders (UBS Commercial Mortgage Trust 2019-C18), Agreement Among Noteholders (UBS Commercial Mortgage Trust 2019-C16)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencean A Note, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization, no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of an A Note, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 42 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 42.
(b) A Note A Holder securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself and/or regarding any Notes it is contributing to the subject Securitization.
(c) Notwithstanding anything herein to the contrary, each of the Note A Holders acknowledges and agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective separate Securitizations of A Notes (other than to the pooling extent such Noteholder is participating in such Securitization), and servicing agreement for (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the Securitization of such Securitizing requesting Note Holder’s Note and provide reasonable opportunity A Holder to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 8 contracts
Sources: Agreement Between Noteholders (Benchmark 2025-V16 Mortgage Trust), Agreement Between Noteholders (Wells Fargo Commercial Mortgage Trust 2025-5c5), Agreement Between Noteholders (Bank5 2025-5yr15)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, a Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.each
Appears in 8 contracts
Sources: Co Lender Agreement (GS Mortgage Securities Trust 2019-Gc40), Co Lender Agreement (Benchmark 2019-B11 Mortgage Trust), Co Lender Agreement (GS Mortgage Securities Trust 2019-Gc39)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencean A Note or Note B, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of an A Note or Note B, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 38 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A Holder or Note B Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 38.
(b) A Note A Holder or Note B Holder securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself and/or regarding any Notes it is contributing to the subject Securitization.
(c) Notwithstanding anything herein to the contrary, each of the Note A Holders and Note B Holders acknowledges and agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective separate Securitizations of A Notes and B Notes (other than to the pooling extent such Noteholder is participating in such Securitization), and servicing agreement for (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the Securitization of such Securitizing requesting Note A Holder or the Note B Holder’s Note and provide reasonable opportunity , as applicable, to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 8 contracts
Sources: Agreement Between Noteholders (Bank 2024-Bnk47), Agreement Between Noteholders (BBCMS Mortgage Trust 2024-C26), Agreement Between Noteholders (BMO 2024-C8 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 8 contracts
Sources: Co Lender Agreement (UBS Commercial Mortgage Trust 2017-C5), Co Lender Agreement (Bank 2017-Bnk8), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2017-C4)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the Non-Securitizing Lead Securitization Note Holder shall provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing the Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 7 contracts
Sources: Agreement Between Note Holders (CSAIL 2019-C16 Commercial Mortgage Trust), Agreement Between Note Holders (BBCMS Mortgage Trust 2019-C3), Agreement Between Note Holders (BBCMS Mortgage Trust 2019-C3)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non- Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 7 contracts
Sources: Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2015-Jp1), Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2015-Jp1), Co Lender Agreement (JPMBB Commercial Mortgage Securities Trust 2015-C33)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the related Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the related Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such each Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 6 contracts
Sources: Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-Gc36), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-Gc36), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2015-Gc35)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing any Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 6 contracts
Sources: Co Lender Agreement (DBJPM 2017-C6 Mortgage Trust), Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2017-Jp6), Co Lender Agreement (JPMDB Commercial Mortgage Securities Trust 2016-C4)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
(c) If the Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate at the Non-Lead Securitization Note Holder’s expense with such Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent that such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer (and the Non-Lead Asset Representations Reviewer has informed such party that it has first requested, and not received, the documents from the master servicer, special servicer and custodian for the Non-Lead Securitization).
Appears in 6 contracts
Sources: Agreement Between Note Holders (UBS Commercial Mortgage Trust 2017-C7), Agreement Between Note Holders (UBS Commercial Mortgage Trust 2017-C6), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2017-C38)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 6 contracts
Sources: Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-P5), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-P4), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-P4)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents. The Lead Securitization Note Holder shall send or make available to each Non-Lead Securitization Note Holder and the parties to the related Non-Lead Securitization Servicing Agreement (that are not also party to the Lead Securitization Servicing Agreement) (a) on or promptly following the Securitization Date (to the extent the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related Non-Lead Depositor on or prior to the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the execution version of the Lead Securitization Servicing Agreement, (b) within two (2) Business Days after the date of any re-filing by the Depositor of the Lead Securitization Servicing Agreement with the Commission to account for any changes thereto (other than a formal amendment thereto following the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the re-filed Lead Securitization Servicing Agreement, and (c) promptly following distribution thereof to the parties to the Lead Securitization Servicing Agreement, any changes made by the Depositor to the Lead Securitization Servicing Agreement (other than a formal amendment thereto following the Securitization Date).
Appears in 6 contracts
Sources: Co Lender Agreement (Benchmark 2022-B34 Mortgage Trust), Co Lender Agreement (BBCMS Mortgage Trust 2022-C15), Co Lender Agreement (Morgan Stanley Capital I Trust 2022-L8)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a the Lead Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Lead Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Lead Securitization; provided, however, that in connection with the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any Securitization, each related The Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Lead Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be or has been incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing any Note Holder. The Securitizing Lead Securitization Note Holder shall Holder, at the Non-Lead Securitization Note Holder’s sole cost and expense, will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents. The Lead Securitization Note Holder shall send or make available to each Non-Lead Securitization Note Holder and the parties to the related Non-Lead Securitization Servicing Agreement (that are not also party to the Lead-Securitization Servicing Agreement) (a) on or promptly following the Securitization Date (to the extent the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related Non-Lead Depositor on or prior to the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the execution version of the Lead Securitization Servicing Agreement, (b) within two (2) Business Days after the date of any re-filing by the Depositor of the Lead Securitization Servicing Agreement with the Commission to account for any changes thereto (other than a formal amendment thereto following the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the re-filed Lead Securitization Servicing Agreement, and (c) promptly following distribution thereof to the parties to the Lead Securitization Servicing Agreement, any changes made by the Depositor to the Lead Securitization Servicing Agreement (other than a formal amendment thereto following the Securitization Date).
Appears in 6 contracts
Sources: Agreement Between Note Holders (BMO 2024-C10 Mortgage Trust), Agreement Between Note Holders (BBCMS Mortgage Trust 2024-C24), Agreement Between Note Holders (BMO 2023-C7 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, (x) at the request of the related Securitizing a Note A Holder, each related Non-Securitizing Note B Holder shall use reasonable efforts, at such Securitizing Note A Holder’s expense, to satisfy, and to cooperate with such Securitizing Note A Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note A Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note A Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the securitization parties or the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the initial Securitization or otherwise at any time prior to such initial Securitization no Non-Securitizing Note B Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments topayments, such Non-Securitizing Note B Holder or (ii) materially increase such Non-Securitizing Note B Holder’s obligations or materially decrease such Non-Securitizing Note B Holder’s rights, remedies or protections. In connection with any the Securitization, each related Non-Securitizing Note B Holder shall agrees to provide for inclusion in any disclosure document relating to such the related Securitization such information concerning such Non-Securitizing Note B Holder and its Note the other Notes as the related Securitizing applicable Note A Holder reasonably determines to be necessary or appropriate, ; and such Non-Securitizing (y) each Note B Holder shall, at the Securitizing Note Holder’s expense, covenants and agrees that it shall reasonably cooperate with the reasonable requests of each Rating Agency and such Securitizing the applicable Note A Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder it and its Note the other Notes in any Securitization document. Each Note B Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder A Holders may be incorporated into the offering documents for such a Securitization. Each Securitizing The Note Holder A Holders and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing a Note B Holder. The Securitizing .
(b) Each Note A Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestmay, each Securitizing Note Holder shall at its election, deliver to each related Non-Securitizing the Note Holder B Holders drafts of the preliminary and final Securitization offering memoranda, prospectus supplementprospectus, free writing preliminary prospectus and any other disclosure documents and the pooling Servicing Agreement at such time as each Note B Holder deems necessary or appropriate. Each Note B Holder may, at its election, review and servicing agreement for the Securitization of comment thereon insofar as it relates to its B Note and/or such Securitizing Note B Holder’s , and, if a Note and provide reasonable opportunity B Holder elects to review and comment, such Note B Holder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if a Note B Holder fails to respond within such time, such Note B Holder shall be deemed to have elected to not comment thereon. In the event of any disagreement by a Note B Holder with respect to the preliminary and final offering memoranda, prospectus, preliminary prospectus or any other disclosure documents the applicable Note A Holder’s determination shall control. Each Note B Holder has no obligation and shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, the Note A Holders acknowledge and agree that (i) no Note B Holder shall be required to incur any out-of-pocket expenses in connection with a Securitization of an A Note and (ii) no Note B Holder shall be required to disclose any of the beneficial owners of the managed account on such documentsbehalf of which it is holding its B Note.
Appears in 6 contracts
Sources: Agreement Between Noteholders (Benchmark 2018-B1 Mortgage Trust), Agreement Between Noteholders (JPMDB Commercial Mortgage Securities Trust 2017-C7), Agreement Between Noteholders (JPMCC Commercial Mortgage Securities Trust 2017-Jp7)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Lead Securitization Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing any Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related any Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 6 contracts
Sources: Agreement Between Note Holders (CSAIL 2019-C15 Commercial Mortgage Trust), Agreement Between Note Holders (UBS Commercial Mortgage Trust 2018-C15), Agreement Between Note Holders (UBS Commercial Mortgage Trust 2018-C14)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower Borrowers to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower Borrowers to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Non-Securitizing Lead Securitization Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such a Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such any Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such . Such Non-Securitizing Lead Securitization Note Holder agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such a Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such each Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 6 contracts
Sources: Co Lender Agreement (BBCMS Mortgage Trust 2019-C4), Co Lender Agreement (Benchmark 2019-B12 Mortgage Trust), Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2019-Cor5)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentenceNote A-1-A, Note A-1-B, Note A-2-A or Note A-2-B, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of Note A-1-A, Note A-1-B, Note A-2-A or Note A-2-B, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A-1-A Holder, Note A-1-B Holder, Note A-2-A Holder or Note A-2-B Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 40.
(b) The Note A-1-A Holder, Note A-1-B Holder, Note A-2-A Holder or on behalf ofNote A-2-B Holder securitizing its Note may, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestat its election, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each of the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A Holder and the pooling Note A-2-B Holder acknowledges and servicing agreement for agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective Securitizations of Note ▇-▇-▇, ▇▇▇▇ ▇-▇-▇, ▇▇▇▇ ▇-▇-▇ and Note A-2-B, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the Securitization of such Securitizing requesting Note A-1-A Holder’s , Note and provide reasonable opportunity A-1-B Holder, Note A-2-A Holder or Note A-2-B Holder, as applicable, to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 5 contracts
Sources: Agreement Between Noteholders (DBGS 2018-C1 Mortgage Trust), Agreement Between Noteholders (Morgan Stanley Capital I Trust 2018-L1), Agreement Between Noteholders (Benchmark 2018-B4 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentenceNote A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7, Note A-8, Note A-9, Note A-10, Note A-11, Note A-12, Note A-13, Note A-14, Note A-15, Note A-16, Note A-17, Note A-18, Note A-19, Note A-20 or Note A-21, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7, Note A-8, Note A-9, Note A-10, Note A-11, Note A-12, Note A-13, Note A-14, Note A-15, Note A-16, Note A-17, Note A-18, Note A-19, Note A-20 or Note A-21, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 40.
(b) The Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7 Holder, the Note A-8 Holder, the Note A-9 Holder, the Note A-10 Holder, the Note A-11 Holder, the Note A-12 Holder, the Note A-13 Holder, the Note A-14 Holder, the Note A-15 Holder, the Note A-16 Holder, the Note A-17 Holder, the Note A-18 Holder, the Note A-19 Holder, the Note A-20 Holder or on behalf ofthe Note A-21 Holder securitizing its Note may, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestat its election, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself and/or regarding any Notes it is contributing to the related Securitization.
(c) Notwithstanding anything herein to the contrary, each of the Note A Holders acknowledges and agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective Securitizations of an A Note, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the pooling and servicing agreement for the Securitization of such Securitizing requesting Note Holder’s Note and provide reasonable opportunity A Holder to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 5 contracts
Sources: Agreement Between Noteholders (Bank5 2024-5yr10), Agreement Between Noteholders (Benchmark 2024-V10 Mortgage Trust), Agreement Between Noteholders (BBCMS Mortgage Trust 2024-5c29)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a the Lead Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Lead Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Lead Securitization; provided, however, that in connection with the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any Securitization, each related The Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Lead Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be or has been incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.Note
Appears in 5 contracts
Sources: Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2017-Rc1), Agreement Between Note Holders (CSAIL 2016-C7 Commercial Mortgage Trust), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2016-Nxs6)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
(c) If a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate at the Non-Lead Securitization Note Holder’s expense with such Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent that such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer (and the Non-Lead Asset Representations Reviewer has informed such party that it has first requested, and not received, the documents from the master servicer, special servicer and custodian for the applicable Non-Lead Securitization).
Appears in 5 contracts
Sources: Co Lender Agreement (GS Mortgage Securities Trust 2017-Gs5), Co Lender Agreement (GS Mortgage Securities Trust 2016-Gs4), Co Lender Agreement (GS Mortgage Securities Trust 2016-Gs4)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a the Lead Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Lead Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Lead Securitization; provided, however, that in connection with the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any Securitization, each related The Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Lead Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be or has been incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing any Note Holder. The Securitizing Lead Securitization Note Holder shall Holder, at the Non-Lead Securitization Note Holder’s sole cost and expense, will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder▇▇▇▇▇▇’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 5 contracts
Sources: Agreement Between Note Holders (BBCMS Mortgage Trust 2023-C21), Agreement Between Note Holders (3650R 2022-Pf2 Commercial Mortgage Trust), Agreement Between Note Holders (3650R 2022-Pf2 Commercial Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 5 contracts
Sources: Agreement Between Note Holders (Bank 2018-Bnk15), Agreement Between Note Holders (Bank 2018-Bnk14), Agreement Between Note Holders (Bank 2018-Bnk13)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Senior Noteholder may elect, in its sole discretion, and at its sole cost and expense, to include its respective Senior Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, (x) at the request of the related Securitizing Note Holdersecuritizing Noteholder, each related Nonnon-Securitizing Note Holder securitizing Noteholder shall use reasonable efforts, at such Securitizing Note Holderthe securitizing Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder securitizing Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the applicable Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, however, that no Nonnon-Securitizing Note Holder securitizing Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments topayments, such Non-Securitizing Note Holder Noteholder or (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations (other than to an immaterial extent) or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections (other than to an immaterial extent). In connection with any a Securitization, each related Nonnon-Securitizing Note Holder shall securitizing Noteholder shall, at the sole cost and expense of the securitizing Noteholder, provide for inclusion in any disclosure document relating to such the related Securitization such information concerning such Nonnon-Securitizing Note Holder securitizing Noteholder and its Note the other Notes as the related Securitizing Note Holder securitizing Noteholder reasonably determines to be necessary or appropriate, ; and such Non(y) each non-Securitizing Note Holder shallsecuritizing Noteholder shall cooperate, at the Securitizing Note Holder’s expensesole cost and expense of the securitizing Noteholder, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the securitizing Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such a Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof relating thereto and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder it and its Note the other Notes in any Securitization document. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as to a Non-Securitizing Note Holder to the related Securitizing Note Holder securitizing Noteholder may be incorporated into the offering documents for such a Securitization. Each Securitizing Note Holder securitizing Noteholder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Nonthe non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in securitizing Noteholders.
(b) A securitizing Noteholder may, at its election, deliver to the Securitizing Note Holder’s possession other Noteholders drafts of the preliminary and final prospectus, drafts of the preliminary and final offering memoranda and any other disclosure documents and the servicing agreement at such time as it deems necessary or appropriate in connection with the Securitization of the related Note. Each of the non-securitizing Noteholders may, at its election, review and comment thereon insofar as it relates to such Nonnon-Securitizing Note Holder’s preparation securitizing Noteholder or its Note, and, if such non-securitizing Noteholder elects to review and comment, such non-securitizing Noteholder shall review and comment thereon as soon as possible but in no event later than two (2) Business Days of disclosure materials its receipt thereof, and if such non-securitizing Noteholder fails to respond within such time, such non-securitizing Noteholder shall be deemed to have elected to not comment thereon, provided that if such non-securitizing Noteholder elects to review and comment, any such review and comments with respect to the final draft distributed in connection with a Securitizationthe preparation of the preliminary and final prospectus for printing shall be made no later than the time requested in the e-mail containing such final draft and if such non-securitizing Noteholder fails to respond by such time period (or, prior to the expiration of such time period, request additional time from the securitizing Noteholder), such non-securitizing Noteholder shall be deemed to have elected to not comment thereon. Upon request, each Securitizing Note Holder shall deliver In the event of any disagreement between the securitizing Noteholder and such non-securitizing Noteholder with respect to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and or any other disclosure documents the securitizing Noteholder’s determination shall control. A non-securitizing Noteholder has no obligation and shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make or refrain from making, regarding itself or its Note.
(c) Notwithstanding anything herein to the contrary, the Senior Noteholders acknowledge and agree that (i) the Junior Noteholders shall not be required to incur any out-of-pocket costs and expenses in connection with a Securitization of any Senior Note or any portion thereof and (ii) if applicable, no Junior Noteholder shall be required to disclose any of the beneficial owners of a managed account on behalf of which it holds the Junior Note.
(d) If a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the pooling Custodian shall reasonably cooperate at the Non-Lead Securitization Noteholder’s cost and servicing agreement expense, with the applicable Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent that such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer (and the Non-Lead Asset Representations Reviewer has informed such party that it has first requested, and not received, the documents from the master servicer, special servicer, trustee and custodian for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documentsapplicable Non-Lead Securitization).
Appears in 5 contracts
Sources: Agreement Among Noteholders (UBS Commercial Mortgage Trust 2018-C12), Agreement Among Noteholders (UBS Commercial Mortgage Trust 2018-C11), Agreement Among Noteholders (UBS Commercial Mortgage Trust 2017-C4)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentenceNote A-1-1, Note A-1-2, Note A-2-1, Note A-2-2 or Note A-2-3, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2 or Note A-2-3, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A-1-1 Holder, Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder or Note A-2-3 Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 40.
(b) The Note A-1-1 Holder, Note A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder or on behalf ofNote A-2-3 Holder securitizing its Note may, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestat its election, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each of the Note A-1-1 Holder, the Note A-1-2 Holder, the Note A-2-1 Holder, the Note A-2-2 Holder and the pooling Note A-2-3 Holder acknowledges and servicing agreement for agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective Securitizations of Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2 and Note A-2-3, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the Securitization of such Securitizing requesting Note A-1-1 Holder’s , Note and provide reasonable opportunity A-1-2 Holder, Note A-2-1 Holder, Note A-2-2 Holder or Note A-2-3 Holder, as applicable, to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 5 contracts
Sources: Agreement Between Noteholders (BBCMS Mortgage Trust 2018-C2), Agreement Between Noteholders (Wells Fargo Commercial Mortgage Trust 2018-C48), Agreement Between Noteholders (Wells Fargo Commercial Mortgage Trust 2018-C46)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, and at its sole cost and expense, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, (x) at the request of the related Securitizing Note Holdersecuritizing Noteholder, each related Nonnon-Securitizing Note Holder securitizing Noteholder shall use reasonable efforts, at such Securitizing Note Holderthe securitizing Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder securitizing Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no Nonnon-Securitizing Note Holder securitizing Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments topayments, such Non-Securitizing Note Holder Noteholder or (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations (other than to an immaterial extent) or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections (other than to an immaterial extent). In connection with any the Securitization, each related Nonnon-Securitizing Note Holder shall securitizing Noteholder shall, at the sole cost and expense of the securitizing Noteholder, to provide for inclusion in any disclosure document relating to such the related Securitization such information concerning such Nonnon-Securitizing Note Holder securitizing Noteholder and its Note the other Notes as the related Securitizing Note Holder securitizing Noteholder reasonably determines to be necessary or appropriate, ; and such Non(y) each non-Securitizing Note Holder shallsecuritizing Noteholder shall cooperate, at the Securitizing Note Holder’s expensesole cost and expense of the securitizing Noteholder, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) securitizing Noteholder in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder it and its Note the other Notes in any Securitization document. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as to a Non-Securitizing Note Holder to the related Securitizing Note Holder securitizing Noteholder may be incorporated into the offering documents for such a Securitization. Each Securitizing Note Holder securitizing Noteholder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Nonthe non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestsecuritizing Noteholders.
(b) A securitizing Noteholder may, each Securitizing Note Holder shall at its election, deliver to each related Non-Securitizing Note Holder the other Noteholders drafts of the preliminary and final Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for at such time as it deems necessary or appropriate in connection with the Securitization of the related Note. Each of the non-securitizing Noteholders may, at its election, review and comment thereon insofar as it relates to such Securitizing Note Holder’s Note and provide reasonable opportunity Noteholder or its Note, and, if such non-securitizing Noteholder elects to review and comment, such non-securitizing Noteholder shall review and comment thereon as soon as possible but in no event later than two (2) Business Days of its receipt thereof (or five (5) Business Days after receipt, in the case of the first draft thereof delivered to such non-securitizing Noteholder) and if such non-securitizing Noteholder fails to respond within such time, such non-securitizing Noteholder shall be deemed to have elected to not comment thereon, provided that if such non-securitizing Noteholder elects to review and comment, any such review and comments with respect to the final draft distributed in connection with the preparation of the preliminary and final offering memoranda for printing shall be made no later than 9:00 am, New York City time, on the Business Day following its receipt thereof and if such documentsnon-Securitizing Noteholder fails to respond by such time, such non-Securitizing Noteholder shall be deemed to have elected to not comment thereon. In the event of any disagreement between such non-Securitizing Noteholder with respect to the preliminary and final offering memoranda, prospectus supplement, free writing prospectus or any other disclosure documents the Securitizing Noteholder’s determination shall control. A non-Securitizing Noteholder has no obligation and shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make or refrain from making, regarding itself.
(c) Notwithstanding anything herein to the contrary, each Senior Noteholder acknowledge and agree that (i) the Junior Noteholders shall not be required to incur any out-of-pocket expenses in connection with a Securitization of the Senior Notes and (ii) no Junior Noteholder shall be required to disclose any of the beneficial owners of the managed account on behalf of which it is holding a Junior Note.
Appears in 5 contracts
Sources: Agreement Between Noteholders (Bank of America Merrill Lynch Commercial Mortgage Trust 2017-Bnk3), Agreement Between Noteholders (Wells Fargo Commercial Mortgage Trust 2016-C37), Agreement Between Noteholders (Citigroup Commercial Mortgage Trust 2016-P6)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Controlling Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Controlling Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Controlling Note Holder or (ii) materially increase such a Non-Securitizing Controlling Note Holder’s obligations or materially decrease such any Non-Securitizing Controlling Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the such Non-Securitizing Controlling Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Controlling Note Holder and its the Non-Controlling Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Controlling Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such any Non-Securitizing Controlling Note Holder and its the related Non-Controlling Note in any Securitization document. Each Non-Controlling Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each such Non-Securitizing Controlling Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each any Non-Securitizing Controlling Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Controlling Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related any Non-Securitizing Controlling Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 5 contracts
Sources: Co Lender Agreement (JPMDB Commercial Mortgage Securities Trust 2016-C4), Co Lender Agreement (JPMCC Commercial Mortgage Securities Trust 2016-Jp4), Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2016-Lc25)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.and
Appears in 5 contracts
Sources: Agreement Between Note Holders (CFCRE 2017-C8 Mortgage Trust), Agreement Between Note Holders (Morgan Stanley Capital I Trust 2016-Ubs12), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2016-Nxs6)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencean A Note or Note B-A, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of an A Note or Note B-A, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 42 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A Holder or Note ▇-▇ ▇▇▇▇▇▇ and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 42.
(b) A Note A Holder or Note ▇-▇ ▇▇▇▇▇▇ securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself and/or regarding any Notes it is contributing to the subject Securitization.
(c) Notwithstanding anything herein to the contrary, each of the Note A Holders and Note ▇-▇ ▇▇▇▇▇▇ acknowledges and agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective separate Securitizations of A Notes or Note B-A, as applicable (other than to the pooling extent such Noteholder is participating in such Securitization), and servicing agreement for (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the Securitization of such Securitizing requesting Note Holder’s A Holder or Note and provide reasonable opportunity ▇-▇ ▇▇▇▇▇▇, as applicable, to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 5 contracts
Sources: Agreement Between Noteholders (FIVE 2023-V1 Mortgage Trust), Agreement Between Noteholders (BMO 2023-C4 Mortgage Trust), Agreement Between Noteholders (BBCMS Mortgage Trust 2022-C18)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its the respective Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each such Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each such Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents. The Lead Securitization Note Holder shall send or make available to each Non-Lead Securitization Note Holder and the parties to the related Non-Lead Securitization Servicing Agreement (that are not also party to the Lead Securitization Servicing Agreement) (a) on or promptly following the Securitization Date (to the extent the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related Non-Lead Depositor on or prior to the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the execution version of the Lead Securitization Servicing Agreement, (b) within two (2) Business Days after the date of any re-filing by the Depositor of the Lead Securitization Servicing Agreement with the Commission to account for any changes thereto (other than a formal amendment thereto following the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the re-filed Lead Securitization Servicing Agreement, and (c) promptly following distribution thereof to the parties to the Lead Securitization Servicing Agreement, any changes made by the Depositor to the Lead Securitization Servicing Agreement (other than a formal amendment thereto following the Securitization Date).
Appears in 5 contracts
Sources: Co Lender Agreement (Benchmark 2023-B39 Mortgage Trust), Co Lender Agreement (Benchmark 2023-B38 Mortgage Trust), Co Lender Agreement (Bank 2022-Bnk44)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.as
Appears in 5 contracts
Sources: Agreement Between Note Holders (Morgan Stanley Capital I Trust 2018-L1), Agreement Between Note Holders (Bank 2018-Bnk13), Agreement Between Note Holders (Morgan Stanley Capital I Trust 2018-H3)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each the related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Non- Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the such Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the such Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the such Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related the Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 4 contracts
Sources: Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2018-C48), Agreement Between Note Holders (Bank 2018-Bnk15), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2018-C47)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentenceany Note A-1-A or Note A-1-B, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of any Note A-1-A or Note A-1-B, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A-1-A Holder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 40.
(b) The Note A-1-A Holders or Note A-1-B Holder securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each of the Note A-1-A Holders acknowledges and agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective Securitizations of any Note A-1-A, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the pooling and servicing agreement for the Securitization of such Securitizing requesting Note Holder’s Note and provide reasonable opportunity A-1-A Holder to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 4 contracts
Sources: Agreement Between Noteholders (Benchmark 2020-B19 Mortgage Trust), Agreement Between Noteholders (DBJPM 2020-C9 Mortgage Trust), Agreement Between Noteholders (Benchmark 2020-B18 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a the Lead Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Lead Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Lead Securitization; provided, however, that in connection with the Lead Securitization, no Non-Securitizing Lead Securitization Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any Securitization, each related The Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Lead Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be or has been incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing any Note Holder. The Securitizing Lead Securitization Note Holder shall Holder, at the Non-Lead Securitization Note Holder’s sole cost and expense, will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder▇▇▇▇▇▇’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents. The Lead Securitization Note Holder shall send or make available to each Non-Lead Securitization Note Holder and the parties to the related Non-Lead Securitization Servicing Agreement (that are not also party to the Lead-Securitization Servicing Agreement) (a) on or promptly following the Securitization Date (to the extent the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related Non-Lead Depositor on or prior to the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the execution version of the Lead Securitization Servicing Agreement, (b) within two (2) Business Days after the date of any re-filing by the Depositor of the Lead Securitization Servicing Agreement with the Commission to account for any changes thereto (other than a formal amendment thereto following the Securitization Date), a copy (in ▇▇▇▇▇-compatible format) of the re-filed Lead Securitization Servicing Agreement, and (c) promptly following distribution thereof to the parties to the Lead Securitization Servicing Agreement, any changes made by the Depositor to the Lead Securitization Servicing Agreement (other than a formal amendment thereto following the Securitization Date).
(b) Notwithstanding anything to the contrary contained herein, for so long as all of the Notes are held by a single Note Holder (including, but not limited to, in the event that all of the Notes are included in the Lead Securitization), this Agreement shall have no force and effect.
Appears in 4 contracts
Sources: Agreement Between Note Holders (BBCMS Mortgage Trust 2025-5c37), Agreement Between Note Holders (Benchmark 2025-V16 Mortgage Trust), Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2025-5c5)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holderapplicable Senior Noteholder, each related Non-Securitizing Note Holder the Junior Noteholders shall use reasonable efforts, at such Securitizing Note Holderthe applicable Senior Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder Senior Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the Senior Noteholder customarily adheres adhere or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the applicable Senior Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no Non-Securitizing Note Holder either in connection with the Securitization or otherwise at any time prior to the Securitization, the Junior Noteholders shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments topayments, such Non-Securitizing Note Holder the Junior Noteholders or (ii) materially increase such Non-Securitizing Note Holder’s the Junior Noteholders’ obligations or materially decrease such Non-Securitizing Note Holder’s the Junior Noteholders’ rights, remedies or protections. In connection with any the Securitization, each related Non-Securitizing Note Holder shall the Junior Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such information concerning such Non-Securitizing Note Holder the Junior Noteholders and its Note the other Notes as the related Securitizing Note Holder applicable Senior Noteholder reasonably determines determine to be necessary or appropriate, . The Junior Noteholders covenant and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, agree that they shall use reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) applicable Senior Noteholder in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder it and its Note the other Notes in any Securitization document, all at the cost and expense of the applicable Senior Noteholder. Each Note Holder acknowledges The Junior Noteholders acknowledge that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder Senior Noteholder may be incorporated into the offering documents for such a Securitization. Each Securitizing Note Holder The Senior Noteholder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. the Junior Noteholders.
(b) The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestapplicable Senior Noteholder may, each Securitizing Note Holder shall at its election, deliver to each related Non-Securitizing Note Holder the Junior Noteholders drafts of the preliminary and final Securitization offering memoranda, prospectus supplement, free writing preliminary and final prospectus and any other disclosure documents and the pooling Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. The Junior Noteholders may, at its election, review and servicing agreement for comment thereon insofar as it relates to any Junior Note and/or Junior Noteholder, and, if the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity Junior Noteholders elect to review and comment, the Junior Noteholders shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, five (5) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if the Junior Noteholders fail to respond within such time, the Junior Noteholders shall be deemed to have elected to not comment thereon. In the event of any disagreement between the Junior Noteholders with respect to the preliminary and final offering memoranda, preliminary and final prospectus or any other disclosure documents the applicable Senior Noteholder’s determination shall control. The Junior Noteholders have no obligation and shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, the Senior Noteholders acknowledge and agree that (i) the Junior Noteholders shall not be required to incur any out-of-pocket expenses in connection with a Securitization of any Senior Note and (ii) the Junior Noteholders shall not be required to disclose any of the beneficial owners of the managed account on such documentsbehalf of which it is holding the Junior Notes.
Appears in 4 contracts
Sources: Agreement Among Noteholders (JPMDB Commercial Mortgage Securities Trust 2018-C8), Agreement Among Noteholders (Bank 2018-Bnk11), Agreement Among Noteholders (Benchmark 2018-B3 Commercial Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Controlling Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Securitizing Controlling Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Controlling Note Holder or (ii) materially increase such a Non-Securitizing Controlling Note Holder’s obligations or materially decrease such any Non-Securitizing Controlling Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related the such Non-Securitizing Controlling Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Controlling Note Holder and its the Non-Controlling Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Controlling Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such any Non-Securitizing Controlling Note Holder and its the related Non-Controlling Note in any Securitization document. Each Non-Controlling Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each such Non-Securitizing Controlling Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each any Non-Securitizing Controlling Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Controlling Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related any Non-Securitizing Controlling Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
(b) In connection with a Securitization, at the request of the applicable Non-Controlling Note Holder, the Lead Securitization Holder (including the Master Servicer, the Special Servicer and the Trustee) shall use reasonable efforts, at such Non-Controlling Note Holder’s expense, to satisfy, and to cooperate with the Non-Controlling Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the Non-Controlling Note Holder customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however, that either in connection with a Non-Lead Securitization or otherwise at any time prior to a Non-Lead Securitization, no Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, a Non-Controlling Note Holder or (ii) materially increase a Non-Controlling Note Holder’s obligations or materially decrease any Non-Controlling Note Holder’s rights, remedies or protections or cause an adverse REMIC event to occur under the Lead Securitization. In connection with a Non-Lead Securitization, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be required to perform certain obligations set forth in the Lead Securitization Servicing Agreement. In addition, each other applicable Holder shall provide for inclusion in any disclosure document relating to such Non-Lead Securitization such information concerning such Holder and the related Note as such Non-Controlling Note Holder reasonably determines to be necessary or appropriate, and each such Holder covenants and agrees that it shall, at such Non-Controlling Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Non-Controlling Note Holder in connection with such Non-Lead Securitization (including, without limitation, reasonably cooperating with such Non-Controlling Note Holder (without any obligation to make additional representations and warranties) to enable such Non-Controlling Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to the applicable Holders and the related Non-Controlling Note in any Securitization document. Each Holder acknowledges that the information provided by it to the other Non-Controlling Holders may be incorporated into the offering documents for the applicable Non-Lead Securitization. Each Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, any other Note Holder in connection with the related Non-Lead Securitization. Each Holder will reasonably cooperate with the other Holders by providing all information reasonably requested that is in the such ▇▇▇▇▇▇’s possession in connection with such ▇▇▇▇▇▇’s preparation of disclosure materials in connection with a Securitization.
Appears in 4 contracts
Sources: Co Lender Agreement (BMO 2023-C5 Mortgage Trust), Co Lender Agreement (BBCMS Mortgage Trust 2023-C19), Co Lender Agreement (Bank5 2023-5yr1)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note A-1 Holder, each related Non-Securitizing the Note A-2 Holder or the Note B Holder, the Note C Holder shall use reasonable efforts, at such Securitizing the Note A-1 Holder’s or Note A-2 Holder’s expense, to satisfy, and to cooperate with such Securitizing the Note A-1 Holder, Note A-2 Holder and Note B Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Note A-1 Holder, Note A-2 Holder and Note B Holder customarily adheres adhere or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Note A-1 Holder, Note A-2 Holder and Note B Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no Non-Securitizing either in connection with the Securitization or otherwise at any time prior to the Securitization the Note C Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments topayments, such Non-Securitizing the Note C Holder or (ii) materially increase such Non-Securitizing the Note C Holder’s obligations or materially decrease such Non-Securitizing the Note C Holder’s rights, remedies or protections. In connection with any the Securitization, each related Non-Securitizing the Note C Holder shall agrees to provide for inclusion in any disclosure document relating to such the related Securitization such information concerning such Non-Securitizing the Note C Holder and its Note the other Notes as the related Securitizing Note A-1 Holder, the Note A-2 Holder and the Note B Holder reasonably determines determine to be necessary or appropriate, . The Note C Holder covenants and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, agrees that it shall use reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing the Note A-1 Holder, Note A-2 Holder and Note B Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder it and its Note the other Notes in any Securitization document, all at the cost and expense of the Note A-1 Holder, the Note A-2 Holder and the Note B Holder, as applicable. Each The Note C Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note A-1 Holder, Note A-2 Holder and Note B Holder may be incorporated into the offering documents for such a Securitization. Each Securitizing The Note A-1 Holder, Note A-2 Holder and Note B Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing the Note C Holder. .
(b) The Securitizing Note A-1 Holder, Note A-2 Holder shall reasonably cooperate with each Non-Securitizing and Note B Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestmay, each Securitizing Note Holder shall at its election, deliver to each related Non-Securitizing the Note C Holder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. The Note C Holder may, at its election, review and comment thereon insofar as it relates to the Note C and/or the Note C Holder, and, if the Note C Holder elects to review and comment, the Note C Holder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if the Note C Holder fails to respond within such time, the Note C Holder shall be deemed to have elected to not comment thereon. In the event of any disagreement between the Note C Holder with respect to the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and or any other disclosure documents the Note A-1 Holder’s, Note A-2 Holder’s and Note B Holder’s determination shall control. Note C Holder has no obligation and shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, the Note A-1 Holder, the Note A-2 Holder and the pooling Note B Holder acknowledge and servicing agreement for agree that (i) the Note C Holder shall not be required to incur any out-of-pocket expenses in connection with a Securitization of such Securitizing Note Holder’s ▇-▇, ▇▇▇▇ ▇-▇ or Note B and provide reasonable opportunity (ii) the Note C Holder shall not be required to review and comment disclose any of the beneficial owners of the managed account on such documents.behalf of which it is holding the Note C.
Appears in 4 contracts
Sources: Agreement Between Noteholders (GS Mortgage Securities Trust 2017-Gs5), Agreement Between Noteholders (GS Mortgage Securities Trust 2016-Gs4), Agreement Between Noteholders (GS Mortgage Securities Trust 2016-Gs4)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related the Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such the Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such the Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such the Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such the Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such the Non-Securitizing Lead Securitization Note Holder and its the Non-Lead Securitization Note in any Securitization document. Each The Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each the Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each the Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such the Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related the Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 4 contracts
Sources: Co Lender Agreement (Benchmark 2020-B17 Mortgage Trust), Co Lender Agreement (Benchmark 2020-B16 Mortgage Trust), Co Lender Agreement (Benchmark 2018-B5 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Non-Securitizing Lead Securitization Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such a Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such any Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such a Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such each Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 4 contracts
Sources: Co Lender Agreement (Bank5 2023-5yr3), Co Lender Agreement (Benchmark 2023-V3 Mortgage Trust), Co Lender Agreement (Benchmark 2023-B39 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Non-Securitizing Lead Securitization Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such a Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such a Non-Securitizing Lead Securitization Note Holder’s Holders’ obligations or materially decrease such any Non-Securitizing Lead Securitization Note Holder’s Holders’ rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such . Such Non-Securitizing Lead Securitization Note Holder agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Lead Securitization Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such a Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such each Non-Securitizing Lead Securitization Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. .
(b) Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related a Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
(c) The Lead Securitization Note Holder acknowledges and agrees that it shall cause the Lead Securitization Servicing Agreement to provide that (and, to the extent such provisions are not included in the Lead Securitization Servicing Agreement they shall be deemed incorporated therein and made a part thereof):
(i) the Master Servicer or Trustee shall be required to provide written notice to each Non-Lead Master Servicer and each Non-Lead Trustee of any P&I Advance it has made with respect to the Lead Securitization Note within two (2) Business Days of making such advance;
(ii) if the Master Servicer determines that a proposed P&I Advance with respect to the Lead Securitization Notes or Servicing Advance with respect to the Mortgage Loan, if made, or any such outstanding P&I Advance or Servicing Advance previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead Master Servicer written notice of such determination promptly after such determination was made together with such reports that the Master Servicer delivered to the Special Servicer or Trustee in connection with notification of its determination of nonrecoverability;
(iii) the Master Servicer shall remit all payments received with respect to any Non-Lead Securitization Note, net of the servicing fees payable to the Master Servicer and Special Servicer with respect to such Non-Lead Securitization Note, and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, to the related Non-Lead Securitization Note Holder by the earlier of (x) the Remittance Date and (y) the Business Day following the “determination date” (or any term substantially similar thereto) as defined in the related Non-Lead Securitization Servicing Agreement (such determination date, the “Non-Lead Securitization Determination Date”), in each case, as long as the date on which remittance is required under this clause (iii) is at least one (1) Business Day after the scheduled monthly payment date under the Mortgage Loan Agreement;
(iv) in connection with the expedited remittances contemplated by the preceding clause (iii) and the expedited reporting contemplated by the following clause (v), (A) the Special Servicer shall (x) expedite its delivery of reports to the Master Servicer with respect to the Mortgage Loan or the Mortgaged Property (including the delivery of information contemplated by CREFC® reports that the Special Servicer is required to deliver to the Master Servicer) so that the reports (including CREFC® reports) provided by the Master Servicer to the Non-Lead Securitization Note Holder may include all information contemplated to be included therein for the applicable reporting period, and (y) expedite withdrawals from accounts maintained by it and remittances to the Master Servicer in respect of the Mortgage Loan or the Mortgaged Property so that the Master Servicer’s remittances to the Non-Lead Securitization Note Holder contemplated by the preceding clause (iii) may include all amounts for the applicable collection period; and (B) each party responsible under the Lead Securitization Servicing Agreement for delivering any Additional Form 10-D Disclosure (or analogous information) to an Other Exchange Act Reporting Party or a Non-Lead Depositor in respect of a Non-Lead Securitization shall deliver such Additional Form 10-D Disclosure (or analogous information) no later than the 5th calendar day following the applicable distribution date for such Non-Lead Securitization;
(v) with respect to any Non-Lead Securitization Note that is held by a Securitization, the Master Servicer agrees to deliver or cause to be delivered or to make available to the related Non-Lead Master Servicer all reports required to be delivered by the Master Servicer to the Certificate Administrator and the Trustee under the Lead Securitization Servicing Agreement (which shall include all loan-level reports constituting the CREFC® Investor Reporting Package (IRP)) pursuant to the terms of the Lead Securitization Servicing Agreement, to the extent related to the Mortgage Loan, the Mortgaged Property, such Non-Lead Securitization Note, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, by the earlier of (x) the Remittance Date and (y) the Business Day following the related Non-Lead Securitization Determination Date, in each case, as long as the date on which delivery is required under this clause (v) is at least one (1) Business Day after the scheduled monthly payment date under the Mortgage Loan Agreement;
(vi) the Master Servicer and the Special Servicer, as applicable, shall provide (in electronic media) to each Non-Lead Securitization Note Holder all documents, certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding the Mortgage Loan provided by it to the Directing Certificateholder in connection with any request for consent made to, or consultation with, such party at the time provided to such other party;
(vii) the servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement shall include the duty to service the Mortgage Loan and all of the Notes on behalf of the Note Holders (including the respective trustees and certificateholders) in accordance with the terms and provisions of this Agreement, the Lead Securitization Servicing Agreement and the Servicing Standard;
(viii) each Non-Lead Securitization Note Holder shall be entitled to the same indemnity as the Lead Securitization Note Holder under the Lead Securitization Servicing Agreement; each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, and any other party acting as custodian for the Lead Securitization shall be required to (and shall require any Servicing Function Participant or Additional Servicer engaged by it to) indemnify each Non-Lead Depositor, its respective directors and officers and controlling persons, and each Certifying Person from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred by any such indemnified party arising out of (A) the indemnifying party’s failure to deliver the items in clause (ix) below in a timely manner, (B) the indemnifying party’s failure to perform its obligations to the indemnified parties under Article 13, entitled “EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE” (or any article substantially similar thereto). of the Lead Securitization Servicing Agreement by the time required after giving effect to any applicable grace period or cure period, (C) the failure of any Servicing Function Participant or Additional Servicer retained by the indemnifying party to perform its obligations to the indemnified parties under such Article 13, entitled “EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE” (or any article substantially similar thereto), of the Lead Securitization Servicing Agreement by the time required and/or (D) delivery of any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, the indemnifying party;
(ix) with respect to any Non-Lead Securitization Trust that is subject to reporting requirements under the Securities Act, the Exchange Act (including Rule 15Ga-1), and Regulation AB, (a) each of the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate Administrator and any other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver), in a timely manner (i) the reports, certifications, compliance statements, accountants’ assessments and attestations, and information to be included in reports (including, without limitation, Form ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the related Non-Lead Securitization Servicing Agreement, in the case of clauses (i) and (ii), as the related Non-Lead Depositor or the related Other Exchange Act Reporting Party reasonably believes, in good faith, are required in order for the related Non-Lead Depositor or the related Other Exchange Act Reporting Party to comply with (1) its obligations under the Securities Act, the Exchange Act (including Rule 15Ga-1), Regulation AB and Form SF-3 and (2) any applicable comment letter from the Commission or its obligations with respect to any Deficient Exchange Act Deliverable, (b) without limiting the generality of the foregoing (i) the Depositor or the applicable Note Holders that transferred Notes to the Lead Securitization shall, upon reasonable prior written request, provide or cause to be provided to the related Non-Lead Depositor (and to counsel to the related Non-Lead Depositor) a copy of the Lead Securitization Servicing Agreement in an ▇▇▇▇▇-compatible format, and (ii) the Master Servicer and Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable) shall, upon reasonable prior written request, and subject to the right of the Master Servicer or the Special Servicer, as the case may be, to review and approve such disclosure materials, permit a holder of any Non-Lead Securitization Note to use such party’s description contained in the Lead Securitization offering circular (updated as appropriate (including, without limitation, to satisfy the requirements of Regulation AB) by the Master Servicer or Special Servicer, as applicable, at the cost of such holder of such Non-Lead Securitization Note), for inclusion in the disclosure materials or a Form 8-K relating to any securitization of the related Non-Lead Securitization Note, and (iii) the Master Servicer and the Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable), shall provide indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect to the Lead Securitization or are otherwise customarily provided in connection with the issuance of publicly offered commercial mortgage-backed securities (in each case, at the cost of such holder of such Non-Lead Securitization Note), and (c) in connection with any amendment of the Lead Securitization Servicing Agreement, the Depositor shall provide written notice (which may be by email) of such proposed amendment to any Non-Lead Depositor and the related Other Exchange Act Reporting Party no later than three (3) Business Days prior to the date of effectiveness of such amendment, and, on the date of effectiveness of such amendment to the Lead Securitization Servicing Agreement, provide a copy of such amendment in an ▇▇▇▇▇-compatible format to such Non-Lead Depositor and the related Other Exchange Act Reporting Party. The Master Servicer and the Special Servicer shall each be required to provide certification and indemnification to any Certifying Person with respect to any applicable ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Certification with respect to a Non-Lead Securitization;
(x) each of the Master Servicer, the Special Servicer, the Custodian and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained by it to cooperate), with each Non-Lead Depositor (including, without limitation, providing all due diligence information, reports, written responses, negotiations and coordination) to the same extent as such party is required to cooperate with the Lead Depositor under Article 13, entitled “EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE” (or any article substantially similar thereto), of the Lead Securitization Servicing Agreement or as is otherwise necessary and appropriate to satisfy all required Exchange Act reporting and Regulation
Appears in 4 contracts
Sources: Co Lender Agreement (Wells Fargo Commercial Mortgage Trust 2025-C65), Co Lender Agreement (Benchmark 2025-B41 Mortgage Trust), Co Lender Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Lead Securitization Note Holder, each related Non-Securitizing Lead Securitization Note Holder shall use reasonable efforts, at such Securitizing the Lead Securitization Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that no either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, a Non-Securitizing Lead Securitization Note Holder shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Lead Securitization Note Holder or (ii) materially increase such Non-Securitizing Lead Securitization Note Holder’s obligations or materially decrease such Non-Securitizing Lead Securitization Note Holder’s rights, remedies or protections. In connection with any the Lead Securitization, each related Non-Securitizing Lead Securitization Note Holder shall agrees to provide for inclusion in any disclosure document relating to such the Lead Securitization such information concerning such Non-Securitizing Lead Securitization Note Holder and its the related Non-Lead Securitization Note as the related Securitizing Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such each Non-Securitizing Lead Securitization Note Holder covenants and agrees that it shall, at the Securitizing Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Lead Securitization Note Holder in connection with such the Lead Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Non- Lead Securitization Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Securitization Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Lead Securitization Note Holder. The Securitizing Lead Securitization Note Holder shall will reasonably cooperate with each Non-Securitizing Lead Securitization Note Holder by providing all information reasonably requested that is in the Securitizing Lead Securitization Note Holder’s possession in connection with such Non-Securitizing Lead Securitization Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Securitization Note Holder shall deliver to each related Non-Securitizing Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 4 contracts
Sources: Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-Gc37), Co Lender Agreement (Citigroup Commercial Mortgage Trust 2016-P3), Co Lender Agreement (JPMBB Commercial Mortgage Securities Trust 2016-C1)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencean A Note or Note B, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of an A Note or Note B, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 42 may be incorporated into the offering documents for such a Securitization. Each Securitizing A requesting Note A Holder or Note B Holder and each Rating Agency shall be entitled to rely on the information supplied by, by each other Noteholder pursuant to this Section 42.
(b) A Note A Holder or on behalf of, each Non-Securitizing Note Holder. The Securitizing Subordinate Note Holder shall reasonably cooperate with each Non-Securitizing securitizing its Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon requestmay, each Securitizing Note Holder shall at its election, deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself and/or regarding any Notes it is contributing to the subject Securitization.
(c) Notwithstanding anything herein to the contrary, each of the Note A Holders and the pooling Subordinate Note Holders acknowledges and servicing agreement for agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with their respective separate Securitizations of A Notes or Subordinate Notes, as applicable (other than to the Securitization of extent such Securitizing Noteholder is participating in such Securitization), and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the requesting Note A Holder or any Subordinate Note Holder’s Note and provide reasonable opportunity , as applicable, to review and comment on such documentsbe necessary to satisfy its disclosure obligations in connection with its Securitization.
Appears in 4 contracts
Sources: Agreement Between Noteholders (BMO 2025-5c10 Mortgage Trust), Agreement Between Noteholders (Benchmark 2025-V14 Mortgage Trust), Agreement Between Noteholders (BMO 2025-5c9 Mortgage Trust)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.Note
Appears in 4 contracts
Sources: Agreement Between Note Holders (Wells Fargo Commercial Mortgage Trust 2018-C48), Agreement Between Note Holders (BBCMS Mortgage Trust 2018-C2), Agreement Between Note Holders (Citigroup Commercial Mortgage Trust 2018-C6)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required to modify -38- or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.
Appears in 4 contracts
Sources: Agreement Between Note Holders (Bank 2019-Bnk23), Agreement Between Note Holders (Morgan Stanley Capital I Trust 2019-L3), Agreement Between Note Holders (Bank 2019-Bnk22)
Cooperation in Securitization. (a) Each Note Holder Noteholder acknowledges that any Note Holder Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentencea Senior Note, at the request of the related Securitizing Note HolderNoteholder, each related Non-Securitizing Note Holder other Noteholder shall use commercially reasonable efforts, at such Securitizing Note Holderthe requesting Noteholder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder the requesting Noteholder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization no Non-Securitizing Note Holder other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such any payments to be made to, such Non-Securitizing Note Holder or Noteholder, (ii) materially increase such Non-Securitizing Note HolderNoteholder’s obligations or materially decrease such Non-Securitizing Note HolderNoteholder’s rights, remedies or protectionsprotections hereunder or under any Mortgage Loan Document, or (iii) otherwise materially adversely affect the rights and interests of such Noteholder. In connection with any Securitizationsuch Securitization of a Senior Note, each related Non-Securitizing Note Holder shall other Noteholder agrees to provide for inclusion in any disclosure document relating to such the related Securitization such customary non-confidential information concerning such Non-Securitizing Note Holder and its Note Noteholder as the related Securitizing Note Holder requesting Noteholder reasonably determines to be necessary or appropriateto satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is not the requesting Noteholder, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, it shall use commercially reasonable efforts to cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder the requesting Noteholder in connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof in connection with the Securitization, and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note it in any Securitization document, all at the cost and expense of the requesting Noteholder. Each Note Holder Noteholder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder requesting Noteholder pursuant to this Section 24 may be incorporated into the offering documents for such a Securitization. Each Securitizing Note Holder A requesting Senior Noteholder and each Rating Agency shall be entitled to rely on the information supplied byby each other Noteholder pursuant to this Section 24.
(b) The Senior Noteholder securitizing its Note may, or on behalf ofat its election, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder other Noteholder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such time, such other Noteholder shall be deemed to have elected to not comment thereon. In the event of any disagreement between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus supplementprospectus, free writing prospectus and or any other disclosure documents the requesting Noteholder’s determination shall control. No such other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.
(c) Notwithstanding anything herein to the contrary, each Noteholder acknowledges and the pooling and servicing agreement for the agrees that (i) no other Noteholder shall be required to incur any out-of-pocket expenses in connection with its Securitization of such Securitizing Note, and (ii) any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the requesting Noteholder to be necessary to satisfy its disclosure obligations in connection with its Securitization.
(d) If the Mortgage Loan becomes a Specially Serviced Mortgage Loan and the Special Servicer determines to sell any of the Lead Securitization Note Holderin accordance with the Securitization Servicing Agreement, it shall have the right and the obligation to sell all of the Notes as notes evidencing one whole loan in accordance with the terms of the Securitization Servicing Agreement. In connection with any such sale, the Special Servicer shall provide notice to each Non-Controlling Noteholder of the planned sale and of such Non-Controlling Noteholder’s Note and provide reasonable opportunity to review and comment bid on such documentsthe Mortgage Loan.
Appears in 4 contracts
Sources: Agreement Between Noteholders (Bank 2021-Bnk36), Agreement Between Noteholders (Bank 2021-Bnk31), Agreement Between Noteholders (Bank 2020-Bnk30)
Cooperation in Securitization. (a) Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing securitizing Note Holder, each related Non-Securitizing other Note Holder shall use reasonable efforts, at such Securitizing the securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing the securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing the securitizing Note Holder customarily adheres or that which may be reasonably required in the marketplace or by the Rating Agencies in connection with such the Securitization, including, including entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing the securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such the Securitization; provided, that no Non-Securitizing however, none of the Note Holder Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing a Note Holder or (ii) materially increase such Non-Securitizing a Note Holder’s Holders’ obligations or materially decrease such Non-Securitizing any Note Holder’s Holders’ rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall agrees to provide for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note Holder and its the related Note as the related Securitizing securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing each Note Holder covenants and agrees that it shall, at the Securitizing securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing the securitizing Note Holder in connection with such the Securitization (including, without limitation, reasonably cooperating with the Securitizing securitizing Note Holder (without any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such the Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing a Note Holder and its the related Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Lead Note Holder may be incorporated into the offering documents for such the Lead Securitization. Each Securitizing The Lead Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Lead Note Holder shall will reasonably cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Lead Note Holder’s possession in connection with such Non-Securitizing each Note Holder’s Holders’ preparation of disclosure materials in connection with a Securitization. Upon request, each Securitizing the Lead Note Holder shall deliver to each related a Non-Securitizing Lead Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Lead Securitization of such Securitizing Note Holder’s Note Servicing Agreement and provide reasonable opportunity to review and comment on such documents.
Appears in 4 contracts
Sources: Co Lender Agreement (CSAIL 2018-C14 Commercial Mortgage Trust), Co Lender Agreement (UBS Commercial Mortgage Trust 2018-C12), Co Lender Agreement (CSAIL 2018-Cx12 Commercial Mortgage Trust)