Term of Service; Property Manager and Special Servicer Not to Resign. (a) Each Issuer may, upon written consent by the Indenture Trustee (acting at the direction of the Requisite Global Majority) and written notice (without any requirement of consent) to the Property Manager and the Special Servicer, transfer the servicing duties and obligations of the Property Manager and the Special Servicer to a new servicer. The Indenture Trustee’s written consent to any such transfer shall be contingent upon receipt by the Indenture Trustee of: (1) satisfaction of the Rating Condition; (2) the replacement Property Manager and Special Servicer of its acceptance of its appointment; and (3)
Appears in 2 contracts
Sources: Property Management and Servicing Agreement (American Finance Trust, Inc), Property Management and Servicing Agreement (American Finance Trust, Inc)