Trustee to Appoint. As soon as practicable after receipt of notification that the Master Servicer has resigned or has been terminated in such capacity, the Trustee will undertake the procedure described in Subsection 11.2(4) to appoint a successor Master Servicer satisfying the requirements set forth in Subsection 11.2(3) and acceptable to the Guarantor (unless a Guarantor Event of Default has occurred and is continuing, in which case the Guarantor’s acceptance is not required). The successor Master Servicer need not be identical for all Trusts.
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Sources: Second Amended and Restated 2007 Multifamily Master Trust Agreement, Master Trust Agreement, Second Amended and Restated 2016 Single Family Master Trust Agreement
Trustee to Appoint. As soon as practicable after receipt of notification that the Master Servicer has resigned or has been terminated in such capacity, the Trustee will undertake the procedure described in Subsection 11.2(4) to appoint a successor Master Servicer satisfying the requirements set forth in Subsection 11.2(3) and acceptable to the Guarantor (unless a Guarantor Event of Default has occurred and is continuing, in which case the Guarantor’s acceptance is not required). The successor Master Servicer need not be identical for all Trusts.Trusts.
Appears in 4 contracts
Sources: Multifamily Master Trust Agreement, Amended and Restated 2021 Multifamily Master Trust Agreement, 2021 Multifamily Master Trust Agreement
Trustee to Appoint. As soon as practicable after receipt of notification that the Master Servicer has resigned or has been terminated in such capacity, the Trustee will undertake the procedure described in Subsection 11.2(4) to appoint a successor Master Master Servicer satisfying the requirements set forth in Subsection 11.2(3) and acceptable to the Guarantor (unless a Guarantor Event of Default has occurred and is continuing, in which case the Guarantor’s acceptance is not required). The successor Master Servicer need not be identical for all Trusts.
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Trustee to Appoint. As soon as practicable after receipt of notification that the Master Servicer has resigned or has been terminated in such capacity, the Trustee will undertake the procedure described in Subsection 11.2(4) to appoint a successor Master Servicer satisfying the requirements set forth in Subsection 11.2(3) and acceptable to the Guarantor (unless a Guarantor Event of Default has occurred and is continuing, in which case the Guarantor’s acceptance is not required). The successor Master Servicer need not be identical for all Trusts.Trusts.
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