Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups. (b) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows: (i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date; (ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above; (iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above. (c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (CSMC Trust 2007-4), Pooling and Servicing Agreement (CSMC Trust 2007-4), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-2)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(b) With respect to the purchase of the Mortgage Loans, the Trust Administrator Trustee shall determine the “Terminating Entity” as follows:
(i) DLJMCthe Holder of the largest Percentage Interest of Class X Certificates, if it unless the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPSthe Holder of the next largest Percentage Interest of Class X Certificates, if (a) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) aboveDate;
(iii) the Majority Servicer on the Optional Termination Date, if (a) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class X Certificates and DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date Date; provided, however, that if the Majority Servicer does not exercise its option to purchase the Mortgage Loans, REO Properties and (b) SPS has not given notice any remaining assets of the Trust, each other Servicer, in sequential order from the Servicer servicing the second largest percentage, the third largest percentage, and so forth, to the Trust Administrator pursuant to Section 11.02(a) aboveServicer servicing the smallest percentage, in each case by outstanding Stated Principal Balance of the Mortgage Loans on such Optional Termination Date, shall be the Terminating Entity.
(cb) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator Trustee shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2006-7), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-6), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-8)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the applicable Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage Loans in Pool 1, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) the Holder of the largest Percentage Interest of Class 1-X Certificates, unless (1) the Holder of the largest Percentage Interest of Class 1-X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Group 1 Mortgage Loan on the Optional Termination Date;
(ii) the Holder of the next largest Percentage Interest of Class 1-X Certificates, if (1) the Holder of the largest Percentage Interest of Class 1-X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Group 1 Mortgage Loan on the Optional Termination Date;
(iii) the Majority Servicer of the Group 1 Mortgage Loans on the Optional Termination Date, if (1) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class 1-X Certificates and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date; or
(iv) the Certificate Insurer if it gives notice pursuant to Section 11.02(c) below.
(B) With respect to the purchase of the Group CB Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 or Pool 3 on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 or Pool 3 on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in Pool 2 or Pool 3 on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer of the Group CB Mortgage Loans on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 or Pool 3 on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) If the Terminating Entity, as set forth in Section 11.02(b)(i) – (iii) above, does not elect to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any remaining Mortgage Loan on behalf of the Terminating Entity, and either any Insured Certificate is outstanding or any Reimbursement Amounts owed to the Certificate Insurer are outstanding, then the Certificate Insurer may at its option become the Terminating Entity and direct the Majority Servicer to make such purchase on behalf of the Certificate Insurer pursuant to Section 11.03.
(d) No later than fifteen (15) days prior to the first day of the an Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the applicable Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator Trustee no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator Trustee shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan GroupsLoan.
(b) With (A)With respect to the purchase of the Mortgage Loans, the Trust Administrator Trustee shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator Trustee shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-7), Pooling and Servicing Agreement (Home Equity Asset Trust 2005-8), Pooling and Servicing Agreement (Home Equity Asset Trust 2005-9)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator Trustee no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator Trustee shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan GroupsLoan.
(bA) With respect to the purchase of the Mortgage Loans, the Trust Administrator Trustee shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator Trustee shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2006-1), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-4), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-3)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups Group(s) of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(b) With respect to the purchase of the Mortgage LoansLoans in any Loan Group(s) as described in Section 11.01(a), the Trust Administrator shall determine the “"Terminating Entity” " as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loan Loans on the related Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the related Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loan Loans on the related Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;; or
(iii) the Majority Servicer on the related Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the related Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the any Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in the related Loan Group(s) of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Group(s).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Adjustable Rate Mortgage Loan Trust 2007-2), Pooling and Servicing Agreement (Adjustable Rate Mortgage Trust 2007-1), Pooling and Servicing Agreement (Adjustable Rate Mortgage Loan Trust 2007-2)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the applicable Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(b) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Group 1 or Group B Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Group 1 or Group B Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Group 1 or Group B Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer of the Group 1 or Group B Mortgage Loans on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Group 1 or Group B Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the an Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the applicable Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-5), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-5)
Determination of the Terminating Entity. (a) If any Servicer or [________] intends to be the Terminating Entity, such party must give written notice to the Trust Administrator Trustee no later than twenty thirty (2030) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchasedDate. Upon receiving such notice, the Trust Administrator Trustee shall immediately request from DLJMC and DLJMC shall deliver to the Trustee no later than seventeen twenty-seven (1727) days prior to the first day of the Optional Termination Notice Period Date a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan GroupsLoan.
(b) With respect to the purchase of the Mortgage Loans, the Trust Administrator The Trustee shall determine the “"Terminating Entity” " as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS[________], if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS [________] is a Special Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS [________] has given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS [________] has not given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above.
(c) No later than fifteen twenty-five (1525) days prior to the first day of the Optional Termination Notice PeriodDate, the Trust Administrator Trustee shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Acceptance Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups Group(s) of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4 and Loan Group 5, the Trust Administrator shall determine the “"Terminating Entity” " as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loan Loans on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase of the Mortgage Loans in Loan Group 6, the Trust Administrator shall determine the "Terminating Entity" as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loans on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in the related Loan Group(s) of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Group(s).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse Adjustable Rate Mortgage Trust 2006-1), Pooling and Servicing Agreement (Adjustable Rate Mortgage Trust 2006-2)
Determination of the Terminating Entity. (a) If any Servicer or SPS intends to be the Terminating Entity, such party must give written notice to the Trust Administrator Trustee no later than twenty thirty (2030) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchasedDate. Upon receiving such notice, the Trust Administrator Trustee shall immediately request from DLJMC and DLJMC shall deliver to the Trustee no later than seventeen twenty-seven (1727) days prior to the first day of the Optional Termination Notice Period Date a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan GroupsLoan.
(b) With respect to the purchase of the Mortgage Loans, the Trust Administrator The Trustee shall determine the “"Terminating Entity” " as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Special Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above.
(c) No later than fifteen twenty-five (1525) days prior to the first day of the Optional Termination Notice PeriodDate, the Trust Administrator Trustee shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Pass-Through Certificates, Series 2006-1), Pooling and Servicing Agreement (CSFB Home Equity Mortgage Trust 2005-4)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Pool 1, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in any of the Pool 1 on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the Pool 1 on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the Pool 1 on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the Pool 1 on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase by of the Mortgage Loans in Pool 2, Pool 3 and Pool 4, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of related Pools on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Pools on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Pools on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Pools on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in any of the occurrence related Loan Groups of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Groups.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2006-7), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2006-7)
Determination of the Terminating Entity. (a) If any Servicer or SPS intends to be the Terminating Entity, such party must give written notice to the Trust Administrator Trustee no later than twenty thirty (2030) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchasedDate. Upon receiving such notice, the Trust Administrator Trustee shall immediately request from DLJMC and DLJMC shall deliver to the Trustee no later than seventeen twenty-seven (1727) days prior to the first day of the Optional Termination Notice Period Date a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan GroupsLoan.
(b) With respect to the purchase of the Mortgage Loans, the Trust Administrator The Trustee shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer or Special Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator Trustee pursuant to Section 11.02(a9.04(a) above.
(c) No later than fifteen twenty-five (1525) days prior to the first day of the Optional Termination Notice PeriodDate, the Trust Administrator Trustee shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Trust 2005-5), Pooling and Servicing Agreement (Home Equity Mortgage Trust 2005-5)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the applicable Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(b) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Group 1 or Group C-B Mortgage Loan Loan, as applicable, on the related Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Group 1 or Group C-B Mortgage Loan Loan, as applicable, on the related Optional Termination Date and (b) SPS is a Servicer with respect to any Group 1 or Group C-B Mortgage Loan Loan, as applicable, on the related Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer of the Group 1 or Group C-B Mortgage Loans, as applicable, on the related Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Group 1 or Group C-B Mortgage Loan Loan, as applicable, on the related Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the an Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the applicable Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-7), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-7)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(b) With respect to the purchase by of the Mortgage LoansLoans in Loan Group 1, Loan Group 2 and Loan Group 3, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in any of the occurrence related Loan Groups of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Groups.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2006-6), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-5)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group 2 and Loan Group 6, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase by of the Mortgage Loans in Loan Group 1, Loan Group 2 and Loan Group 5, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in any of the occurrence related Loan Groups of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Groups.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-2), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-4)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group 1, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase by of the Mortgage Loans in Loan Group 2, Loan Group 3, Loan Group 4 and Loan Group 5, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in any of the occurrence related Loan Groups of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Groups.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-3)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the applicable Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage Loans in Pool 1, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) the Holder of the largest Percentage Interest of Class 1-X Certificates, unless (1) the Holder of the largest Percentage Interest of Class 1-X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Group 1 Mortgage Loan on the Optional Termination Date;
(ii) the Holder of the next largest Percentage Interest of Class 1-X Certificates, if (1) the Holder of the largest Percentage Interest of Class 1-X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Group 1 Mortgage Loan on the Optional Termination Date;
(iii) the Majority Servicer of the Group 1 Mortgage Loans on the Optional Termination Date, if (1) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class 1-X Certificates and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date; or
(iv) the Certificate Insurer if it gives notice pursuant to Section 11.02(c) below.
(B) With respect to the purchase of the Group D-B Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer of the Group D-B Mortgage Loans on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) If the Terminating Entity, as set forth in Section 11.02(b)(A)(i) – (iii) above, does not elect to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any remaining Mortgage Loan on behalf of the Terminating Entity, and either any Insured Certificate is outstanding or any Reimbursement Amounts owed to the Certificate Insurer are outstanding, then the Certificate Insurer may at its option become the Terminating Entity and direct the Majority Servicer to make such purchase on behalf of the Certificate Insurer pursuant to Section 11.03.
(d) No later than fifteen (15) days prior to the first day of the an Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the applicable Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSAB Mortgage-Backed Trust 2007-1)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage Loans, the The Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage Loans in Pool 1, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) the Holder of the largest Percentage Interest of Class 1-X Certificates, unless (1) the Holder of the largest Percentage Interest of Class 1-X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Group 1 Mortgage Loan on the Optional Termination Date;
(ii) the Holder of the next largest Percentage Interest of Class 1-X Certificates, if (1) the Holder of the largest Percentage Interest of Class 1-X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Group 1 Mortgage Loan on the Optional Termination Date; or
(iii) the Majority Servicer of the Group 1 Mortgage Loans on the Optional Termination Date, if (1) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class 1-X Certificates and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(B) With respect to the purchase of the Group CB Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 or Pool 3 on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 or Pool 3 on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in Pool 2 or Pool 3 on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer of the Group CB Mortgage Loans on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 or Pool 3 on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Pool 1, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in Pool 1 on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 1 on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in Pool 1 on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 1 on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase of the Mortgage Loans in Pool 2, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2006-9)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group 1, Loan Group 4 and Loan Group 5, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Determination of the Terminating Entity. (a) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) the Holder of the largest Percentage Interest of Class X Certificates, unless (1) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) the Holder of the next largest Percentage Interest of Class X Certificates, if (1) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(iii) the Majority Servicer on the Optional Termination Date, if (1) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class X Certificates and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date; or
(iv) the Certificate Insurer if it gives notice pursuant to Subsection (c) below.
(b) If the Terminating Entity, as set forth in Section 11.02(a) above, elects to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any Servicer intends to be remaining Mortgage Loan, on behalf of the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any Loan. For the avoidance of doubt, the Majority Servicer may not elect to exercise an Optional Termination other than at the direction of the related Loan GroupsTerminating Entity.
(bc) With respect to If the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” , as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to set forth in Section 11.02(a) above;
(iii) , does not elect to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any remaining Mortgage Loan, on the Optional Termination Date, if (a) DLJMC is not the owner behalf of the servicing rights with respect to Terminating Entity, and either any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice Insured Certificate is outstanding or any Reimbursement Amounts owed to the Trust Administrator Certificate Insurer are outstanding, then the Certificate Insurer may, at its option become the Terminating Entity and direct the Majority Servicer to make such purchase on behalf of the Certificate Insurer pursuant to Section 11.02(a) above11.03.
(cd) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
(e) If a Holder of the Class X Certificate is the Terminating Entity and Xxxxx Fargo is the Majority Servicer then such Terminating Entity shall remit an administrative fee in the amount of $2,500 to Xxxxx Fargo, as Majority Servicer, in connection with the optional termination pursuant to Section 11.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSAB Mortgage-Backed Pass-Through Certificates, Series 2006-2)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups Group(s) of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(b) (A) With respect to the purchase of the Mortgage LoansLoans in Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loan Loans on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-12)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage Loans, the The Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group 5, Loan Group 6 and Loan Group 8, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase by of the Mortgage Loans in Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4 and Loan Group 7, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in any of the occurrence related Loan Groups of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Groups.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-11)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan GroupsLoan.
(b) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-6)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups Group(s) of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4, the Trust Administrator shall determine the “"Terminating Entity” " as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loan Loans on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase of the Mortgage Loans in Loan Group 5, the Trust Administrator shall determine the "Terminating Entity" as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loans on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in the related Loan Group(s) of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Group(s).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-11)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group 3 and Loan Group 4, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase by of the Mortgage Loans in Loan Group 1, Loan Group 2 and Loan Group 5, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in any of the occurrence related Loan Groups of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Groups.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-1)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan GroupsLoan.
(b) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Termination Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-6)
Determination of the Terminating Entity. (a) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) the Holder of the largest Percentage Interest of Class X Certificates, unless (1) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) the Holder of the next largest Percentage Interest of Class X Certificates, if (1) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(iii) the Majority Servicer on the Optional Termination Date, if (1) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class X Certificates and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date; or
(iv) the Certificate Insurer if it gives notice pursuant to Section 11.02(c) below.
(b) If the Terminating Entity, as set forth in Section 11.02(a) above, elects to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any Servicer intends to be remaining Mortgage Loan, on behalf of the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any Loan. For the avoidance of the related Loan Groups.
(b) With respect to the purchase of the Mortgage Loansdoubt, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the may not elect to exercise an Optional Termination Date, if (a) DLJMC is not other than at the owner direction of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) aboveTerminating Entity.
(c) If the Terminating Entity, as set forth in Section 11.02(a)(i) – (iii) above, does not elect to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any remaining Mortgage Loan on behalf of the Terminating Entity, and either any Insured Certificate is outstanding or any Reimbursement Amounts owed to the Certificate Insurer are outstanding, then the Certificate Insurer may at its option become the Terminating Entity and direct the Majority Servicer to make such purchase on behalf of the Certificate Insurer pursuant to Section 11.03.
(d) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
(e) If a Holder of the Class X Certificate is the Terminating Entity and Xxxxx Fargo is the Majority Servicer then such Terminating Entity shall remit an administrative fee in the amount of $2,500 to Xxxxx Fargo, as Majority Servicer, in connection with the optional termination pursuant to Section 11.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSAB Mortgage-Backed Trust 2006-4)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups Group(s) of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(b) (A) With respect to the purchase of the Mortgage LoansLoans in Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4, the Trust Administrator shall determine the “"Terminating Entity” " as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loan Loans on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-10)
Determination of the Terminating Entity. (a) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) the Holder of the largest Percentage Interest of Class X Certificates, unless (1) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) the Holder of the next largest Percentage Interest of Class X Certificates, if (1) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(iii) the Majority Servicer on the Optional Termination Date, if (1) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class X Certificates and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date.
(b) If the Terminating Entity, as set forth in Section 11.02(a) above, elects to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any Servicer intends to be remaining Mortgage Loan, on behalf of the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any Loan. For the avoidance of the related Loan Groups.
(b) With respect to the purchase of the Mortgage Loansdoubt, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the may not elect to exercise an Optional Termination Date, if (a) DLJMC is not other than at the owner direction of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) aboveTerminating Entity.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Csab Mortgage-Backed Trust 2006-1)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group I, Loan Group II, Loan Group VII, Loan Group XI and Loan Group XII, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase by of the Mortgage Loans in Loan Group III, Loan Group IV, Loan Group V, Loan Group VIII, Loan Group IX and Loan Group X, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(C) With respect to the purchase by of the Mortgage Loans in Loan Group VI, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in Loan Group VI on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Loan Group VI on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in any of the occurrence related Loan Groups of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Groups.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group I and Loan Group II, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase by of the Mortgage Loans in Loan Group III, Loan Group IV and Loan Group V, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in the any of related Loan Groups on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in any of the related Loan Groups on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in any of the occurrence related Loan Groups of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Groups.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups Group(s) of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage LoansLoans in Loan Group 1, Loan Group 2 and Loan Group 3, the Trust Administrator shall determine the “"Terminating Entity” " as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loan Loans on the Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loan Loans on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(B) With respect to the purchase of the Mortgage Loans in Loan Group 4, the Trust Administrator shall determine the "Terminating Entity" as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS is a Servicer with respect to any such Mortgage Loans on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above; or
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any such Mortgage Loans on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans in the related Loan Group(s) of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating EntityEntity for such Loan Group(s).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Adjustable Rate Mortgage Trust 2006-3)
Determination of the Terminating Entity. (a) If any Servicer intends to be the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any of the related Loan Groups.
(bA) With respect to the purchase of the Mortgage Loans in Pool 1, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) the Holder of the largest Percentage Interest of Class 1-X Certificates, unless (1) the Holder of the largest Percentage Interest of Class 1-X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Group 1 Mortgage Loan on the Optional Termination Date;
(ii) the Holder of the next largest Percentage Interest of Class 1-X Certificates, if (1) the Holder of the largest Percentage Interest of Class 1-X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Group 1 Mortgage Loan on the Optional Termination Date; or
(iii) the Majority Servicer on the Optional Termination Date, if (1) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class 1-X Certificates and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(B) With respect to the purchase of the Group CB Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the Optional Termination Date, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan in Pool 2 on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) above.
(c) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1)
Determination of the Terminating Entity. (a) With respect to the purchase of the Mortgage Loans, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) the Holder of the largest Percentage Interest of Class X Certificates, unless (1) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) the Holder of the next largest Percentage Interest of Class X Certificates, if (1) the Holder of the largest Percentage Interest of Class X Certificates is the Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(iii) the Majority Servicer on the Optional Termination Date, if (1) the Depositor or an Affiliate of the Depositor is the Holder of 100% of the Class X Certificates and (2) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date; or
(iv) the Certificate Insurer if it gives notice pursuant to Section 11.02(c) below.
(b) If the Terminating Entity, as set forth in Section 11.02(a) above, elects to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any Servicer intends to be remaining Mortgage Loan, on behalf of the Terminating Entity, such party must give written notice to the Trust Administrator no later than twenty (20) days prior to the first day of the Optional Termination Notice Period. Such notice shall also indicate the Loan Groups of the Mortgage Loans to be repurchased. Upon receiving such notice, the Trust Administrator shall immediately request from DLJMC and DLJMC shall deliver no later than seventeen (17) days prior to the first day of the Optional Termination Notice Period a letter indicating whether or not DLJMC retains the servicing rights to any Mortgage Loan in any Loan. For the avoidance of the related Loan Groups.
(b) With respect to the purchase of the Mortgage Loansdoubt, the Trust Administrator shall determine the “Terminating Entity” as follows:
(i) DLJMC, if it is the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date;
(ii) SPS, if (a) DLJMC is not the owner of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS is a Servicer with respect to any Mortgage Loan on the Optional Termination Date and SPS has given notice to the Trust Administrator pursuant to Section 11.02(a) above;
(iii) the Majority Servicer on the may not elect to exercise an Optional Termination Date, if (a) DLJMC is not other than at the owner direction of the servicing rights with respect to any Mortgage Loan on the Optional Termination Date and (b) SPS has not given notice to the Trust Administrator pursuant to Section 11.02(a) aboveTerminating Entity.
(c) If the Terminating Entity, as set forth in Section 11.02(a)(i) – (iii) above, does not elect to direct the Majority Servicer to purchase all Mortgage Loans and all property acquired in respect of any remaining Mortgage Loan, on behalf of the Terminating Entity, and either any Insured Certificate is outstanding or any Reimbursement Amounts owed to the Certificate Insurer are outstanding, then the Certificate Insurer may, at its option become the Terminating Entity and direct the Majority Servicer to make such purchase on behalf of the Certificate Insurer pursuant to Section 11.03.
(d) No later than fifteen (15) days prior to the first day of the Optional Termination Notice Period, the Trust Administrator shall provide notice to each Servicer that is a servicer of any of the Mortgage Loans of the occurrence of the Optional Notice Period and the identity of those parties who may be entitled to be the Terminating Entity.
(e) If a Holder of the Class X Certificate is the Terminating Entity and Xxxxx Fargo is the Majority Servicer then such Terminating Entity shall remit an administrative fee in the amount of $2,500 to Xxxxx Fargo, as Majority Servicer, in connection with the optional termination pursuant to Section 11.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSAB Mortgage-Backed Trust 2006-3)
