Special Serviced Mortgage Loans. (a) The Holder of the largest Percentage Interest of Class 1-X Certificates may, at its discretion, appoint a Group 1 Special Servicer; provided, that any such successor Group 1 Special Servicer shall meet all the requirements of a Servicer under this Agreement shall service the Non-Designated Mortgage Loans in accordance with this Agreement and shall comply in all respects with the applicable provisions of this Agreement. The Class 1-X Certificateholder shall notify the Master Servicer, the Trust Administrator and the Depositor upon the appointment of a Group 1 Special Servicer and the Master Servicer shall notify the Servicers of such appointment. The Class 1-X Certificateholder shall not appoint a Group 1 Special Servicer under the terms of this Agreement with respect to any Group 1 Mortgage Loan unless:
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3)
Special Serviced Mortgage Loans. (a) The Holder of the largest Percentage Interest of Class 1-X Certificates may, at its discretion, appoint a Group 1 Special Servicer; provided, that any such successor Group 1 Special Servicer shall meet all the requirements of a Servicer under this Agreement Agreement, shall service the Non-Designated Mortgage Loans in accordance with this Agreement agreement and shall comply in all respects with the applicable provisions of this Agreement. The Class 1-X Certificateholder shall notify the Trustee, Trust Administrator, Master Servicer, the Trust Administrator Certificate Insurer and the Depositor upon the appointment of a Group 1 Special Servicer and the Master Servicer shall notify the Servicers of such appointment. The Class 1-X Certificateholder shall not appoint a Group 1 Special Servicer under the terms of this Agreement with respect to any Group 1 the Non-Designated Mortgage Loan unless:
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSAB Mortgage-Backed Trust 2006-3), Pooling and Servicing Agreement (CSAB Mortgage-Backed Trust 2006-4)
