Master Servicer and Servicer Not to Resign; Transfer of Servicing. (a) A Servicer shall not resign from the obligations and duties hereby imposed on it except (i) upon appointment of a successor servicer and receipt by the Trustee and the Trust Administrator of a letter from each Rating Agency that such a resignation and appointment will not result in a downgrading of the rating of any of the Certificates related to the applicable Mortgage Loans, or (ii) upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination under clause (ii) permitting the resignation of the Master Servicer or a Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee and the Trust Administrator. No such resignation shall become effective until the successor servicer shall have assumed such Servicer's responsibilities, duties, liabilities and obligations hereunder in accordance with Section 8.02 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Cert Series 2002-Ar8)
Master Servicer and Servicer Not to Resign; Transfer of Servicing. (a) A Servicer shall not resign from the obligations and duties hereby imposed on it except (i) upon appointment of a successor servicer and receipt by the Trustee and the Trust Administrator of a letter from each Rating Agency that such a resignation and appointment will not result in a downgrading of the rating of any of the Certificates related to the applicable Mortgage Loans, or (ii) upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination under clause (iiiii) permitting the resignation of the Master Servicer or a Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee and the Trust Administrator. No such resignation shall become effective until the successor servicer shall have assumed such Servicer's responsibilities, duties, liabilities and obligations hereunder in accordance with Section 8.02 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mort Accept Corp Series 2002-5)
