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Document Preview Pooling and Servicing Agreement |
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Title: |
Pooling and Servicing Agreement |
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Entities: |
ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap1; Barclays Bank plc; Freddie Mac; McGraw-Hill Companies Inc.; National Westminster Bank plc; Wells Fargo Bank, NA; Federal National Mortgage Association; International Swaps & Derivatives Association, Inc. |
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Date: |
2006 |
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Size: |
Preview shows 35KB of 1098KB total |
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Price: |
$99 |
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ID: |
#1478468 |
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Start of Preview |
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ARTICLE I | ||
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DEFINITIONS | ||
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SECTION 1.01. |
Defined Terms. |
8 |
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SECTION 1.02. |
Allocation of Certain Interest Shortfalls. |
83 |
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ARTICLE II | ||
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CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES | ||
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SECTION 2.01. |
Conveyance of the Mortgage Loans. |
85 |
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SECTION 2.02. |
Acceptance of REMIC I by Trustee. |
86 |
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SECTION 2.03. |
Repurchase or Substitution of Mortgage Loans. |
86 |
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SECTION 2.04. |
Representations and Warranties of the Master Servicer. |
89 |
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SECTION 2.05. |
Representations, Warranties and Covenants of the Servicer. |
91 |
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SECTION 2.06. |
Issuance of the REMIC I Regular Interests and the Class R-I Interest. |
93 |
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SECTION 2.07. |
Conveyance of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC III by the Trustee. |
93 |
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SECTION 2.08. |
Issuance of Residual Certificates. |
94 |
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SECTION 2.09. |
Establishment of the Trust. |
94 |
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SECTION 2.10. |
Purpose and Powers of the Trust. |
94 |
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ARTICLE III | ||
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ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS | ||
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SECTION 3.01. |
The Servicer to Act as Servicer. |
96 |
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SECTION 3.02. |
Sub-Servicing Agreements Between the Servicer and Sub-Servicers. |
98 |
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SECTION 3.03. |
Successor Sub-Servicers. |
100 |
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SECTION 3.04. |
No Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee or the Certificateholders. |
100 |
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SECTION 3.05. |
Assumption or Termination of Sub-Servicing Agreement by Successor Servicer. |
100 |
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SECTION 3.06. |
Collection of Certain Mortgage Loan Payments. |
101 |
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SECTION 3.07. |
Collection of Taxes, Assessments and Similar Items; Servicing Accounts. |
101 |
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SECTION 3.08. |
Collection Account and Distribution Account. |
102 |
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SECTION 3.09. |
Withdrawals from the Collection Account and Distribution Account. |
105 |
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SECTION 3.10. |
Investment of Funds in the Investment Accounts. |
107 |
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SECTION 3.11. |
Maintenance of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary Mortgage Insurance. |
108 |
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SECTION 3.12. |
Enforcement of Due-on-Sale Clauses; Assumption Agreements |
110 |
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SECTION 3.13. |
Realization Upon Defaulted Mortgage Loans. |
111 |
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SECTION 3.14. |
Trustee to Cooperate; Release of Mortgage Files. |
113 |
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SECTION 3.15. |
Servicing Compensation. |
114 |
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SECTION 3.16. |
Collection Account Statements. |
115 |
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SECTION 3.17. |
Annual Statement as to Compliance. |
115 |
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SECTION 3.18. |
Assessments of Compliance and Attestation Reports. |
116 |
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SECTION 3.19. |
[Reserved]. |
117 |
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SECTION 3.20. |
Annual Certification. |
117 |
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SECTION 3.21. |
Access to Certain Documentation. |
118 |
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SECTION 3.22. |
Title, Management and Disposition of REO Property. |
118 |
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SECTION 3.23. |
Obligations of the Servicer in Respect of Prepayment Interest Shortfalls; Relief Act Interest Shortfalls. |
122 |
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SECTION 3.24. |
Obligations of the Servicer in Respect of Mortgage Rates and Monthly Payments. |
122 |
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SECTION 3.25. |
Reserve Fund. |
122 |
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SECTION 3.26. |
Advance Facility. |
124 |
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SECTION 3.27. |
Indemnification. |
125 |
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ARTICLE IV | ||
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ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER | ||
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SECTION 4.01. |
Master Servicer. |
127 |
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SECTION 4.02. |
REMIC-Related Covenants. |
128 |
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SECTION 4.03. |
Monitoring of Servicer. |
128 |
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SECTION 4.04. |
Fidelity Bond. |
129 |
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SECTION 4.05. |
Power to Act; Procedures. |
129 |
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SECTION 4.06. |
Due-on-Sale Clauses; Assumption Agreements. |
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End of Preview |
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