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Document Preview Pooling and Servicing Agreement |
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Title: |
Pooling and Servicing Agreement |
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Entities: |
Abfc Asset-Backed Certificates, Series 2005-WF1; Barclays Bank plc; Freddie Mac; McGraw-Hill Companies Inc.; Wells Fargo Bank, NA; Federal National Mortgage Association; Bank of America, NA |
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Date: |
2005 |
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Size: |
Preview shows 8KB of 1033KB total |
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Price: |
$85 |
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ID: |
#1480091 |
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Start of Preview |
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ASSET BACKED FUNDING CORPORATION,
DEPOSITOR
WELLS FARGO BANK, N.A.,
SERVICER
WELLS FARGO BANK, N.A.,
SECURITIES ADMINISTRATOR
AND
DEUTSCHE BANK NATIONAL TRUST COMPANY,
TRUSTEE
POOLING AND SERVICING AGREEMENT
DATED AS OF APRIL 1, 2005
ABFC 2005-WF1 TRUST
ABFC ASSET-BACKED CERTIFICATES, SERIES 2005-WF1
================================================================================
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
ARTICLE I DEFINITIONS 5
Section 1.01 Defined Terms. 5
Section 1.02 Accounting. 62
Section 1.03 Rights of the NIMS Insurer. 62
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES 62
Section 2.01 Conveyance of Mortgage Loans. 62
Section 2.02 Acceptance by Trustee. 65
Section 2.03 Repurchase or Substitution of Mortgage Loans by the Originator or the Seller. 66
Section 2.04 Execution of Yield Maintenance Agreements. 70
Section 2.05 Representations, Warranties and Covenants of the Servicer. 70
Section 2.06 Representations and Warranties of the Depositor. 73
Section 2.07 Issuance of Certificates and the Uncertificated Regular Interests. 74
ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND 75
Section 3.01 Servicer to Act as Servicer. 75
Section 3.02 Collection of Mortgage Loan Payments. 77
Section 3.03 Realization Upon Defaulted Mortgage Loans. 77
Section 3.04 Collection Accounts, Distribution Account and Reserve Accounts. 78
Section 3.05 Permitted Withdrawals From the Collection Accounts. 83
Section 3.06 Establishment of Escrow Accounts; Deposits in Escrow Accounts. 84
Section 3.07 Permitted Withdrawals From Escrow Account. 85
Section 3.08 Payment of Taxes, Insurance and Other Charges; Collections Thereunder. 85
Section 3.09 Transfer of Accounts. 86
Section 3.10 Maintenance of Hazard Insurance. 86
Section 3.11 Maintenance of Mortgage Impairment Insurance Policy. 87
Section 3.12 Fidelity Bond, Errors and Omissions Insurance. 87
Section 3.13 Title, Management and Disposition of REO Property. 88
Section 3.14 Due-on-Sale Clauses; Assumption and Substitution Agreements. 90
Section 3.15 Notification of Adjustments. 91
Section 3.16 Optional Purchases of Mortgage Loans by Servicer. 91
Section 3.17 Trustee to Cooperate; Release of Files. 92
Section 3.18 Servicing Compensation. 93
Section 3.19 Annual Statement as to Compliance. 94
Section 3.20 Annual Independent Certified Public Accountants' Reports. 94
Section 3.21 Access to Certain Documentation and Information Regarding the Mortgage Loans. 95
</TABLE>
-i-
<PAGE>
<TABLE>
<S> <C> <C>
Section 3.22 Duties of Credit Risk Manager. 95
Section 3.23 Obligations of the Servicer in Respect of Compensating Interest. 95
Section 3.24 Obligations of the Servicer in Respect of Mortgage Interest Rates and Monthly Payments. 96
Section 3.25 Investment of Funds in the Collection Accounts and the Distribution Account. 96
Section 3.26 Liability of Servicer; Indemnification. 97
Section 3.27 Reports of Foreclosure and Abandonment of Mortgaged Properties. 98
Section 3.28 Protection of Assets. 98
Section 3.29 Limitation of Liability of the Credit Risk Manager. 98
Section 3.30 No Personal Solicitation. 99
Section 3.31 Periodic Filings. 99
Section 3.32 Credit Reporting; Gramm-Leach-Bliley Act. 101
Section 3.33 Maintenance of LPMI Policies; Claims. 102
ARTICLE IV FLOW OF FUNDS 102
Section 4.01 Interest Distributions. 102
Section 4.02 Distributions of Principal and Monthly Excess Cashflow Amounts. 105
Section 4.03 Allocation of Losses. 112
Section 4.04 Method of Distribution. 112
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