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Title: |
Pooling and Servicing Agreement |
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Entities: |
Abfc Asset Backed Certificates Series 2003-Ahl1; Freddie Mac; JPMorgan Chase Bank; McGraw-Hill Companies Inc.; Wachovia Bank, NA; Federal National Mortgage Association; Bank of America, NA |
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Date: |
2003 |
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Size: |
Preview shows 5KB of 754KB total |
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Price: |
$99 |
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ID: |
#1480252 |
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ASSET BACKED FUNDING CORPORATION,
Depositor
LITTON LOAN SERVICING LP,
Servicer
and
JPMORGAN CHASE BANK,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of April 1, 2003
ABFC 2003-AHL1 Trust
ABFC Asset-Backed Certificates, Series 2003-AHL1
================================================================================
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
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<S> <C>
ARTICLE I DEFINITIONS.............................................................................................4
SECTION 1.01. DEFINED TERMS...............................................................................4
SECTION 1.02. ACCOUNTING.................................................................................47
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF .....................................................
CERTIFICATES.....................................................................................48
SECTION 2.01. CONVEYANCE OF MORTGAGE LOANS...............................................................48
SECTION 2.02. ACCEPTANCE BY TRUSTEE......................................................................50
SECTION 2.03. REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS BY THE SELLER.................................51
SECTION 2.04. EXECUTION OF YIELD MAINTENANCE AGREEMENT...................................................55
SECTION 2.05. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SERVICER..................................55
SECTION 2.06. REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR............................................57
SECTION 2.07. ISSUANCE OF CERTIFICATES AND THE UNCERTIFICATED REGULAR INTERESTS..........................58
ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND.......................................................59
SECTION 3.01. SERVICER TO ACT AS SERVICER................................................................59
SECTION 3.02. COLLECTION OF MORTGAGE LOAN PAYMENTS.......................................................61
SECTION 3.03. REALIZATION UPON DEFAULTED MORTGAGE LOANS..................................................62
SECTION 3.04. COLLECTION ACCOUNT, DISTRIBUTION ACCOUNT AND RESERVE ACCOUNT...............................63
SECTION 3.05. PERMITTED WITHDRAWALS FROM THE COLLECTION ACCOUNT..........................................66
SECTION 3.06. ESTABLISHMENT OF ESCROW ACCOUNTS; DEPOSITS IN ESCROW ACCOUNTS..............................67
SECTION 3.07. PERMITTED WITHDRAWALS FROM ESCROW ACCOUNT..................................................67
SECTION 3.08. PAYMENT OF TAXES, INSURANCE AND OTHER CHARGES; COLLECTIONS ..................................
THEREUNDER.................................................................................68
SECTION 3.09. TRANSFER OF ACCOUNTS.......................................................................68
SECTION 3.10. MAINTENANCE OF HAZARD INSURANCE............................................................68
SECTION 3.11. MAINTENANCE OF MORTGAGE IMPAIRMENT INSURANCE POLICY........................................69
SECTION 3.12. FIDELITY BOND, ERRORS AND OMISSIONS INSURANCE..............................................70
SECTION 3.13. TITLE, MANAGEMENT AND DISPOSITION OF REO PROPERTY..........................................70
SECTION 3.14. DUE-ON-SALE CLAUSES; ASSUMPTION AND SUBSTITUTION AGREEMENTS................................72
SECTION 3.15. NOTIFICATION OF ADJUSTMENTS................................................................73
SECTION 3.16. OPTIONAL PURCHASES OF MORTGAGE LOANS BY SERVICER...........................................74
SECTION 3.17. TRUSTEE TO COOPERATE; RELEASE OF FILES.....................................................74
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