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Title: |
Pooling and Servicing Agreement |
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Entities: |
ACE Securities Corp Series HE2; Deutsche Bank Securities Inc.; Freddie Mac; McGraw-Hill Companies Inc.; National Westminster Bank plc; Wells Fargo Bank, NA; Federal National Mortgage Association |
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Date: |
2004 |
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Size: |
Preview shows 49KB of 938KB total |
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Price: |
$99 |
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ID: |
#1490318 |
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<SEQUENCE>2
<FILENAME>d265990.txt
<DESCRIPTION>POOLING AND SERVICING AGREEMENT
<TEXT>
ACE SECURITIES CORP.
Depositor
OCWEN FEDERAL BANK FSB
Servicer
WELLS FARGO BANK, N.A.
Master Servicer and Securities Administrator
HSBC BANK USA, NATIONAL ASSOCIATION
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of September 1, 2004
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE2
Asset Backed Pass-Through Certificates
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
ARTICLE I DEFINITIONS.......................................................................................4
SECTION 1.01. Defined Terms..........................................................................4
Accepted Master Servicing Practices.........................................................................4
Accepted Servicing Practices................................................................................4
Account.....................................................................................................4
Accrued Certificate Interest................................................................................4
Adjustable Rate Mortgage Loan...............................................................................4
Adjustment Date.............................................................................................5
Administration Fees.........................................................................................5
Administration Fee Rate.....................................................................................5
Advance Facility............................................................................................5
Advance Financing Person....................................................................................5
Advance Reimbursement Amounts...............................................................................5
Affiliate...................................................................................................5
Aggregate Loss Severity Percentage..........................................................................5
Agreement...................................................................................................5
Allocated Realized Loss Amount..............................................................................5
Amounts Held for Future Distribution........................................................................5
Assignment..................................................................................................5
Authorized Officers.........................................................................................6
Available Distribution Amount...............................................................................6
Avoided Payment.............................................................................................6
Balloon Mortgage Loan.......................................................................................6
Balloon Payment.............................................................................................6
Bankruptcy Code.............................................................................................6
Book-Entry Certificates.....................................................................................6
Book-Entry Custodian........................................................................................6
Business Day................................................................................................7
Cap Contracts...............................................................................................7
Cash-Out Refinancing........................................................................................7
Certificate.................................................................................................7
Certificate Factor..........................................................................................7
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Certificate Insurance Policy................................................................................7
Certificate Insurer.........................................................................................7
Certificate Insurer Default.................................................................................7
Certificate Margin..........................................................................................8
Certificateholder...........................................................................................9
Certificate Owner...........................................................................................9
Certificate Principal Balance...............................................................................9
Certificate Register.......................................................................................10
Class......................................................................................................10
Class A Certificate........................................................................................10
Class A Principal Distribution Amount......................................................................10
Class A-1 Allocation Percentage............................................................................10
Class A-1 Certificate......................................................................................10
Class A-1 Certificate Deficiency Amount....................................................................10
Class A-1 Principal Distribution Amount....................................................................11
Class A-1 Principal Loss Amount............................................................................11
Class A-2 Allocation Percentage............................................................................11
Class A-2 Certificate......................................................................................11
Class A-2A Certificate.....................................................................................11
Class A-2B Certificate.....................................................................................11
Class A-2C Certificate.....................................................................................11
Class A-2 Principal Distribution Amount....................................................................12
Class B Certificate........................................................................................12
Class B Principal Distribution Amount......................................................................12
Class B-1 Certificate......................................................................................12
Class B-2 Certificate......................................................................................12
Class B-1 Principal Distribution Amount....................................................................12
Class B-2 Principal Distribution Amount....................................................................13
Class CE Certificate.......................................................................................13
Class M Certificates.......................................................................................13
Class M-1 Certificate......................................................................................13
Class M-1 Principal Distribution Amount....................................................................14
Class M-2 Certificate......................................................................................14
</TABLE>
ii
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Class M-2 Principal Distribution Amount....................................................................14
Class M-3 Certificate......................................................................................14
Class M-3 Principal Distribution Amount....................................................................15
Class M-4 Certificate......................................................................................15
Class M-4 Principal Distribution Amount....................................................................15
Class M-5 Certificate......................................................................................16
Class M-5 Principal Distribution Amount....................................................................16
Class M-6 Certificate......................................................................................16
Class M-6 Principal Distribution Amount....................................................................16
Class P Certificate........................................................................................17
Class R Certificates.......................................................................................17
Class R-I Interest.........................................................................................17
Class R-II Interest........................................................................................17
Closing Date...............................................................................................17
Code.......................................................................................................17
Collection Account.........................................................................................17
Commission.................................................................................................17
Corporate Trust Office.....................................................................................17
Corresponding Certificate..................................................................................18
Credit Enhancement Percentage..............................................................................18
Credit Risk Management Agreements..........................................................................18
Credit Risk Management Fee.................................................................................18
Credit Risk Management Fee Rate............................................................................18
Credit Risk Manager........................................................................................18
Custodial Agreement........................................................................................18
Custodian..................................................................................................18
Cut-off Date...............................................................................................19
Debt Service Reduction.....................................................................................19
Deficient Valuation........................................................................................19
Definitive Certificates....................................................................................19
Deleted Mortgage Loan......................................................................................19
Delinquency Percentage.....................................................................................19
</TABLE>
iii
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Depositor..................................................................................................19
Depository.................................................................................................19
Depository Institution.....................................................................................19
Depository Participant.....................................................................................20
Determination Date.........................................................................................20
Directly Operate...........................................................................................20
Disqualified Organization..................................................................................20
Distribution Account.......................................................................................20
Distribution Date..........................................................................................20
Due Date...................................................................................................21
Due Period.................................................................................................21
Eligible Account...........................................................................................21
ERISA......................................................................................................21
Estate in Real Property....................................................................................21
Excess Liquidation Proceeds................................................................................21
Expense Adjusted Mortgage Rate.............................................................................21
Extraordinary Trust Fund Expense...........................................................................21
Extra Principal Distribution Amount........................................................................21
Fannie Mae.................................................................................................21
FDIC.......................................................................................................21
Final Maturity Date........................................................................................21
Final Recovery Determination...............................................................................22
Freddie Mac................................................................................................22
Gross Margin...............................................................................................22
Group I Interest Remittance Amount.........................................................................22
Group I Mortgage Loans.....................................................................................22
Group I Principal Distribution Amount......................................................................22
Group I Principal Remittance Amount........................................................................22
Group II Interest Remittance Amount........................................................................22
Group II Mortgage Loans....................................................................................23
Group II Principal Distribution Amount.....................................................................23
Group II Principal Remittance Amount.......................................................................23
Independent................................................................................................23
Independent Contractor.....................................................................................23
</TABLE>
iv
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Index......................................................................................................24
Insolvency Proceeding......................................................................................24
Institutional Accredited Investor..........................................................................24
Insurance Agreement........................................................................................24
Insurance Proceeds.........................................................................................24
Insured Certificates.......................................................................................24
Insured Payments...........................................................................................24
Interest Accrual Period....................................................................................24
Interest Carry Forward Amount..............................................................................24
Interest Distribution Amount...............................................................................25
Interest Remittance Amount.................................................................................25
Last Scheduled Distribution Date...........................................................................25
Late Collections...........................................................................................25
Liquidation Event..........................................................................................25
Liquidation Proceeds.......................................................................................25
Loan-to-Value Ratio........................................................................................26
London Business Day........................................................................................26
Loss Severity Percentage...................................................................................26
Marker Rate................................................................................................26
Master Servicer............................................................................................26
Master Servicer Certification..............................................................................26
Master Servicer Event of Default...........................................................................27
Master Servicer Fee Rate...................................................................................27
Master Servicing Fee.......................................................................................27
Maximum I-LTZZ Uncertificated Interest Deferral Amount.....................................................27
Maximum Mortgage Rate......................................................................................27
MERS.......................................................................................................27
MERS(R) System...............................................................................................27
Mezzanine Certificate......................................................................................27
MIN........................................................................................................27
Minimum Mortgage Rate......................................................................................27
MOM Loan...................................................................................................28
Monthly Payment............................................................................................28
</TABLE>
v
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Moody's....................................................................................................28
Mortgage...................................................................................................28
Mortgage File..............................................................................................28
Mortgage Loan..............................................................................................28
Mortgage Loan Documents....................................................................................28
Mortgage Loan Purchase Agreement...........................................................................28
Mortgage Loan Schedule.....................................................................................28
Mortgage Note..............................................................................................30
Mortgage Rate..............................................................................................30
Mortgaged Property.........................................................................................31
Mortgagor..................................................................................................31
Net Monthly Excess Cashflow................................................................................31
Net Mortgage Rate..........................................................................................31
Net WAC Pass-Through Rate..................................................................................31
Net WAC Rate Carryover Amount..............................................................................32
New Lease..................................................................................................33
Nonrecoverable P&I Advance.................................................................................33
Nonrecoverable Servicing Advance...........................................................................33
Non-United States Person...................................................................................33
Notional Amount............................................................................................33
Offered Certificates.......................................................................................33
Officer's Certificate......................................................................................33
One-Month LIBOR............................................................................................33
One-Month LIBOR Pass-Through Rate..........................................................................34
Opinion of Counsel.........................................................................................35
Optional Termination Date..................................................................................35
Originators................................................................................................35
Overcollateralization Amount...............................................................................35
Overcollateralization Increase Amount......................................................................35
Overcollateralization Reduction Amount.....................................................................35
Ownership Interest.........................................................................................36
P&I Advance................................................................................................36
Pass-Through Rate..........................................................................................36
</TABLE>
vi
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Percentage Interest........................................................................................37
Periodic Rate..............................................................................................38
Permitted Investments......................................................................................38
Permitted Transferee.......................................................................................39
Person.....................................................................................................39
Plan.......................................................................................................39
Policy Payment.............................................................................................40
Policy Payment Account.....................................................................................40
Premium Amount.............................................................................................40
Premium Rate...............................................................................................40
Prepayment Assumption......................................................................................40
Prepayment Charge..........................................................................................40
Prepayment Charge Schedule.................................................................................40
Prepayment Interest Excess.................................................................................41
Prepayment Interest Shortfall..............................................................................41
Prepayment Period..........................................................................................41
Principal Prepayment.......................................................................................41
Principal Distribution Amount..............................................................................41
Principal Remittance Amount................................................................................41
Purchase Price.............................................................................................42
QIB........................................................................................................42
Qualified Substitute Mortgage Loan.........................................................................42
Rate/Term Refinancing......................................................................................43
Rating Agency or Rating Agencies...........................................................................43
Realized Loss..............................................................................................43
Record Date................................................................................................44
Reference Banks............................................................................................44
Refinanced Mortgage Loan...................................................................................45
Regular Certificate........................................................................................45
Regular Interest...........................................................................................45
Regulation S Temporary Global Certificate..................................................................45
Regulation S Permanent Global..............................................................................45
Reimbursement Amount.......................................................................................45
</TABLE>
vii
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Release Date...............................................................................................45
Relief Act.................................................................................................45
Relief Act Interest Shortfall..............................................................................45
REMIC......................................................................................................45
REMIC I....................................................................................................45
REMIC I Interest Loss Allocation Amount....................................................................46
REMIC I Marker Allocation Percentage.......................................................................46
REMIC I Overcollateralization..............................................................................46
REMIC I Principal Loss Allocation Amount...................................................................46
REMIC I Regular Interest...................................................................................47
REMIC I Regular Interest I-LTAA............................................................................47
REMIC I Regular Interest I-LTA1............................................................................47
REMIC I Regular Interest I-LTA2A...........................................................................47
REMIC I Regular Interest I-LTA2B...........................................................................47
REMIC I Regular Interest I-LTA2C...........................................................................47
REMIC I Regular Interest I-LTB1............................................................................47
REMIC I Regular Interest I-LTB2............................................................................48
REMIC I Regular Interest I-LTM1............................................................................48
REMIC I Regular Interest I-LTM2............................................................................48
REMIC I Regular Interest I-LTM3............................................................................48
REMIC I Regular Interest I-LTM4............................................................................48
REMIC I Regular Interest I-LTM5............................................................................48
REMIC I Regular Interest I-LTM6............................................................................48
REMIC I Regular Interest I-LTP.............................................................................49
REMIC I Regular Interest I-LTXX............................................................................49
REMIC I Regular Interest I-LTZZ............................................................................49
REMIC I Regular Interest I-LT1.............................................................................49
REMIC I Regular Interest I-LT1.............................................................................49
REMIC I Regular Interest I-LT2A............................................................................49
REMIC I Regular Interest I-LT2B............................................................................49
REMIC I Remittance Rate....................................................................................50
REMIC I Sub WAC Allocation Percentgage.....................................................................50
REMIC I Subordinated Balance Ratio.........................................................................50
</TABLE>
viii
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
REMIC I Required Overcollateralization.....................................................................50
REMIC II...................................................................................................50
REMIC II Certificate.......................................................................................50
REMIC II Certificateholder.................................................................................50
REMIC Provisions...........................................................................................50
REMIC Regular Interest.....................................................................................50
REMIC Remittance Rate......................................................................................50
Remittance Report..........................................................................................51
Rents from Real Property...................................................................................51
REO Account................................................................................................51
REO Disposition............................................................................................51
REO Imputed Interest.......................................................................................51
REO Principal Amortization.................................................................................51
REO Property...............................................................................................51
Required Overcollateralization.............................................................................51
Reserve Fund...............................................................................................51
Reserve Interest Rate......................................................................................51
Residential Dwelling.......................................................................................52
Residual Certificate.......................................................................................52
Residual Interest..........................................................................................52
Responsible Officer........................................................................................52
Rule.......................................................................................................52
S&P........................................................................................................52
Scheduled Principal Blance.................................................................................52
Securities.................................................................................................53
Securities Administrator...................................................................................53
Seller.....................................................................................................53
Senior Interest Distribution Amount........................................................................53
Servicer...................................................................................................53
Servicer Event of Default..................................................................................53
Servicer Remittance Date...................................................................................53
Servicer Report............................................................................................53
Servicing Advance..........................................................................................53
</TABLE>
ix
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Servicing Fee..............................................................................................54
Servicing Fee Rate.........................................................................................54
Servicing Officer..........................................................................................54
Single Certificate.........................................................................................54
Startup Day................................................................................................54
Stated Principal Balance...................................................................................54
Stepdown Date..............................................................................................55
Subordinate Certificates...................................................................................55
Subsequent Recoveries......................................................................................55
Sub-Servicer...............................................................................................55
Sub-Servicing Agreement....................................................................................55
Substitution Shortfall Amount..............................................................................55
Tax Returns................................................................................................55
Telerate Page..............................................................................................55
Termination Price..........................................................................................55
Terminator.................................................................................................55
Transfer...................................................................................................56
Pass-Through Rate..........................................................................................56
Transferee.................................................................................................56
Transferor.................................................................................................56
Trigger Event..............................................................................................56
Trust......................................................................................................56
Trust Fund.................................................................................................56
Trust REMIC................................................................................................56
Trustee....................................................................................................56
Uncertificated Balance.....................................................................................56
Uncertificated Interest....................................................................................57
Uninsured Cause............................................................................................57
United States Person.......................................................................................57
Value......................................................................................................57
Verification Report........................................................................................58
Voting Rights..............................................................................................58
Wells Fargo................................................................................................58
</TABLE>
x
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
SECTION 1.02. Allocation of Certain Interest Shortfalls.............................................58
ARTICLE II CONVEYANCE OF MORTGAGE LOANS;...................................................................60
SECTION 2.01. Conveyance of the Mortgage Loans......................................................60
SECTION 2.02. Acceptance of REMIC I by Trustee......................................................61
SECTION 2.03. Repurchase or Substitution of Mortgage Loans..........................................61
SECTION 2.04. Representations and Warranties of the Master Servicer.................................64
SECTION 2.05. Representations, Warranties and Covenants of the Servicer.............................65
SECTION 2.06. Issuance of the REMIC I Regular Interests and the Class R-I Interest..................67
SECTION 2.07. Conveyance of the REMIC I Regular Interests; Acceptance of REMIC I by the Trustee.....68
SECTION 2.08. Issuance of Residual Certificates.....................................................68
SECTION 2.09. Establishment of the Trust............................................................68
ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS...................................69
SECTION 3.01. The Servicer to Act as a Servicer.....................................................69
SECTION 3.02. Sub-Servicing Agreements Between the Servicer and Sub-Servicers.......................71
SECTION 3.03. Successor Sub-Servicers...............................................................71
SECTION 3.04. No Contractual Relationship Between Sub-Servicer, Trustee or the Certificateholders...72
SECTION 3.05. Assumption or Termination of Sub-Servicing Agreement by Successor Servicer............72
SECTION 3.06. Collection of Certain Mortgage Loan Payments..........................................72
SECTION 3.07. Collection of Taxes, Assessments and Similar Items; Servicing Accounts................73
SECTION 3.08. Collection Account and Distribution Account...........................................74
SECTION 3.09. Withdrawals from the Collection Account and Distribution Account......................76
SECTION 3.10. Investment of Funds in the Investment Accounts........................................78
SECTION 3.11. Maintenance of Hazard Insurance, Errors and Omissions and Fidelity Coverage and
Primary Mortgage Insurance............................................................79
SECTION 3.12. Enforcement of Due-on-Sale Clauses; Assumption Agreements.............................81
SECTION 3.13. Realization Upon Defaulted Mortgage Loans.............................................82
SECTION 3.14. Trustee to Cooperate; Release of Mortgage Files.......................................84
SECTION 3.15. Servicing Compensation................................................................85
SECTION 3.16. Collection Account Statements.........................................................85
SECTION 3.17. Statement as to Compliance............................................................86
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