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Title: |
Pooling and Servicing Agreement |
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Entities: |
ACE Securities Corp Series 2004-FM2; Freddie Mac; McGraw-Hill Companies Inc.; National Westminster Bank plc; Wachovia Bank, NA; Wells Fargo Bank, NA; Federal National Mortgage Association |
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Date: |
2004 |
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Preview shows 61KB of 909KB total |
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$99 |
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ID: |
#1490416 |
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<SEQUENCE>2
<FILENAME>d257729.txt
<DESCRIPTION>ACE SECURITIES CORP.
<TEXT>
ACE SECURITIES CORP.
Depositor
LITTON LOAN SERVICING LP
Servicer
WELLS FARGO BANK, N.A.
Master Servicer and Securities Administrator
HSBC BANK USA, NATIONAL ASSOCIATION
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of August 1, 2004
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2
Asset Backed Pass-Through Certificates
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
ARTICLE I DEFINITIONS 15
Section 1.01. Defined Terms.............................................................................15
Accepted Master Servicing Practices........................................................................15
Accepted Servicing Practices...............................................................................15
Account....................................................................................................15
Accrued Certificate Interest...............................................................................15
Adjustable Rate Mortgage Loan..............................................................................15
Adjustment Date............................................................................................16
Administration Fees........................................................................................16
Administration Fee Rate....................................................................................16
Advance Facility...........................................................................................19
Advance Facility Notice....................................................................................19
Advance Financing Person...................................................................................19
Advance Reimbursement Amounts..............................................................................19
Affiliate..................................................................................................16
Aggregate Loss Severity Percentage.........................................................................16
Agreement..................................................................................................16
Amounts Held for Future Distribution.......................................................................16
Assignment.................................................................................................16
Available Distribution Amount..............................................................................17
Balloon Mortgage Loan......................................................................................17
Balloon Payment............................................................................................17
Bankruptcy Code............................................................................................17
Book-Entry Certificate.....................................................................................17
Book-Entry Custodian.......................................................................................17
Business Day...............................................................................................17
Cap Contracts..............................................................................................17
Cash-Out Refinancing.......................................................................................18
Certificate................................................................................................18
Certificate Factor.........................................................................................18
Certificate Margin.........................................................................................18
Certificateholder..........................................................................................19
Certificate Owner..........................................................................................20
Certificate Principal Balance..............................................................................20
Certificate Register.......................................................................................20
Class......................................................................................................20
Class A Certificate........................................................................................20
Class A Principal Distribution Amount......................................................................20
Class A-1 Certificate......................................................................................20
Class A-1 Allocation Percentage............................................................................20
Class A-1A Certificate.....................................................................................20
Class A-1 Principal Distribution Amount....................................................................20
Class A-1B Allocation Percentage...........................................................................21
Class A-1B Certificate.....................................................................................21
Class A-1B Principal Distribution Amount...................................................................21
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Class A-2 Allocation Percentage............................................................................21
Class A-2 Certificate......................................................................................21
Class A-2 Principal Distribution Amount....................................................................21
Class A-2A Certificate.....................................................................................22
Class A-2B Certificate.....................................................................................22
Class A-2C Certificate.....................................................................................22
Class B-1 Certificate......................................................................................22
Class B-1 Principal Distribution Amount....................................................................22
Class CE Certificate.......................................................................................23
Class M Certificates.......................................................................................23
Class M-1 Certificate......................................................................................23
Class M-1 Principal Distribution Amount....................................................................23
Class M-2 Certificate......................................................................................23
Class M-2 Principal Distribution Amount....................................................................23
Class M-3 Certificate......................................................................................24
Class M-3 Principal Distribution Amount....................................................................24
Class M-4 Certificate......................................................................................24
Class M-4 Principal Distribution Amount....................................................................24
Class M-5 Certificate......................................................................................25
Class M-5 Principal Distribution Amount....................................................................25
Class M-6 Certificate......................................................................................25
Class M-6 Principal Distribution Amount....................................................................25
Class P Certificate........................................................................................26
Class R Certificates.......................................................................................26
Class R-I Interest.........................................................................................26
Class R-II Interest........................................................................................26
Closing Date...............................................................................................26
Code.......................................................................................................26
Collection Account.........................................................................................26
Commission.................................................................................................26
Corporate Trust Office.....................................................................................27
Corresponding Certificate..................................................................................27
Credit Enhancement Percentage..............................................................................27
Custodial Agreement........................................................................................27
Custodian..................................................................................................27
Cut-off Date...............................................................................................27
Debt Service Reduction.....................................................................................28
Deficient Valuation........................................................................................28
Definitive Certificates....................................................................................28
Deleted Mortgage Loan......................................................................................28
Delinquency Percentage.....................................................................................28
Depositor..................................................................................................28
Depository.................................................................................................28
Depository Institution.....................................................................................28
Depository Participant.....................................................................................28
Determination Date.........................................................................................29
</TABLE>
- 2 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Directly Operate...........................................................................................29
Disqualified Organization..................................................................................29
Distribution Account.......................................................................................29
Distribution Date..........................................................................................29
Due Date...................................................................................................29
Due Period.................................................................................................30
Eligible Account...........................................................................................30
ERISA......................................................................................................30
Estate in Real Property....................................................................................30
Excess Liquidation Proceeds................................................................................30
Expense Adjusted Mortgage Rate.............................................................................30
Extraordinary Trust Fund Expense...........................................................................30
Extra Principal Distribution Amount........................................................................30
Fannie Mae.................................................................................................30
FDIC.......................................................................................................30
Final Maturity Date........................................................................................30
Final Recovery Determination...............................................................................30
Fitch......................................................................................................31
Freddie Mac................................................................................................31
Gross Margin...............................................................................................31
Group IA Interest Remittance Amount........................................................................31
Group IA Mortgage Loans....................................................................................31
Group IA Principal Distribution Amount.....................................................................31
Group IA Principal Remittance Amount.......................................................................32
Group IB Interest Remittance Amount........................................................................32
Group IB Mortgage Loans....................................................................................32
Group IB Principal Distribution Amount.....................................................................32
Group IB Principal Remittance Amount.......................................................................32
Group II Interest Remittance Amount.......................................................................32
Group II Mortgage Loans....................................................................................32
Group II Principal Distribution Amount.....................................................................33
Group II Principal Remittance Amount.......................................................................33
Independent................................................................................................33
Independent Contractor.....................................................................................33
Index......................................................................................................34
Institutional Accredited Investor..........................................................................34
Insurance Proceeds.........................................................................................34
Interest Accrual Period....................................................................................34
Interest Carry Forward Amount..............................................................................34
Interest Determination Date................................................................................34
Interest Distribution Amount...............................................................................34
Interest Remittance Amount.................................................................................35
Last Scheduled Distribution Date...........................................................................35
Late Collections...........................................................................................35
Liquidation Event..........................................................................................35
Liquidation Proceeds.......................................................................................35
</TABLE>
- 3 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Loan-to-Value Ratio........................................................................................35
London Business Day........................................................................................35
Loss Severity Percentage...................................................................................35
Marker Rate................................................................................................35
Master Servicer............................................................................................36
Master Servicer Certification..............................................................................36
Master Servicer Event of Default...........................................................................36
Master Servicer Fee Rate...................................................................................36
Master Servicing Fee.......................................................................................36
Maximum I-LTZZ Uncertificated Interest Deferral Amount.....................................................36
Maximum Mortgage Rate......................................................................................37
MERS.......................................................................................................37
MERS(R) System.............................................................................................37
Mezzanine Certificate......................................................................................37
MIN........................................................................................................37
Minimum Mortgage Rate......................................................................................37
MOM Loan...................................................................................................37
Monthly Payment............................................................................................37
Moody's....................................................................................................37
Mortgage...................................................................................................38
Mortgage File..............................................................................................38
Mortgage Loan..............................................................................................38
Mortgage Loan Documents....................................................................................38
Mortgage Loan Purchase Agreement...........................................................................38
Mortgage Loan Schedule.....................................................................................38
Mortgage Note..............................................................................................40
Mortgage Rate..............................................................................................40
Mortgaged Property.........................................................................................41
Mortgagor..................................................................................................41
Net Monthly Excess Cashflow................................................................................41
Net Mortgage Rate..........................................................................................41
Net WAC Pass-Through Rate..................................................................................41
Net WAC Rate Carryover Amount..............................................................................42
New Lease..................................................................................................43
Nonrecoverable P&I Advance.................................................................................43
Nonrecoverable Servicing Advance...........................................................................43
Non-United States Person...................................................................................43
Notional Amount............................................................................................43
Offered Certificates.......................................................................................43
Officer's Certificate......................................................................................43
One-Month LIBOR............................................................................................43
One-Month LIBOR Pass-Through Rate..........................................................................44
Opinion of Counsel.........................................................................................45
Optional Termination Date..................................................................................45
Originator.................................................................................................45
Overcollateralization Amount...............................................................................45
</TABLE>
- 4 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Overcollateralization Increase Amount......................................................................45
Overcollateralization Reduction Amount.....................................................................45
Ownership Interest.........................................................................................45
P&I Advance................................................................................................45
Pass-Through Rate..........................................................................................46
Percentage Interest........................................................................................47
Periodic Rate Cap..........................................................................................48
Permitted Investments......................................................................................48
Permitted Transferee.......................................................................................49
Person.....................................................................................................49
Plan.......................................................................................................49
Prepayment Assumption......................................................................................49
Prepayment Charge..........................................................................................50
Prepayment Charge Schedule.................................................................................50
Prepayment Interest Excess.................................................................................50
Prepayment Interest Shortfall..............................................................................50
Prepayment Period..........................................................................................51
Principal Prepayment.......................................................................................51
Principal Distribution Amount..............................................................................51
Principal Remittance Amount................................................................................51
Purchase Price.............................................................................................51
QIB........................................................................................................52
Qualified Substitute Mortgage Loan.........................................................................52
Rate/Term Refinancing......................................................................................52
Rating Agency or Rating Agencies...........................................................................52
Realized Loss..............................................................................................53
Record Date................................................................................................54
Reference Banks............................................................................................54
Refinanced Mortgage Loan...................................................................................54
Regular Certificate........................................................................................54
Regular Interest...........................................................................................54
Regulation S Temporary Global Certificate..................................................................54
Regulation S Permanent Global Certificate..................................................................54
Release Date...............................................................................................54
Relief Act.................................................................................................54
Relief Act Interest Shortfall..............................................................................55
REMIC......................................................................................................55
REMIC I....................................................................................................55
REMIC I Interest Loss Allocation Amount....................................................................55
REMIC I Marker Allocation Percentage.......................................................................55
REMIC I Overcollateralization Amount.......................................................................55
REMIC I Principal Loss Allocation Amount...................................................................56
REMIC I Regular Interest...................................................................................56
REMIC I Regular Interest I-LTAA............................................................................56
REMIC I Regular Interest I-LTA1A...........................................................................56
REMIC I Regular Interest I-LTA1B...........................................................................56
</TABLE>
- 5 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
REMIC I Regular Interest I-LTA2............................................................................56
REMIC I Regular Interest I-LTA2............................................................................57
REMIC I Regular Interest I-LTA2............................................................................57
REMIC I Regular Interest I-LTB.............................................................................57
REMIC I Regular Interest I-LTM1............................................................................57
REMIC I Regular Interest I-LTM2............................................................................57
REMIC I Regular Interest I-LTM3............................................................................57
REMIC I Regular Interest I-LTM4............................................................................57
REMIC I Regular Interest I-LTM5............................................................................58
REMIC I Regular Interest I-LTM6............................................................................58
REMIC I Regular Interest I-LTP.............................................................................58
REMIC I Regular Interest I-LTXX............................................................................58
REMIC I Regular Interest I-LTZZ............................................................................58
REMIC I Regular Interest I-LT1A............................................................................58
REMIC I Regular Interest I-LT1B............................................................................58
REMIC I Regular Interest I-LT2A............................................................................59
REMIC I Regular Interest I-LT2B............................................................................59
REMIC I Regular Interest I-LT2A............................................................................59
REMIC I Regular Interest I-LT2B............................................................................59
REMIC I Remittance Rate....................................................................................59
REMIC I Sub WAC Allocation Percentage......................................................................59
REMIC I Subordinated Balance Ratio.........................................................................60
REMIC I Required Overcollateralization Amount..............................................................60
REMIC II...................................................................................................60
REMIC II Certificate.......................................................................................60
REMIC II Certificateholder.................................................................................60
REMIC Provisions...........................................................................................60
Remittance Report..........................................................................................60
Rents from Real Property...................................................................................60
REO Account................................................................................................60
REO Disposition............................................................................................60
REO Imputed Interest.......................................................................................61
REO Principal Amortization.................................................................................61
REO Property...............................................................................................61
Required Overcollateralization Amount......................................................................61
Reserve Fund...............................................................................................61
Reserve Interest Rate......................................................................................61
Residential Dwelling.......................................................................................61
Residual Certificate.......................................................................................62
Residual Interest..........................................................................................62
Responsible Officer........................................................................................62
Rule 144A..................................................................................................62
S&P........................................................................................................62
Scheduled Principal Balance................................................................................62
Securities Act.............................................................................................62
Securities Administrator`..................................................................................62
</TABLE>
- 6 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Seller.....................................................................................................62
Senior Interest Distribution Amount........................................................................63
Servicer...................................................................................................63
Servicer Event of Default..................................................................................63
Servicer Remittance Date...................................................................................63
Servicer Report............................................................................................63
Servicing Advances.........................................................................................63
Servicing Fee..............................................................................................63
Servicing Fee Rate.........................................................................................63
Servicing Officer..........................................................................................64
Single Certificate.........................................................................................64
Startup Day................................................................................................64
Stated Principal Balance...................................................................................64
Stepdown Date..............................................................................................65
Subordinate Certificates...................................................................................65
Subsequent Recoveries......................................................................................65
Sub-Servicer...............................................................................................65
Sub-Servicing Agreement....................................................................................65
Substitution Shortfall Amount..............................................................................65
Tax Returns................................................................................................65
Telerate Page 3750.........................................................................................65
Termination Price..........................................................................................65
Transfer...................................................................................................66
Transferee.................................................................................................66
Transferor.................................................................................................66
Trigger Event..............................................................................................66
Trust......................................................................................................66
Trust Fund.................................................................................................66
Trust REMIC................................................................................................66
Trustee....................................................................................................66
Uncertificated Balance.....................................................................................66
Uncertificated Interest....................................................................................67
Uninsured Cause............................................................................................67
United States Person.......................................................................................67
Value......................................................................................................67
Voting Rights..............................................................................................68
Wells Fargo................................................................................................68
Section 1.02. Allocation of Certain Interest Shortfalls.................................................68
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES 70
Section 2.01. Conveyance of the Mortgage Loans..........................................................70
Section 2.02. Acceptance of REMIC I by Trustee..........................................................71
Section 2.03. Repurchase or Substitution of Mortgage Loans..............................................71
Section 2.04. Representations and Warranties of the Master Servicer.....................................74
Section 2.05. Representations, Warranties and Covenants of the Servicer.................................75
</TABLE>
- 7 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Section 2.06. Issuance of the REMIC I Regular Interests and the Class R-I Interest......................77
Section 2.07. Conveyance of the REMIC I Regular Interests; Acceptance of REMIC I by the Trustee.........77
Section 2.08. Issuance of Class R Certificates..........................................................78
Section 2.09. Establishment of the Trust................................................................78
ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS 79
Section 3.01. The Servicer to Act as a Servicer.........................................................79
Section 3.02. Sub-Servicing Agreements Between the Servicer and Sub-Servicers...........................81
Section 3.03. Successor Sub-Servicers...................................................................82
Section 3.04. No Contractual Relationship Between Sub-Servicer, Trustee or the Certificateholders.......82
Section 3.05. Assumption or Termination of Sub-Servicing Agreement by Successor Servicer................82
Section 3.06. Collection of Certain Mortgage Loan Payments..............................................83
Section 3.07. Collection of Taxes, Assessments and Similar Items; Servicing Accounts....................83
Section 3.08. Collection Account and Distribution Account...............................................84
Section 3.09. Withdrawals from the Collection Account and Distribution Account..........................86
Section 3.10. Investment of Funds in the Investment Accounts............................................88
Section 3.11. Maintenance of Hazard Insurance, Errors and Omissions and Fidelity
Coverage and Primary Mortgage Insurance...................................................89
Section 3.12. Enforcement of Due-on-Sale Clauses; Assumption Agreements.................................91
Section 3.13. Realization Upon Defaulted Mortgage Loans.................................................93
Section 3.14. Trustee to Cooperate; Release of Mortgage Files...........................................95
Section 3.15. Servicing Compensation....................................................................96
Section 3.16. Collection Account Statements.............................................................96
Section 3.17. Statement as to Compliance................................................................97
Section 3.18. Independent Public Accountants' Servicing Report..........................................97
Section 3.19. Annual Certification......................................................................97
Section 3.20. Access to Certain Documentation...........................................................98
Section 3.21. Title, Management and Disposition of REO Property.........................................99
Section 3.22. Obligations of the Servicer in Respect of Prepayment Interest Shortfalls;
Relief Act Interest Shortfalls...........................................................102
Section 3.23. Obligations of the Servicer in Respect of Mortgage Rates and Monthly Payments...........102
Section 3.24. Reserve Fund.............................................................................102
Section 3.25. Advance Facility.........................................................................104
Section 3.26. The Servicer Indemnification.............................................................106
ARTICLE IV ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER 107
Section 4.01. Master Servicer..........................................................................107
Section 4.02. REMIC-Related Covenants..................................................................108
Section 4.03. Monitoring of Servicer...................................................................108
</TABLE>
- 8 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Section 4.04. Fidelity Bond............................................................................109
Section 4.05. Power to Act; Procedures.................................................................109
Section 4.06. Due-on-Sale Clauses; Assumption Agreements...............................................110
Section 4.07. Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee.....110
Section 4.08. Standard Hazard Insurance and Flood Insurance Policies...................................111
Section 4.09. Presentment of Claims and Collection of Proceeds.........................................111
Section 4.10. Maintenance of Primary Mortgage Insurance Policies.......................................111
Section 4.11. Trustee to Retain Possession of Certain Insurance Policies and Documents.................112
Section 4.12. Realization Upon Defaulted Mortgage Loans................................................112
Section 4.13. Compensation for the Master Servicer.....................................................112
Section 4.14. REO Property.............................................................................113
Section 4.15. Annual Officer's Certificate as to Compliance............................................113
Section 4.16. Annual Independent Accountant's Servicing Report.........................................114
Section 4.17. UCC......................................................................................114
Section 4.18. Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls...........114
ARTICLE V PAYMENTS TO CERTIFICATEHOLDERS 116
Section 5.01. Distributions............................................................................116
Section 5.02. Statements to Certificateholders.........................................................129
Section 5.03. Servicer Reports; P&I Advances...........................................................132
Section 5.04. Allocation of Realized Losses............................................................134
Section 5.05. Compliance with Withholding Requirements.................................................136
Section 5.06. Reports Filed with Securities and Exchange Commission....................................136
ARTICLE VI THE CERTIFICATES 138
Section 6.01. The Certificates.........................................................................138
Section 6.02. Registration of Transfer and Exchange of Certificates....................................140
Section 6.03. Mutilated, Destroyed, Lost or Stolen Certificates........................................145
Section 6.04. Persons Deemed Owners....................................................................146
Section 6.05. Certain Available Information............................................................146
ARTICLE VII THE DEPOSITOR, THE SERVICER AND THE MASTER SERVICER 147
Section 7.01. Liability of the Depositor, the Servicer and the Master Servicer.........................147
Section 7.02. Merger or Consolidation of the Depositor, the Servicer or the Master Servicer............147
Section 7.03. Limitation on Liability of the Depositor, the Servicer, the Master Servicer and Others...147
Section 7.04. Limitation on Resignation of the Servicer................................................148
Section 7.05. Limitation on Resignation of the Master Servicer.........................................149
Section 7.06. Assignment of Master Servicing...........................................................149
</TABLE>
- 9 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Section 7.07. Rights of the Depositor in Respect of the Servicer and the Master Servicer...............150
ARTICLE VIII DEFAULT 152
Section 8.01. Servicer Events of Default...............................................................152
Section 8.02. Master Servicer to Act; Appointment of Successor.........................................155
Section 8.03. Notification to Certificateholders.......................................................158
Section 8.04. Waiver of Servicer Events of Default.....................................................158
ARTICLE IX CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR 159
Section 9.01. Duties of Trustee and Securities Administrator...........................................159
Section 9.02. Certain Matters Affecting Trustee and Securities Administrator...........................160
Section 9.03. Trustee and Securities Administrator not Liable for Certificates or Mortgage Loans.......162
Section 9.04. Trustee and Securities Administrator May Own Certificates................................162
Section 9.05. Fees and Expenses of Trustee and Securities Administrator................................162
Section 9.06. Eligibility Requirements for Trustee and Securities Administrator........................163
Section 9.07. Resignation and Removal of Trustee and Securities Administrator..........................164
Section 9.08. Successor Trustee or Securities Administrator............................................165
Section 9.09. Merger or Consolidation of Trustee or Securities Administrator...........................165
Section 9.10. Appointment of Co-Trustee or Separate Trustee............................................166
Section 9.11. Appointment of Office or Agency..........................................................166
Section 9.12. Representations and Warranties...........................................................167
ARTICLE X TERMINATION 168
Section 10.01. Termination Upon Repurchase or Liquidation of All Mortgage Loans.........................168
Section 10.02. Additional Termination Requirements......................................................170
ARTICLE XI REMIC PROVISIONS 171
Section 11.01. REMIC Administration.....................................................................171
Section 11.02. Prohibited Transactions and Activities...................................................173
Section 11.03. Indemnification..........................................................................174
ARTICLE XII MISCELLANEOUS PROVISIONS 175
Section 12.01. Amendment................................................................................175
Section 12.02. Recordation of Agreement; Counterparts...................................................176
Section 12.03. Limitation on Rights of Certificateholders...............................................176
Section 12.04. Governing Law............................................................................177
Section 12.05. Notices..................................................................................177
Section 12.06. Severability of Provisions...............................................................178
Section 12.07. Notice to Rating Agencies................................................................178
Section 12.08. Article and Section References...........................................................179
</TABLE>
- 10 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Section 12.09. Grant of Security Interest...............................................................179
Section 12.10. Survival of Indemnification. ............................................................179
Section 12.11. Fremont Servicing Agreement. ............................................................179
</TABLE>
EXHIBITS
Exhibit A-1 Form of Class A Certificate
Exhibit A-2 Form of Class M Certificate
Exhibit A-3 Form of Class B Certificate
Exhibit A-4 Form of Class CE Certificate
Exhibit A-5 Form of Class P Certificate
Exhibit A-6 Form of Class R Certificate
Exhibit B-1 Form of Transferor Representation Letter and Form of
Transferee Representation Letter in Connection with Transfer
of the Class B Certificates, Class P Certificates, Class CE
Certificates and Residual Certificates Pursuant to Rule 144A
Under the 1933 Act
Exhibit B-2 Form of Transferor Representation Letter and Form of
Transferee Representation Letter in Connection with Transfer
of the Class B Certificates, Class P Certificates, Class CE
Certificates and Residual Certificates Pursuant to Rule 501
(a) Under the 1933 Act
Exhibit B-3 Form of Transfer Affidavit and Agreement and Form of
Transferor Affidavit in Connection with Transfer of Residual
Certificates
Exhibit C Form of Servicer Certification
Exhibit D Form of Power of Attorney
Schedule 1 Mortgage Loan Schedule
Schedule 2 Prepayment Charge Schedule
Schedule 3 [Reserved]
Schedule 4 Standard File Layout - Delinquency Reporting
Schedule 5 Standard File Layout - Scheduled/Scheduled
Schedule 6 Mortgage Loan Schedule for the September 1, 2004 Servicing
Transfer Date
Schedule 7 Mortgage Loan Schedule for the October 1, 2004 Servicing
Transfer Date
- 11 -
<PAGE>
This Pooling and Servicing Agreement, is dated and effective
as of August 1, 2004, among ACE SECURITIES CORP., as Depositor, LITTON LOAN
SERVICING LP, as Servicer, WELLS FARGO BANK, N.A., as Master Servicer and
Securities Administrator and HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee.
PRELIMINARY STATEMENT:
The Depositor intends to sell pass-through certificates to be
issued hereunder in multiple classes, which in the aggregate will evidence the
entire beneficial ownership interest of the Trust Fund created hereunder. The
Trust Fund will consist of a segregated pool of assets comprised of the Mortgage
Loans and certain other related assets subject to this Agreement.
REMIC I
-------
As provided herein, the Trustee will elect to treat the
segregated pool of assets consisting of the Mortgage Loans and certain other
related assets subject to this Agreement (other than the Reserve Fund) as a
REMIC for federal income tax purposes, and such segregated pool of assets will
be designated as "REMIC I". The Class R-I Interest will be the sole class of
"residual interests" in REMIC I for purposes of the REMIC Provisions (as defined
herein). The following table irrevocably sets forth the designation, the REMIC I
Remittance Rate, the initial Uncertificated Balance and, solely for purposes of
satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the "latest possible
maturity date" for each of the REMIC I Regular Interests (as defined herein).
None of the REMIC I Regular Interests will be certificated.
<PAGE>
<TABLE>
<CAPTION>
REMIC I INITIAL LATEST POSSIBLE
DESIGNATION REMITTANCE RATE UNCERTIFICATED BALANCE MATURITY DATE (1)
----------- --------------- ---------------------- -----------------
<S> <C> <C> <C>
I-LTAA Variable(2) $ 501,840,565.13 August 25, 2034
I-LTA1A Variable(2) $ 1,608,305.00 August 25, 2034
I-LTA1B Variable(2) $ 1,608,305.00 August 25, 2034
I-LTA2A Variable(2) $ 578,135.00 August 25, 2034
I-LTA2B Variable(2) $ 185,530.00 August 25, 2034
I-LTA2C Variable(2) $ 167,595.00 August 25, 2034
I-LTM1 Variable(2) $ 317,490.00 August 25, 2034
I-LTM2 Variable(2) $ 256,040.00 August 25, 2034
I-LTM3 Variable(2) $ 76,810.00 August 25, 2034
I-LTM4 Variable(2) $ 64,010.00 August 25, 2034
I-LTM5 Variable(2) $ 51,210.00 August 25, 2034
I-LTM6 Variable(2) $ 51,210.00 August 25, 2034
I-LTB Variable(2) $ 76,810.00 August 25, 2034
I-LTZZ Variable(2) $ 5,200,194.19 August 25, 2034
I-LTP Variable(2) $ 100.00 August 25, 2034
I-LT1A Variable(2) $ 7,545.08 August 25, 2034
I-LT1B Variable(2) $ 39,711.19 August 25, 2034
I-LT1C Variable(2) $ 7,545.13 August 25, 2034
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