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Title: |
Pooling and Servicing Agreement |
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Entities: |
ACE Securities Corp Home Equity Loan Trust, Series 2005-SN1; 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: |
2005 |
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Size: |
Preview shows 5KB of 763KB total |
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Price: |
$99 |
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ID: |
#1490463 |
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<SEQUENCE>2
<FILENAME>d317366.txt
<DESCRIPTION>POOLING AND SERVICING AGREEMENT
<TEXT>
ACE SECURITIES CORP.
Depositor
OCWEN FEDERAL BANK FSB
a Servicer
WELLS FARGO BANK, N.A.
Master Servicer and Securities Administrator
HSBC BANK USA, NATIONAL ASSOCIATION
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of March 1, 2005
ACE Securities Corp. Home Equity Loan Trust, Series 2005-SN1
Asset Backed Pass-Through Certificates
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
Page
----
<S><C> <C> <C> <C>
ARTICLE I DEFINITIONS..........................................................................................................4
Section 1.01. Defined Terms.................................................................................................4
Section 1.02. Allocation of Certain Interest Shortfalls....................................................................49
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES.....................................................51
Section 2.01. Conveyance of the Mortgage Loans.............................................................................51
Section 2.02. Acceptance of REMIC I by Trustee.............................................................................52
Section 2.03. Repurchase or Substitution of Mortgage Loans.................................................................52
Section 2.04. Representations and Warranties of the Master Servicer........................................................55
Section 2.05. Representations, Warranties and Covenants of Ocwen...........................................................56
Section 2.06. Issuance of the REMIC I Regular Interests and the Class R-I Interest.........................................58
Section 2.07. Conveyance of the REMIC I Regular Interests; Acceptance of REMIC I by the Trustee............................59
Section 2.08. Issuance of Residual Certificates............................................................................59
Section 2.09. Establishment of the Trust...................................................................................59
ARTICLE III ADMINISTRATION AND SERVICING OF THE OCWEN MORTGAGE LOANS; ACCOUNTS..................................................60
Section 3.01. Ocwen to Act as a Servicer...................................................................................60
Section 3.02. Sub-Servicing Agreements Between Ocwen and Sub-Servicers.....................................................62
Section 3.03. Successor Sub-Servicers......................................................................................63
Section 3.04. No Contractual Relationship Between Sub-Servicer, Trustee or the Certificateholders..........................63
Section 3.05. Assumption or Termination of Sub-Servicing Agreement by Successor Servicer...................................63
Section 3.06. Collection of Certain Mortgage Loan Payments.................................................................64
Section 3.07. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.......................................64
Section 3.08. Collection Account, Simple Interest Excess Sub-Account and Distribution Account..............................66
Section 3.09. Withdrawals from the Collection Account and Distribution Account.............................................69
Section 3.10. Investment of Funds in the Investment Accounts...............................................................71
Section 3.11. Maintenance of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary
Mortgage Insurance...........................................................................................72
Section 3.12. Enforcement of Due-on-Sale Clauses; Assumption Agreements....................................................74
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