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Title: |
Trust and Servicing Agreement |
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Entities: |
Cede & Co.; Citibank, NA; Freddie Mac; Gs Mortgage SEC Corp Mort Pass THR Cert SER 2003-1; JPMorgan Chase Bank; McGraw-Hill Companies Inc.; Wilshire Financial Services Group Inc.; Federal National Mortgage Association; Goldman, Sachs & Co.; Thacher Proffitt & Wood |
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Date: |
2003 |
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Size: |
Preview shows 24KB of 689KB total |
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Price: |
$99 |
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ID: |
#1760639 |
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TRUST AND SERVICING AGREEMENT
Dated as of January 1, 2003
_________________
among
GS MORTGAGE SECURITIES CORP., as Depositor,
FAIRBANKS CAPITAL CORP., as a Servicer,
WILSHIRE CREDIT CORPORATION, as a Servicer and Master Servicer,
and
JPMORGAN CHASE BANK, as Trustee
GSRPM MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-1
================================================================================
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
PAGE
{S} {C}
ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION
1.01 DEFINITIONS...........................................................................................4
1.02 USE OF WORDS AND PHRASES.............................................................................46
1.03 CAPTIONS; TABLE OF CONTENTS..........................................................................46
1.04 OPINIONS.............................................................................................46
1.05 ALLOCATION OF CERTAIN INTEREST SHORTFALLS............................................................46
ARTICLE II ESTABLISHMENT AND ORGANIZATION OF THE TRUST
2.01 ESTABLISHMENT OF THE TRUST...........................................................................48
2.02 OFFICE...............................................................................................48
2.03 PURPOSES AND POWERS..................................................................................48
2.04 APPOINTMENT OF THE TRUSTEE; DECLARATION OF TRUST.....................................................48
2.05 EXPENSES OF THE TRUST................................................................................48
2.06 OWNERSHIP OF THE TRUST...............................................................................48
2.07 SITUS OF THE TRUST...................................................................................49
2.08 THE MORTGAGE LOANS...................................................................................49
2.09 THE CERTIFICATES.....................................................................................49
2.10 INDEMNIFICATION WITH RESPECT TO CERTAIN TAXES AND LOSS OF REMIC STATUS...............................49
ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
DEPOSITOR AND THE SERVICERS; REMEDIES UPON BREACHES
3.01 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR......................................................50
3.02 REPRESENTATIONS AND WARRANTIES OF THE SERVICERS......................................................52
3.03 REMEDIES UPON BREACH OF REPRESENTATIONS AND WARRANTIES BY THE DEPOSITOR OR A SELLER..................56
3.04 CONVEYANCE OF THE MORTGAGE LOANS.....................................................................58
3.05 ACCEPTANCE BY TRUSTEE; CERTIFICATION BY TRUSTEE......................................................61
3.06 NONQUALIFIED MORTGAGE LOAN...........................................................................63
ARTICLE IV ISSUANCE AND SALE OF CERTIFICATES
4.01 ISSUANCE OF CERTIFICATES.............................................................................64
4.02 SALE OF CERTIFICATES.................................................................................64
ARTICLE V THE CERTIFICATES
5.01 THE CERTIFICATES.....................................................................................64
5.02 REGISTER; REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES......................................65
5.03 MUTILIATED, DESTROYED, LOST OR STOLEN CERTIFICATES...................................................70
5.04 PERSONS DEEMED OWNERS................................................................................71
{PAGE}
5.05 ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES............................................71
5.06 MAINTENANCE OF OFFICE OR AGENCY......................................................................71
5.07 RIGHTS OF THE CERTIFICATE INSURER TO EXERCISE RIGHTS OF CLASS A CERTIFICATEHOLDERS...................72
5.08 CERTIFICATE INSURER DEFAULT..........................................................................72
ARTICLE VI COVENANTS
6.01 DISTRIBUTIONS........................................................................................73
6.02 MONEY FOR DISTRIBUTIONS TO BE HELD IN TRUST; WITHHOLDING.............................................73
6.03 PROTECTION OF TRUST ESTATE...........................................................................74
6.04 PERFORMANCE OF OBLIGATIONS...........................................................................75
6.05 NEGATIVE COVENANTS...................................................................................75
6.06 NO OTHER POWERS......................................................................................76
6.07 LIMITATION OF SUITS..................................................................................76
6.08 UNCONDITIONAL RIGHTS OF OWNERS TO RECEIVE DISTRIBUTIONS..............................................77
6.09 RIGHTS AND REMEDIES CUMULATIVE.......................................................................77
6.10 DELAY OR OMISSION NOT WAIVER.........................................................................78
6.11 CONTROL BY DEPOSITOR OR OWNERS.......................................................................78
6.12 INDEMNIFICATION......................................................................................78
ARTICLE VII PAYMENTS TO THE CERTIFICATEHOLDERS
7.01 ESTABLISHMENT OF CERTIFICATE ACCOUNT; DEPOSITS IN CERTIFICATE ACCOUNT; PERMITTED WITHDRAWALS
FROM CERTIFICATE ACCOUNT.............................................................................79
7.02 RESERVED.............................................................................................79
7.03 THE CERTIFICATE INSURANCE POLICY.....................................................................79
7.04 INVESTMENT OF ACCOUNTS...............................................................................80
7.05 ELIGIBLE INVESTMENT..................................................................................80
7.06 PRIORITY AND SUBORDINATION OF DISTRIBUTIONS..........................................................81
7.07 ALLOCATION OF REALIZED LOSSES........................................................................87
7.08 STATEMENTS...........................................................................................88
7.09 REPORTS OF FORECLOSURE AND ABANDONMENT OF MORTGAGED PROPERTY.........................................93
7.10 RESERVE FUND.........................................................................................93
ARTICLE VIII SERVICING AND ADMINISTRATION OF MORTGAGE LOANS BY
FAIRBANKS AND WILSHIRE
8.01 FAIRBANKS AND WILSHIRE...............................................................................94
8.02 COLLECTION OF CERTAIN MORTGAGE LOAN PAYMENTS.........................................................96
8.03 LIABILITY OF SERVICER; INDEMNIFICATION...............................................................97
8.04 COLLECTION ACCOUNT..................................................................................100
8.05 ADVANCES............................................................................................103
8.06 COMPENSATING INTEREST...............................................................................105
8.07 ESCROW ACCOUNT AND SIMPLE INTEREST EXCESS SUB-ACCOUNT...............................................105
8.08 MAINTENANCE OF INSURANCE............................................................................108
{PAGE}
8.09 DUE-ON-SALE CLAUSES; ASSUMPTION AND SUBSTITUTION AGREEMENTS.........................................109
8.10 DEFAULTED MORTGAGE LOANS; MODIFICATION..............................................................110
8.11 TRUSTEE TO COOPERATE; RELEASE OF FILES..............................................................112
8.12 SERVICING COMPENSATION..............................................................................114
8.13 ANNUAL STATEMENT AS TO COMPLIANCE...................................................................114
8.14 ANNUAL INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS' REPORTS............................................115
8.15 ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING THE MORTGAGE LOANS; STAFFING..............115
8.16 ASSIGNMENT OF AGREEMENT.............................................................................115
8.17 REMOVAL OF SERVICER; RESIGNATION OF SERVICER........................................................116
8.18 SUCCESSOR SERVICERS.................................................................................120
8.19 INSPECTIONS OF SERVICERS; ERRORS AND OMISSIONS INSURANCE............................................122
8.20 NON-SOLICITATION....................................................................................123
8.21 MAJORITY CLASS X CERTIFICATEHOLDER PURCHASE RIGHT...................................................123
8.22 PERIODIC FILINGS....................................................................................124
8.23 CREDIT REPORTING; GRAMM-LEACH-BLILEY ACT............................................................124
ARTICLE IX MASTER SERVICING AND ADMINISTRATION OF CONTRACTS
9.01 MASTER SERVICER.....................................................................................125
9.02 OBLIGATION OF THE MASTER SERVICER IN RESPECT OF MONTHLY ADVANCES....................................125
9.03 OBLIGATION OF THE MASTER SERVICER IN RESPECT OF COMPENSATING INTEREST...............................125
9.04 TRUSTEE'S OBLIGATIONS IN RESPECT OF THE CONTRACTS...................................................126
9.05 DEPOSITOR'S OBLIGATIONS IN RESPECT OF THE CONTRACTS.................................................126
ARTICLE X TERMINATION OF TRUST
10.01 TERMINATION OF TRUST................................................................................128
10.02 TERMINATION UPON OPTION OF CERTIFICATEHOLDERS.......................................................129
10.03 TERMINATION UPON LOSS OF REMIC STATUS...............................................................129
10.04 DISPOSITION OF PROCEEDS.............................................................................130
10.05 FINAL DISTRIBUTION ON THE CERTIFICATES..............................................................130
ARTICLE XI THE TRUSTEE
11.01 CERTAIN DUTIES AND RESPONSIBILITIES.................................................................131
11.02 CERTAIN RIGHTS OF THE TRUSTEE.......................................................................134
11.03 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF CERTIFICATES............................................135
11.04 MAY HOLD CERTIFICATES...............................................................................136
11.05 MONEY HELD IN TRUST.................................................................................136
11.06 COMPENSATION AND REIMBURSEMENT; NO LIEN FOR FEES....................................................136
11.07 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.............................................................136
11.08 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR...................................................137
11.09 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR TRUSTEE......................................................139
11.10 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS OF THE TRUSTEE..........................139
{PAGE}
11.11 REPORTING; WITHHOLDING..............................................................................140
11.12 LIABILITY OF THE TRUSTEE............................................................................140
11.13 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.......................................................141
ARTICLE XII MISCELLANEOUS
12.01 COMPLIANCE CERTIFICATES AND OPINIONS................................................................143
12.02 FORM OF DOCUMENTS DELIVERED TO THE TRUSTEE..........................................................143
12.03 ACTS OF OWNERS......................................................................................144
12.04 NOTICES, ETC. TO TRUSTEE............................................................................145
12.05 NOTICES AND REPORTS TO OWNERS; WAIVER OF NOTICES....................................................145
12.06 RULES BY TRUSTEE....................................................................................145
12.07 SUCCESSORS AND ASSIGNS..............................................................................146
12.08 SEVERABILITY........................................................................................146
12.09 BENEFITS OF AGREEMENT...............................................................................146
12.10 LEGAL HOLIDAYS......................................................................................146
12.11 GOVERNING LAW; SUBMISSION TO JURISDICTION...........................................................146
12.12 COUNTERPARTS........................................................................................147
12.13 [RESERVED]..........................................................................................147
12.14 AMENDMENT...........................................................................................147
12.15 PAYING AGENT; APPOINTMENT AND ACCEPTANCE OF DUTIES..................................................148
12.16 REMIC STATUS........................................................................................149
12.17 ADDITIONAL LIMITATION ON ACTION AND IMPOSITION OF TAX ON THE TRUST REMICS...........................152
12.18 TAX MATTERS PERSON..................................................................................153
12.19 NOTICES.............................................................................................153
{/TABLE}
{PAGE}
EXHIBITS AND SCHEDULES
Schedule I Schedule of Mortgage Loans
Exhibit A-1 Form of Offered Certificate
Exhibit A-2 Form of Class X Certificate
Exhibit A-3 Form of Class P Certificate
Exhibit A-4 Form of Residual Certificate
Exhibit B Certificate Insurance Policy
Exhibit C Fairbanks Servicing Standards
Exhibit D Wilshire Servicing Standards
Exhibit E Form of Power of Attorney
Exhibit F Form of Initial Certification
Exhibit G Form of Transfer Affidavit
Exhibit H Form of Transferor Certificate
Exhibit I Form of Rule 144A Letter
Exhibit J-1 Form of Request for Release of Documents
Exhibit J-2 Paperless Release Template
Exhibit K Form of Certification to be provided with Form 10-K
Exhibit L-1 Form of Certification to be provided to Depositor by
Trustee
Exhibit L-2 Form of Certification to be provided to Depositor by
Servicers
Exhibit M Sale Agreements
Exhibit N Wilshire HOEPA Calculation
{PAGE}
TRUST AND SERVICING AGREEMENT (this "AGREEMENT"), relating to
GSRPM MORTGAGE LOAN TRUST 2003-1 (the "TRUST"), dated as of January 1, 2003, by
and among GS MORTGAGE SECURITIES CORP., a Delaware corporation, as depositor
(the "DEPOSITOR"), FAIRBANKS CAPITAL CORP., a Utah corporation ("FAIRBANKS"), in
its capacity as a servicer (a "SERVICER"), WILSHIRE CREDIT CORPORATION, a Nevada
corporation ("WILSHIRE"), in its capacity as a servicer (a "SERVICER") and as
master servicer (the "MASTER SERVICER") and JPMORGAN CHASE BANK, a New York
banking corporation, as trustee (the "TRUSTEE") of the Trust.
WHEREAS, the Depositor wishes to establish the Trust and to
provide for the allocation and sale of the beneficial interests therein and the
maintenance and distribution thereof;
WHEREAS, Fairbanks and Wilshire currently service certain
fixed rate and adjustable rate residential mortgage loans pursuant a servicing
agreement applicable to each such Servicer;
WHEREAS, GreenPoint Credit LLC ("GREENPOINT") currently
services certain manufactured housing installment sale contracts and installment
loan agreements (the "Contracts") pursuant to a servicing agreement;
WHEREAS, each of Fairbanks and Wilshire have agreed, pursuant
to this Agreement, to continue to service their relevant mortgage loans and
GreenPoint has agreed, pursuant to the GreenPoint Servicing Agreement, to
continue to service the Contracts, which are collectively referred to herein as
the "Mortgage Loans" and constitute the principal assets of the Trust Estate
pursuant to the terms hereof;
WHEREAS, Wilshire has agreed pursuant to the terms of this
Agreement to master service the Contracts;
WHEREAS, all things necessary to make the Certificates, when
executed and authenticated by the Trustee, valid instruments, and to make this
Agreement a valid agreement, in accordance with their and its terms, have been
done; and
WHEREAS, JPMorgan Chase Bank is willing to serve in the
capacity of Trustee hereunder;
NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein contained, the Depositor, Fairbanks, Wilshire and the
Trustee hereby agree as follows:
CONVEYANCE
The Depositor hereby bargains, sells, conveys, assigns and
transfers to the Trustee on behalf of the Trust, without recourse (except as
otherwise provided herein) and for the exclusive benefit of the Owners of the
Certificates and the Certificate Insurer, all of its rights, title and interests
of every kind and nature whatsoever, whether now owned and existing or hereafter
acquired or arising, in and to the following: (a) the
{PAGE}
Mortgage Loans listed in SCHEDULE I to this Agreement, which the Depositor is
causing to be delivered to the Trustee concurrently herewith, together with the
related Other Assets, including, without limitation, the related Servicing Files
and other Records and the Depositor's interest in any Mortgaged Property
securing a Mortgage Loan which has been acquired by foreclosure or deed in lieu
of foreclosure, all contract rights and general intangibles in respect of the
foregoing, and all payments thereon and proceeds of the conversion, voluntary or
involuntary, of the foregoing; (b) the rights and interests (but not the
obligations) of Depositor in, to and under each of the Sale Agreements, the
Assignment Agreements and the Custodial Agreements; (c) such amounts as may be
held from time to time by the Trustee in the Certificate Account, the Basis Risk
Reserve Fund, the Certificate Insurance Account or any other accounts for the
benefit of the Owners of the Certificates, together with all cash, securities,
investments or other assets (including Eligible Investments) credited thereto
including any investment earnings thereon, and such cash, securities,
investments or other assets as may be held in any other Account, including the
Collection Account; and (d) any and all Proceeds of all the foregoing
(including, but not by way of limitation, any amounts relating to the Mortgage
Loans received from the Sellers through the enforcement of the relevant
provisions of the applicable Sale Agreement, all proceeds of any mortgage
insurance, hazard insurance, flood insurance and title insurance policy relating
to the Mortgage Loans, cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment
of any and every kind, and other forms of obligations and receivables which at
any time constitute all or part of or are included in the proceeds of any of the
foregoing). In addition, the Depositor hereby causes the Certificate Insurer to
deliver to the Trustee the Certificate Insurance Policy for the benefit of the
Class A Certificates (all of the items in clauses (a)-(d) above, together with
the Certificate Insurance Policy, subject to any exclusions or exceptions
specified therein, are collectively referred to herein as the "TRUST ESTATE").
The Trustee acknowledges such sale, accepts the Trust
hereunder in accordance with the provisions hereof and agrees to perform the
duties herein to the end that the interests of the Owners may be adequately and
effectively protected.
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