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Document Preview Pooling and Servicing Agreement |
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Title: |
Pooling and Servicing Agreement |
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Entities: |
Cede & Co.; Citibank, NA; Freddie Mac; IMPAC Mortgage Holdings, Inc.; Impac Secured Assets Corp ; Wachovia Bank, NA; Wells Fargo Bank, NA; Federal National Mortgage Association |
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Date: |
2004 |
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Size: |
Preview shows 42KB of 802KB total |
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Price: |
$99 |
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ID: |
#2093601 |
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Start of Preview |
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IMPAC SECURED ASSETS CORP.,
Company,
IMPAC FUNDING CORPORATION
Master Servicer,
WELLS FARGO BANK, N.A.
Securities Administrator and Custodian,
and
DEUTSCHE BANK NATIONAL TRUST COMPANY
Trustee and Custodian
POOLING AND SERVICING AGREEMENT
Dated as of August 1, 2004
------------------------
Mortgage Pass-Through Certificates
Series 2004-3
================================================================================
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
Page
----
{S} {C}
ARTICLE I
DEFINITIONS.......................................................................................................5
Section 1.01. Defined Terms...................................................................................5
Accrual Period...........................................................................................5
Adjustment Date..........................................................................................5
Advance..................................................................................................5
Affiliate................................................................................................5
Aggregate Stated Principal Balance.......................................................................5
Agreement................................................................................................5
Allocated Realized Loss Amount...........................................................................6
Assignment...............................................................................................6
Available Distribution Amount............................................................................6
Bankruptcy Code..........................................................................................6
Basic Principal Distribution Amount......................................................................6
Book-Entry Certificate...................................................................................6
Business Day.............................................................................................6
Cash Liquidation.........................................................................................7
Certificate..............................................................................................7
Certificate Account......................................................................................7
Certificate Account Deposit Date.........................................................................7
Certificateholder........................................................................................7
Certificate Guaranty Insurance Policy....................................................................7
Certificate Insurer......................................................................................7
Certificate Insurer Premium..............................................................................8
Certificate Owner........................................................................................8
Certificate Principal Balance............................................................................8
Certificate Register.....................................................................................8
Class....................................................................................................8
Class 1-A Corridor Contract..............................................................................8
Class 1-A Net WAC Rate...................................................................................8
Class 1-A Principal Distribution Amount..................................................................8
Class 1-A Principal Distribution Target Amount...........................................................9
Class 1-A-1 Certificate..................................................................................9
Class 1-A-2 Certificate..................................................................................9
Class 1-A-3 Certificate..................................................................................9
Class 1-A-4 Certificate..................................................................................9
Class 1-A-5 Certificate..................................................................................9
Class 2-A Certificate...................................................................................10
{PAGE}
Class 2-A Corridor Contract.............................................................................10
Class 2-A Insured Amount................................................................................10
Class 2-A Net WAC Rate..................................................................................10
Class 2-A Principal Distribution Amount.................................................................10
Class 2-A-1 Corridor Contract...........................................................................10
Class 2-A-1 Certificate.................................................................................11
Class 2-A-2 Certificate.................................................................................11
Class A Principal Distribution Target Amount............................................................11
Class A Certificate.....................................................................................11
Class B Certificate.....................................................................................11
Class B Principal Distribution Amount...................................................................11
Class C Certificate.....................................................................................12
Class C Interest........................................................................................12
Class M-1 Certificate...................................................................................12
Class M-1 Principal Distribution Amount.................................................................13
Class M-2 Certificate...................................................................................13
Class M-2 Principal Distribution Amount.................................................................13
Class M-3 Certificate...................................................................................14
Class M-3 Principal Distribution Amount.................................................................14
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 P Certificate.....................................................................................17
Class R Certificate.....................................................................................17
Class R-X Certificate...................................................................................17
Class R-1 Interest......................................................................................17
Class R-2 Interest......................................................................................17
Class R-3 Interest......................................................................................17
Class R-4 Interest......................................................................................17
Closing Date............................................................................................17
Code....................................................................................................17
Collateral Value........................................................................................17
Commission..............................................................................................18
Company.................................................................................................18
Compensating Interest...................................................................................18
Corporate Trust Office..................................................................................18
Corresponding Certificate...............................................................................18
Countrywide.............................................................................................19
Countrywide Mortgage Loans..............................................................................19
Credit Enhancement Percentage....................................................................................19
Curtailment.............................................................................................19
Custodial Account.......................................................................................19
Cut-off Date............................................................................................19
Defaulted Mortgage Loan.................................................................................19
{PAGE}
Deficiency Amount.......................................................................................19
Deficient Valuation.....................................................................................20
Definitive Certificate..................................................................................20
Deleted Mortgage Loan...................................................................................20
Depository..............................................................................................20
Depository Participant..................................................................................20
Determination Date......................................................................................20
Disqualified Organization...............................................................................20
Distribution Date.......................................................................................21
Due Date................................................................................................21
Due Period..............................................................................................21
Eligible Account........................................................................................21
Event of Default........................................................................................22
Excess Proceeds.........................................................................................22
Exchange Act............................................................................................22
Extra Principal Distribution Amount.....................................................................22
Fannie Mae..............................................................................................22
FDIC....................................................................................................22
Final Scheduled Distribution Date.......................................................................22
Freddie Mac.............................................................................................22
Funding Date............................................................................................22
Gross Margin............................................................................................22
Group 1 Interest Coverage Account.......................................................................22
Group 1 Interest Coverage Amount........................................................................22
Group 1 Loan............................................................................................22
Group 1 Original Pre-Funded Amount......................................................................22
Group 1 Pre-Funded Amount...............................................................................23
Group 1 Pre-Funding Account.............................................................................23
Group 2 Interest Coverage Account.......................................................................23
Interest Coverage Amount................................................................................23
Group 2 Loan............................................................................................23
Group 2 Original Pre-Funded Amount......................................................................23
Group 2 Pre-Funded Amount...............................................................................23
Group 2 Pre-Funding Account.............................................................................23
Index...................................................................................................23
Initial Certificate Principal Balance...................................................................23
Initial Mortgage Loans..................................................................................23
Insurance Account.......................................................................................24
Insurance Policy........................................................................................24
Insurance Proceeds......................................................................................24
Insured Amount..........................................................................................24
Insured Undercollateralization Amount...................................................................24
Insurer Account.........................................................................................24
Insurer Default"........................................................................................24
Interest Coverage Account...............................................................................25
{PAGE}
Interest Remittance Amount..............................................................................25
Late Collections........................................................................................25
LIBOR...................................................................................................25
LIBOR Business Day......................................................................................25
LIBOR Rate Adjustment Date..............................................................................25
Liquidated Mortgage Loan................................................................................25
Liquidation Proceeds....................................................................................25
Loan-to-Value Ratio.....................................................................................25
Loan Group..............................................................................................25
Loan Group 1............................................................................................25
Loan Group 2............................................................................................26
Lost Note Affidavit.....................................................................................26
Majority Class C Certificateholder......................................................................26
Marker Rate.............................................................................................26
Master Servicer.........................................................................................27
Master Servicer Prepayment Charge Payment Amount........................................................27
Master Servicing Fees...................................................................................27
Master Servicing Fee Rate...............................................................................27
Maximum Uncertificated Accrued Interest Deferral Amount.................................................27
MERS....................................................................................................28
MERS(R) System............................................................................................28
Mezzanine Certificate...................................................................................28
Mezzanine Corridor Contract.............................................................................28
Mezzanine Net WAC Rate..................................................................................28
MIN.....................................................................................................28
MOM Loan................................................................................................28
Monthly Interest Distributable Amount...................................................................28
Monthly Payment.........................................................................................29
Moody's.................................................................................................29
Mortgage................................................................................................29
Mortgage File...........................................................................................29
Mortgage Loan...........................................................................................29
Mortgage Loan Purchase Agreement........................................................................29
Mortgage Loan Schedule..................................................................................29
Mortgage Note...........................................................................................31
Mortgage Rate...........................................................................................31
Mortgaged Property......................................................................................31
Mortgagor...............................................................................................31
Net Liquidation Proceeds................................................................................31
Net Monthly Excess Cashflow.............................................................................31
Net Mortgage Rate.......................................................................................31
Net Prepayment Interest Shortfall.......................................................................31
Net WAC Rate............................................................................................32
Net WAC Shortfall Amount................................................................................32
Net WAC Shortfall Reserve Fund..........................................................................32
{PAGE}
Net WAC Shortfall Reserve Fund Deposit..................................................................32
Nonrecoverable Advance..................................................................................32
Non-United States Person................................................................................32
Officers' Certificate...................................................................................32
One Month LIBOR.........................................................................................32
Opinion of Counsel......................................................................................32
Optional Termination Date...............................................................................33
OTS.....................................................................................................33
Outstanding Mortgage Loan...............................................................................33
Overcollateralization Deficiency Amount.................................................................33
Overcollateralization Target Amount.....................................................................33
Overcollateralization Target Percentage.................................................................33
Overcollateralized Amount...............................................................................33
Ownership Interest......................................................................................34
Pass-Through Rate.......................................................................................34
Percentage Interest.....................................................................................36
Permitted Investment....................................................................................36
Permitted Transferee....................................................................................37
Person..................................................................................................37
Policy Premium Rate.....................................................................................37
Prepayment Assumption...................................................................................37
Prepayment Charge.......................................................................................37
Prepayment Interest Excess..............................................................................37
Prepayment Interest Shortfall...........................................................................37
Prepayment Period.......................................................................................38
Primary Hazard Insurance Policy.........................................................................38
Primary Insurance Policy................................................................................38
Principal Distribution Amount...........................................................................38
Principal Prepayment....................................................................................38
Principal Prepayment in Full............................................................................38
Principal Remittance Amount.............................................................................38
Prospectus Supplement...................................................................................39
Purchase Price..........................................................................................39
Qualified Insurer.......................................................................................39
Qualified Substitute Mortgage Loan......................................................................39
Radian..................................................................................................40
Radian Insured Loans....................................................................................40
Radian Lender-Paid PMI Policy...........................................................................40
Radian PMI Policy Rate..................................................................................40
Rating Agency...........................................................................................40
Realized Loss...........................................................................................40
Record Date.............................................................................................40
Regular Certificate.....................................................................................40
Relief Act..............................................................................................41
Relief Act Interest Shortfall...........................................................................41
{PAGE}
REMIC...................................................................................................41
REMIC 1.................................................................................................41
REMIC 1 Interest Loss Allocation Amount.................................................................41
REMIC 1 Marker Allocation Percentage....................................................................41
REMIC 1 Overcollateralized Amount.......................................................................41
REMIC 1 Principal Loss Allocation Amount................................................................42
REMIC 1 Overcollateralization Target Amount.............................................................42
REMIC 1 Regular Interest AA.............................................................................42
REMIC 1 Regular Interest 1-A-1..........................................................................43
REMIC 1 Regular Interest 1-A-2..........................................................................42
REMIC 1 Regular Interest 1-A-3..........................................................................43
REMIC 1 Regular Interest 1-A-4..........................................................................43
REMIC 1 Regular Interest 1-A-5..........................................................................43
REMIC 1 Regular Interest 2-A-1..........................................................................43
REMIC 1 Regular Interest 2-A-2..........................................................................43
REMIC 1 Regular Interest M-1............................................................................43
REMIC 1 Regular Interest M-2............................................................................44
REMIC 1 Regular Interest M-3............................................................................44
REMIC 1 Regular Interest M-4............................................................................44
REMIC 1 Regular Interest M-5............................................................................44
REMIC 1 Regular Interest B..............................................................................44
REMIC 1 Regular Interest 1A.............................................................................44
REMIC 1 Regular Interest 1B.............................................................................45
REMIC 1 Regular Interest 2A.............................................................................45
REMIC 1 Regular Interest 2B.............................................................................45
REMIC 1 Regular Interest XX.............................................................................45
REMIC 1 Regular Interest P..............................................................................45
REMIC 1 Regular Interest ZZ.............................................................................45
REMIC 1 Regular Interests...............................................................................46
REMIC 1 Subordinated Balance Ratio......................................................................46
REMIC 1 Sub WAC Allocation Percentage...................................................................46
REMIC 2.................................................................................................46
REMIC 2 Certificate.....................................................................................46
REMIC 2 Certificateholder...............................................................................46
REMIC 2 Regular Interest................................................................................46
REMIC 3.................................................................................................46
REMIC 4.................................................................................................46
REMIC 4 Certificate.....................................................................................47
REMIC Provisions........................................................................................47
REMIC Regular Interest..................................................................................47
Remittance Report.......................................................................................47
REO Acquisition.........................................................................................47
REO Disposition.........................................................................................47
REO Imputed Interest....................................................................................47
REO Proceeds............................................................................................47
{PAGE}
REO Property............................................................................................47
Request for Release.....................................................................................47
Residual Interest.......................................................................................47
Responsible Officer.....................................................................................48
Securities Administrator................................................................................48
Seller..................................................................................................48
Servicing Account.......................................................................................48
Servicing Advances......................................................................................48
Servicing Guide.........................................................................................48
Servicing Officer.......................................................................................48
Single Certificate......................................................................................48
Standard & Poor's.......................................................................................48
Startup Day.............................................................................................49
Stated Principal Balance................................................................................49
Stepdown Date...........................................................................................49
Sub-Servicer............................................................................................50
Sub-Servicer Remittance Date............................................................................50
Sub-Servicing Account...................................................................................50
Sub-Servicing Agreement.................................................................................50
Sub-Servicing Fees......................................................................................50
Sub-Servicing Fee Rate..................................................................................51
Substitution Adjustment.................................................................................51
Tax Returns.............................................................................................51
Transfer................................................................................................51
Transferor..............................................................................................51
Trigger Event...........................................................................................51
Trust Fund..............................................................................................52
Trustee.................................................................................................52
Uncertificated Accrued Interest.........................................................................52
Uncertificated Notional Balance.........................................................................52
Uncertificated Principal Balance........................................................................52
Uncertificated REMIC 1 Pass-Through Rate................................................................52
Uninsured Cause.........................................................................................53
United States Person....................................................................................53
Unpaid Interest Shortfall Amount........................................................................53
Voting Rights...........................................................................................53
Wells Fargo Mortgage Loans..............................................................................53
Weighted Average Net Mortgage Rate......................................................................54
Section 1.02 Determination of LIBOR.........................................................................54
Section 1.03 Allocation of Certain Interest Shortfalls......................................................55
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES................................................................................57
Section 2.01. Conveyance of Mortgage Loans...................................................................57
Section 2.02. Acceptance of the Trust Fund by the Trustee....................................................60
Section 2.03. Representations, Warranties and Covenants of the Master Servicer and the
Company........................................................................................62
Section 2.04. Representations and Warranties of the Seller...................................................64
Section 2.06. Conveyance of Subsequent Mortgage Loans........................................................68
ARTICLE III
ADMINISTRATION AND SERVICING
OF THE TRUST FUND................................................................................................74
Section 3.01. Master Servicer to Act as Master Servicer......................................................74
Section 3.02. Sub-Servicing Agreements Between Master Servicer and Sub-Servicers.............................76
Section 3.03. Successor Sub-Servicers........................................................................77
Section 3.04. Liability of the Master Servicer...............................................................77
Section 3.05. No Contractual Relationship Between Sub-Servicers and Trustee or
Certificateholders.............................................................................77
Section 3.06. Assumption or Termination of Sub-Servicing Agreements by Securities Administrator..............78
Section 3.07. Collection of Certain Mortgage Loan Payments...................................................78
Section 3.08. Sub-Servicing Accounts.........................................................................79
Section 3.09. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.........................80
Section 3.10. Custodial Account..............................................................................80
Section 3.11. Permitted Withdrawals From the Custodial Account...............................................81
Section 3.12. Permitted Investments..........................................................................82
Section 3.13. Maintenance of Primary Hazard Insurance........................................................83
Section 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements......................................85
Section 3.15. Realization Upon Defaulted Mortgage Loans......................................................86
Section 3.16. Trustee to Cooperate; Release of Mortgage Files................................................87
Section 3.17. Servicing Compensation.........................................................................89
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