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Title: |
Pooling and Servicing Agreement |
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Entities: |
Cede & Co.; Freddie Mac; IMPAC Mortgage Holdings, Inc.; Impac Secured Assets Corp ; Federal National Mortgage Association |
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Date: |
2000 |
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Size: |
Preview shows 52KB of 658KB total |
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Price: |
$99 |
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ID: |
#2093820 |
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IMPAC SECURED ASSETS CORP.,
Company,
IMPAC FUNDING CORPORATION
Master Servicer,
and
BANKERS TRUST COMPANY OF CALIFORNIA, N.A.
Trustee
---------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of September 1, 2000
---------------------------------
Mortgage Pass-Through Certificates
Series 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
-----------------
Page
----
{S} {C}
ARTICLE I
DEFINITIONS..............................................................................................3
1.01. Defined Terms.....................................................................................3
Accretion Directed Certificates..........................................................................3
Accretion Termination Date...............................................................................3
Accrual Certificates.....................................................................................3
Accrual Distribution Amount..............................................................................3
Accrued Certificate Interest.............................................................................4
Advance ................................................................................................4
Aggregate Stated Principal Balance.......................................................................4
Agreement................................................................................................5
Anniversary..............................................................................................5
Assignment...............................................................................................5
Available Distribution Amount............................................................................5
Balloon Loan.............................................................................................5
Balloon Payment..........................................................................................5
Bankruptcy Amount........................................................................................5
Bankruptcy Code..........................................................................................6
Bankruptcy Loss..........................................................................................6
Book-Entry Certificate...................................................................................6
Business Day.............................................................................................6
Buydown Funds............................................................................................6
Buydown Mortgage Loan....................................................................................6
Cash Liquidation.........................................................................................6
Certificate..............................................................................................6
Certificate Account......................................................................................6
Certificate Account Deposit Date.........................................................................7
Certificateholder" or "Holder............................................................................7
Certificate Owner........................................................................................7
Certificate Principal Balance............................................................................7
Certificate Register.....................................................................................8
Class ................................................................................................8
Class A Certificate......................................................................................8
Class B Certificate......................................................................................8
Class B Percentage.......................................................................................8
Class B-1 Certificate....................................................................................8
Class B-1 Percentage.....................................................................................8
Class B-1 Prepayment Distribution Trigger................................................................9
Class B-2 Certificate....................................................................................9
Class B-2 Percentage.....................................................................................9
Class B-2 Prepayment Distribution Trigger................................................................9
i
{PAGE}
Class B-3 Certificate....................................................................................9
Class B-3 Percentage.....................................................................................9
Class B-3 Prepayment Distribution Trigger...............................................................10
Class M Certificate.....................................................................................10
Class M Percentage......................................................................................10
Class M-1 Certificate...................................................................................10
Class M-1 Percentage....................................................................................10
Class M-X Certificate...................................................................................10
Class M-2 Certificate...................................................................................10
Class M-2 Percentage....................................................................................11
Class M-2 Prepayment Distribution Trigger...............................................................11
Class M-3 Certificate...................................................................................11
Class M-3 Percentage....................................................................................11
Class M-3 Prepayment Distribution Trigger...............................................................11
Closing Date............................................................................................12
Code ...............................................................................................12
Collateral Value........................................................................................12
Commission..............................................................................................12
Company ...............................................................................................12
Compensating Interest...................................................................................12
Corporate Trust Office..................................................................................12
Curtailment.............................................................................................12
Custodial Account.......................................................................................12
Cut-off Date............................................................................................12
Debt Service Reduction..................................................................................12
Defaulted Mortgage Loan.................................................................................13
Deficient Valuation.....................................................................................13
Definitive Certificate..................................................................................13
Deleted Mortgage Loan...................................................................................13
Depository..............................................................................................13
Depository Participant..................................................................................13
Determination Date......................................................................................13
Discount Fraction.......................................................................................13
Discount Mortgage Loan..................................................................................13
Disqualified Organization...............................................................................13
Distribution Date.......................................................................................14
Due Date ...............................................................................................14
Due Period..............................................................................................14
Eligible Account........................................................................................14
Eligible Funds..........................................................................................15
Event of Default........................................................................................15
Excess Bankruptcy Loss..................................................................................15
Excess Fraud Loss.......................................................................................15
Excess Proceeds.........................................................................................15
Excess Special Hazard Loss..............................................................................15
Extraordinary Events....................................................................................15
ii
{PAGE}
Extraordinary Losses....................................................................................16
Fannie Mae..............................................................................................16
FDIC ...............................................................................................16
Fitch ...............................................................................................16
Fraud Loss Amount.......................................................................................16
Fraud Losses............................................................................................16
Freddie Mac.............................................................................................16
Funding Date............................................................................................17
Initial Certificate Principal Balance...................................................................17
Initial Notional Amount.................................................................................17
Insurance Policy........................................................................................17
Insurance Proceeds......................................................................................17
Interest Accrual Period.................................................................................17
Interest Only Certificate...............................................................................17
Late Collections........................................................................................17
LIBOR ...............................................................................................18
LIBOR Business Day......................................................................................18
Liquidation Proceeds....................................................................................18
Loan-to-Value Ratio.....................................................................................18
Lockout Certificates....................................................................................18
Lockout Priority Amount.................................................................................18
Lockout Priority Percentage.............................................................................18
Lockout Prepayment Priority Percentage..................................................................18
Lockout Shift Percentage................................................................................19
Lost Note Affidavit.....................................................................................19
Maturity Date...........................................................................................19
Master Servicer.........................................................................................19
Monthly Payment.........................................................................................19
Moody's ...............................................................................................19
Mortgage ...............................................................................................19
Mortgage File...........................................................................................19
Mortgage Loan...........................................................................................19
Mortgage Loan Purchase Agreement........................................................................20
Mortgage Loan Schedule..................................................................................20
Mortgage Note...........................................................................................21
Mortgage Rate...........................................................................................21
Mortgaged Property......................................................................................21
Mortgagor...............................................................................................21
Net Mortgage Rate.......................................................................................21
Non-Discount Mortgage Loan..............................................................................21
Nonrecoverable Advance..................................................................................21
Non-United States Person................................................................................22
Notional Amount.........................................................................................22
Officers' Certificate...................................................................................23
Opinion of Counsel......................................................................................23
Original Senior Percentage..............................................................................23
iii
{PAGE}
OTS ...............................................................................................23
Outstanding Mortgage Loan...............................................................................23
Ownership Interest......................................................................................23
Pass-Through Rate.......................................................................................24
Percentage Interest.....................................................................................25
Permitted Investment....................................................................................25
Permitted Transferee....................................................................................26
Person ...............................................................................................26
Pool Strip Rate.........................................................................................26
Prepayment Distribution Percentage......................................................................26
Prepayment Distribution Trigger.........................................................................28
Prepayment Interest Shortfall...........................................................................28
Prepayment Period.......................................................................................28
Primary Hazard Insurance Policy.........................................................................28
Primary Insurance Policy................................................................................28
Principal Only Certificates.............................................................................28
Principal Prepayment....................................................................................28
Principal Prepayment in Full............................................................................28
Purchase Price..........................................................................................28
Qualified Insurer.......................................................................................29
Qualified Substitute Mortgage Loan......................................................................29
Radian ...............................................................................................30
Radian Insured Loans....................................................................................30
Radian Lender-Paid PMI Policy...........................................................................30
Radian PMI Pool Policy..................................................................................30
Radian PMI Policy Rate..................................................................................30
Rate Adjustment Date....................................................................................30
Rating Agency...........................................................................................30
Realized Loss...........................................................................................30
Record Date.............................................................................................31
Regular Certificate.....................................................................................31
Relief Act..............................................................................................31
REMIC ...............................................................................................31
REMIC Provisions........................................................................................31
Remittance Report.......................................................................................32
REO Acquisition.........................................................................................32
REO Disposition.........................................................................................32
REO Imputed Interest....................................................................................32
REO Proceeds............................................................................................32
REO Property............................................................................................32
Request for Release.....................................................................................32
Reserve Banks...........................................................................................32
Reserve Interest Rate...................................................................................32
Residual Certificate....................................................................................33
Responsible Officer.....................................................................................33
Seller ...............................................................................................33
iv
{PAGE}
Senior Accelerated Distribution Percentage..............................................................33
Senior Interest Distribution Amount.....................................................................34
Senior Percentage.......................................................................................34
Senior Principal Distribution Amount....................................................................34
Senior Support Certificates.............................................................................34
Servicing Account.......................................................................................34
Servicing Advances......................................................................................35
Servicing Fees..........................................................................................35
Servicing Fee Rate......................................................................................35
Servicing Guide.........................................................................................35
Servicing Officer.......................................................................................35
Single Certificate......................................................................................35
Special Deposit.........................................................................................35
Special Hazard Amount...................................................................................35
Special Hazard Loss.....................................................................................36
Special Hazard Percentage...............................................................................36
Standard & Poor's.......................................................................................36
Startup Day.............................................................................................36
Stated Principal Balance................................................................................36
Subordinate Certificate.................................................................................37
Subordinate Percentage..................................................................................37
Subordinate Principal Distribution Amount...............................................................37
Sub-Servicer............................................................................................37
Sub-Servicer Remittance Date............................................................................37
Sub-Servicing Account...................................................................................37
Sub-Servicing Agreement.................................................................................37
Super Senior Certificates...............................................................................38
Super Senior Optimal Principal Distribution Amount......................................................38
Super Senior Optimal Percentage.........................................................................38
Tax Returns.............................................................................................38
Transfer ...............................................................................................38
Transferor..............................................................................................38
Trust Fund..............................................................................................38
Trustee ...............................................................................................38
Trustee's Fee...........................................................................................38
Trustee Fee Rate........................................................................................38
Uncertificated Principal Balance........................................................................38
Uncertificated REMIC I Accrued Interest.................................................................39
Uncertificated REMIC I IO Notional Amount...............................................................40
Uncertificated REMIC I IO Regular Interests.............................................................40
Uncertificated REMIC I Pass-Through Rate................................................................40
Uncertificated REMIC I Regular Interest N...............................................................41
Uncertificated REMIC I Regular Interest O...............................................................41
Uncertificated REMIC I Regular Interest P...............................................................41
Uncertificated REMIC I Regular Interest Q...............................................................41
Uncertificated REMIC I Regular Interest S...............................................................41
v
{PAGE}
Uncertificated REMIC I Regular Interest T...............................................................41
Uncertificated REMIC I Regular Interest U...............................................................42
Uncertificated REMIC I Regular Interest V...............................................................42
Uncertificated REMIC I Regular Interest W...............................................................42
Uncertificated REMIC I Regular Interest X...............................................................42
Uncertificated REMIC I Regular Interest Y...............................................................42
Uncertificated REMIC I Regular Interests................................................................42
Uncertificated REMIC I IO Regular Interest Distribution Amount..........................................43
Uncertificated REMIC I Regular Interest N Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest O Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest P Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest Q Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest S Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest T Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest U Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest V Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest W Distribution Amount...........................................43
Uncertificated REMIC I Regular Interest X Distribution Amount...........................................44
Uncertificated REMIC I Regular Interest Y Distribution Amount...........................................44
Uncertificated REMIC I Regular Interest Distribution Amounts............................................44
Uninsured Cause.........................................................................................44
United States Person....................................................................................44
Voting Rights...........................................................................................44
Wendover ...............................................................................................45
1.02 Determination of LIBOR.........................................................................45
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES.......................................................................46
2.01. Conveyance of Mortgage Loans...................................................................46
2.02. Acceptance of the Trust Fund by the Trustee....................................................49
2.03. Representations, Warranties and Covenants of the Master Servicer and the
Company........................................................................................50
2.04. Representations and Warranties of the Seller...................................................52
2.05. Issuance of Certificates Evidencing Interests in the REMIC I Certificates......................54
2.06. Conveyance of Uncertificated REMIC I Regular Interests; Acceptance by the
Trustee........................................................................................54
2.07. Issuance of Certificates Evidencing Interest in REMIC II.......................................55
2.08. Negative Covenants of the Trust Fund...........................................................55
ARTICLE III
ADMINISTRATION AND SERVICING
OF THE TRUST FUND.......................................................................................55
3.01. Master Servicer to Act as Master Servicer......................................................55
vi
{PAGE}
3.02. Sub-Servicing Agreements Between Master Servicer and Sub-Servicers.............................57
3.03. Successor Sub-Servicers........................................................................58
3.04. Liability of the Master Servicer...............................................................58
3.05. No Contractual Relationship Between Sub-Servicers and Trustee or
Certificateholders.............................................................................59
3.06. Assumption or Termination of Sub-Servicing Agreements by Trustee...............................59
3.07. Collection of Certain Mortgage Loan Payments...................................................60
3.08. Sub-Servicing Accounts.........................................................................61
3.09. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.........................61
3.10. Custodial Account..............................................................................62
3.11. Permitted Withdrawals From the Custodial Account...............................................62
3.12. Permitted Investments..........................................................................64
3.13. Maintenance of Primary Hazard Insurance. ......................................................64
3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements......................................67
3.15. Realization Upon Defaulted Mortgage Loans......................................................68
3.16. Trustee to Cooperate; Release of Mortgage Files................................................69
3.17. Servicing Compensation.........................................................................70
3.18. Maintenance of Certain Servicing Policies......................................................70
3.19. Annual Statement as to Compliance..............................................................71
3.20. Annual Independent Public Accountants' Servicing Statement.....................................71
3.21. Access to Certain Documentation................................................................72
3.22. Title, Conservation and Disposition of REO Property............................................73
3.23. Additional Obligations of the Master Servicer..................................................75
3.24 Optional Purchase of Defaulted Mortgage Loans..................................................75
3.25. Additional Obligations of the Company..........................................................75
3.26. Periodic Filings with the Securities and Exchange Commission; Additional
Information....................................................................................76
3.27. Administration of Buydown Funds................................................................76
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS..........................................................................78
4.01. Certificate Account; Distributions.............................................................78
4.02. Statements to Certificateholders...............................................................87
4.03. Remittance Reports; Advances by the Master Servicer............................................89
4.04. Allocation of Realized Losses..................................................................90
4.05. Information Reports to Be Filed by the Master Servicer.........................................92
4.06. Compliance with Withholding Requirements.......................................................92
ARTICLE V
THE CERTIFICATES........................................................................................94
5.01. The Certificates...............................................................................94
5.02. Registration of Transfer and Exchange of Certificates..........................................96
5.03. Mutilated, Destroyed, Lost or Stolen Certificates.............................................101
5.04. Persons Deemed Owners.........................................................................102
vii
{PAGE}
5.05. Rule 144A Information.........................................................................102
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER....................................................................103
6.01. Liability of the Company and the Master Servicer..............................................103
6.02. Merger, Consolidation or Conversion of the Company or the Master Servicer
.............................................................................................103
6.03. Limitation on Liability of the Company, the Master Servicer and Others........................103
6.04. Limitation on Resignation of the Master Servicer..............................................104
6.05. Sale and Assignment of Master Servicing.......................................................104
ARTICLE VII
DEFAULT................................................................................................106
7.01. Events of Default.............................................................................106
7.02. Trustee to Act; Appointment of Successor......................................................108
7.03. Notification to Certificateholders............................................................108
7.04. Waiver of Events of Default...................................................................109
7.05. List of Certificateholders....................................................................109
ARTICLE VIII
CONCERNING THE TRUSTEE.................................................................................110
8.01. Duties of Trustee.............................................................................110
8.02. Certain Matters Affecting the Trustee.........................................................111
8.03. Trustee Not Liable for Certificates or Mortgage Loans.........................................112
8.04. Trustee May Own Certificates..................................................................112
8.05. Trustee's Fees................................................................................113
8.06. Eligibility Requirements for Trustee..........................................................113
8.07. Resignation and Removal of the Trustee........................................................114
8.08. Successor Trustee.............................................................................114
8.09. Merger or Consolidation of Trustee............................................................115
8.10. Appointment of Co-Trustee or Separate Trustee.................................................115
ARTICLE IX
TERMINATION............................................................................................117
9.01. Termination Upon Repurchase or Liquidation of All Mortgage Loans or upon
Purchase of Certificates......................................................................117
9.02. Termination of REMIC II.......................................................................120
9.03. Additional Termination Requirements...........................................................120
ARTICLE X
REMIC PROVISIONS.......................................................................................122
viii
{PAGE}
10.01. REMIC Administration..........................................................................122
10.02. Prohibited Transactions and Activities........................................................124
10.03. Master Servicer and Trustee Indemnification...................................................125
ARTICLE XI
MISCELLANEOUS PROVISIONS...............................................................................126
11.01. Amendment.....................................................................................126
11.02. Recordation of Agreement; Counterparts........................................................127
11.03. Limitation on Rights of Certificateholders....................................................127
11.04. Governing Law.................................................................................128
11.05. Notices.......................................................................................128
11.06. Severability of Provisions....................................................................129
11.07. Successors and Assigns; Third Party Beneficiary...............................................129
11.08. Article and Section Headings..................................................................129
11.09. Notice to Rating Agencies.....................................................................129
11.10. No Petition...................................................................................130
{/TABLE}
Signatures
Acknowledgments
Exhibit A Form of Class A Certificate
Exhibit B-1 Form of Class M Certificate
Exhibit B-2 Form of Class B Certificate
Exhibit B-3 Form of Class R-I and Class R-II Certificate
Exhibit C Form of Trustee Initial Certification
Exhibit D Form of Trustee Final Certification
Exhibit E Form of Remittance Report
Exhibit F-1 Request for Release
Exhibit F-2 Request for Release for Mortgage Loans Paid in Full
Exhibit G-1 Form of Investor Representation Letter
Exhibit G-2 Form of Transferor Representation Letter
Exhibit G-3 Form of Rule 144A Investment Representation
Exhibit G-4 Transferor Certificate for Transfers of Residual
Certificates
Exhibit G-5 Transfer Affidavit and Agreement for Transfers of
Residual Certificates
Exhibit G-6 Form of Investor Representation Letter for Insurance
Companies
Exhibit H Mortgage Loan Schedule
Exhibit I Seller Representations and Warranties
Exhibit J Form of Notice Under Section 3.25
Exhibit K Impac Funding Corporation Servicing Guide
ix
{PAGE}
This Pooling and Servicing Agreement, dated and effective as
of September 1, 2000, among Impac Secured Assets Corp., as company (the
"Company"), Impac Funding Corporation, as master servicer (the "Master
Servicer"), and Bankers Trust Company of California, N.A., as trustee (the
"Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein). As provided herein, the Trustee will
make, in accordance with Section 10.01, an election to treat the entire
segregated pool of assets described in the definition of REMIC I (as defined
herein), and subject to this Agreement (including the Mortgage Loans), as a real
estate mortgage investment conduit (a "REMIC") for federal income tax purposes
and such segregated pool of assets will be designated as "REMIC I." The
Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I
and the Class R-I Certificates will be the sole class of "residual interests" in
REMIC I for purposes of the REMIC Provisions (as defined herein) under the
federal income tax law. A segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests will be designated as "REMIC II," and
the Trustee will make, in accordance with Section 10.01, a separate REMIC
election with respect thereto. The Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11,
Class A-12, Class A-13, Class A-14, Class M-1, Class M-X, Class M-2, Class M-3,
Class B-1, Class B-2 and Class B-3 Certificates will be "regular interests" in
REMIC II, and the Class R-II Certificates will be the sole class of "residual
interests" therein for purposes of the REMIC Provisions (as defined herein)
under federal income tax law.
The following table irrevocably sets forth the designation, the
Uncertificated REMIC I Pass- Through 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. None of the REMIC I Regular Interests will be certificated.
{TABLE}
{CAPTION}
Uncertificated REMIC I Initial Uncertificated Latest Possible
Designation Pass-Through Rate Principal Balance Maturity Date(1)
----------- ----------------- ----------------- ----------------
{S} {C} {C} {C}
Uncertificated REMIC I 9.00% $76,800,000.00 October 25, 2030
Regular Interest N
Uncertificated REMIC I 9.00% $50,000,000.00 October 25, 2030
Regular Interest O
Uncertificated REMIC I 9.00% $120,000,000.00 October 25, 2030
Regular Interest P
Uncertificated REMIC I 9.00% $7,400,000.00 October 25, 2030
Regular Interest Q
Uncertificated REMIC I 9.00% $11,291,000.00 October 25, 2030
Regular Interest S
Uncertificated REMIC I 9.00% $54,750,000.00 October 25, 2030
Regular Interest T
{PAGE}
Uncertificated REMIC I 9.00% $1,000,000.00 October 25, 2030
Regular Interest U
Uncertificated REMIC I 9.00% $11,543,000.00 October 25, 2030
Regular Interest V
Uncertificated REMIC I 9.00% $5,950,000.00 October 25, 2030
Regular Interest W
REMIC I Regular Interest X 9.00% $8,751,841.68 October 25, 2030
REMIC I Regular Interest Y 0.00% $2,442,472.00 October 25, 2030
REMIC I IO Regular Interest (2) (3) October 25, 2030
{/TABLE}
-----------------------------
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the latest
possible maturity date for the Mortgage Loans has been designated as the
"latest possible maturity date" for each REMIC I Regular Interest.
(2) Calculated in accordance with the definition of "Uncertificated REMIC I
Pass-Through Rate" herein.
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