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Title: |
Pooling and Servicing Agreement |
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Entities: |
Cede & Co.; Deutsche Bank Securities Inc.; Freddie Mac; IMPAC Mortgage Holdings, Inc.; Impac Secured Assets Corp Mortgage Pass-Through Certificates, Series 2004-2 ; Federal National Mortgage Association; Bank of America, NA |
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Date: |
2004 |
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Size: |
Preview shows 34KB of 662KB total |
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Price: |
$99 |
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ID: |
#2109709 |
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Start of Preview |
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IMPAC SECURED ASSETS CORP.,
Company,
IMPAC FUNDING CORPORATION
Master Servicer,
and
DEUTSCHE BANK NATIONAL TRUST COMPANY
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of May 1, 2004
________________________
Mortgage Pass-Through Certificates
Series 2004-2
================================================================================
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
Page
----
{S} {C}
ARTICLE I
DEFINITIONS.......................................................................................................4
Section 1.01. Defined Terms...................................................................................4
Accrual Period...........................................................................................4
Advance..................................................................................................4
Affiliate................................................................................................4
Aggregate Stated Principal Balance.......................................................................4
Agreement................................................................................................4
Allocated Realized Loss Amount...........................................................................4
Assignment...............................................................................................5
Available Distribution Amount............................................................................5
Balloon Loan.............................................................................................5
Balloon Payment..........................................................................................5
Bankruptcy Code..........................................................................................5
Basic Principal Distribution Amount......................................................................5
Book-Entry Certificate...................................................................................5
Business Day.............................................................................................5
Cash Liquidation.........................................................................................6
Certificate..............................................................................................6
Certificate Account......................................................................................6
Certificate Account Deposit Date.........................................................................6
Certificateholder........................................................................................6
Certificate Owner........................................................................................6
Certificate Principal Balance............................................................................6
Certificate Register.....................................................................................7
Class....................................................................................................7
Class A Certificate......................................................................................7
Class A Principal Distribution Amount....................................................................7
Class A-1 Certificate....................................................................................7
Class A-2 Certificate....................................................................................7
Class A-3 Certificate....................................................................................7
Class A-4 Certificate....................................................................................7
Class A-5 Certificate....................................................................................8
Class A-6 Certificate....................................................................................8
Class A-6 Lockout Distribution Amount....................................................................8
Class A-6 Lockout Distribution Percentage................................................................8
Class C Certificate......................................................................................8
Class M-1 Certificate....................................................................................8
{PAGE}
Class M-1 Principal Distribution Amount..................................................................8
Class M-2 Certificate....................................................................................9
Class M-2 Principal Distribution Amount..................................................................9
Class M-3 Certificate....................................................................................9
Class M-3 Principal Distribution Amount..................................................................9
Class P Certificate.....................................................................................10
Class R Certificate.....................................................................................10
Class R-1 Interest......................................................................................10
Class R-2 Interest......................................................................................10
Closing Date............................................................................................10
Code....................................................................................................10
Collateral Value........................................................................................10
Commission..............................................................................................10
Company.................................................................................................10
Compensating Interest...................................................................................10
Corporate Trust Office..................................................................................10
Countrywide.............................................................................................11
Credit Enhancement Percentage...........................................................................11
Curtailment.............................................................................................11
Custodial Account.......................................................................................11
Cut-off Date............................................................................................11
Defaulted Mortgage Loan.................................................................................12
Deficient Valuation.....................................................................................12
Definitive Certificate..................................................................................12
Deleted Mortgage Loan...................................................................................12
Depository..............................................................................................12
Depository Participant..................................................................................12
Determination Date......................................................................................12
Disqualified Organization...............................................................................12
Distribution Date.......................................................................................13
Due Date................................................................................................13
Due Period..............................................................................................13
Eligible Account........................................................................................13
Event of Default........................................................................................13
Excess Overcollateralized Amount........................................................................13
Excess Proceeds.........................................................................................13
Exchange Act............................................................................................13
Extra Principal Distribution Amount.....................................................................14
Fannie Mae..............................................................................................14
FDIC....................................................................................................14
Freddie Mac.............................................................................................14
Funding Date............................................................................................14
GMAC....................................................................................................14
Initial Certificate Principal Balance...................................................................14
Initial Mortgage Loans..................................................................................14
{PAGE}
Insurance Policy........................................................................................14
Insurance Proceeds......................................................................................14
Interest Remittance Amount..............................................................................14
Late Collections........................................................................................15
LIBOR...................................................................................................15
LIBOR Business Day......................................................................................15
LIBOR Rate Adjustment Date..............................................................................15
Liquidated Mortgage Loan................................................................................15
Liquidation Proceeds....................................................................................15
Loan-to-Value Ratio.....................................................................................15
Lost Note Affidavit.....................................................................................15
Majority Class C Certificateholder......................................................................15
Marker Rate.............................................................................................15
Master Servicer.........................................................................................16
Master Servicer Prepayment Charge Payment Amount........................................................16
Master Servicing Fees...................................................................................16
Master Servicing Fee Rate...............................................................................16
Maximum Uncertificated Accrued Interest Deferral Amount.................................................16
MERS....................................................................................................17
MERS(R)System............................................................................................17
Mezzanine Certificate...................................................................................17
MIN.....................................................................................................17
MOM Loan................................................................................................17
Monthly Interest Distributable Amount...................................................................17
Monthly Payment.........................................................................................18
Moody's.................................................................................................18
Mortgage................................................................................................18
Mortgage File...........................................................................................18
Mortgage Loan...........................................................................................18
Mortgage Loan Purchase Agreement........................................................................18
Mortgage Loan Schedule..................................................................................18
Mortgage Note...........................................................................................20
Mortgage Rate...........................................................................................20
Mortgaged Property......................................................................................20
Mortgagor...............................................................................................20
Net Liquidation Proceeds................................................................................20
Net Mortgage Rate.......................................................................................20
Net Monthly Excess Cashflow.............................................................................20
Net Prepayment Interest Shortfall.......................................................................20
Net WAC Rate............................................................................................20
Net WAC Shortfall Amount................................................................................21
Net WAC Shortfall Reserve Fund..........................................................................22
Net WAC Shortfall Reserve Fund Deposit..................................................................22
Nonrecoverable Advance..................................................................................22
Non-United States Person................................................................................22
{PAGE}
Officers' Certificate...................................................................................22
One Month LIBOR.........................................................................................22
Opinion of Counsel......................................................................................22
Optional Termination Date...............................................................................23
OTS.....................................................................................................23
Outstanding Mortgage Loan...............................................................................23
Overcollateralization Deficiency Amount.................................................................23
Overcollateralization Release Amount....................................................................23
Overcollateralization Target Amount.....................................................................23
Overcollateralization Target Percentage.................................................................23
Overcollateralized Amount...............................................................................23
Ownership Interest......................................................................................24
Pass-Through Rate.......................................................................................24
Percentage Interest.....................................................................................26
Permitted Investment....................................................................................26
Permitted Transferee....................................................................................27
Person..................................................................................................27
Prepayment Assumption...................................................................................27
Prepayment Charge.......................................................................................27
Prepayment Interest Shortfall...........................................................................27
Prepayment Period.......................................................................................28
Primary Hazard Insurance Policy.........................................................................28
Primary Insurance Policy................................................................................28
Principal Distribution Amount...........................................................................28
Principal Prepayment....................................................................................28
Principal Prepayment in Full............................................................................28
Principal Remittance Amount.............................................................................28
Prospectus Supplement...................................................................................28
Purchase Price..........................................................................................28
Qualified Insurer.......................................................................................29
Qualified Substitute Mortgage Loan......................................................................29
Radian..................................................................................................29
Radian Insured Loans....................................................................................29
Radian Lender-Paid PMI Policy...........................................................................29
Radian PMI Policy Rate..................................................................................29
Rate Increase...........................................................................................29
Rating Agency...........................................................................................30
Realized Loss...........................................................................................30
Record Date.............................................................................................30
Regular Certificate.....................................................................................30
Relief Act..............................................................................................30
Relief Act Interest Shortfall...........................................................................30
REMIC...................................................................................................31
REMIC 1.................................................................................................31
REMIC 1 Regular Interest AA.............................................................................31
{PAGE}
REMIC 1 Regular Interest A-1............................................................................31
REMIC 1 Regular Interest A-2............................................................................31
REMIC 1 Regular Interest A-3............................................................................31
REMIC 1 Regular Interest A-4............................................................................32
REMIC 1 Regular Interest A-5............................................................................32
REMIC 1 Regular Interest A-6............................................................................32
REMIC 1 Regular Interest M-1............................................................................32
REMIC 1 Regular Interest M-2............................................................................32
REMIC 1 Regular Interest M-3............................................................................32
REMIC 1 Regular Interest P..............................................................................33
REMIC 1 Regular Interest ZZ.............................................................................33
REMIC 1 Regular Interests...............................................................................33
REMIC 1 Interest Loss Allocation Amount.................................................................33
REMIC 1 Overcollateralized Amount.......................................................................33
REMIC 1 Principal Loss Allocation Amount................................................................33
REMIC 1 Overcollateralization Target Amount.............................................................34
REMIC 2.................................................................................................34
REMIC Provisions........................................................................................34
REMIC Regular Interest..................................................................................34
Remittance Report.......................................................................................34
REO Acquisition.........................................................................................34
REO Disposition.........................................................................................34
REO Imputed Interest....................................................................................34
REO Proceeds............................................................................................34
REO Property............................................................................................34
Request for Release.....................................................................................35
Residual Interest.......................................................................................35
Responsible Officer.....................................................................................35
Seller..................................................................................................35
Servicing Account.......................................................................................35
Servicing Advances......................................................................................35
Servicing Guide.........................................................................................35
Servicing Officer.......................................................................................35
Single Certificate......................................................................................35
Standard & Poor's.......................................................................................36
Startup Day.............................................................................................36
Stated Principal Balance................................................................................36
Stepdown Date...........................................................................................36
Sub-Servicer............................................................................................37
Sub-Servicer Remittance Date............................................................................37
Sub-Servicing Account...................................................................................37
Sub-Servicing Agreement.................................................................................37
Sub-Servicing Fees......................................................................................37
Sub-Servicing Fee Rate..................................................................................37
Substitution Adjustment.................................................................................37
{PAGE}
Tax Returns.............................................................................................38
Transfer................................................................................................38
Transferor..............................................................................................38
Trigger Event...........................................................................................38
Trust Fund..............................................................................................38
Trustee.................................................................................................38
Trustee's Fee...........................................................................................39
Trustee Fee Rate........................................................................................39
Uncertificated Accrued Interest.........................................................................39
Uncertificated Principal Balance........................................................................39
Uncertificated REMIC 1 Pass-Through Rate................................................................39
Uninsured Cause.........................................................................................39
United States Person....................................................................................39
Unpaid Interest Shortfall Amount........................................................................40
Voting Rights...........................................................................................40
Weighted Average Net Mortgage Rate......................................................................40
Section 1.02 Determination of LIBOR.........................................................................40
Section 1.03 Allocation of Certain Interest Shortfalls......................................................41
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES................................................................................43
Section 2.01. Conveyance of Mortgage Loans...................................................................43
Section 2.02. Acceptance of the Trust Fund by the Trustee....................................................46
Section 2.03. Representations, Warranties and Covenants of the Master Servicer and the
Company........................................................................................47
Section 2.04. Representations and Warranties of the Seller...................................................50
Section 2.05. Issuance of Certificates; Conveyance of REMIC Regular Interests and
Acceptance of REMIC 2 by the Trustee...........................................................51
Section 2.06. Conveyance of Subsequent Mortgage Loans........................................................52
ARTICLE III
ADMINISTRATION AND SERVICING
OF THE TRUST FUND................................................................................................56
Section 3.01. Master Servicer to Act as Master Servicer......................................................56
Section 3.02. Sub-Servicing Agreements Between Master Servicer and Sub-Servicers.............................58
Section 3.03. Successor Sub-Servicers........................................................................59
Section 3.04. Liability of the Master Servicer...............................................................59
{PAGE}
Section 3.05. No Contractual Relationship Between Sub-Servicers and Trustee or
Certificateholders.............................................................................59
Section 3.06. Assumption or Termination of Sub-Servicing Agreements by Trustee...............................60
Section 3.07. Collection of Certain Mortgage Loan Payments...................................................60
Section 3.08. Sub-Servicing Accounts.........................................................................61
Section 3.09. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.........................62
Section 3.10. Custodial Account..............................................................................62
Section 3.11. Permitted Withdrawals From the Custodial Account...............................................63
Section 3.12. Permitted Investments..........................................................................64
Section 3.13. Maintenance of Primary Hazard Insurance........................................................65
Section 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements......................................67
Section 3.15. Realization Upon Defaulted Mortgage Loans......................................................68
Section 3.16. Trustee to Cooperate; Release of Mortgage Files................................................69
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