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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 Mortgage Pass THR Cert SER 2002-3 ; Federal National Mortgage Association |
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Date: |
2002 |
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Size: |
Preview shows 35KB of 640KB total |
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Price: |
$99 |
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ID: |
#2109716 |
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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 June 1, 2002
________________________
Mortgage Pass-Through Certificates
Series 2002-3
================================================================================
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
Page
----
ARTICLE I
{S} {C}
DEFINITIONS.......................................................................................................4
Section 1.01. Defined Terms...................................................................................4
Accrual Period...........................................................................................4
Advance..................................................................................................4
Aggregate Stated Principal Balance.......................................................................4
Agreement................................................................................................4
Allocated Realized Loss Amount...........................................................................4
Assignment...............................................................................................4
Available Distribution Amount............................................................................4
Balloon Loan.............................................................................................5
Balloon Payment..........................................................................................5
Bankruptcy Code..........................................................................................5
Basic Principal Distribution Amount......................................................................5
Book-Entry Certificate...................................................................................5
Business Day.............................................................................................5
Cash Liquidation.........................................................................................5
Certificate..............................................................................................5
Certificate Account......................................................................................5
Certificate Account Deposit Date.........................................................................6
Certificateholder........................................................................................6
Certificate Owner........................................................................................6
Certificate Principal Balance............................................................................6
Certificate Register.....................................................................................6
Class....................................................................................................6
Class A Certificate......................................................................................6
Class A-1 Certificate....................................................................................7
Class A-2 Certificate....................................................................................7
Class A-3 Certificate....................................................................................7
Class A-4 Certificate....................................................................................7
Class A-IO Certificate...................................................................................7
Class A Principal Distribution Amount....................................................................7
Class B Certificate......................................................................................8
Class B Principal Distribution Amount....................................................................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 P Certificate......................................................................................9
Class R Certificate......................................................................................9
Class R-1 Interest.......................................................................................9
Class R-2 Interest......................................................................................10
Class R-3 Interest......................................................................................10
Closing Date............................................................................................10
Code....................................................................................................10
Collateral Value........................................................................................10
Commission..............................................................................................10
Company.................................................................................................10
Compensating Interest...................................................................................10
Corporate Trust Office..................................................................................10
Corresponding Certificate...............................................................................10
Current Specified Overcollateralization Percentage......................................................11
Curtailment.............................................................................................11
Custodial Account.......................................................................................11
Cut-off Date............................................................................................11
Defaulted Mortgage Loan.................................................................................11
Deficient Valuation.....................................................................................11
Definitive Certificate..................................................................................11
Deleted Mortgage Loan...................................................................................11
Depository..............................................................................................11
Depository Participant..................................................................................11
Determination Date......................................................................................12
Disqualified Organization...............................................................................12
Distribution Date.......................................................................................12
Due Date................................................................................................12
Due Period..............................................................................................12
Eligible Account........................................................................................12
Event of Default........................................................................................13
Excess Overcollateralized Amount........................................................................13
Excess Proceeds.........................................................................................13
Extra Principal Distribution Amount.....................................................................13
Fannie Mae..............................................................................................13
FDIC....................................................................................................13
Freddie Mac.............................................................................................13
Funding Date............................................................................................13
GMAC....................................................................................................13
Initial Certificate Principal Balance...................................................................13
Initial Notional Amount.................................................................................13
{PAGE}
Insurance Policy........................................................................................13
Insurance Proceeds......................................................................................14
Interest Remittance Amount..............................................................................14
Late Collections........................................................................................14
LIBOR...................................................................................................14
LIBOR Business Day......................................................................................14
LIBOR Rate Adjustment Date..............................................................................14
Liquidated Mortgage Loan................................................................................14
Liquidation Proceeds....................................................................................14
Loan-to-Value Ratio.....................................................................................14
Lost Note Affidavit.....................................................................................15
Majority Class C Certificateholder......................................................................15
Marker Rate.............................................................................................15
Master Servicer.........................................................................................15
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.........................................................................................17
Moody's.................................................................................................17
Mortgage................................................................................................18
Mortgage File...........................................................................................18
Mortgage Loan...........................................................................................18
Mortgage Loan Purchase Agreement........................................................................18
Mortgage Loan Schedule..................................................................................18
Mortgage Note...........................................................................................19
Mortgage Rate...........................................................................................19
Mortgaged Property......................................................................................19
Mortgagor...............................................................................................19
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..........................................................................21
Net WAC Shortfall Reserve Fund Deposit..................................................................21
{PAGE}
Nonrecoverable Advance..................................................................................21
Non-United States Person................................................................................22
Notional Amount.........................................................................................22
Officers' Certificate...................................................................................22
Opinion of Counsel......................................................................................22
Optional Termination Date...............................................................................22
OTS.....................................................................................................22
Outstanding Mortgage Loan...............................................................................22
Overcollateralization Deficiency Amount.................................................................23
Overcollateralization Floor.............................................................................23
Overcollateralization Release Amount....................................................................23
Overcollateralization Target Amount.....................................................................23
Overcollateralized Amount...............................................................................23
Ownership Interest......................................................................................23
Pass-Through Rate.......................................................................................23
Percentage Interest.....................................................................................25
Permitted Investment....................................................................................25
Permitted Transferee....................................................................................27
Person..................................................................................................27
Prepayment Assumption...................................................................................27
Prepayment Charge.......................................................................................27
Prepayment Interest Shortfall...........................................................................27
Prepayment Period.......................................................................................27
Primary Hazard Insurance Policy.........................................................................27
Primary Insurance Policy................................................................................27
Principal Distribution Amount...........................................................................27
Principal Prepayment....................................................................................27
Principal Prepayment in Full............................................................................27
Principal Remittance Amount.............................................................................28
Prospectus Supplement...................................................................................28
Purchase Price..........................................................................................28
Qualified Insurer.......................................................................................28
Qualified Substitute Mortgage Loan......................................................................28
Radian..................................................................................................29
Radian Insured Loans....................................................................................29
Radian Lender-Paid PMI Policy...........................................................................29
Radian PMI Policy Rate..................................................................................29
Rating Agency...........................................................................................29
Realized Loss...........................................................................................29
Record Date.............................................................................................30
Regular Certificate.....................................................................................30
Relief Act..............................................................................................30
Relief Act Interest Shortfall...........................................................................30
{PAGE}
REMIC...................................................................................................30
REMIC 1.................................................................................................30
REMIC 1 Regular Interest LT-1...........................................................................30
REMIC 1 Regular Interest LT-2...........................................................................31
REMIC 1 Regular Interest LT-3...........................................................................31
REMIC 1 Regular Interest LT-4...........................................................................31
REMIC 1 Regular Interest LT-5...........................................................................31
REMIC 1 Regular Interest LT-P...........................................................................31
REMIC 1 Regular Interests...............................................................................31
REMIC 2.................................................................................................31
REMIC 2 Interest Loss Allocation Amount.................................................................32
REMIC 2 Overcollateralized Amount.......................................................................32
REMIC 2 Principal Loss Allocation Amount................................................................32
REMIC 2 Overcollateralization Target Amount.............................................................32
REMIC 2 Regular Interest MT-AA..........................................................................32
REMIC 2 Regular Interest MT-A1..........................................................................32
REMIC 2 Regular Interest MT-A2..........................................................................33
REMIC 2 Regular Interest MT-A3..........................................................................33
REMIC 2 Regular Interest MT-A4..........................................................................33
REMIC 2 Regular Interest MT-M1..........................................................................33
REMIC 2 Regular Interest MT-B...........................................................................33
REMIC 2 Regular Interest MT-ZZ..........................................................................33
REMIC 2 Regular Interest MT-IO..........................................................................34
REMIC 2 Regular Interest MT-J...........................................................................34
REMIC 2 Regular Interest MT-P...........................................................................34
REMIC 2 Regular Interests...............................................................................34
REMIC 3.................................................................................................34
REMIC Provisions........................................................................................34
REMIC Regular Interest..................................................................................34
Remittance Report.......................................................................................34
REO Acquisition.........................................................................................35
REO Disposition.........................................................................................35
REO Imputed Interest....................................................................................35
REO Proceeds............................................................................................35
REO Property............................................................................................35
Request for Release.....................................................................................35
Residual Interest.......................................................................................35
Responsible Officer.....................................................................................35
Retained Spread.........................................................................................35
Seller..................................................................................................36
Servicing Account.......................................................................................36
Servicing Advances......................................................................................36
Servicing Guide.........................................................................................36
{PAGE}
Servicing Officer.......................................................................................36
Single Certificate......................................................................................36
Standard & Poor's.......................................................................................36
Startup Day.............................................................................................36
Stated Principal Balance................................................................................36
Stepdown Date...........................................................................................37
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
Tax Returns.............................................................................................37
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 Notional Amount..........................................................................39
Uncertificated Principal Balance........................................................................39
Uncertificated Pass-Through Rate........................................................................39
Uncertificated REMIC 1 Pass-Through Rate................................................................40
Uncertificated REMIC 1 WAC Rate.........................................................................40
Uncertificated REMIC 2 Pass-Through Rate................................................................40
Uninsured Cause.........................................................................................40
United States Person....................................................................................40
Unpaid Interest Shortfall Amount........................................................................41
Voting Rights...........................................................................................41
Weighted Average Net Mortgage Rate......................................................................41
Wendover................................................................................................41
Section 1.02 Determination of LIBOR.........................................................................41
Section 1.03 Allocation of Certain Interest Shortfalls......................................................42
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES................................................................................44
{PAGE}
Section 2.01. Conveyance of Mortgage Loans...................................................................44
Section 2.02. Acceptance of the Trust Fund by the Trustee....................................................47
Section 2.03. Representations, Warranties and Covenants of the Master Servicer and the
Company........................................................................................49
Section 2.04. Representations and Warranties of the Seller...................................................51
Section 2.05. Issuance of Certificates; Conveyance of REMIC Regular Interests and
Acceptance of REMIC 2 and REMIC 3 by the Trustee...............................................53
ARTICLE III
ADMINISTRATION AND SERVICING
OF THE TRUST FUND................................................................................................55
Section 3.01. Master Servicer to Act as Master Servicer......................................................55
Section 3.02. Sub-Servicing Agreements Between Master Servicer and Sub-Servicers.............................57
Section 3.03. Successor Sub-Servicers........................................................................58
Section 3.04. Liability of the Master Servicer...............................................................58
Section 3.05. No Contractual Relationship Between Sub-Servicers and Trustee or
Certificateholders.............................................................................58
Section 3.06. Assumption or Termination of Sub-Servicing Agreements by Trustee...............................59
Section 3.07. Collection of Certain Mortgage Loan Payments...................................................59
Section 3.08. Sub-Servicing Accounts.........................................................................60
Section 3.09. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.........................61
Section 3.10. Custodial Account..............................................................................61
Section 3.11. Permitted Withdrawals From the Custodial Account...............................................62
Section 3.12. Permitted Investments..........................................................................63
Section 3.13. Maintenance of Primary Hazard Insurance........................................................64
Section 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements......................................66
Section 3.15. Realization Upon Defaulted Mortgage Loans......................................................67
Section 3.16. Trustee to Cooperate; Release of Mortgage Files................................................69
Section 3.17. Servicing Compensation.........................................................................70
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