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Document Preview Pooling and Servicing Agreement |
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Title: |
Pooling and Servicing Agreement |
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Entities: |
Cede & Co.; Freddie Mac; McGraw-Hill Companies Inc.; Morgan Stanley & Co. Inc.; Morgan Stanley Home Equity Loan Trust 2006-1; Federal National Mortgage Association |
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Date: |
2006 |
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Size: |
Preview shows 14KB of 2975KB total |
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Price: |
$99 |
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ID: |
#2304671 |
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MORGAN STANLEY ABS CAPITAL I INC.,
Depositor,
HOMEQ SERVICING CORPORATION,
Servicer,
FIRST NLC FINANCIAL SERVICES, LLC,
Responsible Party,
DECISION ONE MORTGAGE COMPANY, LLC,
Responsible Party,
LASALLE BANK NATIONAL ASSOCIATION,
Custodian,
and
DEUTSCHE BANK NATIONAL TRUST COMPANY,
Trustee
---------------------------
POOLING AND SERVICING AGREEMENT
Dated as of January 1, 2006
---------------------------
MORGAN STANLEY HOME EQUITY LOAN TRUST 2006-1
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2006-1
{PAGE}
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
REPRESENTATIONS AND WARRANTIES
Section 2.01 Conveyance of Mortgage Loans....................................
Section 2.02 Acceptance by the Trustee of the Mortgage Loans.................
Section 2.03 Representations and Warranties; Remedies for Breaches of
Representations and Warranties with Respect to the
Mortgage Loans..................................................
Section 2.04 Execution and Delivery of Certificates..........................
Section 2.05 REMIC Matters...................................................
Section 2.06 Representations and Warranties of the Depositor.................
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Servicer to Service Mortgage Loans..............................
Section 3.02 Subservicing Agreements between the Servicer
and Subservicers................................................
Section 3.03 Successor Subservicers..........................................
Section 3.04 Liability of the Servicer.......................................
Section 3.05 No Contractual Relationship between Subservicers
and the Trustee.................................................
Section 3.06 Assumption or Termination of Subservicing Agreements
by Trustee......................................................
Section 3.07 Collection of Certain Mortgage Loan Payments....................
Section 3.08 Subservicing Accounts...........................................
Section 3.09 Collection of Taxes, Assessments and Similar Items;
Escrow Accounts.................................................
Section 3.10 Collection Account..............................................
Section 3.11 Withdrawals from the Collection Account.........................
Section 3.12 Investment of Funds in the Collection Account and the
Distribution Account............................................
Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions
and Fidelity Coverage...........................................
Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.......
Section 3.15 Realization upon Defaulted Mortgage Loans.......................
Section 3.16 Release of Mortgage Files.......................................
Section 3.17 Title, Conservation and Disposition of REO Property.............
Section 3.18 Notification of Adjustments.....................................
Section 3.19 Access to Certain Documentation and Information
Regarding the Mortgage Loans....................................
Section 3.20 Documents, Records and Funds in Possession of the Servicer
to Be Held for the Trustee......................................
Section 3.21 Servicing Compensation..........................................
Section 3.22 Annual Statement as to Compliance...............................
Section 3.23 Annual Reports on Assessment of Compliance with Servicing
Criteria; Annual Independent Public Accountants'
Attestation Report..............................................
Section 3.24 Trustee to Act as Servicer......................................
Section 3.25 Compensating Interest...........................................
Section 3.26 Credit Reporting; Gramm-Leach-Bliley Act........................
ARTICLE IV
DISTRIBUTIONS AND
ADVANCES BY THE SERVICER
Section 4.01 Advances........................................................
Section 4.02 Priorities of Distribution......................................
Section 4.03 Monthly Statements to Certificateholders........................
Section 4.04 Certain Matters Relating to the Determination of LIBOR..........
Section 4.05 Allocation of Applied Realized Loss Amounts.....................
Section 4.06 Swap Account....................................................
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates................................................
Section 5.02 Certificate Register; Registration of Transfer and
Exchange of Certificates........................................
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates...............
Section 5.04 Persons Deemed Owners...........................................
Section 5.05 Access to List of Certificateholders' Names and Addresses.......
Section 5.06 Maintenance of Office or Agency.................................
ARTICLE VI
THE DEPOSITOR AND THE SERVICER
Section 6.01 Respective Liabilities of the Depositor and the Servicer........
Section 6.02 Merger or Consolidation of the Depositor or the Servicer........
Section 6.03 Limitation on Liability of the Depositor,
the Servicer and Others.........................................
Section 6.04 Limitation on Resignation of the Servicer.......................
Section 6.05 Additional Indemnification by the Servicer;
Third-Party Claims..............................................
ARTICLE VII
DEFAULT
Section 7.01 Events of Default...............................................
Section 7.02 Trustee to Act; Appointment of Successor........................
Section 7.03 Notification to Certificateholders..............................
Section 7.04 No Termination Without Cause....................................
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of the Trustee...........................................
Section 8.02 Certain Matters Affecting the Trustee and the Custodian.........
Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans...........
Section 8.04 Trustee May Own Certificates....................................
Section 8.05 Trustee's Fees and Expenses.....................................
Section 8.06 Eligibility Requirements for the Trustee........................
Section 8.07 Resignation and Removal of the Trustee..........................
Section 8.08 Successor Trustee...............................................
Section 8.09 Merger or Consolidation of the Trustee..........................
Section 8.10 Appointment of Co-Trustee or Separate Trustee...................
Section 8.11 Tax Matters.....................................................
Section 8.12 Periodic Filings................................................
Section 8.13 Tax Treatment of Upper-Tier CarryForward Amounts,
Basis Risk CarryForward Amounts and Class IO Shortfalls;
Tax Classification of the Excess Reserve Fund Account,
Swap Account and the Interest Rate Swap Agreement...............
Section 8.14 Custodial Responsibilities......................................
ARTICLE IX
TERMINATION
Section 9.01 Termination upon Liquidation or Purchase of the
Mortgage Loans..................................................
Section 9.02 Final Distribution on the Certificates..........................
Section 9.03 Additional Termination Requirements.............................
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01 Amendment.......................................................
Section 10.02 Recordation of Agreement; Counterparts..........................
Section 10.03 Governing Law...................................................
Section 10.04 Intention of Parties............................................
Section 10.05 Notices.........................................................
Section 10.06 Severability of Provisions......................................
Section 10.07 Assignment; Sales; Advance Facilities...........................
Section 10.08 Limitation on Rights of Certificateholders......................
Section 10.09 Inspection and Audit Rights.....................................
Section 10.10 Certificates Nonassessable and Fully Paid.......................
Section 10.11 Rule of Construction............................................
Section 10.12 Waiver of Jury Trial............................................
Section 10.13 Rights of the Swap Provider.....................................
Section 10.14 Regulation AB Compliance; Intent of the Parties;
Reasonableness..................................................
SCHEDULES
Schedule I Mortgage Loan Schedule
Schedule II Representations and Warranties of HomEq Servicing Corporation,
as Servicer
Schedule III Representations and Warranties of Morgan Stanley ABS
Capital I Inc. as to the Mortgage Loans
Schedule IV Representations and Warranties of Decision One as to the
Decision One Mortgage Loans
Schedule V Representations and Warranties of First NLC as to the
First NLC Mortgage Loans
Schedule VI Representations and Warranties of LaSalle, as Custodian
EXHIBITS
Exhibit A Form of Class A, Class M and Class B Certificate
Exhibit B Form of Class P Certificate
Exhibit C Form of Class R Certificate
Exhibit D Form of Class X Certificate
Exhibit E Form of Initial Certification of Trustee and Custodian
Exhibit F Form of Document Certification and Exception Report of
Trustee and Custodian
Exhibit G Form of Residual Transfer Affidavit
Exhibit H Form of Transferor Certificate
Exhibit I Form of Rule 144A Letter
Exhibit J Form of Request for Release
Exhibit K Form of Contents for Each Mortgage File
Exhibit L Form of Certification to be provided with Form 10-K
Exhibit M Form of Certification to be provided by the Trustee
to Depositor
Exhibit N Form of Certification to be provided by the Servicer
to Depositor
Exhibit O Decision One Purchase Agreement
Exhibit P First NLC Purchase Agreement
Exhibit Q Meritage Agreements
Exhibit R Wilmington Finance Agreements
Exhibit S Accredited Agreements
Exhibit T CHL Agreements
Exhibit U Form of Servicer Power of Attorney
Exhibit V Servicing Criteria
Exhibit W Additional Form 10-D Disclosure
Exhibit X Additional Form 10-K Disclosure
Exhibit Y Form 8-K Disclosure Information
Exhibit Z Interest Rate Swap Agreement
{PAGE}
THIS POOLING AND SERVICING AGREEMENT, dated as of January 1, 2006,
among MORGAN STANLEY ABS CAPITAL I INC., a Delaware corporation (the
"Depositor"), HOMEQ SERVICING CORPORATION, a New Jersey corporation (the
"Servicer"), DECISION ONE MORTGAGE COMPANY, LLC, a California limited liability
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