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Pooling and Servicing Agreement

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Title:

Pooling and Servicing Agreement

Entities:

Cede & Co.; Freddie Mac; McGraw-Hill Companies Inc.; Peoples Choice Home Loan Securities Corp; Federal National Mortgage Association

Date:

2004

Size:

Preview shows 15KB of 408KB total

Price:

$97

ID:

#2397041

► Services ► Servicing ► Pooling & Servicing Agreements
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Start of Preview

PEOPLE'S CHOICE HOME LOAN SECURITIES CORP.

Company,

[NAME OF MASTER SERVICER]

Master Servicer,

and

[NAME OF TRUSTEE],

Trustee

POOLING AND SERVICING AGREEMENT

Dated as of_____________1, 200_

Mortgage Pass-Through Certificates

Series 200_-__

================================================================================

{PAGE}

{TABLE}

{CAPTION}

TABLE OF CONTENTS

ARTICLE I

DEFINITIONS

{S} {C}

SECTION 1.01. Defined Terms...............................................................-2-

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

SECTION 2.01. Conveyance of Mortgage Loans...............................................-25-

SECTION 2.02. Acceptance of the Trust Fund by the Trustee................................-28-

SECTION 2.03. Representations, Warranties and Covenants of the Master Servicer and the

Company....................................................................-29-

SECTION 2.04. Representations and Warranties of the Seller; Repurchase and

Substitution...............................................................-31-

SECTION 2.05. Issuance of Certificates Evidencing Interests in the Trust Fund............-33-

ARTICLE III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01. Master Servicer to Act as Master Servicer..................................-34-

SECTION 3.02. Sub-Servicing Agreements Between Master Servicer and Sub- Servicers.

..........................................................................-35-

SECTION 3.03. Successor Sub-Servicers....................................................-36-

SECTION 3.04. Liability of the Master Servicer...........................................-36-

SECTION 3.05. No Contractual Relationship Between Sub-Servicers and Trustee or

Certificateholders.........................................................-36-

SECTION 3.06. Assumption or Termination of Sub-Servicing Agreements by Trustee..........-37-

SECTION 3.07. Collection of Certain Mortgage Loan Payments...............................-37-

SECTION 3.08. Sub-Servicing Accounts.....................................................-37-

SECTION 3.09. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.....-38-

SECTION 3.10. Custodial Account..........................................................-38-

SECTION 3.11. Permitted Withdrawals From the Custodial Account...........................-40-

SECTION 3.12. Permitted Instruments......................................................-41-

SECTION 3.13. Maintenance of Primary Mortgage Insurance and Primary Hazard

Insurance..................................................................-41-

SECTION 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements..................-43-

-i-

{PAGE}

SECTION 3.15. Realization Upon Defaulted Mortgage Loans..................................-44-

SECTION 3.16. Trustee to Cooperate; Release of Mortgage Files............................-45-

SECTION 3.17. Servicing Compensation.....................................................-46-

SECTION 3.18. Maintenance of Certain Servicing Policies..................................-46-

SECTION 3.19. Annual Statement as to Compliance..........................................-47-

SECTION 3.20. Annual Independent Public Accountants' Servicing Statement.................-47-

SECTION 3.21. Access to Certain Documentation............................................-48-

SECTION 3.22. Title, Conservation and Disposition of REO Property........................-48-

SECTION 3.23. Additional Obligations of the Master Servicer..............................-50-

SECTION 3.24. Additional Obligations of the Company......................................-51-

ARTICLE IV

PAYMENTS TO CERTIFICATEHOLDERS

SECTION 4.01. Certificate Account; Distributions.........................................-52-

SECTION 4.02. Statements to Certificateholders...........................................-55-

SECTION 4.03. Remittance Reports; Advances by the Master Servicer........................-57-

SECTION 4.04. Allocation of Realized Losses..............................................-59-

SECTION 4.05. Information Reports to be Filed by the Master Servicer.....................-60-

SECTION 4.06. Compliance with Withholding Requirements...................................-60-

ARTICLE V

THE CERTIFICATES

SECTION 5.01. The Certificates...........................................................-61-

SECTION 5.02. Registration of Transfer and Exchange of Certificates......................-62-

SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates..........................-66-

SECTION 5.04. Persons Deemed Owners......................................................-66-

ARTICLE VI

THE COMPANY AND THE MASTER SERVICER

SECTION 6.01. Liability of the Company and the Master Servicer...........................-67-

SECTION 6.02. Merger, Consolidation or Conversion of the Company or the Master

Servicer...................................................................-67-

SECTION 6.03. Limitation on Liability of the Company, the Master Servicer and Others.....-67-

SECTION 6.04. Limitation on Resignation of the Master Servicer...........................-68-

-ii-

{PAGE}

ARTICLE VII

DEFAULT

SECTION 7.01. Events of Default..........................................................-69-

SECTION 7.02. Trustee to Act; Appointment of Successor...................................-71-

SECTION 7.03. Notification to Certificateholders.........................................-72-

SECTION 7.04. Waiver of Events of Default................................................-72-

ARTICLE VIII

CONCERNING THE TRUSTEE

SECTION 8.01. Duties of Trustee..........................................................-73-

SECTION 8.02. Certain Matters Affecting the Trustee......................................-74-

SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans......................-75-

SECTION 8.04. Trustee May Own Certificates...............................................-75-

SECTION 8.05. Payment of Trustee's Fees..................................................-75-

SECTION 8.06. Eligibility Requirements for Trustee.......................................-76-

SECTION 8.07. Resignation and Removal of the Trustee.....................................-76-

SECTION 8.08. Successor Trustee..........................................................-77-

SECTION 8.09. Merger or Consolidation of Trustee.........................................-78-

SECTION 8.10. Appointment of Co-Trustee or Separate Trustee..............................-78-

ARTICLE IX

TERMINATION

SECTION 9.01. Termination Upon Repurchase or Liquidation of All Mortgage Loans...........-80-

SECTION 9.02. Additional Termination Requirements........................................-81-

ARTICLE X

REMIC PROVISIONS

SECTION 10.01. REMIC Administration.......................................................-83-

SECTION 10.02. Prohibited Transactions and Activities.....................................-85-

SECTION 10.03. Master Servicer and Trustee Indemnification................................-86-

-iii-

{PAGE}

ARTICLE XI

MISCELLANEOUS PROVISIONS

SECTION 11.01. Amendment..........................................................-87-

SECTION 11.02. Recordation of Agreement; Counterparts.............................-88-

SECTION 11.03. Limitation on Rights of Certificateholders. .......................-88-

SECTION 11.04. Governing Law......................................................-89-

SECTION 11.05. Notices............................................................-89-

SECTION 11.06. Severability of Provisions.........................................-90-

SECTION 11.07. Successors and Assigns; Third Party Beneficiary....................-90-

SECTION 11.08. Article and Section Headings.......................................-90-

SECTION 11.09. Notice to Rating Agencies and Certificateholder....................-90-

{/TABLE}

Exhibit A-1 Form of Class A Certificate

Exhibit A-2 Form of Class B Certificate

Exhibit B Form of Class R 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 Transferor Affidavit and Agreement in connection with transfer of

Residual Certificates

Exhibit G-4 Form of Transferor Certificate

Exhibit G-5 Form of Investor Representation Letter for Insurance Companies

Exhibit H Mortgage Loan Schedule

Exhibit I Seller's Warranty Certificate

Exhibit J Form of Notice Under Section 3.24

-iv-

{PAGE}

This Pooling and Servicing Agreement, effective as of

_______________ 1, 200_, among PEOPLE'S CHOICE HOME LOAN SECURITIES CORP., as

the company (together with its permitted successors and assigns, the "Company"),

[NAME OF MASTER SERVICER], as master servicer (together with its permitted

successors and assigns, the "Master Servicer"), and [NAME OF TRUSTEE], as

trustee (together with its permitted successors and assigns, the "Trustee"),

PRELIMINARY STATEMENT:

The Company intends to sell mortgage pass-through certificates

(collectively, the "Certificates"), to be issued hereunder in multiple classes

(each, a "Class"), which in the aggregate will evidence the entire beneficial

ownership interest in the Mortgage Loans (as defined herein). As provided

herein, the Master Servicer will make an election to treat the segregated pool

of assets described in the definition of Trust Fund (as defined herein), and

subject to this Agreement (including the Mortgage Loans but excluding the

Initial Monthly Payment Deposit), as a real estate mortgage investment conduit

(a "REMIC") for federal income tax purposes, and such segregated pool of assets

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