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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 2005-1; Federal National Mortgage Association |
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Date: |
2005 |
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Size: |
Preview shows 17KB of 683KB total |
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Price: |
$99 |
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ID: |
#2555276 |
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MORGAN STANLEY ABS CAPITAL I INC.,
Depositor,
CHASE HOME FINANCE LLC,
Servicer,
HOMEQ SERVICING CORPORATION,
Servicer,
FIRST NLC FINANCIAL SERVICES, LLC,
Responsible Party,
MILA, INC.,
Responsible Party,
and
DEUTSCHE BANK NATIONAL TRUST COMPANY,
Trustee
----------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of January 1, 2005
----------------------------------
MORGAN STANLEY HOME EQUITY LOAN TRUST 2005-1
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2005-1
{PAGE}
TABLE OF CONTENTS
Page
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 Servicers to Service Mortgage Loans..........................
Section 3.02 Subservicing Agreements between a Servicer and
Subservicers.................................................
Section 3.03 Successor Subservicers.......................................
Section 3.04 Liability of the Servicers...................................
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 Accounts..........................................
Section 3.11 Withdrawals from the Collection Accounts.....................
Section 3.12 Investment of Funds in the Collection Accounts 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
Servicers to Be Held for the Trustee.........................
Section 3.21 Servicing Compensation.......................................
Section 3.22 Annual Statement as to Compliance............................
Section 3.23 Annual Independent Public Accountants' Servicing
Statement; Financial Statements..............................
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 SERVICERS
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..................
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 SERVICERS
Section 6.01 Respective Liabilities of the Depositor and the Servicers....
Section 6.02 Merger or Consolidation of the Depositor or a Servicer.......
Section 6.03 Limitation on Liability of the Depositor, the Servicers
and Others...................................................
Section 6.04 Limitation on Resignation of a Servicer......................
Section 6.05 Additional Indemnification by the Servicers; 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...........................
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of the Trustee........................................
Section 8.02 Certain Matters Affecting the Trustee........................
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 Classification of the Excess Reserve Fund Account and
the Interest Rate Cap Agreements.............................
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.........................................
SCHEDULES
Schedule I Mortgage Loan Schedule
Schedule II Representations and Warranties of Chase, as Servicer
Schedule III Representations and Warranties of HomEq, as Servicer
Schedule IV Representations and Warranties of the Depositor as to the
Mortgage Loans
Schedule V Representations and Warranties of First NLC as to the First NLC
Mortgage Loans
Schedule VI Representations and Warranties of MILA as to the MILA Mortgage
Loans
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
Exhibit F Form of Document Certification and Exception Report of Trustee
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 applicable Servicer
to Depositor
Exhibit O Form of Servicer Power of Attorney
{PAGE}
THIS POOLING AND SERVICING AGREEMENT, dated as of January 1, 2005,
among MORGAN STANLEY ABS CAPITAL I INC., a Delaware corporation (the
"Depositor"), CHASE HOME FINANCE LLC, a Delaware limited liability company
("Chase"), HOMEQ SERVICING CORPORATION, a New Jersey corporation ("HomEq" and,
together with Chase, the "Servicers"), FIRST NLC FINANCIAL SERVICES, LLC ("First
NLC"), a Florida limited liability company, MILA, INC., a Washington corporation
("MILA" and, together with First NLC, the "Responsible Parties"), and DEUTSCHE
BANK NATIONAL TRUST COMPANY, a national banking association, as trustee (the
"Trustee").
W I T N E S S E T H:
In consideration of the mutual agreements herein contained, the
parties hereto agree as follows:
PRELIMINARY STATEMENT
The Trustee shall elect that two segregated asset pools within the
Trust Fund be treated for federal income tax purposes as comprising two REMICs
(each, a "REMIC" or, in the alternative, the Lower Tier REMIC and the Upper Tier
REMIC, respectively). Each Class of Certificates (other than the Class P and
Class R Certificates), other than the right of each Class of LIBOR Certificates
to receive Basis Risk CarryForward Amounts and the right of the Class X
Certificates to receive payments from the Interest Rate Cap Agreements,
represents ownership of a regular interest in the Upper Tier REMIC for purposes
of the REMIC Provisions. The Class R Certificate represents ownership of the
sole class of residual interest in each of the Lower Tier REMIC and the Upper
Tier REMIC for purposes of the REMIC Provisions. The Startup Day for each REMIC
described herein is the Closing Date. The latest possible maturity date for each
Certificate is the latest date referenced in Section 2.05. The Upper Tier REMIC
shall hold as assets the several classes of uncertificated Lower Tier Regular
Interests, set out below. Each such Lower Tier Regular Interest is hereby
designated as a regular interest in the Lower Tier REMIC. The Class LT-A-1ss,
Class LT-A-1mz, Class LT-A-2a, Class LT-A-2b, Class LT-A-2c, Class LT-M-1, Class
LT-M-2, Class LT-M-3, Class LT-M-4, Class LT-M-5, Class LT-M-6, Class LT-B-1,
Class LT-B-2 and Class LT-B-3 Interests are hereby designated the LT-Accretion
Directed Classes (the "LT-Accretion Directed Classes"). The Class P Certificates
represent beneficial ownership of the Prepayment Charges, each Class of LIBOR
Certificates represents beneficial ownership of a regular interest in the Upper
Tier REMIC and the right to receive Basis Risk CarryForward Amounts and the
Class X Certificates represent beneficial ownership of a regular interest in the
Upper Tier REMIC, the Excess Reserve Fund Account and the Interest Rate Cap
Agreements, which portions of the Trust Fund shall be treated as a grantor
trust.
{TABLE}
{CAPTION}
Lower Tier Lower Tier Interest Initial Lower Tier Corresponding Upper
Class Designation Rate Principal Amount Tier REMIC Class
--------------------------- -------------------- --------------------------------------------- ---------------------
{S} {C} {C} {C}
Class LT-A-1ss (1) 1/2 initial Corresponding Upper Tier REMIC A-1ss
Class initial Class Certificate Balance
Class LT-A-1mz (1) 1/2 initial Corresponding Upper Tier REMIC A-1mz
Class initial Class Certificate Balance
Class LT-A-2a (1) 1/2 initial Corresponding Upper Tier REMIC A-2a
Class initial Class Certificate Balance
Class LT-A-2b (1) 1/2 initial Corresponding Upper Tier REMIC A-2b
Class initial Class Certificate Balance
Class LT-A-2c (1) 1/2 initial Corresponding Upper Tier REMIC A-2c
Class initial Class Certificate Balance
Class LT-M-1 (1) 1/2 initial Corresponding Upper Tier REMIC M-1
Class initial Class Certificate Balance
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