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Document Preview Pooling and Servicing Agreement |
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Title: |
Pooling and Servicing Agreement |
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Entities: |
Abfc 2006-Opt3 Trust; Banc of America Securities LLC; Cede & Co.; Freddie Mac; Wells Fargo Bank, NA; Federal National Mortgage Association; International Swaps & Derivatives Association, Inc.; Bank of America, NA |
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Date: |
2006 |
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Size: |
Preview shows 5KB of 1224KB total |
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Price: |
$99 |
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ID: |
#2648277 |
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ASSET BACKED FUNDING CORPORATION,
Depositor
OPTION ONE MORTGAGE CORPORATION,
Servicer
and
WELLS FARGO BANK, N.A.,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of October 1, 2006
ABFC 2006-OPT3 Trust
Asset Backed Funding Corporation Asset-Backed Certificates, Series 2006-OPT3
================================================================================
{PAGE}
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms................................................
Section 1.02 Accounting...................................................
Section 1.03 Rights of the NIMS Insurer...................................
Section 1.04 Fiscal Year..................................................
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans.................................
Section 2.02 Acceptance by Trustee........................................
Section 2.03 Repurchase or Substitution of Mortgage Loans by the
Originator or the Seller.....................................
Section 2.04 Representations, Warranties and Covenants of the Servicer....
Section 2.05 Representations and Warranties of the Depositor..............
Section 2.06 Issuance of Certificates and the Uncertificated Regular
Interests....................................................
ARTICLE III
ADMINISTRATION AND SERVICING
OF THE TRUST FUND
Section 3.01 Servicer to Act as Servicer..................................
Section 3.02 Collection of Mortgage Loan Payments.........................
Section 3.03 Realization Upon Defaulted Mortgage Loans....................
Section 3.04 Collection Account and Distribution Account..................
Section 3.05 Permitted Withdrawals From the Collection Account............
Section 3.06 Establishment of Escrow Accounts; Deposits in Escrow
Accounts.....................................................
Section 3.07 Permitted Withdrawals From Escrow Account....................
Section 3.08 Payment of Taxes, Insurance and Other Charges; Collections
Thereunder...................................................
Section 3.09 Transfer of Accounts.........................................
Section 3.10 Maintenance of Hazard Insurance..............................
Section 3.11 Maintenance of Mortgage Impairment Insurance Policy..........
Section 3.12 Fidelity Bond, Errors and Omissions Insurance................
Section 3.13 Title, Management and Disposition of REO Property............
Section 3.14 Due-on-Sale Clauses; Assumption and Substitution Agreements..
Section 3.15 Notification of Adjustments..................................
Section 3.16 Subservicing; Enforcement of the Obligations of the Servicer.
Section 3.17 Trustee to Cooperate; Release of Files.......................
Section 3.18 Servicing Compensation.......................................
Section 3.19 Annual Statement as to Compliance............................
Section 3.20 Assessments of Compliance; Attestation Reports...............
Section 3.21 Access to Certain Documentation and Information Regarding
the Mortgage Loans...........................................
Section 3.22 Duties of Credit Risk Manager................................
Section 3.23 Obligations of the Servicer in Respect of Compensating
Interest.....................................................
Section 3.24 Obligations of the Servicer in Respect of Mortgage Interest
Rates and Monthly Payments...................................
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