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Title: |
Pooling and Servicing Agreement |
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Date: |
2007 |
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Preview shows 22KB of 2324KB total |
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$99 |
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ID: |
#2704531 |
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GS MORTGAGE SECURITIES CORP.,
Depositor,
LITTON LOAN SERVICING LP,
Servicer,
AVELO MORTGAGE, L.L.C.,
Servicer,
U.S. BANK NATIONAL ASSOCIATION,
Custodian,
DEUTSCHE BANK NATIONAL TRUST COMPANY,
Custodian,
LASALLE BANK NATIONAL ASSOCIATION,
Trustee,
and
WELLS FARGO BANK, N.A.,
Master Servicer and Securities Administrator
-------------------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of January 1, 2007
------------------------------------------
GSAMP TRUST 2007-H1
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2007-H1
{PAGE}
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.01 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, Warranties and Covenants of the Servicers
and each Custodian........................................
Section 2.04 Execution and Delivery of Certificates........................
Section 2.05 REMIC Matters.................................................
Section 2.06 Representations and Warranties of the Depositor...............
Section 2.07 Enforcement of Obligations for Breach of Mortgage Loan
Representations...........................................
ARTICLE II
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 Servicer.....................................
Section 3.05 No Contractual Relationship between Subservicers, the
Trustee and the Master Servicer...........................
Section 3.06 Assumption or Termination of Subservicing Agreements by Master
Servicer..................................................
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, 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 Securities Administrator for the
Benefit of 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 Master Servicer to Act as Servicer............................
Section 3.25 Compensating Interest.........................................
Section 3.26 Credit Reporting; Gramm-Leach-Bliley Act......................
Section 3.27 Excess Reserve Fund Account; Distribution Account.............
Section 3.28 Optional Purchase of Delinquent Mortgage Loans................
Section 3.29 Transfer of Servicing for Certain Mortgage Loans..............
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 Supplemental Interest Trust...................................
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.................................................
Section 6.06 Servicing Rights Pledge.......................................
ARTICLE VII
DEFAULT
Section 7.01 Events of Default.............................................
Section 7.02 Master Servicer to Act; Appointment of Successor Servicer.....
Section 7.03 Notification to Certificateholders............................
ARTICLE VIII
CONCERNING THE TRUSTEE AND THE CUSTODIANS
Section 8.01 Duties of the Trustee.........................................
Section 8.02 Certain Matters Affecting each Custodian and 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 and Indemnification...............
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 Carry Forward Amounts, Basis
Risk Carry Forward Amounts, the Supplemental Interest
Trust, the Interest Rate Swap Agreement and the Interest
Rate Cap Agreement........................................
Section 8.14 Custodial Responsibilities....................................
Section 8.15 Limitations on Custodial Responsibilities.....................
ARTICLE IX
ADMINISTRATION OF THE MORTGAGE LOANS BY THE MASTER SERVICER
Section 9.01 Duties of the Master Servicer; Enforcement of Servicer's
Obligations..............................................
Section 9.02 Maintenance of Fidelity Bond and Errors and Omissions
Insurance................................................
Section 9.03 Representations and Warranties of the Master Servicer.........
Section 9.04 Master Servicer Events of Default.............................
Section 9.05 Waiver of Default.............................................
Section 9.06 Successor to the Master Servicer..............................
Section 9.07 Compensation of the Master Servicer...........................
Section 9.08 Merger or Consolidation.......................................
Section 9.09 Resignation of the Master Servicer............................
Section 9.10 Assignment or Delegation of Duties by the Master Servicer.....
Section 9.11 Limitation on Liability of the Master Servicer................
Section 9.12 Indemnification; Third Party Claims...........................
ARTICLE X
CONCERNING THE SECURITIES ADMINISTRATOR
Section 10.01 Duties of Securities Administrator............................
Section 10.02 Certain Matters Affecting the Securities Administrator........
Section 10.03 Securities Administrator Not Liable for Certificates or
Mortgage Loans............................................
Section 10.04 Securities Administrator May Own Certificates.................
Section 10.05 Securities Administrator's Fees and Expenses..................
Section 10.06 Eligibility Requirements for Securities Administrator.........
Section 10.07 Resignation and Removal of Securities Administrator...........
Section 10.08 Successor Securities Administrator............................
Section 10.09 Merger or Consolidation of Securities Administrator...........
Section 10.10 Assignment or Delegation of Duties by the Securities
Administrator.............................................
ARTICLE XI
TERMINATION
Section 11.01 Termination upon Liquidation or Purchase of the Mortgage Loans
Section 11.02 Final Distribution on the Certificates........................
Section 11.03 Additional Termination Requirements...........................
ARTICLE XII
MISCELLANEOUS PROVISIONS
Section 12.01 Amendment.....................................................
Section 12.02 Recordation of Agreement; Counterparts........................
Section 12.03 Governing Law.................................................
Section 12.04 Intention of Parties..........................................
Section 12.05 Notices.......................................................
Section 12.06 Severability of Provisions....................................
Section 12.07 Assignment; Sales; Advance Facilities.........................
Section 12.08 Limitation on Rights of Certificateholders....................
Section 12.09 Inspection and Audit Rights...................................
Section 12.10 Certificates Nonassessable and Fully Paid.....................
Section 12.11 Waiver of Jury Trial..........................................
Section 12.12 Limitation of Damages.........................................
Section 12.13 Rights of Third Parties.......................................
Section 12.14 No Solicitation...............................................
Section 12.15 Regulation AB Compliance; Intent of the Parties;
Reasonableness.............................................
SCHEDULES
Schedule I Mortgage Loan Schedule
Schedule II Representations and Warranties of Litton Loan Servicing LP,
as Servicer
Schedule III Representations and Warranties of Avelo Mortgage, L.L.C.,
as Servicer
Schedule IV Representations and Warranties of U.S. Bank National Association,
as Custodian
Schedule V Representations and Warranties of Deutsche Bank National Trust
Company, as Custodian
EXHIBITS
Exhibit A Form of Class A and Class M Certificates
Exhibit B Form of Class P Certificate
Exhibit C [Reserved]
Exhibit D-1 Form of Class R Certificate
Exhibit D-2 Form of Class RC Certificate
Exhibit D-3 Form of Class RX Certificate
Exhibit E Form of Class X Certificate
Exhibit F Form of Initial Certification of the Custodians
Exhibit G Form of Document Certification and Exception Report of the
Custodians
Exhibit H Form of Residual Transfer Affidavit
Exhibit I Form of Transferor Certificate
Exhibit J Form of Rule 144A Letter
Exhibit K Form of Investment Letter (Non-Rule 144A)
Exhibit L Form of Request for Release
Exhibit M Contents of Each Mortgage File
Exhibit N [Reserved]
Exhibit O Form of Certification to be Provided with Form 10-K
Exhibit P Form of Securities Administrator Certification to be Provided to
Depositor
Exhibit Q-1 Form of Servicer Certification to be Provided to Depositor
Exhibit Q-2 Form of Subservicer Certification to be Provided to Depositor
Exhibit Q-3 Form of Master Servicer Certification to be Provided to Depositor
Exhibit R Form of Power of Attorney
Exhibit S Representations and Warranties Agreement
Exhibit T Servicing Criteria
Exhibit U Additional Form 10-D Disclosure
Exhibit V Additional Form 10-K Disclosure
Exhibit W Form 8-K Disclosure Information
Exhibit X Interest Rate Swap Agreement and Interest Rate Cap Agreement
Exhibit Y [Reserved]
Exhibit Z Decision One Agreements
Exhibit AA First Horizon Agreements
Exhibit BB NovaStar Agreements
Exhibit CC Form of Servicer Remittance Report
Exhibit DD Form of Monthly Defaulted Loan Report
Exhibit EE Form of Realized Loss Report
{PAGE}
THIS POOLING AND SERVICING AGREEMENT, dated as of January 1,
2007, among GS MORTGAGE SECURITIES CORP., a Delaware corporation (the
"Depositor"), LITTON LOAN SERVICING LP, a Delaware limited partnership, as a
servicer ("Litton"), AVELO MORTGAGE, L.L.C., a Delaware limited liability
company, as a servicer ("Avelo", and together with Litton, the "Servicers"),
U.S. BANK NATIONAL ASSOCIATION, a national banking association, as a custodian
("U.S. Bank"), DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking
association, as a custodian ("Deutsche Bank," and together with U.S. Bank, the
"Custodians"), LASALLE BANK NATIONAL ASSOCIATION, as trustee (the "Trustee"),
and WELLS FARGO BANK, N.A., as securities administrator (in such capacity, the
"Securities Administrator") and as master servicer (in such capacity, the
"Master Servicer").
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 Securities Administrator shall elect that five segregated
asset pools within the Trust Fund (exclusive of (i) the Prepayment Premiums,
(ii) the Interest Rate Swap Agreement and the Interest Rate Cap Agreement, (iii)
the Supplemental Interest Trust, (iv) the Excess Reserve Fund Account and (v)
the right of the LIBOR Certificates to receive Basis Risk Carry Forward Amounts
and, without duplication, Upper-Tier Carry Forward Amounts and the obligation to
pay Class IO Shortfalls) be treated for federal income tax purposes as
comprising five REMICs (each, a "Trust REMIC," or in the alternative,
Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier REMIC, the Upper-Tier
REMIC and the Class X REMIC, respectively). The Class X Interest, Class IO
Interest and each Class of LIBOR Certificates (other than the right of each
Class of LIBOR Certificates to receive (i) Basis Risk Carry Forward Amounts and,
without duplication, Upper-Tier Carry Forward Amounts and (ii) the obligation to
pay Class IO Shortfalls) represents ownership of a regular interest in a REMIC
for purposes of the REMIC Provisions.
The Class RX Certificates represent ownership of the sole class
of residual interest in the Class X REMIC for purposes of the REMIC Provisions.
The Class RC Certificates represent ownership of the sole class of residual
interest in Pooling-Tier REMIC-1 for purposes of the REMIC Provisions. The Class
R Certificates represent ownership of the sole class of residual interest in
each of Pooling-Tier REMIC-2, the Lower-Tier REMIC and the Upper-Tier REMIC for
purposes of the REMIC Provisions. The Start-up Day for each Trust REMIC is the
Closing Date. The latest possible maturity date for each regular interest is the
latest date referenced in Section 2.05.
The Class X REMIC shall hold as assets the Class UT-X Interest,
the Class UT-IO Interest and the Class UT-3 Interest as set out below. The
Upper-Tier REMIC shall hold as assets the several classes of uncertificated
Lower-Tier Regular Interests, set out below. The Lower-Tier REMIC shall hold as
assets the several classes of uncertificated Pooling-Tier REMIC-2 Regular
Interests. Pooling-Tier REMIC-2 shall hold as assets the several classes of
uncertificated Pooling-Tier REMIC-1 Regular Interests. Pooling-Tier REMIC-1
shall hold as assets the assets of the Trust Fund (exclusive of (i) the
Prepayment Premiums, (ii) the Interest Rate Swap Agreement and the Interest Rate
Cap Agreement, (iii) the Supplemental Interest Trust, (iv) the Excess Reserve
Fund Account and (v) the right of the LIBOR Certificates to receive Basis Risk
Carry Forward Amounts and, without duplication, Upper-Tier Carry Forward Amounts
and the obligation to pay Class IO Shortfalls). Each such Lower Tier Regular
Interest is hereby designated as a regular interest in the Lower Tier REMIC. The
Class LT-A-1A, Class LT-A-1B, Class LT-A-1C, Class LT-A-2A1, Class LT-A-2A2S,
Class LT-A-2A2M, 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-M-7, Class LT-M-8 and
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