| Preview
Subscribers | 2003 |
Pooling and Servicing Agreement
Pooling and Servicing Agreement (519K)
Doc #163386: Click preview link for longer preview.
======================
CWALT, INC.,
Depositor
[COUNTRYWIDE HOME LOANS, INC.],
Seller
[PARK GRANADA LLC],
Seller
[COUNTRYWIDE HOME LOANS SERVICING LP],
Master Servicer
and
[THE BANK OF NEW YORK],
Trustee
-----------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of , 2003
-----------------------------------
ALTERNATIVE LOAN TRUST 2003- T[1][2]
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-
-----------------------------------
{PAGE}
{TABLE}
{CAPTION}
Table of Contents
Page
----
ARTICLE I
DEFINITIONS
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES
{S} {C}
SECTION 2.01. Conveyance of Mortgage Loans...............................................II-1
SECTION 2.02. Acceptance by Trustee of the Mortgage Loans................................II-4
SECTION 2.03. Representations, Warranties and Covenants of the Seller and Master
Servicer...................................................................II-6
SECTION 2.04. Representations and Warranties of the Depositor as to the Mortgage
Loans......................................................................II-8
SECTION 2.05. Delivery of Opinion of Counsel in Connection with Substitutions............II-8
SECTION 2.06. Execution and Delivery of Certificates.....................................II-9
SECTION 2.07. REMIC Matters..............................................................II-9
SECTION 2.08. Covenants of the Master Servicer...........................................II-9
ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
SECTION 3.01. Master Servicer to Service Mortgage Loans.................................III-1
SECTION 3.02. Subservicing; Enforcement of the Obligations of Servicers.................III-2
SECTION 3.03. Rights of the Depositor and the Trustee in Respect of the Master
Servicer..................................................................III-2
SECTION 3.04. Trustee to Act as Master Servicer.........................................III-2
SECTION 3.05. Collection of Mortgage Loan Payments; Certificate Account;
Distribution Account......................................................III-3
SECTION 3.06. Collection of Taxes, Assessments and Similar Items; Escrow Accounts.......III-5
SECTION 3.07. Access to Certain Documentation and Information Regarding the
Mortgage Loans............................................................III-6
SECTION 3.08. Permitted Withdrawals from the Certificate Account and the
Distribution Account......................................................III-6
SECTION 3.09. Maintenance of Hazard Insurance; Maintenance of Primary Insurance
Policies..................................................................III-8
SECTION 3.10. Enforcement of Due-on-Sale Clauses; Assumption Agreements.................III-9
SECTION 3.11. Realization Upon Defaulted Mortgage Loans; Repurchase of Certain
Mortgage Loans...........................................................III-10
SECTION 3.12. Trustee to Cooperate; Release of Mortgage Files..........................III-13
SECTION 3.13. Documents, Records and Funds in Possession of Master Servicer to be
Held for the Trustee.....................................................III-14
SECTION 3.14. Servicing Compensation...................................................III-14
SECTION 3.15. Access to Certain Documentation..........................................III-15
i
{PAGE}
SECTION 3.16. Annual Statement as to Compliance........................................III-15
SECTION 3.17. Annual Independent Public Accountants' Servicing Statement; Financial
Statements...............................................................III-15
SECTION 3.18. Errors and Omissions Insurance; Fidelity Bonds...........................III-16
ARTICLE IV
DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER
SECTION 4.01. Advances...................................................................IV-1
SECTION 4.02. Priorities of Distribution.................................................IV-2
SECTION 4.03. [Reserved].................................................................IV-5
SECTION 4.04. Allocation of Realized Losses..............................................IV-5
SECTION 4.05. [Reserved].................................................................IV-6
SECTION 4.06. Monthly Statements to Certificateholders...................................IV-6
SECTION 4.07. Determination of Pass-Through Rates for COFI Certificates..................IV-8
SECTION 4.08. Determination of Pass-Through Rates for LIBOR Certificates.................IV-9
ARTICLE V
THE CERTIFICATES
SECTION 5.01. The Certificates............................................................V-1
SECTION 5.02. Certificate Register; Registration of Transfer and Exchange of
Certificates................................................................V-1
SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates...........................V-5
SECTION 5.04. Persons Deemed Owners.......................................................V-5
SECTION 5.05. Access to List of Certificateholders' Names and Addresses...................V-6
SECTION 5.06. Maintenance of Office or Agency.............................................V-6
ARTICLE VI
THE DEPOSITOR AND THE MASTER SERVICER
SECTION 6.01. Respective Liabilities of the Depositor and the Master Servicer............VI-1
SECTION 6.02. Merger or Consolidation of the Depositor or the Master Servicer............VI-1
SECTION 6.03. Limitation on Liability of the Depositor, the Seller, the Master
Servicer and Others........................................................VI-1
SECTION 6.04. Limitation on Resignation of Master Servicer...............................VI-2
ARTICLE VII
DEFAULT
SECTION 7.01. Events of Default.........................................................VII-1
SECTION 7.02. Trustee to Act; Appointment of Successor..................................VII-2
SECTION 7.03. Notification to Certificateholders........................................VII-3
ARTICLE VIII
CONCERNING THE TRUSTEE
SECTION 8.01. Duties of Trustee........................................................VIII-1
SECTION 8.02. Certain Matters Affecting the Trustee....................................VIII-2
SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans....................VIII-2
SECTION 8.04. Trustee May Own Certificates.............................................VIII-3
ii
{PAGE}
SECTION 8.05. Trustee's Fees and Expenses..............................................VIII-3
SECTION 8.06. Eligibility Requirements for Trustee.....................................VIII-3
SECTION 8.07. Resignation and Removal of Trustee.......................................VIII-4
SECTION 8.08. Successor Trustee........................................................VIII-4
SECTION 8.09. Merger or Consolidation of Trustee.......................................VIII-5
SECTION 8.10. Appointment of Co-Trustee or Separate Trustee............................VIII-5
SECTION 8.11. Tax Matters..............................................................VIII-6
SECTION 8.12. [Reserved]...............................................................VIII-7
ARTICLE IX
TERMINATION
SECTION 9.01. Termination upon Liquidation or Purchase of all Mortgage Loans.............IX-1
SECTION 9.02. Final Distribution on the Certificates.....................................IX-1
SECTION 9.03. Additional Termination Requirements........................................IX-2
ARTICLE X
MISCELLANEOUS PROVISIONS
SECTION 10.01. Amendment...................................................................X-1
SECTION 10.02. Recordation of Agreement; Counterparts......................................X-2
SECTION 10.03. Governing Law...............................................................X-2
SECTION 10.04. Intention of Parties........................................................X-2
SECTION 10.05. Notices.....................................................................X-3
SECTION 10.06. Severability of Provisions..................................................X-4
SECTION 10.07. Assignment..................................................................X-4
SECTION 10.08. Limitation on Rights of Certificateholders..................................X-4
SECTION 10.09. Inspection and Audit Rights.................................................X-5
SECTION 10.10. Certificates Nonassessable and Fully Paid...................................X-5
SECTION 10.11. [Reserved]..................................................................X-5
SECTION 10.12. Protection of Assets........................................................X-5
SCHEDULES
Schedule I Mortgage Loan Schedule......................................................................S-I-1
Schedule II-A Representations and Warranties of Countrywide............................................S-II-A-1
Schedule II-B Representations and Warranties of Park Granada...........................................S-II-B-1
Schedule III-A Representations and Warranties of Countrywide as to the Mortgage Loans..................S-III-A-1
Schedule III-B Representations and Warranties of Countrywide as to the Countrywide Mortgage Loans......S-III-B-1
Schedule III-C Representations and Warranties of Park Granada as to the Park Granada Mortgage Loans....S-III-C-1
Schedule IV Representations and Warranties of the Master Servicer......................................S-IV-1
Schedule V Principal Balance Schedules (if applicable).................................................S-V-1
Schedule VI Form of Monthly Master Servicer Report.....................................................S-VI-I
EXHIBITS
Exhibit A: Form of Senior Certificate (excluding Notional Amount Certificates)...........................A-1
Exhibit B: Form of Subordinated Certificate..............................................................B-1
Exhibit C: Form of Class A-R Certificate.................................................................C-1
Exhibit D: Form of Notional Amount Certificate...........................................................D-1
Exhibit E: Form of Reverse of Certificates...............................................................E-1
Exhibit F-1: Form of Initial Certification of Trustee (Mortgage Loans).....................................F-1
iii
{PAGE}
Exhibit F-2: [Reserved]....................................................................................F-2
Exhibit G-1: Form of Delay Delivery Certification of Trustee (Mortgage Loans)..............................G-1
Exhibit G-2: [Reserved]....................................................................................G-2
Exhibit H-1: Form of Final Certification of Trustee (Mortgage Loans).......................................H-1
Exhibit H-2: [Reserved]....................................................................................H-2
Exhibit I: Form of Transfer Affidavit....................................................................I-1
Exhibit J-1: Form of Transferor Certificate (Residual).....................................................J-1
Exhibit J-2: Form of Transferor Certificate (Private)......................................................J-2
Exhibit K: Form of Investment Letter [Non-Rule 144A].....................................................K-1
Exhibit L: Form of Rule 144A Letter......................................................................L-1
Exhibit M: Form of Request for Release (for Trustee).....................................................M-1
Exhibit N: Form of Request for Release of Documents (Mortgage Loan - Paid in Full,
Repurchased and Replaced).....................................................................N-1
Exhibit O: [Reserved]....................................................................................O-1
Exhibit P: [Reserved]....................................................................................P-1
{/TABLE}
iv
{PAGE}
THIS POOLING AND SERVICING AGREEMENT, dated as of , 2003, among
CWALT, INC., a Delaware corporation, as depositor (the "Depositor"),
[COUNTRYWIDE HOME LOANS, INC. ("Countrywide"), a New York corporation], as a
seller (a "Seller"), [PARK GRANADA LLC ("Park Granada"), a Delaware limited
liability company], as a seller (a "Seller"). [COUNTRYWIDE HOME LOANS
SERVICING LP, a Texas limited partnership], as master servicer (the "Master
Servicer"), and [THE BANK OF NEW YORK, a banking corporation organized under
the laws of the State of New York], as trustee (the "Trustee").
WITNESSETH THAT
In consideration of the mutual agreements herein contained, the
parties hereto agree as follows:
PRELIMINARY STATEMENT
The Depositor is the owner of the Trust Fund that is hereby conveyed
to the Trustee in return for the Certificates. As provided herein, the Trustee
will elect that the Trust Fund be treated, for federal income tax purposes, as
a single real estate mortgage investment conduit (the "REMIC"). The
Certificates will represent the entire beneficial ownership interest in the
REMIC. The Classes of Certificates that are designated as the Regular
Certificates will constitute Regular Interests in the REMIC. The Class A-R
Certificates will represent the sole Class of Residual Interests in the REMIC.
The "latest possible maturity date", for federal income tax purposes, of all
Regular Interests created hereby will be the Latest Possible Maturity Date.
The following table sets forth characteristics of the Certificates,
together with the minimum denominations and integral multiples in excess
thereof in which such Classes shall be issuable (except that one Certificate
of each Class of Certificates may be issued in a different amount and, in
addition, one Residual Certificate representing the Tax Matters Person
Certificate may be issued in a different amount):
{TABLE}
{CAPTION}
========================== ======================= ====================== =================== ========================
Initial Class Pass-Through Minimum Integral Multiples in
Class Designation Certificate Balance Rate (per annum) Denomination Excess of Minimum
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
{S} {C} {C} {C} {C}
Class A-1 $ % $25,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class A-2 $ % $25,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class A-3 $ % $25,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class PO $ (1) $25,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class A-R(2) $ % (3) (3)
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class M $ % $25,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class B-1 $ % $25,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class B-2 $ % $25,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class B-3 $ % $100,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class B-4 $ % $100,000.00 $1,000.00
-------------------------- ----------------------- ---------------------- ------------------- ------------------------
Class B-5 $ % $100,000.00 $1,000.00
========================== ======================= ====================== =================== ========================
------------------------------------------
(1) The Class PO Certificates will be Principal Only Certificates and will not receive any distributions of
interest.
(2) The Class A-R Certificate evidences the sole class of residual
interest in the REMIC.
(3) The Class A-R Certificate shall be issued as two separate certificates, one with an initial Certificate
Balance of $ and the Tax Matters Person Certificate with an initial Certificate Balance of $ .
{/TABLE}
{PAGE}
2
{PAGE}
{TABLE}
{CAPTION}
Set forth below are designations of Classes of Certificates to the categories
used herein:
{S} {C}
Accretion Directed Certificates.............None.
Accrual Certificates .......................None.
Accrual Components. ........................None.
Book-Entry Certificates. ...................All Classes of Certificates other than the Physical Certificates.
COFI Certificates. .........................None.
Component Certificates. ....................None.
Components. ................................For purposes of calculating distributions of principal and/or
interest, the Component Certificates, if any, will be comprised of
multiple payment components having the designations, Initial Component
Balances or Notional Amounts, as applicable, and Pass-Through Rates
set forth below:
{CAPTION}
Initial
Component
Designation Balance Pass-Through Rate
----------- ------- -----------------
{S} {C} {C}
N/A N/A N/A
Delay Certificates..........................All interest-bearing Classes of Certificates other than the Non- Delay
Certificates, if any.
ERISA-Restricted Certificates...............The Residual Certificates and Private Certificates; until an
ERISA-Qualifying Underwriting has occurred with respect to such Class,
the [Class PO] Certificates; and any Certificate of a Class that
ceases to satisfy the applicable rating requirement under the
Underwriter's Exemption.
Floating Rate Certificates..................None.
Inverse Floating Rate Certificates .........None.
LIBOR Certificates..........................None.
Non-Delay Certificates......................None.
Notional Amount Certificates................None.
Offered Certificates........................All Classes of Certificates other than the Private Certificates.
Physical Certificates.......................Private Certificates and the Residual Certificates.
Planned Principal Classes...................None.
Principal Only Certificates.................Class PO Certificates.
3
{PAGE}
Private Certificates........................Class B-3, Class B-4 and Class B-5 Certificates.
Rating Agencies............................. and .
Regular Certificates........................All Classes of Certificates, other than the Residual Certificates.
Residual Certificates.......................Class A-R Certificates.
Scheduled Principal Classes.................None.
Senior Certificates.........................Class A-1, Class A-2, Class A-3, Class PO and Class A-R Certificates.
Subordinated Certificates...................Class M, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5
Certificates.
Targeted Principal Classes..................None.
{/TABLE}
With respect to any of the foregoing designations as to which the
corresponding reference is "None," all defined terms and provisions herein
relating solely to such designations shall be of no force or effect, and any
calculations herein incorporating references to such designations shall be
interpreted without reference to such designations and amounts. Defined terms
and provisions herein relating to statistical rating agencies not designated
above as Rating Agencies shall be of no force or effect.
4
{PAGE}
ARTICLE I
DEFINITIONS
Whenever used in this Agreement, the following words and phrases, unless the
context otherwise requires, shall have the following meanings:
Accretion Directed Certificates: As specified in the Preliminary
Statement.
Accretion Direction Rule: Not applicable.
Accrual Amount: With respect to any Class of Accrual Certificates and
any Distribution Date prior to the Accrual Termination Date, the amount
allocable to interest on such Class of Accrual Certificates with respect to
such Distribution Date pursuant to Section 4.02(a)(ii).
Accrual Certificates: As specified in the Preliminary Statement.
Accrual Components: As specified in the Preliminary Statement.
Accrual Termination Date: Not applicable.
Adjusted Mortgage Rate: As to each Mortgage Loan, and at any time,
the per annum rate equal to the Mortgage Rate less the Basic Master Servicing
Fee Rate.
Adjusted Net Mortgage Rate: As to each Mortgage Loan, and at any
time, the per annum rate equal to the Mortgage Rate less the sum of the
Trustee Fee Rate and the Basic Master Servicing Fee Rate. For purposes of
determining whether any Substitute Mortgage Loan is a Discount Mortgage Loan
or a Non-Discount Mortgage Loan and for purposes of calculating the applicable
PO Percentage, the applicable Non-PO Percentage, and the related Excess Master
Servicing Fee, each Substitute Mortgage Loan shall be deemed to have an
Adjusted Net Mortgage Rate equal to the Adjusted Net Mortgage Rate of the
Deleted Mortgage Loan for which it is substituted.
Advance: The payment required to be made by the Master Servicer with
respect to any Distribution Date pursuant to Section 4.01, the amount of any
such payment being equal to the aggregate of payments of principal and
interest (net of the Basic Master Servicing Fee and net of any net income in
the case of any REO Property and, for so long as [Countrywide Home Loans
Servicing LP] is the Master Servicer, the related Excess Master Servicing Fee)
on the Mortgage Loans that were due on the related Due Date and not received
by the Master Servicer as of the close of business on the related
Determination Date, less the aggregate amount of any such delinquent payments
that the Master Servicer has determined would constitute a Nonrecoverable
Advance, if advanced.
Aggregate Planned Balance: With respect to any group of Planned
Principal Classes or Components and any Distribution Date, the amount set
forth for such group for such Distribution Date in Schedule V hereto.
Aggregate Targeted Balance: With respect to any group of Targeted
Principal Classes or Components and any Distribution Date, the amount set
forth for such group for such Distribution Date in Schedule V hereto.
Agreement: This Pooling and Servicing Agreement and all amendments or
supplements hereto.
163386
|
ISDA
As referenced in this Pooling and Servicing Agreement:
International Swap
Dealers Association – such request, rely on such Reference Bank quotations that appear at such
time on the Reuters Screen LIBO Page (as defined in the International Swap
Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions
for Swaps, 1986 Edition), to the extent available. LIBOR for the next Interest
Accrual Period
_____________
dt 97931
;
McGraw-Hill Companies
As referenced in this Pooling and Servicing Agreement:
McGraw-Hill Companies, Inc – Loan: A Liquidated Mortgage Loan as to which
a Special Hazard Loss has occurred.
S&P: Standard & Poor's, a division of The McGraw-Hill Companies, Inc .
If S&P is designated as a Rating Agency in the Preliminary Statement, for
purposes of Section 10.05(b) the address
_____________
dt 310971
;
Fannie Mae
As referenced in this Pooling and Servicing Agreement:
FNMA: – such other address as Fitch may hereafter furnish to
the Depositor and the Master Servicer.
FNMA: The Federal National Mortgage Association, a federally
chartered and privately owned corporation organized and
_____________
Federal National Mortgage Association – address as Fitch may hereafter furnish to
the Depositor and the Master Servicer.
FNMA: The Federal National Mortgage Association , a federally
chartered and privately owned corporation organized and existing under the
Federal National
_____________
Federal National Mortgage Association – National Mortgage Association, a federally
chartered and privately owned corporation organized and existing under the
Federal National Mortgage Association Charter Act, or any successor thereto.
Fraud Loan: A Liquidated Mortgage Loan as to
_____________
FNMA- – to write the insurance provided by the insurance policy issued by
it, approved as a FNMA- approved mortgage insurer and having a claims paying
ability rating of at least "AA" or
_____________
FNMA – Uniform Single Attestation Program for Mortgage Bankers or the Audit
Program for Mortgages serviced for FNMA and FHLMC, such servicing has been
conducted in compliance with such pooling and servicing agreements
_____________
dt 80476
;
|
ISDA
As referenced in this Pooling and Servicing Agreement:
International Swap
Dealers Association – that appear at such
time on the Reuters Screen LIBO Page (as defined in the International Swap
Dealers Association Inc. Code of Standard Wording, Assumptions and Provisions
for Swaps, 1986 Edition), to the extent
_____________
dt 87153
;
 BNY
As referenced in this Pooling and Servicing Agreement:
BANK OF NEW YORK] – INC.],
Seller
[PARK GRANADA LLC],
Seller
[COUNTRYWIDE HOME LOANS SERVICING LP],
Master Servicer
and
[THE BANK OF NEW YORK] ,
Trustee
-----------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of , 2003
-----------------------------------
ALTERNATIVE LOAN TRUST 2003- T[
BANK OF NEW YORK, – LOANS
SERVICING LP, a Texas limited partnership], as master servicer (the "Master
Servicer"), and [THE BANK OF NEW YORK, a banking corporation organized under
the laws of the State of New York], as
Bank of New
York] – in the name of the Trustee
for the benefit of the Certificateholders and designated "[The Bank of New
York] in trust for registered holders of Alternative Loan Trust 2003- T[1][2],
Mortgage
Bank of New
York] – with respect to any Mortgage
Loan.
Prime Rate: The prime commercial lending rate of [The Bank of New
York] , as publicly announced to be in effect from time to time. The Prime Rate
Bank of New York' – any
change in such prime commercial lending rate. The Prime Rate is not
necessarily [The Bank of New York' s] lowest rate of interest.
Principal Prepayment: Any payment of principal by a Mortgagor on
dt 42127
;
More... |
| Preview
Subscribers | 2003 |
Pooling and Servicing Agreement
Pooling and Servicing Agreement (518K)
Doc #163483: Click preview link for longer preview.
Citicorp Mortgage Securities, Inc.
packager and servicer
[...]
trustee
[...]
Paying Agent, Certificate Registrar
and Authenticating Agent
--------------------------------------------------------------------------------
Pooling and Servicing Agreement
REMIC Pass-Through Certificates
Series 200[...]-[...]
--------------------------------------------------------------------------------
[...] 1, 200[...]
{PAGE}
CONTENTS
PARTIES 9
BACKGROUND 9
AGREEMENT 9
SERIES TERMS 9
12 THE SERIES 9
12.1 Establishment 9
12.2 General terms for classes 10
12.3 Target rate 10
12.4 Ratio-stripped IO and PO classes 10
12.5 Loss limits 10
12.6 Denominations 11
12.7 The mortgage loans 11
12.8 Right to repurchase 11
12.9 Book-entry and definitive certificates 11
12.10 Voting interests 11
12.11 Cash deposit 11
13 PRINCIPAL BALANCES 11
13.1 Class balances 11
13.2 Certificate balances 12
14 ALLOCATIONS 12
14.1 Interest allocations 12
14.2 Principal allocations 12
14.3 Unscheduled principal 13
14.4 Maintenance of subordination 14
15 ALLOCATIONS AMONG THE SENIOR CLASSES 14
15.1 Order of allocation among senior target-rate classes 14
15.2 NAS classes 14
15.3 PAC and TAC classes 15
16 DISTRIBUTIONS 15
16.1 Types of distributions 15
16.2 Accrual and accrual directed classes 15
16.3 Distribution priorities 15
16.4 Distributions to certificate holders 17
16.5 Final distribution on the residual certificates 17
16.6 Wire transfer eligibility 17
17 ADJUSTMENTS TO CLASS BALANCES 17
18 ADDITIONAL STRUCTURING FEATURES 18
19 LIBOR CLASSES 18
20 COMPOSITE AND COMPONENT CLASSES 18
21 MULTIPLE-POOL SERIES 19
22 SUPER SENIOR CLASSES 20
23 RETAIL CLASSES 24
24 INSURED CLASSES 24
25 ADVANCE ACCOUNT 30
25.1 Defined terms 34
25.2 Advance Account, Paying Agent failure advances 35
26 THIRD PARTY MORTGAGE LOANS 36
26.1 Defined terms 36
26.2 Third Party Mortgage Loans; Custodial Accounts for P&I and
Certificate account deposits 38
26.3 CMSI to act as Master Servicer of Third Party Mortgage Loans 40
26.4 Servicing agreements between Master Servicer and Third Party
Servicers; enforcement of Third Party Servicers 41
26.5 Liability of the Master Servicer 42
27 REMIC PROVISIONS 43
27.1 Constituent REMICs 43
27.2 The class P and class L regular interests 43
2
{PAGE}
27.3 Distributions to class P and class L regular interests 43
27.4 REMIC accounts and distributions 43
27.5 Tax matters person 45
28 EXPENSES AND LIABILITIES OF THE TRUST FUND 45
29 SPECIAL PROVISIONS REGARDING ADVANCES 45
29.1 Soldiers' and Sailors' Act 45
29.2 Proposed moratorium legislation 45
30 NOTICES 46
31 INITIAL DEPOSITORIES 46
STANDARD TERMS 47
1 DEFINITIONS AND USAGES 47
1.1 Defined terms 47
1.2 Usages 66
1.3 Calculations respecting mortgage loans 67
2 CONVEYANCE OF TRUST FUND; ORIGINAL ISSUANCE OF CERTIFICATES 67
2.1 Conveyance of Trust Fund 67
2.2 Acceptance by Trustee 70
2.3 Representations and warranties of CMSI 72
2.4 Substitution of Eligible Substitute Mortgage Loans for nonconforming
mortgage loans 74
2.5 Authentication of certificates 75
3 CERTIFICATE ACCOUNT; PAYMENTS AND STATEMENTS TO CERTIFICATE HOLDERS;
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS 76
3.1 Collection of moneys 76
3.2 Certificate account 76
3.3 Distributions 78
3.4 Paying Agent advances 81
3.5 Reports to certificate holders 82
3.6 Application of Buydown Funds 83
3.7 Tax returns and reports to certificate holders 84
3.8 Intentionally omitted 85
3.9 Reports by Independent accountants 85
3.10 CMSI to act as Servicer of affiliated mortgage loans 85
3.11 Paying Agent and Certificate Registrar 86
3.12 Collection of certain mortgage loan payments with respect to an
affiliated mortgage loan; certificate account 86
3.13 Collection of taxes, assessments and other items; Servicing Accounts
87
3.14 Permitted withdrawals from the accounts 88
3.15 Maintenance of Primary Mortgage Insurance Certificates 89
3.16 Maintenance of hazard insurance; Property Protection Expenses 90
3.17 Assumption and modification agreements relating to mortgage loans 91
3.18 Intentionally omitted 91
3.19 Realization on defaulted mortgage loans 91
3.20 Trustee to cooperate; release of Mortgage Files 94
3.21 Servicing Fee, payment of certain expenses by CMSI 95
3.22 Reports 95
3.23 Payments by CMSI 96
3.24 Refinancings of mortgage loans 96
4 RESERVE FUND 97
5 THE CERTIFICATES 97
5.1 The certificates 97
5.2 Registration of transfer and exchange of certificates 98
3
{PAGE}
5.3 Mutilated, destroyed, lost or stolen certificates 102
5.4 Persons deemed owners 102
5.5 Access to list of certificate holders' names and addresses 102
5.6 Definitive certificates 103
5.7 Notices to Clearing Agency 103
6 CMSI 103
6.1 Liability of CMSI 103
6.2 Merger or consolidation of, or assumption of the obligations of,
CMSI 103
6.3 Limitation on liability of CMSI and others 104
6.4 CMSI not to resign 104
6.5 Maintenance of office or agency 105
6.6 Delegation of duties 105
6.7 Insurance 105
7 DEFAULT 105
7.1 Events of Default 105
7.2 Trustee to act; appointment of successor 107
7.3 Notification to certificate holders 107
8 THE TRUSTEE 107
8.1 Duties of the Trustee 107
8.2 Certain matters affecting the Trustee 108
8.3 Trustee not liable for certificates or mortgage loans 110
8.4 Trustee may own certificates 110
8.5 Trustee's fees and expenses 110
8.6 Eligibility requirements for Trustee 111
8.7 Resignation or removal of Trustee 111
8.8 Successor trustee 112
8.9 Merger or consolidation of Trustee 113
8.10 Appointment of co-trustee or separate trustee 113
8.11 Tax returns 114
8.12 Appointment of authenticating agent 114
9 TERMINATION 115
9.1 Termination upon repurchase by CMSI or liquidation of all mortgage
loans 115
10 GENERAL PROVISIONS 117
10.1 Amendment 117
10.2 Recordation of Agreement 119
10.3 Limitation on rights of certificate holders 119
10.4 Governing law 120
10.5 Intention of parties 120
10.6 Notices 120
10.7 Severability of provisions 120
10.8 Assignment 120
10.9 Certificates nonassessable and fully paid 121
10.10 Counterparts 121
11 ANNUAL STATEMENT AS TO COMPLIANCE; DEPOSITORIES 121
11.1 Annual statement as to compliance 121
11.2 Depositories 121
SIGNATURES AND ACKNOWLEDGMENTS 1
APPENDIX 1: TRANSFEREE'S AFFIDAVIT
EXHIBIT A: FORMS OF CERTIFICATES A-1
EXHIBIT B: MORTGAGE LOAN SCHEDULES B-1
EXHIBIT C: FORM OF MORTGAGE DOCUMENT CUSTODIAL AGREEMENT C-1
EXHIBIT D: FORM OF SUBSERVICING AGREEMENT D-1
EXHIBIT E: FORM OF PURCHASER LETTER E-1
EXHIBIT F: FORM OF ERISA LETTER F-1
4
{PAGE}
DEFINED TERMS
accrual class, 16
accrual directed class, 16
accrual termination day, 32
Additional Collateral, 32
Advance Account, 19, 20
Advance Account Advances, 20
Advance Account Available Advance Amount, 20
Advance Account Depository, 20
Advance Account Depository Agreement, 20
Advance Account Funding Date, 20
Advance Account Trigger Date, 20
affiliate, 32
Affiliated Certificate Account Advance, 32
affiliated mortgage loans, 32
affiliated Paying Agent advances, 66
Affiliated Uncommitted Cash, 32
Agent, 84
Aggregate Outstanding Advances, 32
allocated loss, 19
applicable constituent REMIC, 28
appraisal, 32
Authenticating Agent, 9, 32
Authorized Officer, 32
Bankruptcy Code, 32
bankruptcy coverage termination date, 32
bankruptcy loss, 32
bankruptcy loss limit, 33
beneficial owner, 33
book-entry certificates, 11
business day, 33
Buydown Account, 33
Buydown Funds, 33
Buydown Mortgage Loan, 33
Buydown Subsidy Agreement, 33
certificate account, 61
Certificate Account Deposit Date, 21
certificate holder, 34
certificate insurance policy, 19
certificate rate, 10
Certificate Register, 83
Certificate Registrar, 9
certificates, 9
Citibank banking affiliate, 34
class, 34
class A-IO, 9
class A-IO certificates, 9
class A-PO, 9
class A-PO certificates, 9
class A-x, 9
class A-x certificates, 9
class B-x, 9
class B-x certificates, 9
class L regular interests, 28
class LR certificates, 9
class P regular interests, 28
class percentage, 34
classes A-x through A-y, 34
classes B-x through B-y, 34
Clearing Agency, 34
Clearing Agency Participant, 34
closing date, 9
CMSI, 9
CMSI Order, 34
Compensating Cap, 34
composite class, 19
constituent REMIC, 28
corporate trust office, 9
cumulative loss test, 14
current interest allocation, 12
Custodial Account for P&I, 21
Custodial Investment Account, 25
cut-off date, 9
debt service reduction, 34
deficient valuation, 35
definitive certificates, 11
delinquency test, 14
denominations, 11
Deposit Date, 35
Depository, 35
Determination Date, 35
discount loan, 35
disqualified organization, 84
distribution account, 64
distribution day, 9
Distribution Day Statement, 63
Due Period, 35
Eligible Account, 35
Eligible Investments, 36
Eligible Substitute Mortgage Loan, 37
ERISA, 38
ERISA Prohibited holder, 84
5
{PAGE}
ERISA Restricted Certificates, 38
Escrow Account, 21, 22
Events of Default, 90
Exchange Act, 38
Expense Rate, 21, 22
Expenses, 21, 22
extraordinary event, 38
FDIC, 38
FHLMC, 38
Fitch, 38
Foreclosure Profits, 38
fraud loss, 39
fraud loss limit, 39
GIC, 39
GNMA, 39
group, 39
group target-rate class percentage, 39
Guide, 39
holder, 39
hypothetical mortgage loan, 39
impaired subordination level, 14
Independent, 39
Indirect Participant, 39
initial, 39
initial bankruptcy loss limit, 11
initial fraud loss amount, 11
initial special hazard loss limit, 11
initial special hazard percentage, 11
insurance premium, 19
Insurance Proceeds, 40
insured class, 19
Insurer, 19
interest allocation, 12
interest allocation carryforward, 13
interest distribution, 16
Internal Revenue Code, 40
Investment Account, 40
Investment Income, 40
IO class, 40
IO loan, 40
IO strip, 40
Issuer, 40
last scheduled distribution day, 9
latest possible maturity date, 10
LIBOR class, 19
Liquidated Loan, 40
Liquidated Loan Loss, 40
Liquidating Loan, 40
Liquidation Expenses, 41
Liquidation Proceeds, 41
lower-tier REMIC, 28
lower-tier REMIC account, 28
Master Servicer, 21, 22
Master Servicer Fee Rate, 22
Master Servicing Fee, 21, 22
month, 41
Moody's, 41
Mortgage, 41
Mortgage Document Custodial Agreement, 41
Mortgage Document Custodian, 41
Mortgage Documents, 41
Mortgage File, 41
mortgage loan, 41
Mortgage Loan Schedule, 41
Mortgage Note, 41
Mortgage Note Custodian, 41
Mortgage Note Rate, 42
Mortgaged Property, 42
Mortgagor, 42
multiple-pool series, 42
NAS class, 15
net liquidation proceeds, 42
Net Paying Agent advances, 42
Net REO Proceeds, 42
Net Voluntary Advances, 42
Nonrecoverable Advance, 42
non-subordinated losses, 42
non-supported prepayment interest shortfall, 42
notional balance, 12
Officer's Certificate, 43
opinion of counsel, 43
order of seniority, 43
order of subordination, 43
Original Value, 43
Originator, 43
outstanding, 43
PAC class, 16
Participant, 44
pass-through rate, 44
Paying Agent, 9
Paying Agent advances, 44
Paying Agent Failure, 20
Paying Agent failure advance, 20
percentage interest, 44
Person, 45
planned amortization class, 16
PO class, 45
PO loan, 45
PO strip, 45
pool, 45
6
{PAGE}
pool distribution amount, 45
pooling REMIC account, 28
Predecessor Certificates, 45
premium loan, 45
Prepaid Installment, 45
prepayment interest shortfall, 45
Primary Mortgage Insurance Certificate, 45
principal allocation, 13
principal balance, 12
principal distribution, 16
principal prepayment, 45
private certificates, 45
Proceeding, 45
Property Protection Expenses, 46
Purchaser, 9
Qualified GIC, 46
Qualified Nominee, 46
rating agency, 10
ratio-stripped IO class, 47
ratio-stripped IO loan, 47
ratio-stripped PO class, 47
ratio-stripped PO loan, 47
realized losses, 47
record date, 47
regular interests, 28
reimbursement, 16
REMIC, 47
REMIC Provisions, 47
Remittance Delinquencies, 47
Remittances, 48
REO Loan, 48
REO Proceeds, 48
REO Property, 48
Required Amount of Certificates, 48
reserve fund, 19
residual certificates, 9
residual distribution, 16
residual interest, 28
Responsible Officer, 48
retail class, 19
retail reserve fund, 19
S&P, 48
scheduled monthly loan payment, 48
scheduled principal balance, 48
scheduled principal payments, 49
Securities Act, 49
senior classes, 9
senior to, 49
Series Terms, 9
Servicer, 49
Servicing Accounts, 72
Servicing Fee, 49
Servicing Officer, 49
Similar Law, 86
single certificate, 49
single-pool series, 49
special hazard loss, 49
special hazard loss limit, 49
special hazard percentage, 50
Standard Terms, 9
startup day, 9
subordinate to, 50
subordinated classes, 9
subordinated losses, 50
subordination depletion date, 50
subordination level, 14
Subservicer, 50
Subservicing Agreement, 50
Substitution Adjustment Amount, 50
Substitution Day, 59
super senior class, 19
super senior support class, 19
Supplemental Mortgage Loan Schedule, 60
TAC class, 16
target rate, 11
targeted amortization class, 16
target-rate class, 11
target-rate class percentage, 50
target-rate loan, 50
target-rate strip, 50
tax matters person, 30
Third Party Certificate Account Advance, 21, 22
Third Party Master Servicer, 21, 22
Third Party Master Servicing Fee Rate, 21, 22
Third Party Mortgage Loans, 21, 22
Third Party Paying Agent Advance, 21, 22
Third Party Paying Agent advances, 21, 22
Third Party Servicer, 21, 22
Third Party Servicing Agreement, 21, 22
Third Party Servicing Fee, 22
Third Party Servicing Fee Rate, 21, 22
Third Party Uncommitted Cash, 21, 23
Transfer Instrument, 50
Trust Fund, 50
Trustee, 9
U.S. Person, 51
Uncommitted Cash, 50
Uncovered Remittance Delinquency, 50
Underwriter, 9
unscheduled principal payments, 51
7
{PAGE}
upper-tier REMIC account, 28
voluntary advance, 51
voting interest, 11
8
{PAGE}
POOLING AND SERVICING AGREEMENT
[...] 1, 200[...]
PARTIES
- CITICORP MORTGAGE SECURITIES, INC., a Delaware corporation (CMSI)
- [...], a [...] banking association, in its individual capacity and as
trustee
- [...], a [...] banking association, in its individual capacity and as
Paying Agent, Certificate Registrar, and Authenticating Agent
BACKGROUND
In the regular course of their business, affiliates of CMSI originate and
acquire mortgage loans. CMSI and the Trustee wish to set forth the terms and
conditions under which the Trust Fund will acquire the mortgage loans listed in
exhibit B, certificates will be issued to holders evidencing ownership interests
in the Trust Fund, and CMSI will manage and service the mortgage loans.
AGREEMENT
This Pooling and Servicing Agreement (this agreement) consists of sections 1
through 11 (the Standard Terms) and sections 12 and following (the Series
Terms). The Standard Terms follow the Series Terms. If there is a conflict or
inconsistency between the Standard Terms and the Series Terms, the Series Terms
will prevail.
SERIES TERMS
12 THE SERIES
12.1 ESTABLISHMENT
A series of certificates designated as "Citicorp Mortgage Securities, Inc. REMIC
Pass-Through Certificates, Series 200[...]-[...]" is established as of [...] 1,
200[...] (the cut-off date). The certificates will consist of and be further
designated as
(i) [...] senior classes of certificates individually designated as
- for each integer x, from 1 through 16, inclusive, "Senior Class A-x
Certificates" (the class A-x certificates or class A-x);
- "Senior Class A-IO Certificates" (the class A-IO certificates or class
A-IO);
- "Senior Class A-PO Certificates" (the class A-PO certificates or class
A-PO);
(ii) six subordinated classes of certificates designated, for each integer x,
from 1 through 6, inclusive, as "Subordinated Class B-x Certificates" (the class
B-x certificates or class B-x) (together with the senior classes of
certificates, the certificates); and
(iii) a residual interest designated as "Class LR Certificates" (the class LR
certificates). The class LR certificates constitute the residual certificates.
The Trustee is [...], with its corporate trust office at [...]. The Trustee
may change its corporate trust office by written notice to CMSI, any Insurer,
and all certificate holders.
The Trustee hereby appoints [...] as Authenticating Agent.
CMSI, with the approval of the Trustee, hereby appoints the institutional
trust department of [...] as Paying Agent and Certificate Registrar.
The Underwriter and the Purchaser for the series is [...].
The certificates will be first executed, authenticated and delivered on
[...], 200[...] (the closing date). The startup day will be [...], 200[...].
The 25th day of each month (or if the 25th is not a business day, the next
succeeding business day), beginning in [...] 200[...], will be a distribution
day. The last scheduled distribution day for each class is specified in the
following table. The latest possible maturity date of each class for purposes of
section 860G(a)(1) of the Internal Revenue Code and Treasury Regulations section
1.860G-1(a)(4)(iii) will be [...] 25, 20[...].
163483
|
ISDA
As referenced in this Pooling and Servicing Agreement:
International Swap Dealers Association, – approximately 11AM (London time) on
the determination day, as such offered rates appear on Telerate page 3750 (as
defined by reference to the International Swap Dealers Association, Inc. 1991
ISDA definitions).
- If no rate appears on Telerate page 3750 on that day, CMSI will determine
LIBOR on the basis
_____________
dt 97932
;
Citibank
As referenced in this Pooling and Servicing Agreement:
Citibank, N.A. – or holder: The Person in whose name a certificate is
registered in the Certificate Register.
Citibank banking affiliate shall mean an affiliate of Citibank, N.A. that is
either (i) a federal savings and loan association duly organized, validly
existing and in good standing under the federal banking
_____________
Citibank, N.A. – or any other
similar state law.
Deposit Date: The business day preceding each distribution day or if the
certificate account is held at Citibank, N.A. , such distribution day.
Depository: The bank or banks or savings and loan association or associations
or trust company or companies (which may
_____________
Citibank, N.A. – or banks or savings and loan association or associations
or trust company or companies (which may be the Trustee or which may be
Citibank, N.A. or a Citibank banking affiliate ) at which the certificate
account, Buydown Account, Escrow Account, Custodial Account for P&I and
Servicing Account
_____________
Citibank, N.A. – business on the first day of the month of such
Determination Date.
Eligible Account: Either (A) a segregated account or accounts maintained at
Citibank, N.A. or any Citibank banking affiliate, provided that the short-term
unsecured debt obligations of Citibank, N.A. or such Citibank banking affiliate
_____________
Citibank, N.A. – segregated account or accounts maintained at
Citibank, N.A. or any Citibank banking affiliate, provided that the short-term
unsecured debt obligations of Citibank, N.A. or such Citibank banking affiliate
are rated at least "A-1" by S&P if S&P is a rating agency, "F-
_____________
dt 146034
;
Fannie Mae
As referenced in this Pooling and Servicing Agreement:
Fannie Mae – or more of the following obligations or
securities:
(i) direct obligations of, and obligations fully guaranteed by, the United
States of America, FHLMC, Fannie Mae , the Farm Credit Banks, the Federal Home
Loan Banks, the Student Loan Marketing Association (but only with respect to
obligations backed by
_____________
Fannie
Mae – of, or guaranteed by, the Federal Home Loan Banks
or the Farm Credit Banks or any obligation of, or guaranteed by, FHLMC or Fannie
Mae , other than a senior debt obligation of FHLMC or Fannie Mae or a mortgage
participation or pass-through certificate guaranteed by FHLMC
_____________
Fannie Mae – Farm Credit Banks or any obligation of, or guaranteed by, FHLMC or Fannie
Mae, other than a senior debt obligation of FHLMC or Fannie Mae or a mortgage
participation or pass-through certificate guaranteed by FHLMC or Fannie Mae,
excluding stripped mortgage securities which are valued greater
_____________
Fannie Mae – other than a senior debt obligation of FHLMC or Fannie Mae or a mortgage
participation or pass-through certificate guaranteed by FHLMC or Fannie Mae ,
excluding stripped mortgage securities which are valued greater than par on the
portion of unpaid principal, shall be an Eligible Investment only
_____________
Fannie Mae – or
assignee of such loan;
(x) A lender's title insurance policy or binder (which shall have been
approved as such by either Fannie Mae or the FHLMC) or other assurance of title
customary in the relevant jurisdiction therefor, was issued on the date of the
origination
_____________
dt 97370
;
|
Cede
As referenced in this Pooling and Servicing Agreement:
CEDE & CO – OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO . OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
CEDE & CO – NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO . OR SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
CEDE & CO – OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO ., HAS AN INTEREST
HEREIN.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED
Cede & Co – ANY AFFILIATE THEREOF, OR THEIR ULTIMATE
PARENT, CITIGROUP INC.
THIS CERTIFIES THAT, for value received, Cede & Co . is the registered holder of
the number of single certificates (each representing $1,000.
dt 38899
;
Citibank
As referenced in this Pooling and Servicing Agreement:
Citibank, N.A. – or holder: The Person in whose name a certificate is
registered in the Certificate Register.
Citibank banking affiliate shall mean an affiliate of Citibank, N.A. that is
either (i) a federal savings and loan association duly organized, validly
existing and in good standing under the federal banking
_____________
Citibank, N.A. – or any other
similar state law.
Deposit Date: The business day preceding each distribution day or if the
certificate account is held at Citibank, N.A. , such distribution day.
Depository: The bank or banks or savings and loan association or associations
or trust company or companies (which may
_____________
Citibank, N.A. – or banks or savings and loan association or associations
or trust company or companies (which may be the Trustee or which may be
Citibank, N.A. or a Citibank banking affiliate ) at which the certificate
account, Buydown Account, Escrow Account, Custodial Account for P&I and
Servicing Account
_____________
Citibank, N.A. – business on the first day of the month of such
Determination Date.
Eligible Account: Either (A) a segregated account or accounts maintained at
Citibank, N.A. or any Citibank banking affiliate, provided that the short-term
unsecured debt obligations of Citibank, N.A. or such Citibank banking affiliate
_____________
Citibank, N.A. – segregated account or accounts maintained at
Citibank, N.A. or any Citibank banking affiliate, provided that the short-term
unsecured debt obligations of Citibank, N.A. or such Citibank banking affiliate
are rated at least "A-1" by S&P if S&P is a rating agency, "F-
_____________
dt 146034
;
More... |