EXHIBIT 99.5
EXECUTION COPY
RECONSTITUTED SERVICING AGREEMENT
THIS RECONSTITUTED SERVICING AGREEMENT (this "Agreement"), entered into as
of the 1st day of October 2003, by and between XXXXXX BROTHERS HOLDINGS INC., a
Delaware corporation (the "Seller" or "Xxxxxx Brothers Holdings"), and SUNTRUST
MORTGAGE, INC., a Virginia corporation (the "Servicer") having an office at 0000
Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx 00000, recites and provides as follows:
RECITALS
WHEREAS, Centre Capital Group, Inc. ("CCGI") acquired certain first lien,
fixed and adjustable rate, conventional mortgage loans on a servicing-retained
basis from the Servicer, which mortgage loans were either originated or acquired
by the Servicer.
WHEREAS, such mortgage loans are currently being serviced by the Servicer
for CCGI pursuant to a Master Servicing Agreement for Fixed and Adjustable Rate
Mortgage Loans (the "Master Servicing Agreement"), dated as of May 2000 and
annexed as Exhibit B hereto, by and between CCGI, as owner, and the Servicer, as
servicer.
WHEREAS, pursuant to the Master Mortgage Loan Purchase and Warranties
Agreement, dated as of February 1, 2002 (the "Master Mortgage Loan Purchase
Agreement"), and annexed as Exhibit C hereto, Xxxxxx Brothers Bank, FSB (the
"Bank") has purchased or received from CCGI all of CCGI's right, title and
interest in and to certain of the mortgage loans currently serviced under the
Master Servicing Agreement (hereinafter, the "Mortgage Loans") and assumed for
the benefit of the Servicer and the obligations of CCGI as owner under such
Agreement.
WHEREAS, pursuant to an Assignment and Assumption Agreement, dated October
1, 2003 (the "Assignment and Assumption Agreement") annexed as Exhibit G hereto,
the Seller acquired from the Bank all of the Bank's right, title and interest in
and to the mortgage loans currently serviced under the Master Servicing
Agreement and assumed for the benefit of each of the Servicer and the Bank the
rights and obligations of the Bank as owner of such mortgage loans pursuant to
the Master Mortgage Loan Purchase Agreement and the Master Servicing Agreement.
WHEREAS, the Seller has conveyed certain of the Mortgage Loans, as
identified on Exhibit D hereto (the "Serviced Mortgage Loans"), to Structured
Asset Securities Corporation, a Delaware special purpose corporation ("SASCO"),
which in turn has conveyed the Serviced Mortgage Loans to Citibank, N.A. (the
"Trustee"), pursuant to a trust agreement dated as of October 1, 2003 (the
"Trust Agreement"), among the Trustee, Aurora Loan Services Inc., as master
servicer ("Aurora," and, together with any successor Master Servicer appointed
pursuant to the provisions of the Trust Agreement, the "Master Servicer") and
SASCO.
WHEREAS, the Seller desires that the Servicer continue to service the
Serviced Mortgage Loans, and the Servicer has agreed to do so, subject to the
rights of the Seller (with the consent of the Master Servicer) to terminate the
rights and obligations of the Servicer hereunder at any time without cause in
accordance with Section 9.02 of the Master Servicing Agreement and to the other
conditions set forth herein.
WHEREAS, the Seller and the Servicer agree that the provisions of the
Master Servicing Agreement shall continue to apply to the Serviced Mortgage
Loans, except to the extent otherwise provided herein and that this Agreement
shall constitute a Reconstitution Agreement (as such term is defined in the
Master Servicing Agreement) which shall govern the Serviced Mortgage Loans for
so long as such Serviced Mortgage Loans remain subject to the provisions of the
Trust Agreement.
WHEREAS, the Master Servicer and any successor master servicer shall be
obligated, among other things, to supervise the servicing of the Serviced
Mortgage Loans on behalf of the Trustee, and shall have the right under the
conditions specified herein to terminate for cause the rights and obligations of
the Servicer under this Agreement.
WHEREAS, the Seller and the Servicer intend that each of the Master
Servicer and the Trustee is an intended third party beneficiary of this
Agreement.
NOW, THEREFORE, in consideration of the mutual agreements hereinafter set
forth and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Seller and the Servicer hereby agree as
follows:
AGREEMENT
1. Definitions. Capitalized terms used and not defined in this Agreement,
including Exhibit A hereto and any provisions of the Master Servicing Agreement
incorporated by reference herein (regardless of whether such terms are defined
in the Master Servicing Agreement), shall have the meanings ascribed to such
terms in the Trust Agreement.
2. Servicing. The Servicer agrees, with respect to the Serviced Mortgage
Loans, to perform and observe the duties, responsibilities and obligations that
are to be performed and observed under the provisions of the Master Servicing
Agreement, except as otherwise provided herein and on Exhibit A hereto, and that
the provisions of the Master Servicing Agreement, as so modified, are and shall
be a part of this Agreement to the same extent as if set forth herein in full.
3. Master Servicing. Termination of Servicer. The Servicer, including any
successor servicer hereunder, shall be subject to the supervision of the Master
Servicer, which Master Servicer shall be obligated to ensure that the Servicer
services the Serviced Mortgage Loans in accordance with the provisions of this
Agreement. The Master Servicer, acting on behalf of the Trustee and the SASCO
2003-33H Trust Fund (the "Trust Fund") created pursuant to the Trust Agreement,
shall have the same rights as the Seller, as owner, under the Master Servicing
Agreement to enforce the obligations of the Servicer under the Master Servicing
Agreement and the term "Owner" as used in the Master Servicing Agreement in
connection with any rights of the Owner shall refer to the Trust Fund or, as the
context requires, the Master Servicer acting in its capacity as agent for the
Trust Fund, except as otherwise specified in Exhibit A hereto. The Master
Servicer shall be entitled to terminate the rights and obligations of the
Servicer under this Agreement upon the failure of the Servicer to perform any of
its obligations under this Agreement, which failure results in an Event of
Default as provided in Section 9.01 of the Master Servicing Agreement.
Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer assume any of the obligations of the Seller under the Master Servicing
Agreement; and in connection with the performance of the Master Servicer's
duties hereunder, the parties and other signatories hereto agree that the Master
Servicer shall be entitled to all of the rights, protections and limitations of
liability afforded to the Master Servicer under the Trust Agreement.
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4. Representations. Neither the Servicer nor the Master Servicer shall be
obligated or required to make any representations and warranties regarding the
characteristics of the Serviced Mortgage Loans in connection with the
transactions contemplated by the Trust Agreement and issuance of the
Certificates issued pursuant thereto. The Servicer hereby restates as of the
Closing Date the representations and warranties made in Section 6.01 of the
Master Servicing Agreement.
5. Notices. All notices and communications between or among the parties hereto
(including any third party beneficiary thereof) or required to be provided to
the Trustee shall be in writing and shall be deemed received or given when
mailed first-class mail, postage prepaid, addressed to each other party at its
address specified below or, if sent by facsimile or electronic mail, when
facsimile or electronic confirmation of receipt by the recipient is received by
the sender of such notice. Each party may designate to the other parties in
writing, from time to time, other addresses to which notices and communications
hereunder shall be sent.
All notices required to be delivered to the Master Servicer under this
Agreement shall be delivered to the Master Servicer at the following address:
Aurora Loan Services Inc.
0000 Xxxxx Xxxxxx Xxxx
Xxxxx 000
Xxxxxx, Xxxxxxxx 00000
Attention: E. Xxxx Xxxxxxxxxx, Master Servicing, SASCO/ALS 0000-00X
Telephone: (000) 000-0000
Telecopier: (000) 000-0000
All remittances required to be made to the Master Servicer under this
Agreement shall be made on a scheduled/scheduled basis to the following wire
account:
JPMorgan Chase Bank
New York, New York
ABA#: 000-000-000
Account Name: Aurora Loan Services Inc., Master Servicing Payment
Clearing Account
Account No.: 066-611059
Beneficiary: Aurora Loan Services Inc.
For further credit to: SASCO/ALS 2003-33H
All notices required to be delivered to the Trustee hereunder shall be
delivered to the Trustee at the following address:
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Citibank, N.A.
000 Xxxx Xxxxxx
14th Floor, Xxxx 0
Xxx Xxxx, Xxx Xxxx 00000
Attention: Structured Finance-SASCO 0000-00X
Telephone: 000-000-0000
Facsimile: 000-000-0000
All notices required to be delivered to the Seller hereunder shall be
delivered to the Seller at the following address:
Xxxxxx Brothers Holdings Inc.
000 Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxx
Telephone: (000) 000-0000
E-mail: lgelber~xxxxxx.xxx
With a copy to:
Xxxxxx, Xxxxx & Bockius, LLP
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Attention: Xxxxxx X. Xxxxxxx, Esq.
All notices required to be delivered to the Servicer hereunder shall be
delivered to the address of its office as set forth in the first paragraph of
this Agreement, to the attention of Investor Services Manager; Telephone:
000-000-0000; Telecopier: 000-000-0000.
6. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING NEW YORK OR
OTHER CHOICE OF LAW RULES TO THE CONTRARY.
7. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original,
but all of which counterparts shall together constitute but one and the same
instrument.
8. Reconstitution. The Seller and the Servicer agree that this Agreement is a
"Reconstitution Agreement" and that the date hereof is the "Reconstitution
Date", each as defined in the Master Servicing Agreement.
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Executed as of the day and year first above written.
XXXXXX BROTHERS HOLDINGS INC.,
as Owner
By:
---------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Authorized Signatory
SUNTRUST MORTGAGE, INC.,
as Servicer
By:
---------------------------------
Name:
Title:
Acknowledged By:
AURORA LOAN SERVICES INC.,
as Master Servicer
By:
---------------------------------
Name: E. Xxxx Xxxxxxxxxx
Title: Executive Vice President
CITIBANK, N.A.,
as Trustee
By:
---------------------------------------
Name: Xxxxx Xxxxxxxx
Title: Assistant Vice President
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EXHIBIT A
Modifications to the Master Servicing Agreement
1. Unless otherwise specified herein, any provisions of the Master
Servicing Agreement, including definitions, relating to (i) representations and
warranties of the Owner and (ii) Whole-Loan Transfers, Pass-Through Transfers,
Acknowledgement Agreements, Closing Dates, Cut-off Dates and First Remittance
Dates shall be disregarded. Unless otherwise specified herein, for purposes of
this Agreement, the exhibits to the Master Servicing Agreement and all
references to such exhibits shall also be disregarded.
2. The definition of "Custodial Agreement" in Article I is hereby
amended in its entirety to read as follows:
"Custodial Agreement" means the Trust Agreement.
3. The definition of "Custodian" in Article I is hereby amended in its
entirety to read as follows:
"Custodian" means Xxxxx Fargo Bank Minnesota, National Association.
4. The definition of "Due Period" in Article I is hereby amended in its
entirety to read as follows:
"Due Period": With respect to each Remittance Date, the period
commencing on the second day of the month immediately preceding the
month of such Remittance Date and ending on the first day of the
month of such Remittance Date.
5. The definition of "Eligible Investments" in Article I is hereby
amended in its entirety to read as follows:
"Eligible Investments": Any one or more of the obligations and
securities listed below which investment provides for a date of
maturity not later than the Determination Date in each month:
(i) direct obligations of, and obligations fully guaranteed as to
timely payment of principal and interest by, the United States of America or any
agency or instrumentality of the United States of America the obligations of
which are backed by the full faith and credit of the United States of America
("Direct Obligations");
(ii) federal funds, or demand and time deposits in, certificates
of deposits of, or bankers' acceptances issued by, any depository institution or
trust company (including U.S. subsidiaries of foreign depositories and the
Trustee or any agent of the Trustee, acting in its respective commercial
capacity) incorporated or organized under the laws of the United States of
America or any state thereof and subject to supervision and examination by
federal or state banking authorities, so long as at the time of investment or
the contractual commitment providing for such investment the commercial paper or
other short-term debt obligations of such depository institution or trust
company (or, in the case of a depository institution or trust company which is
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the principal subsidiary of a holding company, the commercial paper or other
short-term debt or deposit obligations of such holding company or deposit
institution, as the case may be) have been rated by each Rating Agency in its
highest short-term rating category or one of its two highest long-term rating
categories;
(iii) repurchase agreements collateralized by Direct Obligations or
securities guaranteed by Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac with any
registered broker/dealer subject to Securities Investors' Protection Corporation
jurisdiction or any commercial bank insured by the FDIC, if such broker/dealer
or bank has an uninsured, unsecured and unguaranteed obligation rated by each
Rating Agency in its highest short-term rating category;
(iv) securities bearing interest or sold at a discount issued by
any corporation incorporated under the laws of the United States of America or
any state thereof which have a credit rating from each Rating Agency, at the
time of investment or the contractual commitment providing for such investment,
at least equal to one of the two highest long-term credit rating categories of
each Rating Agency; provided, however, that securities issued by any particular
corporation will not be Eligible Investments to the extent that investment
therein will cause the then outstanding principal amount of securities issued by
such corporation and held as part of the Trust Fund to exceed 20% of the sum of
the aggregate principal balance of the Mortgage Loans; provided, further, that
such securities will not be Eligible Investments if they are published as being
under review with negative implications from either Rating Agency;
(v) commercial paper (including both non-interest-bearing discount
obligations and interest-bearing obligations payable on demand or on a specified
date not more than 180 days after the date of issuance thereof) rated by each
Rating Agency in its highest short-term rating category;
(vi) a Qualified GIC;
(vii) certificates or receipts representing direct ownership
interests in future interest or principal payments on obligations of the United
States of America or its agencies or instrumentalities (which obligations are
backed by the full faith and credit of the United States of America) held by a
custodian in safekeeping on behalf of the holders of such receipts; and
(viii) any other demand, money market, common trust fund or time
deposit or obligation, or interest-bearing or other security or investment, (A)
rated in the highest rating category by each Rating Agency or (B) that would not
adversely affect the then current rating by each Rating Agency of any of the
Certificates. Such investments in this subsection (viii) may include money
market mutual funds or common trust funds, including any fund for which the
Trustee, the Master Servicer or an affiliate thereof serves as an investment
advisor, administrator, shareholder servicing agent, and/or custodian or
subcustodian, notwithstanding that (x) the Trustee, the Master Servicer or an
affiliate thereof charges and collects fees and expenses from such funds for
services rendered, (y) the Trustee, the Master Servicer or an affiliate thereof
charges and collects fees and expenses for services rendered pursuant to this
Agreement, and (z) services performed for such funds and pursuant to this
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Agreement may converge at any time, provided, however, that no such instrument
shall be an Eligible Investment if such instrument evidences either (i) a right
to receive only interest payments with respect to the obligations underlying
such instrument, or (ii) both principal and interest payments derived from
obligations underlying such instrument and the principal and interest payments
with respect to such instrument provide a yield to maturity of greater than 120%
of the yield to maturity at par of such underlying obligations.
6. The definition of "Xxxxxx Mae" is hereby added to Article I to
immediately follow the definition of "Xxxxxxx Mac":
"Xxxxxx Mae": The Government National Mortgage Association, or any
any successor thereto.
7. The definition of "Monthly Advance" in Article I is hereby amended in
its entirety to read as follows:
"Monthly Advance" means, with respect to each Remittance Date and
each Mortgage Loan, an amount equal to the Monthly Payment (with the
interest portion of such Monthly Payment adjusted to the Mortgage
Loan Remittance Rate) that was due on the Mortgage Loan, and that (i)
was delinquent at the close of business on the related Determination
Date and (ii) was not the subject of a previous Monthly Advance, but
only to the extent that such amount is expected, in the reasonable
judgment of the Servicer, to be recoverable from collections or other
recoveries in respect of such Mortgage Loan.
8. The definition of "Mortgage Loan" in Article I is hereby amended in
its entirety to read as follows:
"Mortgage Loan": An individual servicing retained Mortgage Loan which
has been assigned by CCGI to the Bank pursuant to the Master Mortgage
Loan Purchase Agreement and is subject to this Agreement being
identified on the Mortgage Loan Schedule to this Agreement, which
Mortgage Loan includes without limitation the Mortgage Loan
documents, the Monthly Reports, Principal Prepayments, Liquidation
Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition
Proceeds and all other rights, benefits, proceeds and obligations
arising from or in connection with such Mortgage Loan.
9. The definition of "Mortgage Loan Schedule" in Article I is hereby
amended in its entirety to read as follows:
"Mortgage Loan Schedule": The schedule of Mortgage Loans setting
forth certain information with respect to the Mortgage Loans which
were acquired by the Bank pursuant to the Master Mortgage Loan
Purchase Agreement, which Mortgage Loan Schedule is attached as
Exhibit D to this Agreement.
10. The definition of "Opinion of Counsel" in Article I is hereby amended
by replacing the period at the end of such definition with a semicolon and
adding the following proviso:
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provided that any Opinion of Counsel relating to (a) qualification of
the Mortgage Loans in a REMIC or (b) compliance with the REMIC
Provisions, must be an opinion of counsel who (i) is in fact
independent of the Servicer and the Master Servicer of the Mortgage
Loans, (ii) does not have any material direct or indirect financial
interest in the Servicer or the Master Servicer of the Mortgage Loans
or in an affiliate of either and (iii) is not connected with the
Servicer or the Master Servicer of the Mortgage Loans as an officer,
employee, director or person performing similar functions.
11. The definition of "Prepayment Interest Shortfall Amount" in Article I
is hereby amended by inserting the words (i) "voluntary (not including
discounted payoffs)" between the words "a" and "Principal" in the second line
thereof, (ii) "or in part" between the words "full" and "during" in the second
line thereof and (iii) "for Principal Prepayments in full only" at the end of
the parenthetical appearing in the fourth ands fifth lines thereof.
12. The definition of "Qualified Depository" is hereby amended and
restated in its entirety to read as follows:
"Qualified Depository": Any of(i) a federal or state-chartered
depository institution the accounts of which are insured by the FDIC
and whose commercial paper, short-term debt obligations or other
short-term deposits are rated at least "A-1+" by Standard & Poor's, a
division of The XxXxxx-Xxxx Companies, Inc. if the deposits are to be
held in the account for less than 30 days, or whose long-term
unsecured debt obligations are rated at least "AA-" by Standard &
Poor's, a division of The XxXxxx-Xxxx Companies, Inc. if the deposits
are to be held in the account for more than 30 days, or (ii) the
corporate trust department of a federal or state-chartered depository
institution subject to regulations regarding fiduciary funds on
deposit similar to Title 12 of the Code of Federal Regulations
Section 9.10(b), which, in either case, has corporate trust powers,
acting in its fiduciary capacity, or (iii) Xxxxxx Brothers Bank, FSB,
a federal savings bank.
13. The definition of "Qualified GIC" is hereby added to Article Ito
immediately follow the definition of "Qualified Depository", to read as follows:
"Qualified GIC": A guaranteed investment contract or surety bond
providing for the investment of funds in the Custodial Account and
insuring a minimum, fixed or floating rate of return on investments
of such funds, which contract or surety bond shall:
(a) be an obligation of an insurance company or other corporation
whose long-term debt is rated by each Rating Agency in one of its two highest
rating categories or, if such insurance company has no long-term debt, whose
claims paying ability is rated by each Rating Agency in one of its two highest
rating categories, and whose short-term debt is rated by each Rating Agency in
its highest rating category;
(b) provide that the Servicer may exercise all of the rights under
such contract or surety bond without the necessity of taking any action by any
other Person;
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(c) provide that if at any time the then current credit standing of
the obligor under such guaranteed investment contract is such that continued
investment pursuant to such contract of funds would result in a downgrading of
any rating of the Servicer, the Servicer shall terminate such contract without
penalty and be entitled to the return of all funds previously invested
thereunder, together with accrued interest thereon at the interest rate provided
under such contract to the date of delivery of such funds to the Trustee;
(d) provide that the Servicer's interest therein shall be
transferable to any successor servicer or the Master Servicer hereunder; and
(e) provide that the funds reinvested thereunder and accrued
interest thereon be returnable to the Custodial Account, as the case may be, not
later than the Business Day prior to any Determination Date.
14. The definition of "Servicing Fee" in Article I is hereby amended in
its entirety to read as follows:
"Servicing Fee": An amount equal to one-twelfth the product of(a) the
Servicing Fee Rate and (b) the outstanding principal balance of the
Mortgage Loan. The Servicing Fee is payable solely from the interest
portion (including recoveries with respect to interest from
Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO
Disposition Proceeds) of such Monthly Payment collected by the
Servicer or as otherwise provided under this Agreement.
15. The parties hereto acknowledge that Section 2.02 (Books and Records)
shall be modified to indicate that the Servicer shall prepare and execute at the
direction of the Seller any note endorsements in connection with transfer of the
Mortgage Loans to the Trust Fund as the Owner of the Mortgage Loans and that the
Seller shall pay for any fees associated with the preparation and execution of
such note endorsements to the Trust Fund.
16. The parties hereto acknowledge that Section 2.03 (Commencement of
Servicing Responsibilities) shall be inapplicable to this Agreement.
17. The parties hereto acknowledge that Section 2.04 (Custodial
Agreement) shall be inapplicable to this Agreement, as superseded by the
provisions of the Custodial Agreement and the Trust Agreement.
18. The parties hereto acknowledge that Section 3.01 (Servicer to
Service) is hereby amended by adding the following sentences to the end of the
second paragraph of such Section:
Promptly after the execution of any assumption, modification,
consolidation or extension of any Mortgage Loan, the Servicer shall
forward to the Master Servicer copies of any documents evidencing
such assumption, modification, consolidation or extension.
Notwithstanding anything to the contrary contained in this Agreement,
the Servicer shall not make or permit any modification, waiver or
amendment of any term of any Mortgage Loan that would cause any REMIC
created under the Trust Agreement to fail to qualify as a REMIC or
result in the imposition of any tax under Section 860F(a) or Section
860G(d) of the Code.
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19. The parties hereto acknowledge that references to the "Owner" in the
second and third paragraphs of Section 3.02 shall refer to the Master Servicer,
except that the expense of any environmental inspection or review at the request
of the Master Servicer shall be an expense of the Trust Fund.
20. The parties hereto acknowledge that the (i) reference to "[Servicer]"
in the fourth line of the first paragraph of Section 3.04 shall be to "SunTrust
Mortgage, Inc.", (ii) reference to "[Owner]" in the fourth line of the first
paragraph of Section 3.04 shall be to the "SASCO 2003-33H Trust Fund" and (iii)
reference to "Cut-off Date" in the second paragraph of Section 3.04 shall mean
the "close of business on October 1, 2003."
21. Section 3.06 (Establishment of and Deposits to Escrow Account) is
hereby amended by changing the words "[Servicer] in trust for [Owner]" appearing
in the fourth line of the first paragraph thereof to "SunTrust Mortgage, Inc. in
trust for the SASCO 2003-33H Trust Fund."
22. The parties acknowledge that Section 3.18 (Title, Management and
Disposition of REO Property) is hereby amended by (i) adding the following
sentences at the end of such Section:
Prior to acceptance by the Servicer of an offer to sell any REO
Property, the Servicer shall notify the Master Servicer of such offer
in writing, which notification shall set forth all material terms of
said offer (each a "Notice of Sale"). The Master Servicer shall be
deemed to have approved the sale of any REO Property unless the
Master Servicer notifies the Servicer in writing, within five (5)
days after its receipt of the related Notice of Sale, that it
disapproves of the related sale, in which case the Servicer shall not
proceed with such sale.
and (ii) adding two new paragraphs after the second paragraph thereof
to read as follows:
In the event that the Trust Fund acquires any REO Property in
connection with a default or imminent default on a Mortgage Loan, the
Servicer shall dispose of such REO Property not later than the end of
the third taxable year after the year of its acquisition by the Trust
Fund unless the Servicer has applied for and received a grant of
extension from the Internal Revenue Service to the effect that, under
the REMIC Provisions and any relevant proposed legislation and under
applicable state law, the applicable Trust REMIC may hold REO
Property for a longer period without adversely affecting the REMIC
status of such REMIC or causing the imposition of a federal or state
tax upon such REMIC. If the Servicer has received such an extension,
then the Servicer shall continue to attempt to sell the REO Property
for its fair market value for such period longer than three years as
such extension permits (the "Extended Period"). If the Servicer has
not received such an extension and the Servicer is unable to sell the
REO Property within the period ending 3 months before the end of such
third taxable year after its acquisition by the Trust Fund or if the
Servicer has received such an extension, and the Servicer is unable
to sell the REO Property within the period ending three months before
the close of the Extended Period, the Servicer shall, before the end
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of the three year period or the Extended Period, as applicable, (i)
purchase such REO Property at a price equal to the REO Property's
fair market value or (ii) auction the REO Property to the highest
bidder (which may be the Servicer) in an auction reasonably designed
to produce a fair price prior to the expiration of the three-year
period or the Extended Period, as the case may be. The Trustee shall
sign any document or take any other action reasonably requested by
the Servicer which would enable the Servicer, on behalf of the Trust
Fund, to request such grant of extension.
Notwithstanding any other provisions of this Agreement, no REO
Property acquired by the Trust Fund shall be rented (or allowed to
continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or pursuant to any terms that would: (i) cause
such REO Property to fail to qualify as "foreclosure property" within
the meaning of Section 860G(a)(8) of the Code; or (ii) subject any
Trust REMIC to the imposition of any federal income taxes on the
income earned from such REO Property, including any taxes imposed by
reason of Sections 860F or 860G(c) of the Code, unless the Servicer
has agreed to indemnify and hold harmless the Trust Fund with respect
to the imposition of any such taxes.
23. Section 4.02 (Statements to Owner) is hereby amended in its entirety
to read as follows:
Section 4.02 Statements to the Master Servicer.
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(a) Not later than the tenth calendar day of each month or, if such
calendar day is not a Business Day, the immediately preceding Business Day, the
Servicer shall furnish to the Master Servicer: (i) a monthly remittance advice
in the format set forth in Exhibit E-l hereto and a monthly defaulted loan
report in the format set forth in Exhibit E-2 hereto (or in such other format
mutually agreed upon by the Servicer and Master Servicer) (collectively, the
"Monthly Remittance Advice") as to the accompanying remittance and the period
ending on the last calendar day of the preceding month and (ii) all such
information required pursuant to clause (i) above on a magnetic tape or other
similar media reasonably accepted by the Master Servicer.
(b) Beginning with calendar year 2004, the Servicer shall prepare
and file any and all tax returns, information statements or other filings for
the portion of the tax year 2003 and the portion of subsequent tax years for
which the Servicer has serviced some or all of the Mortgage Loans hereunder as
such returns, information statements or other filings are required to be
delivered to any governmental taxing authority or to the Master Servicer
pursuant to any applicable law with respect to the Mortgage Loans and the
transactions contemplated hereby. In addition, the Servicer shall provide the
Master Servicer with such information concerning the Mortgage Loans as is
necessary for the Master Servicer to prepare the Trust Fund's federal income tax
return as the Master Servicer may reasonably request from time to time.
(c) The Monthly Remittance Advice shall also include on a current
and cumulative basis the amount of any (i) claims filed, (ii) claim payments
made, (iii) claims denied and (iv) policies cancelled with respect to those
Serviced Mortgage Loans covered by any PMI Policy or LPMI Policy.
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24. Section 4.03 (Monthly Advances by Servicer) is hereby amended by
adding the following new sentence immediately following the first sentence of
such section:
Any amounts held for future distribution and so used to make Monthly
Advances shall be replaced by the Servicer by deposit in the
Custodial Account on or before any future Remittance Date if funds in
the Custodial Account on such Remittance Date shall be less than
payments to the Trust Fund required to be made on such Remittance
Date.
25. Section 5.01 (Servicing Compensation) is hereby amended by adding the
following sentence at the end of such Section:
The Servicer shall be required to pay all expenses incurred by it in
connection with its servicing activities hereunder and shall not be
entitled to reimbursement thereof except as specifically provided for
herein.
26. Section 5.06 (Annual Independent Public Accountants' Servicing
Report) is hereby amended and restated in its entirety to read as follows:
Section 5.06 Annual Audit Report.
-------------------
On or before the last day of February of each year, beginning with
February 28, 2004, the Servicer shall, at its own expense, cause a
firm of independent public accountants (who may also render other
services to Servicer), which is a member of the American Institute of
Certified Public Accountants, to furnish to the Seller and Master
Servicer (i) year-end audited (if available) financial statements of
the Servicer and (ii) a statement to the effect that such firm has
examined certain documents and records for the preceding fiscal year
(or during the period from the date of commencement of such
Servicer's duties hereunder until the end of such preceding fiscal
year in the case of the first such certificate) and that, on the
basis of such examination conducted substantially in compliance with
the Uniform Single Attestation Program for Mortgage Bankers, such
firm is of the opinion that Servicer's overall servicing operations
have been conducted in compliance with the Uniform Single Attestation
Program for Mortgage Bankers except for such exceptions that, in the
opinion of such firm, the Uniform Single Attestation Program for
Mortgage Bankers requires it to report, in which case such exceptions
shall be set forth in such statement.
27. A new Section 5.07 is hereby added to the Master Servicing Agreement
to read as follows:
Section 5.07 Annual Officer's Certificate.
----------------------------
On or before the last day of February of each year, beginning
with February 28, 2004, the Servicer, at its own expense, will
deliver to the Seller and the Master Servicer a Servicing Officer's
A-8
certificate stating, as to each signer thereof, that (i) a review of
the activities of the Servicer during such preceding fiscal year and
of performance under this Agreement has been made under such
officers' supervision, and (ii) to the best of such officers'
knowledge, based on such review, the Servicer has fulfilled all its
obligations under this Agreement for such year, or, if there has been
a default in the fulfillment of all such obligations, specifying each
such default known to such officer and the nature and status thereof
including the steps being taken by the Servicer to remedy such
default.
28. A new Section 5.08 is hereby added to the Master Servicing Agreement
to read as follows:
Section 5.08 Servicing Officer's Certificate.
-------------------------------
On or before the last day of February of each year, beginning
with February 28, 2004, the Servicer, at its own expense, will
deliver to the Seller and the Master Servicer a Servicing Officer's
Certificate, a form of which is attached hereto as Exhibit F,
stating, as to each signer thereof, that (i) a review of the
activities of the Servicer during such preceding fiscal year and of
performance under this Agreement has been made under such officers'
supervision, and (ii) to the best of such officers' knowledge, based
on such review, the Servicer has fulfilled all its obligations under
this Agreement for such year, or, if there has been a default in the
fulfillment of all such obligations, specifying each such default
known to such officer and the nature and status thereof including the
steps being taken by the Servicer to remedy such default.
29. The second, third and fourth paragraphs of Section 6.02 (Remedies for
Breach of Representations and Warranties of the Servicer) are hereby restated to
read as follows:
Within 60 days of the earlier of either discovery by or notice
to the Servicer of any breach of a representation or warranty set
forth in Section 6.01 which materially and adversely affects the
ability of the Servicer to perform its duties and obligations under
this Agreement or otherwise materially and adversely affects the
value of the Mortgage Loans, the Mortgaged Property or the priority
of the security interest on such Mortgaged Property, the Servicer
shall use its best efforts promptly to cure such Breach in all
material respects and, if such Breach cannot be cured, the Servicer
shall, at the Trustee's option, assign the Servicer's rights and
obligations under this Agreement (or respecting the affected Mortgage
Loans) to a successor Servicer selected by the Trustee with the prior
consent and approval of the Master Servicer. Such assignment shall be
made in accordance with Section 10.01.
In addition, the Servicer shall indemnify (from its own funds)
the Trustee, the Trust Fund and the Master Servicer and hold each of
them harmless against any costs resulting from any claim, demand,
defense or assertion based on or grounded upon, or resulting from, a
Breach of the Servicer's representations and warranties contained in
this Agreement. It is understood and agreed that the remedies set
A-9
forth in this Section 6.02 constitute the sole remedies of the Master
Servicer, the Trust Fund and the Trustee respecting a breach of the
foregoing representations and warranties.
Any cause of action against the Servicer relating to or arising
out of the Breach of any representations and warranties made in
Section 6.01 shall accrue upon (i) discovery of such Breach by the
Servicer or notice thereof by the Trustee or Master Servicer to the
Servicer, (ii) failure by the Servicer to cure such breach within the
applicable cure period, and (iii) demand upon the Servicer by the
Trustee or the Master Servicer for compliance with this Agreement.
30. The parties hereto acknowledge that Section 6.03 (Representations and
Warranties of the Owner), Section 6.04 (Remedies for Breach of Representations
and Warranties of Owner) Section 7.01 (Removal of Mortgage Loans from Inclusion
Under the Agreement Upon a Pass-Through Transfer or a Whole Loan Transfer on One
or More Reconstituted Dates) and Section 7.02 (Owner's Repurchase and
Indemnification Obligation) are inapplicable to this Agreement.
31. Section 7.03 (Indemnification; Third Party Claims) is hereby amended
in its entirety to read as follows:
The Servicer shall indemnify the Trust Fund, the Trustee and the
Master Servicer and hold each of them harmless against any and all
claims, losses, damages, penalties, fines, forfeitures, reasonable
and necessary legal fees and related costs, judgments, and any other
costs, fees and expenses that any of such parties may sustain in any
way related to the failure of the Servicer to perform its duties and
service the Mortgage Loans in strict compliance with the terms of
this Agreement. The Servicer immediately shall notify the Seller, the
Master Servicer and the Trustee or any other relevant party if a
claim is made by a third party with respect to this Agreement or the
Mortgage Loans, assume (with the prior written consent of the
indemnified party) the defense of any such claim and pay all expenses
in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered
against it or any of such parties in respect of such claim. The
Servicer shall follow any written instructions received from the
Trustee in connection with such claim. The Trustee from the assets of
the Trust Fund promptly shall reimburse the Servicer for all amounts
advanced by it pursuant to the preceding sentence except when the
claim is in any way related to the Servicer's indemnification
pursuant to Section 6.02, or the failure of the Servicer to service
and administer the Mortgage Loans in strict compliance with the terms
of this Agreement.
The Trust Fund shall indemnify the Servicer and hold it harmless
against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs,
judgments, and any other costs, fees and expenses that the Servicer
may sustain in any way related to the failure of the Trustee or the
Master Servicer to perform its duties in compliance with the terms of
this Agreement.
A-10
In the event a dispute arises between an indemnified party and
the Servicer with respect to any of the rights and obligations of the
parties pursuant to this Agreement and such dispute is adjudicated in
a court of law, by an arbitration panel or any other judicial
process, then the losing party shall indemnify and reimburse the
winning party for all attorney's fees and other costs and expenses
related to the adjudication of said dispute.
32. Section 8.02 is hereby amended by changing the word "Owner" to
"Trustee" where it appears in the proviso to the third sentence thereof and the
word "Owner" to "Trust Fund" in the fourth sentence of such Section.
33. The first paragraph of Section 8.03 (Limitation on Resignation and
Assignment by Servicer) is hereby amended in its entirety to read as follows:
The Servicer shall neither assign this Agreement or the
servicing hereunder or delegate its rights or duties hereunder or any
portion hereof (to other than a third party in the case of
outsourcing routine tasks such as taxes, insurance and property
inspection, in which case the Servicer shall fully liable for such
tasks as if the Servicer performed them itself) or sell or otherwise
dispose of all or substantially all of its property or assets without
the prior written consent of the Trustee and the Master Servicer,
which consent shall be granted or withheld in the reasonable
discretion of such parties, provided, however, that the Servicer may
assign its rights and obligations hereunder without prior written
consent of the Trustee and the Master Servicer to any entity that is
directly owned or controlled by the Servicer, and the Servicer
guarantees the performance of such entity hereunder. In the event of
such assignment by the Servicer, the Servicer shall provide the
Trustee and the Master Servicer with a written statement guaranteeing
the successor entity's performance of the Servicer's obligations
under the Agreement.
References to "Owner" in the second and third paragraph of Section 8.03
shall refer to the "Master Servicer acting at the direction, or with the prior
consent of, the Trustee".
34. Section 9.01 is hereby amended by changing the references to "Owner"
in the second and third paragraph of such section to "Master Servicer."
35. Section 9.02 (Termination Without Cause) is hereby amended in its
entirety to read as follows:
Section 9.02 Termination Without Cause.
-------------------------
This Agreement shall terminate upon: (i) the later of(a) the
distribution of the final payment or liquidation proceeds on the last
Mortgage Loan to the Owner (or advances by the Servicer for the
same), and (b) the disposition of all REO Property acquired upon
foreclosure of the last Mortgage Loan and the remittance of all funds
due hereunder, or (ii) mutual consent of the Servicer, the Seller and
the Master Servicer in writing or (iii) at the sole option of the
Seller, without cause, upon 30 days written notice. Any such notice
of termination shall be in writing and delivered to the Servicer by
A-11
registered mail to the address set forth at the beginning of this
Agreement. The Master Servicer, the Trustee and the Servicer shall
comply with the termination procedures set forth in Sections 10.01
and 10.03 hereof and the procedures set forth below, provided that,
in the event the Seller terminates this Agreement without cause in
accordance with subclause (iii) above, the Seller shall pay the
Servicer a termination fee equal to 2.0% of the aggregate unpaid
balance of the Mortgage Loans as of such termination date.
In connection with any such termination referred to in clause (ii) or
(iii) above, the Seller will be responsible for reimbursing the
Servicer for all unreimbursed out-of-pocket Servicing Advances within
15 Business Days following the date of termination and other
reasonable and necessary out-of-pocket costs associated with any
transfer of servicing.
Notwithstanding and in addition to the foregoing, in the event that
(i) a Mortgage Loan becomes delinquent for a period of 90 days or
more (a "Delinquent Mortgage Loan") or (ii) a Mortgage Loan becomes
an REO Property, the Seller may at its election terminate this
Agreement (a) with respect to such Delinquent Mortgage Loan or (b)
REO Property, in each case, upon 15 days' written notice to the
Servicer. In the event of such election, the Seller shall reimburse
the Servicer for all unreimbursed out-of-pocket Servicing Advances
and Monthly Advances on the date of termination and other reasonable
and necessary out-of-pocket costs associated with any transfer of
servicing, including, but not limited to, costs associated with the
transfer of the related files to the Owner's designee.
36. Section 10.01 (Successor to the Servicer) is hereby amended in its
entirety to read as follows:
Simultaneously with the termination of the Servicer's
responsibilities and duties under this Agreement (a) pursuant to
Sections 6.02, 7.03, 8.03, 9.01 or 9.02, the Master Servicer shall,
in accordance with the provisions of the Trust Agreement (i) succeed
to and assume all of the Servicer's responsibilities, rights, duties
and obligations under this Agreement, or (ii) appoint a successor
servicer meeting the eligibility requirements of this Agreement set
forth in Sections 8.0 1(i) and (ii) and which shall succeed to all
rights and assume all of the responsibilities, duties and liabilities
of the Servicer under this Agreement with the termination of the
Servicer's responsibilities, duties and liabilities under this
Agreement. Any successor to the Servicer that is not at that time a
Servicer of other mortgage loans for the Trust Fund shall be subject
to the approval of the Master Servicer, the Seller, the Trustee and
each Rating Agency (as such term is defined in the Trust Agreement).
Unless the successor servicer is at that time a Servicer of other
mortgage loans for the Trust Fund, each Rating Agency must deliver to
the Trustee a letter to the effect that such transfer of servicing
will not result in a qualification, withdrawal or downgrade of the
then-current rating of any of the Certificates. In connection with
such appointment and assumption, the Master Servicer or the
Depositor, as applicable, may make such arrangements for the
compensation of such successor out of payments on the Mortgage Loans
as it and such successor shall agree; provided, however, that no such
A-12
compensation shall be in excess of that permitted the Servicer under
this Agreement. In the event that the Servicer's duties,
responsibilities and liabilities under this Agreement should be
terminated pursuant to the aforementioned sections, the Servicer
shall discharge such duties and responsibilities during the period
from the date it acquires knowledge of such termination until the
effective date thereof with the same degree of diligence and prudence
which it is obligated to exercise under this Agreement, and shall
take no action whatsoever that might impair or prejudice the rights
or financial condition of its successor. The resignation or removal
of the Servicer pursuant to the aforementioned sections shall not
become effective until a successor shall be appointed pursuant to
this Section 10.01 and shall in no event relieve the Servicer of the
representations and warranties made pursuant to Section 6.01 and the
remedies available to the Trustee under Sections 6.02 and 7.03, it
being understood and agreed that the provisions of such Sections
6.01, 6.02 and 7.03 shall be applicable to the Servicer
notwithstanding any such resignation or termination of the Servicer,
or the termination of this Agreement.
Within a reasonable period of time, but in no event longer than
30 days of the appointment of a successor entity, the Servicer shall
prepare, execute and deliver to the successor entity any and all
documents and other instruments, place in such successor's possession
all Servicing Files, and do or cause to be done all other acts or
things necessary or appropriate to effect the purposes of such notice
of termination. The Servicer shall cooperate with the Trustee and the
Master Servicer, as applicable, and such successor in effecting the
termination of the Servicer's responsibilities and rights hereunder
and the transfer of servicing responsibilities to the successor
Servicer, including without limitation, the transfer to such
successor for administration by it of all cash amounts which shall at
the time be credited by the Servicer to the Custodial Account or any
Escrow Account or thereafter received with respect to the Mortgage
Loans.
Any successor appointed as provided herein shall execute,
acknowledge and deliver to the Trustee, the Servicer and the Master
Servicer an instrument (i) accepting such appointment, wherein the
successor shall make the representations and warranties set forth in
Section 6.01 and (ii) an assumption of the due and punctual
performance and observance of each covenant and condition to be
performed and observed by the Servicer under this Agreement,
whereupon such successor shall become fully vested with all the
rights, powers, duties, responsibilities, obligations and liabilities
of the Servicer, with like effect as if originally named as a party
to this Agreement. Any termination or resignation of the Servicer or
termination of this Agreement pursuant to Sections 9.01 and 9.02
shall not affect any claims that the Master Servicer or the Trustee
may have against the Servicer arising out of the Servicer's actions
or failure to act prior to any such termination or resignation.
The Servicer shall deliver (i) within three (3) Business Days to
the successor Servicer the funds in the Custodial Account and Escrow
Account and (ii) within 30 Business Days all Mortgage Loan Documents
and related documents and statements held by it hereunder and the
A-13
Servicer shall account for all funds and shall execute and deliver
such instruments and do such other things as may reasonably be
required to more fully and definitively vest in the successor all
such rights, powers, duties, responsibilities, obligations and
liabilities of the Servicer.
Upon a successor's acceptance of appointment as such, the
Servicer shall notify the Trustee and Master Servicer of such
appointment in accordance with the notice procedures set forth
herein.
Except as otherwise provided in this Agreement, all reasonable
costs and expenses incurred in connection with any transfer of
servicing hereunder as a result of a termination of the Servicer for
cause pursuant to Section 9.01 of the Agreement, including, without
limitation, the costs and expenses of the Master Servicer or any
other Person in appointing a successor servicer, or of the Master
Servicer in assuming the responsibilities of the Servicer hereunder,
or of transferring the Servicing Files and the other necessary data
to the successor servicer shall be paid by the terminated, removed or
resigning Servicer from its own funds without reimbursement.
37. The parties hereto acknowledge that Section 10.02 (Closing), Section
10.03 (Closing Documents), Section 10.07 (Notices) and Section 10.16 (Exhibits)
are inapplicable to this Agreement.
38. A new Section 10.19 is hereby added to the Master Servicing Agreement
to read as follows:
Section 10.19 Intended Third Party Beneficiaries.
----------------------------------
Notwithstanding any provision herein to the contrary, the
parties to this Agreement agree that it is appropriate, in
furtherance of the intent of such parties as set forth herein, that
the Master Servicer and the Trustee receive the benefit of the
provisions of this Agreement as intended third party beneficiaries of
this Agreement to the extent of such provisions. The Servicer shall
have the same obligations to the Master Servicer and the Trustee as
if they were parties to this Agreement, and the Master Servicer and
the Trustee shall have the same rights and remedies to enforce the
provisions of this Agreement as if they were parties to this
Agreement. The Servicer shall only take direction from the Master
Servicer (if direction by the Master Servicer is required under this
Agreement) unless otherwise directed by this Agreement.
Notwithstanding the foregoing, all rights and obligations of the
Master Servicer and the Trustee hereunder (other than the right to
indemnification) shall terminate upon termination of the Trust
Agreement and of the Trust Fund pursuant to the Trust Agreement.
A-14
EXHIBIT B
Master Servicing Agreement
See Item #99.9
B-1
EXHIBIT C
Master Mortgage Loan Purchase and Warranties Agreement
[Intentionally Omitted]
C-1
EXHIBIT D
Mortgage Loan Schedule
[Intentionally Omitted]
D-1
EXHIBIT E-1
FORM OF MONTHLY REMITTANCE ADVICE
FIELD NAME DESCRIPTION FORMAT
---------- ----------- ------
INVNUM INVESTOR LOAN NUMBER Number no decimals
SERVNUM SERVICER LOAN NUMBER, REQUIRED Number no decimals
BEGSCHEDBAL BEGINNING SCHEDULED BALANCE FOR SCHED/SCHED Number two decimals
BEGINNING TRAIL BALANCE FOR ACTUAL/ACTUAL,
REQUIRED
SCHEDPRIN SCHEDULED PRINCIPAL AMOUNT FOR SCHEDULED/SCHEDULED ACTUAL Number two decimals
PRINCIPAL COLLECTED FOR ACTUAL/ACTUAL,
REQUIRED, .00 IF NO COLLECTIONS
CURT1 CURTAILMENT 1 XXXXXX, .00 IF NOT APPLICABLE Number two decimals
CURT1DATE CURTAILMENT 1 DATE, BLANK IF NOT APPLICABLE DD-MMM-YY
CURT1ADJ CURTAILMENT 1 ADJUSTMENT, .00 IF NOT APPLICABLE Number two decimals
CURT2 CURTAILMENT 2 XXXXXX, .00 IF NOT APPLICABLE Number two decimals
CURT2DATE CURTAILMENT 2 DATE, BLANK IF NOT APPLICABLE DD-MMM-YY
CURT2ADJ CURTAILMENT 2 ADJUSTMENT, .00 IF NOT APPLICABLE Number two decimals
LIQPRIN PAYOFF, LIQUIDATION PRINCIPAL, .00 IF NOT APPLICABLE Number two decimals
OTHPRIN OTHER PRINCIPAL, .00 IF NOT APPLICABLE Number two decimals
PRINREMIT TOTAL PRINCIPAL REMITTANCE AMOUNT, .00 IF NOT APPLICABLE Number two decimals
INTREMIT NET INTEREST REMIT, INCLUDE PAYOFF INTEREST, Number two decimals
.00 IF NOT APPLICABLE
TOTREMIT TOTAL REMITTANCE AMOUNT, .00 IF NOT APPLICABLE Number two decimals
ENDSCHEDBAL ENDING SCHEDULED BALANCE FOR SCHEDULED/SCHEDULED Number two decimals
ENDING TRIAL BALANCE FOR ACTUAL/ACTUAL
.00 IF PAIDOFF, LIQUIDATED OR FULL CHARGEOFF
ENDACTBAL ENDING TRIAL BALANCE Number two decimals
.00 IF PAIDOFF, LIQUIDATED OR FULL CHARGEOFF
ENDDUEDATE ENDING ACTUAL DUE DATE, NOT LAST PAID INSTALLMENT DD-MMM-YY
ACTCODE 60 IF PAIDOFF, BLANK IF NOT APPLICABLE Number no decimals
ACTDATE ACTUAL PAYOFF DATE, BLANK IF NOT APPLICABLE DD-MMM-YY
E-1-1
INTRATE INTEREST RATE, REQUIRED Number seven decimals
Example .07000000 for 7.00%
SFRATE SERVICE FEE RATE, REQUIRED Number seven decimals
Example .07000000 for 7.00%
PTRATE PASS THRU RATE, REQUIRED Example .0025000 for .25%
Number seven decimals
PIPMT P&I CONSTANT, REQUIRED Number two decimals
.00 IF PAIDOFF
E-1-2
Exhibit E-2
STANDARD LAYOUT FOR MONTHLY DEFAULTED LOAN REPORT
FIELD NAME DESCRIPTION
---------- -----------
% of MI Coverage % of MI Coverage
Actual MI Claim Filed Date The date the Claim to the MI Company was
filed
Actual Bankruptcy Start Date (filing date) Actual Bankruptcy Start Date (filing date)
Actual Claim Amount Filed The amount claimed to the MI company on
the MI claim
Actual Discharge Date Date Bankruptcy was Discharged
Actual Due Date Next Payment Due Date
Actual Eviction Complete Date Actual Eviction Complete Date
Actual Eviction Start Date Actual Eviction Start Date
Actual First Legal Date Actual First Legal Date
Actual Notice of Intent Date (breach letter Actual Notice of Intent Date (breach letter
date) date)
Actual Payment Plan End Date The date the Last Pre-petition payment is
due from the Trustee in a chapter 13 BK The date the First Pre-petition payment is
Actual Payment Plan Start Date
due from the Trustee in a chapter 13 BK Actual Redemption End Date
Actual Redemption End Date The date the account was received by the
REO Department Total expenses incurred for the purpose of
Actual REO Start Date
Appraisal, BPO Costs
BPO's or Appraisals. Bankruptcy Chapter 7,11,13
Bankruptcy Chapter BK Atty Fees & Costs
BK Atty Fees & Costs A code that identifies the account as an
BK Flag (Man Code)
active Bankruptcy. Bnk Case # (7 digit only)
Bnk Case # (7 digit only) City
City MI Claim Amount
Claim Amount Paid The date the MI Claim funds were received
Claim Funds Received Date
from the MI Company Confirmation Hearing Date
Confirmation Hearing Date Current Interest Rate
Current Interest Rate Unpaid Principal Balance
Current Loan Amount Current P&I Payment Amount
Current P&I Payment Amount Date Bid Instructions Sent to Attorney
Date Bid Instructions Sent The date the Foreclosure sale is scheduled to
Date F/C Sale Scheduled
occur. The date the motion for Relief or Dismissal
Date Filed Relief/Dismissal
was filed with the BK Court
E-2-1
FIELD NAME DESCRIPTION
---------- -----------
Date Loan Reinstated Date Loan Reinstated
Date POC Filed Date proof of claim filed
Date Relief/Dismissal Granted The date the BK court granted the motion
for Relief or Dismissal
Date REO Offer Accepted Date REO Offer Accepted
Date REO Offer Received Date REO Offer Received
Deal Identifier by Loan Security Name/Cross reference Investor ID
(Servicer to Cross reference)
Delinquency Status (Man Code) 30, 60, 90, BK, FC, REO, Claims or a code
that can be decoded to determine the current of the account.
status Loss Mit Denial Date
Loss Mit Denial Date Eviction Atty Fees & Costs
Eviction Atty Fees & Costs F/B 1st Due (if applicable)
F/B 1St Due (if applicable) F/B Last Due (if applicable)
F/B Last Due (if applicable) FC Atty Fees & Costs
FC Atty Fees & Costs A code that identifies the account as an
FC Flag
active Foreclosure. FC Start Date (referral date)
FC Start Date (referral date) FC Suspended Date
FC Suspended Date The value of the property as determined for
FC Valuation Amount
the purpose of foreclosure. The date the property value was determined
FC Valuation Date
for the purpose of foreclosure. The type of valuation that was used to
FC Valuation Source
determine the Fc Valuation amount. FHA 27011A Transmitted Date
FHA 27011A Transmitted Date FHA 2701lB Transmitted Date
FHA 2701lB Transmitted Date FHA Case #
FHA Case # FHA Part A Funds Received Date
FHA Part A Funds Received Date First Payment Date
First Payment Date Date F/C Sale Held
Foreclosure Actual Sale Date VA Guarantee %
VA Guarantee % Interest Advances
Interest Advances Investor Loan Number
Investor Loan Number Date claim submitted to investor
INVESTOR/SECURITY BILLING SENT Type of PIF, S/S, 3rd Party etc.
DATE VA Loan Guarantee Certificate Number
Liquidation Status Servicer Loan Number
VA Loan Guarantee Certificate Number Loan Term
Loan Number Loan Type
Loan Term Loss Mit Approval Date
Loan Type A code that identifies the account as an
Loss Mit Approval Date
Loss Mit Flag (Man Code) Loss Mit Type
active Loss Mit account. Loss Mit Workstation Status
Loss Mit Removal Date MI Certificate Number
E-2-2
FIELD NAME DESCRIPTION
---------- -----------
MI Cost S/S, Forbearance, Repay, Mod, etc.
MI Coverage Y/N Completed, Removed, Active
Monthly MIP Cost MI Certificate Number
coverage on the account. Price percentage, lender paid only
Next Payment Adjustment Date MI Coverage Y/N
Next Rate Adjustment Date The monthly fee paid to HUD to maintain
Occupancy Status
Occupancy Status Date Next Payment Adjustment Date
determined. Next Rate Adjustment Date
Original Loan Amount Occupancy Status
Original Value Amount The date the occupancy status reported was
the origination of the account.
Origination Date Original Loan Amount
the loan. The value of the property as determined at
ORIGINATION VALUE DATE
determined. The date the closing occurred to originate
ORIGINATION VALUE SOURCE
determine the Original Value amount. The date the original Value Amount was
Other Advance Expenses
total The type of valuation that was used to
Ownership Code
Paid in Full Date Total Advances minus all other/detail and
removed
Paid Off Code
Part B Funds Received Date Date loan liquidated from system UPB
Partial Prepayment Amount Collected
Post Petition Due Date FHA/VA Only
Prepayment Expiration Date
Prepayment Flag Term
Prepayment Premium Collected
Prepayment Waived
Product Type
Property Condition
PROPERTY PRESERVATION FEES
Property Type
Realized Gain or Loss
Reason for Default
Reason Suspended
Relief/Dismissal Hearing Date
REO Repaired Value
REO Value(As-is)
REO Actual Closing Date
REO Flag (Man Code)
E-2-3
FIELD NAME DESCRIPTION
---------- -----------
REO List Date
REO List Price
REO Net Sales proceeds
REO Sales Price
REO Scheduled Close Date
REO Value Date
REO VALUE SOURCE
Repay First Due Date
Repay Last Due Date
Repay Next Due Date
Repay Plan Broken Date
Repay Plan Created Date
SBO LOAN NUMBER
Scheduled Balance
Scheduled Due Date
Servicing Fee
State
Street Address
T&I Advances
Title Approval Letter Received Date
Title Package to HUD Date
Title Package to VA Date
VA Claim Funds Received Date
VA Claim Submitted Date
VA FIRST FUNDS RECEIVED
VA FIRST FUNDS RECEIVED
VA XXX Submitted Date
ZIP CODE
FNMA ACTION CODE
FNMA DELINQUENCY REASON CODE
E-2-4
EXHIBIT F
SERVICING OFFICER'S CERTIFICATE
Structured Asset Securities Corporation
000 Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Aurora Loan Services, Inc.
0000 Xxxxx Xxxxxx Xxxx, Xxxxx 000X
Xxxxxx, Xxxxxxxx 00000
Re: Structured Asset Securities Corporation, Mortgage Pass-Through
Certificates, Series 2003-33H
--------------------------------------------------------------
Reference is made to the Reconstituted Servicing Agreement, dated as of October
1, 2003 (the "Agreement"), by and among Xxxxxx Brothers Holdings Inc., as seller
and SunTrust Mortgage, Inc., as servicer (the "Servicer"). I, [identify the
certifying individual], a [title] of the Servicer hereby certify to Aurora Loan
Services, Inc. (the "Master Servicer") and Structured Asset Securities
Corporation (the "Depositor"), and their respective officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification, that:
1. I have reviewed the information required to be delivered to the Master
Servicer pursuant to the Agreement (the "Servicing Information").
2. Based on my knowledge, the Servicing Information does not contain any
material untrue information or omit to state information necessary to make
the Servicing Information, in light of the circumstances under which such
information was provided, not misleading as of the date of this
certification;
3. Based on my knowledge, the Servicing Information has been provided to the
Master Servicer when and as required under the Agreement; and
4. I am responsible for reviewing the activities performed by the Servicer
under the Agreement, and based upon my knowledge and the review
required under the Agreement, and except as disclosed in writing to you
on or prior to the date of this certification either in the
accountants' report required under the Agreement or in disclosure a
copy of which is attached hereto, the Servicer has, for the period
covered by the Form 10-K Annual Report, fulfilled its obligations under
this Agreement.
SUNTRUST MORTGAGE, INC.
Name:
-------------------------------
Title:
------------------------------
Date:
-------------------------------
F-1
Exhibit G
Assignment and Assumption Agreement
[Intentionally Omitted]
G-1
