Exhibit 99.10(a)
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (this
"Assignment"), dated of January 1, 2007, is entered into among Xxxxxx Xxxxxxx
Capital I Inc., a Delaware corporation (the "Depositor"), Xxxxxx Xxxxxxx
Mortgage Capital Inc. ("MSMCI"), IndyMac Bank, F.S.B., as seller (in such
capacity, the "Seller") and as servicer (in such capacity, the "Servicer"),
LaSalle Bank National Association ("LaSalle"), as trustee ("Trustee"), of
Xxxxxx Xxxxxxx Mortgage Loan Trust 2007-2AX (the "Trust"), and acknowledged by
Xxxxx Fargo Bank, National Association, as master servicer (in such capacity,
the "Master Servicer") and as securities administrator (in such capacity, the
"Securities Administrator").
RECITALS
WHEREAS MSMCI, the Seller and the Servicer have entered into (a) a
certain Mortgage Loan Purchase and Warranties Agreement, dated as of September
1, 2006 (as amended or modified to the date hereof, the "Sale Agreement") and
(b) a certain Servicing Agreement, dated as of September 1, 2006 (as amended
or modified to the date hereof, the "Servicing Agreement" and, together with
the Sale Agreement, the "Agreements"), pursuant to which MSMCI has acquired
certain Mortgage Loans pursuant to the terms of the Sale Agreement and the
Servicer has agreed to service such Mortgage Loans pursuant to the terms of
the Servicing Agreement;
WHEREAS the Depositor has agreed, on the terms and conditions contained
herein, to purchase from MSMCI certain of the Mortgage Loans (the "Specified
Mortgage Loans") which are subject to the provisions of the Agreements and are
listed on the mortgage loan schedule attached as Exhibit I hereto (the
"Specified Mortgage Loan Schedule"); and
WHEREAS the Trustee, on behalf of the Trust, has agreed, on the terms
and conditions contained herein, to purchase from the Depositor the Specified
Mortgage Loans;
NOW, THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged), the parties agree as follows:
1. Assignment and Assumption
(a) On and as of the date hereof, MSMCI hereby sells, assigns and
transfers to the Depositor all of its right, title and interest in the
Specified Mortgage Loans and all rights and obligations related thereto as
provided under the Agreement to the extent relating to the Specified Mortgage
Loans, the Depositor hereby accepts such assignment from MSMCI (the "First
Assignment and Assumption"), and the Seller hereby acknowledges the First
Assignment and Assumption.
MSMCI specifically reserves and does not assign to the Depositor
hereunder any and all right, title and interest in, to and under and all
obligations of MSMCI with respect to any Mortgage Loans subject to the
Agreement which are not the Specified Mortgage Loans.
(b) On and as of the date hereof, immediately after giving effect to the
First Assignment and Assumption, the Depositor hereby sells, assigns and
transfers to the Trustee, on behalf of the Trust, all of its right, title and
interest in the Specified Mortgage Loans and all rights and obligations
related thereto as provided under the Agreements to the extent relating to the
Specified Mortgage Loans, and the Trustee, on behalf of the Trust, hereby
accepts such assignment from the Depositor (the "Second Assignment and
Assumption"), and the Seller hereby acknowledges the Second Assignment and
Assumption.
(c) On and as of the date hereof, MSMCI represents and warrants to the
Depositor and the Trustee that MSMCI has not taken any action that would serve
to impair or encumber the respective ownership interests of the Depositor and
the Trustee in the Specified Mortgage Loans since the date of MSMCI's
acquisition of the Specified Mortgage Loans.
2. Recognition of Trustee
(a) From and after the date hereof, both MSMCI and the Seller shall note
the transfer of the Specified Mortgage Loans to the Trustee, in their
respective books and records and shall recognize the Trustee, on behalf of the
Trust, as of the date hereof, as the owner of the Specified Mortgage Loans,
and Servicer shall service the Specified Mortgage Loans for the benefit of the
Trust pursuant to the Servicing Agreement, the terms of which are incorporated
herein by reference. It is the intention of the Seller, the Servicer, the
Depositor, the Trustee and MSMCI that this Assignment shall be binding upon
and inure to the benefit of the Depositor, the Trustee and MSMCI and their
respective successors and assigns.
(b) Without in any way limiting the foregoing, the parties confirm that
this Assignment includes the rights relating to amendments or waivers under
the Agreements. Accordingly, the right of MSMCI to consent to any amendment of
the Agreement and its rights concerning waivers as set forth in Section 23 of
the Sale Agreement and Section 11.02 of the Servicing Agreement shall be
exercisable, to the extent any such amendment or waiver affects the Specified
Mortgage Loans or any of the rights under the Agreement with respect thereto
(other than the servicing of the Specified Mortgage Loans, which shall be
enforced by the Master Servicer) by the Trustee as assignee of MSMCI.
(c) It is expressly understood and agreed by the parties hereto that (i)
this Assignment is executed and delivered by LaSalle Bank National
Association, not individually or personally but solely on behalf of the Trust,
as the assignee, in the exercise of the powers and authority conferred and
vested in it, as Trustee, pursuant to the Pooling and Servicing Agreement
dated as of the date hereof among the Depositor, the Master Servicer, Xxxxx
Fargo Bank, National Association, as securities administrator (the "Securities
Administrator") and the Trustee (the "Pooling and Servicing Agreement"), (ii)
each of the representations, undertakings and agreements herein made on the
part of assignee is made and intended not as personal representations,
undertakings and agreements by LaSalle Bank National Association but is made
and intended for the purpose of binding only the Trust , (iii) nothing herein
contained shall be construed as creating any liability for LaSalle Bank
National Association, individually or personally, to perform any covenant
(either express or implied) contained herein and (iv) under no circumstances
shall LaSalle Bank National Association be personally liable for the payment
of any indebtedness or expenses of the Trust, or be liable for the breach or
failure of any
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obligation, representation, warranty or covenant made or undertaken by the
Trust under this Assignment and (v) all recourse for any payment liability or
other obligation of the assignee shall be had solely to the assets of the
Trust.
3. Representations and Warranties
(a) The Depositor represents and warrants that it is a sophisticated
investor able to evaluate the risks and merits of the transactions
contemplated hereby, and that it has not relied in connection therewith upon
any statements or representations of the Seller or MSMCI other than those
contained in the Agreements or this Assignment.
(b) Each of the parties hereto represents and warrants that it is duly
and legally authorized to enter into this Assignment.
(c) Each of the parties hereto represents and warrants that this
Assignment has been duly authorized, executed and delivered by it and
(assuming due authorization, execution and delivery thereof by each of the
other parties hereto) constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency, reorganization or other
similar laws affecting the enforcement of creditors' rights generally and by
general equitable principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law).
(d) The Seller hereby restates, as of January 31, 2007 (the "Closing
Date"), the representations and warranties set forth in Sections 9.01 and 9.02
of the Sale Agreement, with respect to each of the Specified Mortgage Loans
that were sold by it under the Sale Agreement, to and for the benefit of the
Depositor, the Trustee and the Trust, and by this reference incorporates such
representations and warranties herein, as of such date.
(e) The Servicer hereby restates, as of the Closing Date, the
representations and warranties set forth in Articles X and XIII of the
Servicing Agreement, with respect to each of the Specified Mortgage Loans it
agreed to service under the Servicing Agreement, to and for the benefit of the
Depositor, the Trustee and the Trust, and by this reference incorporates such
representations and warranties herein, as of such Closing Date.
(f) The Servicer hereby represents and warrants to the Trustee that, to
the extent the Mortgage Loans will be part of a REMIC, the Servicer shall
service the Mortgage Loans and any real property acquired upon default thereof
(including, without limitation, making or permitting any modification, waiver
or amendment of any term of any Mortgage Loan) in accordance with the
Servicing Agreement, but in no event in a manner that would (a) cause the
REMIC to fail or qualify as a REMIC or (b) result in the imposition of a tax
upon the REMIC (including, but not limited to, the tax on prohibited
transactions as defined in Section 860F(a)(2) of the Code, the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code and the tax
on "net income from foreclosure property" as set forth in Section 860G(c) of
the Code).
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4. The Servicer hereby acknowledges that Xxxxx Fargo Bank, National
Association has been appointed as the Master Servicer of the Specified
Mortgage Loans pursuant to the Pooling and Servicing Agreement and, therefore,
has the right to enforce all obligations of the Servicer under the Servicing
Agreement. Such rights will include, without limitation, the right to
terminate the Servicer under the Servicing Agreement upon the occurrence of an
event of default thereunder, the right to receive all remittances required to
be made by the Servicer under the Servicing Agreement, the right to receive
all monthly reports and other data required to be delivered by the Servicer
under the Servicing Agreement, the right to examine the books and records of
the Servicer, indemnification rights and the right to exercise certain rights
of consent and approval of MSMCI. The Servicer shall make all distributions
under the Servicing Agreement to the Master Servicer by wire transfer of
immediately available funds to:
Xxxxx Fargo Bank, National Association
ABA Number: 000-000-000
Account Name: Corporate Trust Clearing
Account number: 0000000000
For further credit to: 50981300, MSM 2007-2AX
The Servicer shall deliver all reports required to be delivered under
the Agreement to the Master Servicer at the following address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, MSM 2007-2AX
Telecopier: (000) 000-0000
5. Amendments to the Servicing Agreement
The parties to this Assignment hereby agree to amend the Servicing
Agreement as follows:
(a) With respect to the Specified Mortgage Loans, "Permitted
Investments" shall have the meaning of such term as defined in the
Pooling and Servicing Agreement.
(b) The definition of "Eligible Account" is hereby inserted into
Section 1.01:
"Eligible Account: Any of (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company, the
short-term unsecured debt obligations of which (or, in the case of a
depository institution or trust company that is the principal subsidiary of a
holding company, the debt obligations of such holding company) have the
highest short-term ratings of Xxxxx'x or Fitch and one of the two highest
short-term ratings of S&P, if S&P is a Rating Agency, at the time any amounts
are held on deposit therein, or (ii) an account or accounts in a depository
institution or trust company in which such accounts are insured by the FDIC
(to the limits established by the FDIC) and the uninsured deposits in which
accounts are otherwise secured such that, as evidenced by an Opinion of
Counsel delivered to the Trustee and to each Rating Agency, the
Certificateholders have a claim with respect to the funds in such
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account or a perfected first priority security interest against any collateral
(which shall be limited to Permitted Investments) securing such funds that is
superior to claims of any other depositors or creditors of the depository
institution or trust company in which such account is maintained, or (iii) a
trust account or accounts maintained with (a) the trust department of a
federal or state chartered depository institution or (b) a trust company,
acting in its fiduciary capacity or (iv) any other account acceptable to each
Rating Agency."
(c) The definition of "Remittance Date" in Section 1.01 is hereby
amended and restated in its entirety as follows:
"Remittance Date: No later than 1:00 p.m. New York time on the 18th day
of each month (or, if such 18th day is not a Business Day, the following
Business Day) beginning with the first Remittance Date after the Closing
Date."
(d) The definition of "Servicing Fee" in Section 1.01 is hereby
amended and restated in its entirety as follows:
"Servicing Fee: With respect to each Mortgage Loan subject to this
Agreement, an amount equal to one-twelfth of the product of (a) the Servicing
Fee Rate and (b) the scheduled principal balance of such Mortgage Loan payable
monthly. Such fee shall be payable monthly. The obligation of the Purchaser to
pay the Servicing Fee is limited to, and the Servicing Fee is payable solely
from, the interest portion (including recoveries with respect to interest from
Liquidation Proceeds, to the extent permitted by Section 4.03) of such Monthly
Payment collected by the Servicer, or as otherwise provided under Section
4.03."
(e) With respect to each Specified Mortgage Loan, the definition
of "Servicing Fee Rate" in Section 1.01 is hereby amended and
restated in its entirety as follows:
"Servicing Fee Rate: 37.5 basis points (0.375%) per annum."
(f) The second and third sentences of the first paragraph of
Section 2.04 are amended and restated in their entirety as
follows:
"The Custodial Account shall be an Eligible Account established with a
Qualified Depository acceptable to the Purchaser. Any funds deposited in the
Custodial Account shall at all times be fully insured."
(g) The second sentence of the last paragraph of Section 2.04 is
amended and restated in its entirety as the following two
sentences:
"The Servicer may at its option invest the amounts on deposit in the
Custodial Account in Permitted Investments. Any income from Permitted
Investments paid on funds deposited in the Custodial Account by the depository
institution shall accrue to the benefit of the Servicer and the Servicer shall
be entitled to retain and withdraw such interest from the Custodial Account
pursuant to Section 2.05."
(h) The word "and" is deleted from the end of Section 2.05(iii) of
each Agreement, the word "and" is added at the end of Section
2.05(iv) of each Agreement and the following paragraph is hereby
incorporated into each Agreement as new Section 2.05(v):
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"to reimburse itself for unreimbursed Servicing Advances and
unreimbursed advances made in accordance with Section 3.03, to the extent that
such amounts are nonrecoverable by the Servicer pursuant to subclause (ii)
above, provided that the Mortgage Loan for which such advances were made is
not required to be repurchased by the Seller pursuant to Section 9.03 of the
Sale Agreement."
(i) The second and third paragraphs of Section 2.16 of the
Servicing Agreement are hereby amended and restated in their
entirety as follows:
"With respect to any REO Property, the deed or certificate of sale shall
be taken in the name of the Purchaser, or its designee. The Trustee's name
shall be placed on the title to such REO Property solely as the Trustee
hereunder and not in its individual capacity. The Servicer shall ensure that
the title to such REO Property references the Agreement and the Purchaser's
capacity thereunder. Pursuant to its efforts to sell such REO Property, the
Servicer shall either itself or through an agent selected by the Servicer
protect and conserve such REO Property in the same manner and to such extent
as is customary in the locality where such REO Property is located and may,
incident to its conservation and protection of the interests of the Purchaser,
or its designee, rent the same, or any part thereof, as the Servicer deems to
be in the best interest of the Purchaser, or its designee, for the period
prior to the sale of such REO Property. The Servicer shall prepare for and
deliver to the Purchaser, or its designee, a statement with respect to each
REO Property that has been rented showing the aggregate rental income received
and all expenses incurred in connection with the maintenance of such REO
Property at such times as is necessary to enable the Purchaser, or its
designee, to comply with the reporting requirements of the REMIC Provisions.
The net monthly rental income, if any, from such REO Property shall be
deposited in the Certificate Account no later than the close of business on
each Determination Date. The Servicer shall perform the tax reporting and
withholding required by Sections 1445 and 6050J of the Code with respect to
foreclosures and abandonments, the tax reporting required by Section 6050H of
the Code with respect to the receipt of mortgage interest from individuals and
any tax reporting required by Section 6050P of the Code with respect to the
cancellation of indebtedness by certain financial entities, by preparing such
tax and information returns as may be required, in the form required, and
delivering the same to the Purchaser, or its designee, for filing.
In the event that the Purchaser, or its designee, acquires any Mortgaged
Property as aforesaid or otherwise in connection with a default or imminent
default on a Mortgage Loan, the Servicer shall dispose of such Mortgaged
Property as soon as practicable in a manner that maximizes the Liquidation
Proceeds thereof, but in no event later than three years after its acquisition
by the Purchaser, or its designee. In that event, the Purchaser, or its
designee, shall have been supplied with an Opinion of Counsel to the effect
that the holding by the Purchaser, or its designee, of such Mortgaged Property
subsequent to a three-year period, if applicable, will not result in the
imposition of taxes on "prohibited transactions" of any REMIC as defined in
section 860F of the Code or cause any REMIC to fail to qualify as a REMIC at
any time, the Purchaser, or its designee, may continue to hold such Mortgaged
Property (subject to any conditions contained in such Opinion of Counsel)
after the expiration of such three-year period. Notwithstanding any other
provision of this Agreement, no Mortgaged Property acquired by the Purchaser,
or its designee, shall be rented (or allowed to continue to be rented) or
otherwise used for the production of income by or on behalf of the Purchaser,
or its designee, in such a manner or pursuant to any terms that would (i)
cause such Mortgaged Property to fail to qualify as
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"foreclosure property" within the meaning of section 860G(a)(8) of the Code or
(ii) subject any REMIC to the imposition of any federal, state or local income
taxes on the income earned from such Mortgaged Property under Section 860G(c)
of the Code or otherwise, unless the Servicer has agreed to indemnify and hold
harmless the Purchaser, or its designee, with respect to the imposition of any
such taxes."
(j) The first sentence of Section 2.18 of the Servicing Agreement
is hereby amended to replace the words "Business Day of each
month" with the words "calendar day of each month (or, if such
10th day is not a Business Day, the following Business Day)"
(k) The first paragraph of Section 3.02 of the Servicing Agreement
is hereby amended and restated in its entirety as follows:
"Each month, no later than the 10th calendar day of each month, the
Servicer shall furnish to the Master Servicer a remittance report, in the form
of Exhibit II hereto (the "Remittance Report"), and such other mortgage loan
level data or information as mutually agreed upon by the Servicer and the
Master Servicer, in electronic format acceptable to the Master Servicer, in
each case with respect to funds being remitted to the Master Servicer on the
related Remittance Date."
(l) The second paragraph of Section 3.01 of the Servicing
Agreement is hereby amended and restated in its entirety as
follows:
"With respect to any funds deposited in the Custodial Account after the
Business Day on which such deposit was required to be made, the Servicer shall
pay to the Purchaser interest on any such late payment at an annual rate equal
to the Prime Rate, adjusted as of the date of each change, plus two percentage
points, but in no event greater than the maximum amount permitted by
applicable law. Such interest shall be deposited in the Custodial Account by
the Servicer on the date such late payment is made and shall cover the period
commencing with such Business Day and ending with the Business Day on which
such payment is made, both inclusive. The payment by the Servicer of any such
interest shall not be deemed an extension of time for payment or a waiver of
any Event of Default by the Servicer."
(m) Section 3.03 of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"Advances by Servicer. On the Business Day immediately preceding each
Remittance Date, the Servicer shall (a) deposit in the Custodial Account from
its own funds an amount equal to all Monthly Payments which were due on the
Mortgage Loans during the applicable Due Period and which were delinquent at
the close of business on the immediately preceding Determination Date or which
were deferred pursuant to Section 2.01, (b) cause to be made an appropriate
entry in the records of the Custodial Account that amounts held for future
distribution have been, as permitted by this Section 3.03, used by the
Servicer in discharge of any such advance or (c) make advances in the form of
any combination of (a) or (b) aggregating the total amount of advances to be
made. The Servicer's obligation to make such advances as to any Mortgage Loan
will continue through the earlier to occur of (a) the last Monthly Payment due
prior to the payment in full of the Mortgage Loan or (b) the last Remittance
Date prior to the Remittance Date for the distribution of all Liquidation
Proceeds and other payments or recoveries (including Insurance Proceeds, and
Condemnation Proceeds) with respect to the
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Mortgage Loan; provided, however, that such obligation shall cease if the
Servicer, in its good faith judgment, determines that an advance would not be
recoverable pursuant to Section 2.05(ii). The determination by the Servicer
that an advance, if made, would be nonrecoverable, shall be evidenced by an
Officer's Certificate of the Servicer, delivered to the Purchaser, which
details the reasons for such determination. To the extent permitted under
Section 2.05 hereof, the Servicer shall be entitled to first priority
reimbursement for principal and interest advances and for Servicing Advances
from recoveries from the related Mortgagor or from all Liquidation Proceeds
and other payments or recoveries (including Insurance Proceeds and
Condemnation Proceeds) with respect to the related Mortgage Loan."
(n) Sections 4.04 and 4.05 of the Servicing Agreement are hereby
deleted.
(o) the following paragraph is hereby incorporated into the
Servicing Agreement as new Section 11.01(h):
"(h) failure by the Servicer to duly perform, within the required time
period, its obligations under Sections 13.04 and 13.05 which failure continues
unremedied for a period of fourteen (14) days;"
(p) The following paragraph is hereby incorporated into the
Servicing Agreement as new Section 12.16:
"Third Party Beneficiary. For purposes of this Agreement, including but
not limited to Sections 13.04 and 13.05, any Master Servicer shall be
considered a third party beneficiary to this Agreement entitled to all the
rights and benefits accruing to any Master Servicer herein as if it were a
direct party to this Agreement. In addition, a copy of all assessments,
attestations, reports and certifications required to be delivered by the
Servicer under this Agreement and the Servicing Agreement shall be delivered
to the Master Servicer by the date(s) specified herein or therein, and where
such documents are required to be addressed to any party, such addressees
shall include the Master Servicer and the Master Servicer shall be entitled to
rely on such documents."
(q) Section 13.03(d) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"(d) For the purpose of satisfying the reporting obligation under
the Exchange Act with respect to any class of asset-backed
securities, each Seller and the Servicer shall (or shall cause
each Subservicer and Third-Party Originator to) (i) provide prompt
notice to the Purchaser, any Master Servicer and any Depositor in
writing of (A) any material litigation or governmental proceedings
involving the Servicer, any Subservicer or any Third-Party
Originator, (B) any affiliations or relationships that develop
following the closing date of a Securitization Transaction between
the Servicer, any Subservicer or any Third-Party Originator and
any of the parties specified in clause (D) of paragraph (a) of
this Section (and any other parties identified in writing by the
requesting party) with respect to such Securitization Transaction,
(C) any Event of Default under the terms of this Agreement or any
Reconstitution Agreement, (D) any merger, consolidation or sale of
substantially all of the assets of the Servicer, and (E) the
Servicer's entry into an agreement with a Subservicer to perform
or assist in the performance of
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any of the Servicer's obligations under this Agreement or any
Reconstitution Agreement and (ii) provide to the Purchaser and any
Depositor a description of such proceedings, affiliations or
relationships."
(r) Section 13.03(f) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"(f) In addition to such information as the Servicer, as servicer,
is obligated to provide pursuant to other provisions of this
Agreement, not later than ten days prior to the deadline for the
filing of any distribution report on Form 10-D in respect of any
Securitization Transaction that includes any of the Mortgage Loans
serviced by the Servicer or any Subservicer, the Servicer or such
Subservicer, as applicable, shall, to the extent the Servicer or
such Subservicer has knowledge, provide to the party responsible
for filing such report (including, if applicable, the Master
Servicer) notice of the occurrence of any of the following events
along with all information, data, and materials related thereto as
may be required to be included in the related distribution report
on Form 10-D (as specified in the provisions of Regulation AB
referenced below):
(i) any material modifications, extensions or waivers
of pool asset terms, fees, penalties or payments during the
distribution period or that have cumulatively become
material over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations
or warranties or transaction covenants (Item 1121(a)(12) of
Regulation AB); and
(iii) information regarding new asset-backed
securities issuances backed by the same pool assets, any
pool asset changes (such as, additions, substitutions or
repurchases), and any material changes in origination,
underwriting or other criteria for acquisition or selection
of pool assets (Item 1121(a)(14) of Regulation AB).
(g) The Servicer shall provide to the Purchaser, any Master
Servicer and any Depositor, evidence of the authorization of the
person signing any certification or statement, copies or other
evidence of Fidelity Bond Insurance and Errors and Omission
Insurance policy, financial information and reports, and such
other information related to the Servicer or any Subservicer or
the Servicer or such Subservicer's performance hereunder."
(s) Section 13.05(a)(iv) of the Servicing Agreement is hereby amended
and restated in its entirety as follows:
"(iv) deliver, and cause each subservicer and subcontractor
described in clause (iii) above to deliver, to the Purchaser, any
Depositor and any other Person that will be responsible for signing the
certification (a "Sarbanes Certification") required by Rules 13a-14(d)
and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the
Xxxxxxxx-Xxxxx Act of 2002) on behalf of an asset-backed issuer with
respect to a
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Securitization Transaction a certification, signed by an appropriate
officer of the Servicer, in the form attached hereto as Exhibit 7."
(t) Section 13.06(a) of the Servicing Agreement is hereby amended to add
Sections 13.03(f) and 13.03(g) as provisions that the Subservicers must
comply with to same extent as if such Subservicer were the Servicer.
(u) The last sentence of the last paragraph of Section 13.06 of the
Servicing Agreement is amended to require the Servicer to cause any
Subservicer or Subcontractor to provide any assessment of compliance and
attestation but also any other certifications required to delivered
under this Section 13.06.
(v) Section 13.07(a)(ii) of the Servicing Agreement is hereby amended
and restated in its entirety as follows:
"(ii) any breach by the Seller or Servicer under, or any failure
by any Seller, the Servicer, any Subservicer, any Subcontractor or any
Third-Party Originator to deliver any information, report,
certification, accountants' letter or other material when and as
required, under this Article XIII, including any failure by the Servicer
to identify pursuant to Section 13.06(b) any Subcontractor
"participating in the servicing function" within the meaning of Item
1122 of Regulation AB;"
(w) The word "or" is struck at the end of Section 13.07(a)(ii) of the
Servicing Agreement and the following is inserted to Section 13.07(a) of
the Servicing Agreement:
"(iv) negligence, bad faith or willful misconduct of the Servicer
in connection with its performance under this Article XIII.
If the indemnification provided for herein is unavailable or
insufficient to hold harmless an Indemnified Party, then the Servicer
agrees that it shall contribute to the amount paid or payable by such
Indemnified Party as a result of any claims, losses, damages or
liabilities incurred by such Indemnified Party in such proportion as is
appropriate to reflect the relative fault of such Indemnified Party on
the one hand and the Servicer on the other.
This indemnification shall survive the termination of this
Agreement or the termination of any party to this Agreement."
(x) The following parenthetical is inserted directly before the proviso
in the last sentence of the first paragraph of Section 13.07(b)(i) of
the Servicing Agreement:
(y) "(and if the Servicer is servicing any of the Mortgage Loans
in a Securitization Transaction, appoint a successor servicer
reasonably acceptable to the Master Servicer for such
Securitization Transaction)"
(z) Exhibit 1 to the Servicing Agreement is hereby deleted and
replaced with Exhibit II to this Assignment.
(aa) Exhibit 7 to the Servicing Agreement is hereby deleted and
replaced with Exhibit III to this Assignment.
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(bb) Exhibit 8 to the Servicing Agreement is hereby deleted and
replaced with Exhibit IV to this Assignment.
(cc) Written notice provided in compliance with Sections 13.03(d),
(e) or (f) of the Servicing Agreement shall be substantially in
the form of Exhibit V to this Assignment.
6. Indemnification
The Master Servicer shall indemnify and hold harmless the Servicer and
its affiliates, and in each case, its officers, directors and agents from and
against any losses, damages, penalties, fines, forfeitures, reasonable legal
fees and related costs, judgments and other costs and expenses arising out of
or based upon a breach by the Master Servicer or any of its officers,
directors, agents or affiliates of its obligations in connection with the
preparation, filing and certification of any Form 10-K pursuant to the Pooling
and Servicing Agreement or the negligence, bad faith or willful misconduct of
the Master Servicer in connection therewith. In addition, the Master Servicer
shall indemnify and hold harmless the Servicer and its affiliates, and in each
case, its officers, directors and agents from and against any losses, damages,
penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments and other costs and expenses arising out of or based upon a breach
by any Servicer (as defined in the Pooling and Servicing Agreement), other
than the Servicer (as defined herein), of its obligations in connection with
any back-up certification (or any other back-up documents) to any
certification of any Form 10-K required to be provided by the Master Servicer,
but solely to the extent the Master Servicer receives amounts from such
Servicer in connection with any indemnification provided by such Servicer (in
each case as defined in the Pooling and Servicing Agreement) to the Master
Servicer.
7. Continuing Effect
Except as contemplated hereby, the Agreements shall remain in full force
and effect in accordance with their terms.
8. Governing Law
This Assignment and the rights and obligations hereunder shall be
governed by and construed in accordance with the internal laws of the State of
New York.
9. Notices
Any notices or other communications permitted or required under the
Agreements to be made to the Depositor, MSMCI, the Master Servicer, the
Seller, the Servicer and the Trustee shall be made in accordance with the
terms of the Agreements and shall be sent to the Depositor and Trustee as
follows:
In the case of MSMCI:
Xxxxxx Xxxxxxx Mortgage Capital Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
11
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2007-2AX
With a copy to:
Xxxxxx Xxxxxxx & Co. Incorporated
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel's Office
In the case of the Depositor:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2007-2AX
In the case of the Trustee:
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Global Securities and Trust Services MSM 2007-2AX
In the case of the Seller and the Servicer:
IndyMac Bank, F.S.B.
0000 X. Xxxxxxxx Xxxxxxxxx
Xxxxxxxx, Xxxxxxxxxx 00000
Attention: Secondary Marketing
or to such other address as may hereafter be furnished by the Depositor and
the Trustee to the parties in accordance with the provisions of the
Agreements.
10. Ratification
Except as modified and expressly amended by this Assignment, the
Agreements are in all respects ratified and confirmed, and all terms,
provisions and conditions thereof shall be and remain in full force and
effect.
11. Counterparts
This Assignment may be executed in counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same instrument.
12. Definitions
12
Any capitalized term used but not defined in this Assignment has the
same meaning as in the Agreements.
[SIGNATURE PAGE FOLLOWS]
13
IN WITNESS WHEREOF, the parties hereto have executed this Assignment the
day and year first above written.
XXXXXX XXXXXXX MORTGAGE CAPITAL INC.
By: /s/ XXXXXXX XXX
----------------------------------
Name: XXXXXXX XXX
Title: VICE PRESIDENT
XXXXXX XXXXXXX CAPITAL I INC.
By: /s/ XXXXXXX XXX
----------------------------------
Name: XXXXXXX XXX
Title: VICE PRESIDENT
INDYMAC BANK, F.S.B.
By: /s/ XXXX XXXXXXXX
----------------------------------
Name: XXXX XXXXXXXX
Title: VICE PRESIDENT
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
ASSOCIATION, as Master Servicer
By: /s/ XXXXXX XXXX
------------------------------------
Name: XXXXXX XXXX
Title: VICE PRESIDENT
LASALLE BANK, NATIONAL
ASSOCIATION, as Trustee of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2007-2AX
By: /s/ XXXXX X. XXXX
------------------------------------
Name: XXXXX X. XXXX
Title: ASSISTANT VICE PRESIDENT
.
EXHIBIT I
Mortgage Loan Schedule
[see Schedule A to Pooling and Servicing Agreement]
Exhibit IIA: Standard File Layout - Delinquency Reporting
------------------------------ ---------------------------------------------------------------------------------------------------
Column/Header Name Description
------------------------------ ---------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This may be different than the LOAN_NBR
------------------------------ ---------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan by the originator.
------------------------------ ---------------------------------------------------------------------------------------------------
CLIENT_NBR Servicer Client Number
------------------------------ ---------------------------------------------------------------------------------------------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an external servicer to identify a group of loans in their
system.
------------------------------ ---------------------------------------------------------------------------------------------------
BORROWER_FIRST_NAME First Name of the Borrower.
------------------------------ ---------------------------------------------------------------------------------------------------
BORROWER_LAST_NAME Last name of the borrower.
------------------------------ ---------------------------------------------------------------------------------------------------
PROP_ADDRESS Street Name and Number of Property
------------------------------ ---------------------------------------------------------------------------------------------------
PROP_STATE The state where the property located.
------------------------------ ---------------------------------------------------------------------------------------------------
PROP_ZIP Zip code where the property is located.
------------------------------ ---------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due to the servicer at the end of processing cycle,
as reported by Servicer.
------------------------------ ---------------------------------------------------------------------------------------------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
------------------------------ ---------------------------------------------------------------------------------------------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed.
------------------------------ ---------------------------------------------------------------------------------------------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
------------------------------ ---------------------------------------------------------------------------------------------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy filing.
------------------------------ ---------------------------------------------------------------------------------------------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved by the courts
------------------------------ ---------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged and/or a Motion For
Relief Was Granted.
------------------------------ ---------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer
------------------------------ ---------------------------------------------------------------------------------------------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
------------------------------ ---------------------------------------------------------------------------------------------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close
------------------------------ ---------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed
------------------------------ ---------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with instructions to begin foreclosure
proceedings.
------------------------------ ---------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure
------------------------------ ---------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure Action
------------------------------ ---------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur.
------------------------------ ---------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale.
------------------------------ ---------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale.
------------------------------ ---------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower.
------------------------------ ---------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property from the borrower.
------------------------------ ---------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is marketed.
------------------------------ ---------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a particular price.
------------------------------ ---------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO property.
------------------------------ ---------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer.
------------------------------ ---------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close.
------------------------------ ---------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale
------------------------------ ---------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is occupied.
------------------------------ ---------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the property.
------------------------------ ---------------------------------------------------------------------------------------------------
Exhibit IIA: Standard File Layout - Delinquency Reporting
------------------------------ ------------------ --------------------------
Column/Header Name Decimal Format Comment
------------------------------ ------------------ --------------------------
SERVICER_LOAN_NBR
------------------------------ ------------------ --------------------------
LOAN_NBR
------------------------------ ------------------ --------------------------
CLIENT_NBR
------------------------------ ------------------ --------------------------
SERV_INVESTOR_NBR
------------------------------ ------------------ --------------------------
BORROWER_FIRST_NAME
------------------------------ ------------------ --------------------------
BORROWER_LAST_NAME
------------------------------ ------------------ --------------------------
PROP_ADDRESS
------------------------------ ------------------ --------------------------
PROP_STATE
------------------------------ ------------------ --------------------------
PROP_ZIP
------------------------------ ------------------ --------------------------
BORR_NEXT_PAY_DUE_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
LOAN_TYPE
------------------------------ ------------------ --------------------------
BANKRUPTCY_FILED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
BANKRUPTCY_CHAPTER_CODE
------------------------------ ------------------ --------------------------
BANKRUPTCY_CASE_NBR
------------------------------ ------------------ --------------------------
POST_PETITION_DUE_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
BANKRUPTCY_DCHRG_DISM_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
LOSS_MIT_APPR_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
LOSS_MIT_TYPE
------------------------------ ------------------ --------------------------
LOSS_MIT_EST_COMP_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
LOSS_MIT_ACT_COMP_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FRCLSR_APPROVED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
ATTORNEY_REFERRAL_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FIRST_LEGAL_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FRCLSR_SALE_EXPECTED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FRCLSR_SALE_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FRCLSR_SALE_AMT 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
EVICTION_START_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
EVICTION_COMPLETED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
LIST_PRICE 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
LIST_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
OFFER_AMT 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
OFFER_DATE_TIME MM/DD/YYYY
------------------------------ ------------------ --------------------------
REO_CLOSING_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
REO_ACTUAL_CLOSING_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
OCCUPANT_CODE
------------------------------ ------------------ --------------------------
PROP_CONDITION_CODE
------------------------------ ------------------ --------------------------
------------------------------ ---------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE The date a property inspection is performed.
------------------------------ ---------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done.
------------------------------ ---------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the property based on brokers price opinion or appraisal.
------------------------------ ---------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are completed pursuant to a broker's price
opinion or appraisal.
------------------------------ ---------------------------------------------------------------------------------------------------
If applicable:
------------------------------ ---------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
------------------------------ ---------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower to stop paying on a loan. Code indicates the reason
why the loan is in default for this cycle.
------------------------------ ---------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage Insurance Company.
------------------------------ ---------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed
------------------------------ ---------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment
------------------------------ ---------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim
------------------------------ ---------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company
------------------------------ ---------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company
------------------------------ ---------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool Insurer
------------------------------ ---------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company
------------------------------ ---------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD
------------------------------ ---------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed
------------------------------ ---------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment
------------------------------ ---------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim
------------------------------ ---------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD
------------------------------ ---------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed
------------------------------ ---------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment
------------------------------ ---------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim
------------------------------ ---------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin
------------------------------ ---------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment
------------------------------ ---------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim
------------------------------ ---------------------------------------------------------------------------------------------------
------------------------------ ------------------ --------------------------
PROP_INSPECTION_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
APPRAISAL_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
CURR_PROP_VAL 2
------------------------------ ------------------ --------------------------
REPAIRED_PROP_VAL 2
------------------------------ ------------------ --------------------------
If applicable:
------------------------------ ------------------ --------------------------
DELINQ_STATUS_CODE
------------------------------ ------------------ --------------------------
DELINQ_REASON_CODE
------------------------------ ------------------ --------------------------
MI_CLAIM_FILED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
MI_CLAIM_AMT No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
MI_CLAIM_PAID_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
MI_CLAIM_AMT_PAID 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
POOL_CLAIM_FILED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
POOL_CLAIM_AMT 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
POOL_CLAIM_PAID_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
POOL_CLAIM_AMT_PAID 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
FHA_PART_A_CLAIM_FILED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FHA_PART_A_CLAIM_AMT 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
FHA_PART_A_CLAIM_PAID_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FHA_PART_A_CLAIM_PAID_AMT 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
FHA_PART_B_CLAIM_FILED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FHA_PART_B_CLAIM_AMT 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
FHA_PART_B_CLAIM_PAID_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
FHA_PART_B_CLAIM_PAID_AMT 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
VA_CLAIM_FILED_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
VA_CLAIM_PAID_DATE MM/DD/YYYY
------------------------------ ------------------ --------------------------
VA_CLAIM_PAID_AMT 2 No commas(,) or dollar
signs ($)
------------------------------ ------------------ --------------------------
Exhibit IIB: Standard File Codes - Delinquency Reporting
The Loss Mit Type field should show the approved Loss Mitigation Code as
follows:
o ASUM- Approved Assumption
o BAP- Borrower Assistance Program
o CO- Charge Off
o DIL- Deed-in-Lieu
o FFA- Formal Forbearance Agreement
o MOD- Loan Modification
o PRE- Pre-Sale
o SS- Short Sale
o MISC- Anything else approved by the PMI or Pool Insurer
NOTE: Xxxxx Fargo Bank will accept alternative Loss Mitigation Types to those
above, provided that they are consistent with industry standards. If Loss
Mitigation Types other than those above are used, the Servicer must supply
Xxxxx Fargo Bank with a description of each of the Loss Mitigation Types prior
to sending the file.
The Occupant Code field should show the current status of the property code as
follows:
o Mortgagor
o Tenant
o Unknown
o Vacant
The Property Condition field should show the last reported condition of the
property as follows:
o Damaged
o Excellent
o Fair
o Gone
o Good
o Poor
o Special Hazard
o Unknown
The FNMA Delinquent Reason Code field should show the Reason for Delinquency
as follows:
--------------- --------------------------------------------
Delinquency Delinquency Description
Code
--------------- --------------------------------------------
001 FNMA-Death of principal mortgagor
--------------- --------------------------------------------
002 FNMA-Illness of principal mortgagor
--------------- --------------------------------------------
003 FNMA-Illness of mortgagor's family member
--------------- --------------------------------------------
004 FNMA-Death of mortgagor's family member
--------------- --------------------------------------------
005 FNMA-Marital difficulties
--------------- --------------------------------------------
006 FNMA-Curtailment of income
--------------- --------------------------------------------
007 FNMA-Excessive Obligation
--------------- --------------------------------------------
008 FNMA-Abandonment of property
--------------- --------------------------------------------
009 FNMA-Distant employee transfer
--------------- --------------------------------------------
--------------- --------------------------------------------
011 FNMA-Property problem
--------------- --------------------------------------------
012 FNMA-Inability to sell property
--------------- --------------------------------------------
013 FNMA-Inability to rent property
--------------- --------------------------------------------
014 FNMA-Military Service
--------------- --------------------------------------------
015 FNMA-Other
--------------- --------------------------------------------
016 FNMA-Unemployment
--------------- --------------------------------------------
017 FNMA-Business failure
--------------- --------------------------------------------
019 FNMA-Casualty loss
--------------- --------------------------------------------
022 FNMA-Energy environment costs
--------------- --------------------------------------------
023 FNMA-Servicing problems
--------------- --------------------------------------------
026 FNMA-Payment adjustment
--------------- --------------------------------------------
027 FNMA-Payment dispute
--------------- --------------------------------------------
029 FNMA-Transfer of ownership pending
--------------- --------------------------------------------
030 FNMA-Fraud
--------------- --------------------------------------------
031 FNMA-Unable to contact borrower
--------------- --------------------------------------------
INC FNMA-Incarceration
--------------- --------------------------------------------
The FNMA Delinquent Status Code field should show the Status of Default as
follows:
---------------- ------------------------------------------
Status Code Status Description
---------------- ------------------------------------------
09 Forbearance
---------------- ------------------------------------------
17 Pre-foreclosure Sale Closing Plan Accepted
---------------- ------------------------------------------
24 Government Seizure
---------------- ------------------------------------------
26 Refinance
---------------- ------------------------------------------
27 Assumption
---------------- ------------------------------------------
28 Modification
---------------- ------------------------------------------
29 Charge-Off
---------------- ------------------------------------------
30 Third Party Sale
---------------- ------------------------------------------
31 Probate
---------------- ------------------------------------------
32 Military Indulgence
---------------- ------------------------------------------
43 Foreclosure Started
---------------- ------------------------------------------
44 Deed-in-Lieu Started
---------------- ------------------------------------------
49 Assignment Completed
---------------- ------------------------------------------
61 Second Lien Considerations
---------------- ------------------------------------------
62 Veteran's Affairs-No Bid
---------------- ------------------------------------------
63 Veteran's Affairs-Refund
---------------- ------------------------------------------
64 Veteran's Affairs-Buydown
---------------- ------------------------------------------
65 Chapter 7 Bankruptcy
---------------- ------------------------------------------
66 Chapter 11 Bankruptcy
---------------- ------------------------------------------
67 Chapter 13 Bankruptcy
---------------- ------------------------------------------
Exhibit IIC: Standard File Layout - Master Servicing
------------------------------- ------------------------------------------------------------------------------------- ------------
Column Name Description Decimal
------------------------------- ------------------------------------------------------------------------------------- ------------
SER_INVESTOR_NBR A value assigned by the Servicer to define a group of loans.
------------------------------- ------------------------------------------------------------------------------------- ------------
LOAN_NBR A unique identifier assigned to each loan by the investor.
------------------------------- ------------------------------------------------------------------------------------- ------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This may be different than the
LOAN_NBR.
------------------------------- ------------------------------------------------------------------------------------- ------------
BORROWER_NAME The borrower name as received in the file. It is not separated by first and last
name.
------------------------------- ------------------------------------------------------------------------------------- ------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled interest payment that a borrower is 2
expected to pay, P&I constant.
------------------------------- ------------------------------------------------------------------------------------- ------------
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4
------------------------------- ------------------------------------------------------------------------------------- ------------
NET_INT_RATE The loan gross interest rate less the service fee rate as reported by the Servicer. 4
------------------------------- ------------------------------------------------------------------------------------- ------------
SERV_FEE_RATE The servicer's fee rate for a loan as reported by the Servicer. 4
------------------------------- ------------------------------------------------------------------------------------- ------------
SERV_FEE_AMT The servicer's fee amount for a loan as reported by the Servicer. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
NEW_PAY_AMT The new loan payment amount as reported by the Servicer. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4
------------------------------- ------------------------------------------------------------------------------------- ------------
ARM_INDEX_RATE The index the Servicer is using to calculate a forecasted rate. 4
------------------------------- ------------------------------------------------------------------------------------- ------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the beginning of the processing cycle. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
ACTL_END_PRIN_BAL The borrower's actual principal balance at the end of the processing cycle. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that the borrower's next payment is due to
the Servicer, as reported by Servicer.
------------------------------- ------------------------------------------------------------------------------------- ------------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
SERV_CURT_DATE_1 The curtailment date associated with the first curtailment amount.
------------------------------- ------------------------------------------------------------------------------------- ------------
CURT_ADJ_ AMT_1 The curtailment interest on the first curtailment amount, if applicable. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
Exhibit IIC: Standard File Layout - Master Servicing
------------------------------- ------------------------------------------------------------------------ --------------
Column Name Format Comment Max Size
------------------------------- ------------------------------------------------------------------------ --------------
SER_INVESTOR_NBR Text up to 10 digits 20
------------------------------- ------------------------------------------------------------------------ --------------
LOAN_NBR Text up to 10 digits 10
------------------------------- ------------------------------------------------------------------------ --------------
SERVICER_LOAN_NBR Text up to 10 digits 10
------------------------------- ------------------------------------------------------------------------ --------------
BORROWER_NAME Maximum length of 30 (Last, First) 30
------------------------------- ------------------------------------------------------------------------ --------------
SCHED_PAY_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
NOTE_INT_RATE Max length of 6 6
------------------------------- ------------------------------------------------------------------------ --------------
NET_INT_RATE Max length of 6 6
------------------------------- ------------------------------------------------------------------------ --------------
SERV_FEE_RATE Max length of 6 6
------------------------------- ------------------------------------------------------------------------ --------------
SERV_FEE_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
NEW_PAY_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
NEW_LOAN_RATE Max length of 6 6
------------------------------- ------------------------------------------------------------------------ --------------
ARM_INDEX_RATE Max length of 6 6
------------------------------- ------------------------------------------------------------------------ --------------
ACTL_BEG_PRIN_BAL No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
ACTL_END_PRIN_BAL No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
BORR_NEXT_PAY_DUE_DATE MM/DD/YYYY 10
------------------------------- ------------------------------------------------------------------------ --------------
SERV_CURT_AMT_1 No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SERV_CURT_DATE_1 MM/DD/YYYY 10
------------------------------- ------------------------------------------------------------------------ --------------
CURT_ADJ_ AMT_1 No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SERV_CURT_AMT_2 No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SERV_CURT_DATE_2 The curtailment date associated with the second curtailment amount.
------------------------------- ------------------------------------------------------------------------------------- ------------
CURT_ADJ_ AMT_2 The curtailment interest on the second curtailment amount, if applicable. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
SERV_CURT_DATE_3 The curtailment date associated with the third curtailment amount.
------------------------------- ------------------------------------------------------------------------------------- ------------
CURT_ADJ_AMT_3 The curtailment interest on the third curtailment amount, if applicable. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
PIF_AMT The loan "paid in full" amount as reported by the Servicer. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
PIF_DATE The paid in full date as reported by the Servicer.
------------------------------- ------------------------------------------------------------------------------------- ------------
ACTION_CODE The standard FNMA numeric code used to indicate the default/delinquent status of a
particular loan.
------------------------------- ------------------------------------------------------------------------------------- ------------
INT_ADJ_AMT The amount of the interest adjustment as reported by the Servicer. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if applicable. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if applicable. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at the beginning of the cycle date 2
to be passed through to investors.
------------------------------- ------------------------------------------------------------------------------------- ------------
SCHED_END_PRIN_BAL The scheduled principal balance due to investors at the end of a processing cycle. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
SCHED_PRIN_AMT The scheduled principal amount as reported by the Servicer for the current cycle -- 2
only applicable for Scheduled/Scheduled Loans.
------------------------------- ------------------------------------------------------------------------------------- ------------
SCHED_NET_INT The scheduled gross interest amount less the service fee amount for the current 2
cycle as reported by the Servicer -- only applicable for Scheduled/Scheduled Loans.
------------------------------- ------------------------------------------------------------------------------------- ------------
ACTL_PRIN_AMT The actual principal amount collected by the Servicer for the current reporting 2
cycle -- only applicable for Actual/Actual Loans.
------------------------------- ------------------------------------------------------------------------------------- ------------
ACTL_NET_INT The actual gross interest amount less the service fee amount for the current 2
reporting cycle as reported by the Servicer -- only applicable for Actual/Actual
Loans.
------------------------------- ------------------------------------------------------------------------------------- ------------
PREPAY_PENALTY_ AMT The penalty amount received when a borrower prepays on his loan as reported by the 2
Servicer.
------------------------------- ------------------------------------------------------------------------------------- ------------
SERV_CURT_DATE_2 MM/DD/YYYY 10
------------------------------- ------------------------------------------------------------------------ --------------
CURT_ADJ_ AMT_2 No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SERV_CURT_AMT_3 No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SERV_CURT_DATE_3 MM/DD/YYYY 10
------------------------------- ------------------------------------------------------------------------ --------------
CURT_ADJ_AMT_3 No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
PIF_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
PIF_DATE MM/DD/YYYY 10
------------------------------- ------------------------------------------------------------------------ --------------
Action Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 2
63=Substitution, 65=Repurchase,70=REO
ACTION_CODE
------------------------------- ------------------------------------------------------------------------ --------------
INT_ADJ_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SOLDIER_SAILOR_ADJ_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
NON_ADV_LOAN_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
LOAN_LOSS_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SCHED_BEG_PRIN_BAL No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SCHED_END_PRIN_BAL No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SCHED_PRIN_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
SCHED_NET_INT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
ACTL_PRIN_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
ACTL_NET_INT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
PREPAY_PENALTY_ AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan waived by the servicer. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
------------------------------- ------------------------------------------------------------------------------------- ------------
MOD_DATE The Effective Payment Date of the Modification for the loan.
------------------------------- ------------------------------------------------------------------------------------- ------------
MOD_TYPE The Modification Type.
------------------------------- ------------------------------------------------------------------------------------- ------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest advances made by Servicer. 2
------------------------------- ------------------------------------------------------------------------------------- ------------
PREPAY_PENALTY_ WAIVED No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
------------------------------- ------------------------------------------------------------------------ --------------
MOD_DATE MM/DD/YYYY 10
------------------------------- ------------------------------------------------------------------------ --------------
MOD_TYPE Varchar - value can be alpha or numeric 30
------------------------------- ------------------------------------------------------------------------ --------------
DELINQ_P&I_ADVANCE_AMT No commas(,) or dollar signs ($) 11
------------------------------- ------------------------------------------------------------------------ --------------
Exhibit IID : Calculation of Realized Loss/Gain Form 332- Instruction Sheet
NOTE: Do not net or combine items. Show all expenses individually and
all credits as separate line items. Claim packages are due on the
remittance report date. Late submissions may result in claims not being
passed until the following month. The Servicer is responsible to remit
all funds pending loss approval and /or resolution of any disputed
items.
(dd)
(ee) The numbers on the 332 form correspond with the numbers
listed below.
Liquidation and Acquisition Expenses:
-------------------------------------
1. The Actual Unpaid Principal Balance of the Mortgage Loan.
For documentation, an Amortization Schedule from date of
default through liquidation breaking out the net interest
and servicing fees advanced is required.
2. The Total Interest Due less the aggregate amount of
servicing fee that would have been earned if all delinquent
payments had been made as agreed. For documentation, an
Amortization Schedule from date of default through
liquidation breaking out the net interest and servicing fees
advanced is required.
3. Accrued Servicing Fees based upon the Scheduled Principal
Balance of the Mortgage Loan as calculated on a monthly
basis. For documentation, an Amortization Schedule from date
of default through liquidation breaking out the net interest
and servicing fees advanced is required.
4-12. Complete as applicable. Required documentation:
* For taxes and insurance advances - see page 2 of 332 form
- breakdown required showing period of coverage, base tax,
interest, penalty. Advances prior to default require
evidence of servicer efforts to recover advances.
* For escrow advances - complete payment history (to
calculate advances from last positive escrow balance
forward)
* Other expenses - copies of corporate advance history
showing all payments
* REO repairs > $1500 require explanation * REO repairs
>$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the
decision and WFB's approved Officer Certificate
* Unusual or extraordinary items may require further
documentation. 13. The total of lines 1 through 12.
(ff) Credits:
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale,
bid instructions and Escrow Agent / Attorney Letter of
Proceeds Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332
form
22. The total of lines 14 through 21.
Please Note: For HUD/VA loans, use line (18a) for Part A/Initial
proceeds and line (18b) for Part B/Supplemental
proceeds.
Total Realized Loss (or Amount of Any Gain)
-------------------------------------------
23. The total derived from subtracting line 22 from 13. If the
amount represents a realized gain, show the amount in
parenthesis ( ).
Exhibit IIE: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
-------------------- ------------------------- ------------------------------
|Servicer Loan No. | | Servicer Name | | Servicer Address |
| | | | | |
-------------------- ------------------------- ------------------------------
XXXXX FARGO BANK, NATIONAL ASSOCIATION Loan No.______________________
Borrower's Name: _________________________________________________________
Property Address: ________________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cramdown amount __________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage Loan $______________ (1)
(2) Interest accrued at Net Rate ______________ (2)
(3) Accrued Servicing Fees ______________ (3)
(4) Attorney's Fees ______________ (4)
(5) Taxes (see page 2) ______________ (5)
(6) Property Maintenance ______________ (6)
(7) MI/Hazard Insurance Premiums (see page 2) ______________ (7)
(8) Utility Expenses ______________ (8)
(9) Appraisal/BPO ______________ (9)
(10) Property Inspections ______________ (10)
(11) FC Costs/Other Legal Expenses ______________ (11)
(12) Other (itemize) ______________ (12)
Cash for Keys__________________________ ______________ (12)
HOA/Condo Fees_______________________ ______________ (12)
______________________________________ ______________ (12)
Total Expenses $ _____________ (13)
Credits:
(14) Escrow Balance $ _____________ (14)
(15) HIP Refund ______________ (15)
(16) Rental Receipts ______________ (16)
(17) Hazard Loss Proceeds ______________ (17)
(18) Primary Mortgage Insurance / Gov't Insurance ______________ (18a)
HUD Part A
______________ (18b)
HUD Part B
(19) Pool Insurance Proceeds ______________ (19)
(20) Proceeds from Sale of Acquired Property ______________ (20)
(21) Other (itemize) ______________ (21)
_________________________________________ ______________ (21)
Total Credits $______________ (22)
Total Realized Loss (or Amount of Gain) $______________ (23)
Escrow Disbursement Detail
----------- ----------- ----------- ----------- ----------- ----------- -----------
Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
EXHIBIT III
FORM OF ANNUAL CERTIFICATION
Re: The [ ] agreement dated as of [ ], 200[ ] (the "Agreement"), among
[IDENTIFY PARTIES]
I, ________________________________, the _____________________ of Wachovia
Mortgage Corporation, certify to [the Purchaser], [the Depositor], and the
[Master Servicer] [Securities Administrator] [Trustee], and their officers,
with the knowledge and intent that they will rely upon this certification,
that:
(1) I have reviewed the servicer compliance statement of the Company
provided in accordance with Item 1123 of Regulation AB (the "Compliance
Statement"), the report on assessment of the Company's compliance with the
servicing criteria set forth in Item 1122(d) of Regulation AB and identified
as the responsibility of the Company on Exhibit B to the Regulation AB
Compliance Addendum to the Agreement (the "Servicing Criteria"), provided in
accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
as amended (the "Exchange Act") and Item 1122 of Regulation AB (the "Servicing
Assessment"), the registered public accounting firm's attestation report
provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and
Section 1122(b) of Regulation AB (the "Attestation Report"), and all servicing
reports, officer's certificates and other information relating to the
servicing of the Mortgage Loans by the Company during 200[ ] that were
delivered by the Company to the [Depositor] [Master Servicer] [Securities
Administrator] [Trustee] pursuant to the Agreement (collectively, the "Company
Servicing Information");
(2) Based on my knowledge, the Company Servicing Information, taken as a
whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in the light of
the circumstances under which such statements were made, not misleading with
respect to the period of time covered by the Company Servicing Information;
(3) Based on my knowledge, all of the Company Servicing Information
required to be provided by the Company under the Agreement has been provided
to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee];
(4) I am responsible for reviewing the activities performed by the Company
as servicer under the Agreement, and based on my knowledge and the compliance
review conducted in preparing the Compliance Statement and except as disclosed
in the Compliance Statement, the Servicing Assessment or the Attestation
Report, the Company has fulfilled its obligations under the Agreement in all
material respects; and
(5) The Compliance Statement required to be delivered by the Company
pursuant to the Agreement, and the Servicing Assessment and Attestation Report
required to be provided by the Company and by any Subservicer and
Subcontractor pursuant to the Agreement, have been provided to the [Depositor]
[Master Servicer]. Any material instances of noncompliance described in such
reports have been disclosed to the [Depositor] [Master Servicer]. Any material
instance of noncompliance with the Servicing Criteria has been disclosed in
such reports.
Date:_____________________________
By: _____________________________
Name:
Title:
EXHIBIT IV
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by [the Company] [Name of
Subservicer] shall address, at a minimum, the criteria identified as below as
"Applicable Servicing Criteria";
-------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-------------------------------------------------------------------------------------------------
Reference Criteria
-------------------------------------------------------------------------------------------------
General Servicing Considerations
-------------------------------------------------------------------------------------------------
1122(d)(1)(i) Policies and procedures are instituted to monitor any X
performance or other triggers and events of default in
accordance with the transaction agreements.
-------------------------------------------------------------------------------------------------
1122(d)(1)(ii) If any material servicing activities are outsourced to X
third parties, policies and procedures are instituted to
monitor the third party's performance and compliance with
such servicing activities.
-------------------------------------------------------------------------------------------------
1122(d)(1)(iii) Any requirements in the transaction agreements to maintain
a back-up servicer for the mortgage loans are maintained.
-------------------------------------------------------------------------------------------------
1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in X
effect on the party participating in the servicing function
throughout the reporting period in the amount of coverage
required by and otherwise in accordance with the terms of
the transaction agreements.
-------------------------------------------------------------------------------------------------
Cash Collection and Administration
-------------------------------------------------------------------------------------------------
1122(d)(2)(i) Payments on mortgage loans are deposited into the X
appropriate custodial bank accounts and related bank
clearing accounts no more than two business days following
receipt, or such other number of days specified in the
transaction agreements.
-------------------------------------------------------------------------------------------------
1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an X
obligor or to an investor are made only by authorized
personnel.
-------------------------------------------------------------------------------------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash X
flows or distributions, and any interest or other fees
charged for such advances, are made, reviewed and approved
as specified in the transaction agreements.
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-------------------------------------------------------------------------------------------------
Reference Criteria
-------------------------------------------------------------------------------------------------
1122(d)(2)(iv) The related accounts for the transaction, such as cash
reserve accounts or accounts established as a form of
overcollateralization, are separately maintained (e.g.,
with respect to commingling of cash) as set forth in the
transaction agreements. X
-------------------------------------------------------------------------------------------------
1122(d)(2)(v) Each custodial account is maintained at a federally insured X
depository institution as set forth in the transaction
agreements. For purposes of this criterion, "federally
insured depository institution" with respect to a foreign
financial institution means a foreign financial institution
that meets the requirements of Rule 13k-1 (b)(1) of the
Securities Exchange Act.
-------------------------------------------------------------------------------------------------
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent X
unauthorized access.
-------------------------------------------------------------------------------------------------
1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all X
asset-backed securities related bank accounts, including
custodial accounts and related bank clearing accounts.
These reconciliations are (A) mathematically accurate; (B)
prepared within 30 calendar days after the bank statement
cutoff date, or such other number of days specified in the
transaction
agreements; (C) reviewed and approved by someone other than
the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling
items are resolved within 90 calendar days of their
original identification, or such other number of
days specified in the transaction agreements.
-------------------------------------------------------------------------------------------------
Investor Remittances and Reporting
-------------------------------------------------------------------------------------------------
1122(d)(3)(i) Reports to investors, including those to be filed with the X
Commission, are maintained in accordance with the
transaction agreements and applicable Commission
requirements. Specifically, such reports (A) are prepared
in accordance with timeframes and other terms
set forth in the transaction agreements; (B) provide
information calculated in accordance with the terms
specified in the transaction agreements; (C) are filed with
the Commission as required by its rules and regulations;
and (D) agree with investors' or the trustee's records as
to the total unpaid principal balance and number of
mortgage loans serviced by the Servicer.
-------------------------------------------------------------------------------------------------
1122(d)(3)(ii) Amounts due to investors are allocated and remitted in X
accordance with timeframes, distribution priority and other
terms set forth in the transaction agreements.
-------------------------------------------------------------------------------------------------
1122(d)(3)(iii) Disbursements made to an investor are posted within two
business days to the Servicer's investor records, or such
other number of days specified in the transaction
agreements. X
-------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-------------------------------------------------------------------------------------------------
Reference Criteria
-------------------------------------------------------------------------------------------------
1122(d)(3)(iv) Amounts remitted to investors per the investor reports
agree with cancelled checks, or other form of payment, or
custodial bank statements. X
-------------------------------------------------------------------------------------------------
Pool Asset Administration
-------------------------------------------------------------------------------------------------
1122(d)(4)(i) Collateral or security on mortgage loans is maintained as X
required by the transaction agreements or related mortgage
loan documents.
-------------------------------------------------------------------------------------------------
1122(d)(4)(ii) Mortgage loan and related documents are safeguarded as
required by the transaction agreements X
-------------------------------------------------------------------------------------------------
1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool X
are made, reviewed and approved in accordance with any
conditions or requirements in the transaction agreements.
-------------------------------------------------------------------------------------------------
1122(d)(4)(iv) Payments on mortgage loans, including any payoffs, made in X
accordance with the related mortgage loan documents are
posted to the Servicer's obligor records maintained no more
than two business days after receipt, or such other number
of days specified in the transaction agreements, and
allocated to principal, interest or other items (e.g.,
escrow) in
accordance with the related mortgage loan documents.
-------------------------------------------------------------------------------------------------
1122(d)(4)(v) The Servicer's records regarding the mortgage loans agree X
with the Servicer's records with respect to an obligor's
unpaid principal balance.
-------------------------------------------------------------------------------------------------
1122(d)(4)(vi) Changes with respect to the terms or status of an obligor's X
mortgage loans (e.g., loan modifications or re-agings) are
made, reviewed and approved by authorized personnel in
accordance with the transaction agreements and related pool
asset documents.
-------------------------------------------------------------------------------------------------
1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance X
plans, modifications and deeds in lieu of foreclosure,
foreclosures and repossessions, as applicable) are
initiated, conducted and
concluded in accordance with the timeframes or other
requirements established by the transaction agreements.
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-------------------------------------------------------------------------------------------------
Reference Criteria
-------------------------------------------------------------------------------------------------
1122(d)(4)(viii) Records documenting collection efforts are maintained X
during the period a mortgage loan is delinquent in
accordance with the transaction agreements. Such records
are maintained on at least a monthly basis, or such other
period specified in the transaction agreements, and
describe the entity's activities in monitoring delinquent
mortgage loans including, for example, phone calls, letters
and payment rescheduling plans in cases where delinquency
is deemed temporary (e.g., illness or unemployment).
-------------------------------------------------------------------------------------------------
1122( d)(4)(ix) Adjustments to interest rates or rates of return for X
mortgage loans with variable rates are computed based on
the related mortgage loan documents.
-------------------------------------------------------------------------------------------------
1122( d)(4)(x) Regarding any funds held in trust for an obligor (such as X
escrow accounts): (A) such funds are analyzed, in
accordance with the obligor's mortgage loan documents, on
at least an annual basis, or such other period specified in
the transaction agreements; (B) interest on
such funds is paid, or credited, to obligors in accordance
with applicable mortgage loan documents and state laws; and
(C) such funds are returned to the obligor within 30
calendar days of full repayment of the related mortgage
loans, or such other number of days specified
in the transaction agreements.
-------------------------------------------------------------------------------------------------
1122( d)(4)(xi) Payments made on behalf of an obligor (such as tax or X
insurance payments) are made on or before the related
penalty or expiration dates, as indicated on the
appropriate bills or notices for such payments, provided
that such support has been received by the servicer at
least 30
calendar days prior to these dates, or such other number of
days specified in the transaction agreements.
-------------------------------------------------------------------------------------------------
1122(d)(4)(xii) Any late payment penalties in connection with any payment X
to be made on behalf of an obligor are paid from the
servicer's funds and not charged to the obligor, unless the
late payment was due to the obligor's error or omission.
-------------------------------------------------------------------------------------------------
1122(d)(4)(xiii) Disbursements made on behalf of an obligor are posted X
within two business days to the obligor's records
maintained by the servicer, or such other number of days
specified in the transaction agreements.
-------------------------------------------------------------------------------------------------
1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible accounts are X
recognized and recorded in accordance with the transaction
agreements.
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-------------------------------------------------------------------------------------------------
Reference Criteria
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
1122(d)(4)(xv) Any external enhancement or other support, identified in
Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
is maintained as set forth in the transaction agreements.
-------------------------------------------------------------------------------------------------
[INDYMAC BANK, F.S.B.]
[NAME OF SUBSERVICER]
Date:_____________________________
By: _____________________________
Name:
Title:
EXHIBIT V
Additional Disclosure Notification
Xxxxx Fargo Bank, N.A. as [Securities Administrator and Master Servicer]
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
E-mail: xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx
Attn: Corporate Trust Services - MSM 2007-2AX - SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section [34.03(d)][34.03(e)][34.03(g)] of the Sale
and Servicing Agreement, dated as of December 1, 2005, as amended by the
Assignment, Assumption and Recognition Agreement dated as of [date], among
Xxxxxx Xxxxxxx Capital I Inc., as Depositor, IndyMac Bank, F.S.B., Xxxxx Fargo
Bank, National Association, as Master Servicer, and LaSalle Bank National
Association as Trustee. The Undersigned hereby notifies you that certain
events have come to our attention that [will][may] need to be disclosed on
Form [ ].
Description of Additional Form [ ] Disclosure:
List of Any Attachments hereto to be included in the Additional Form [ ]
Disclosure:
Any inquiries related to this notification should be directed to [ ],
phone number: [ ]; email address: [ ].
[NAME OF PARTY]
as [role]
By: __________________
Name:
Title:
