AMENDMENT NO. 3 Dated as of June 1, 2005 to POOLING AND SERVICING AGREEMENT Dated as of August 1, 2003 among CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., Depositor, DLJ MORTGAGE CAPITAL, INC., Seller, OCWEN FEDERAL BANK FSB, Servicer THE...
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AMENDMENT NO. 3
Dated as of June 1, 2005
to
POOLING AND SERVICING AGREEMENT
Dated as of August 1, 2003
among
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
Depositor,
DLJ MORTGAGE CAPITAL, INC.,
Seller,
OCWEN FEDERAL BANK FSB,
Servicer
THE MURRAYHILL COMPANY,
Credit Risk Manager
U.S. BANK NATIONAL ASSOCIATION,
Trustee
and
XXXXX FARGO BANK, N.A.,
Back-Up Servicer
Home Equity Asset Trust 2003-5
HOME EQUITY PASS-THROUGH CERTIFICATES, SERIES 2003-5
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THIS AMENDMENT NO. 3, dated as of June 1, 2005 (the “Amendment”), to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of August 1, 2003, among CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., a Delaware corporation, as depositor (the “Depositor”), DLJ MORTGAGE CAPITAL, INC., a Delaware corporation, as seller (in such capacity, the “Seller”), OCWEN FEDERAL BANK FSB, a federally chartered savings bank, as servicer (in such capacity, the “Servicer”), THE MURRAYHILL COMPANY, a Colorado corporation, as credit risk manager (the “Credit Risk Manager”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”), and XXXXX FARGO BANK, N.A., a national banking association, as back-up servicer (the “Back-Up Servicer”), consented to by FINANCIAL SECURITY ASSURANCE INC., a New York stock insurance company, as certificate insurer (the “Certificate Insurer”) as amended by that certain Amendment No. 1, dated as of October 1, 2003, and that certain Amendment No. 2, dated as of September 13, 2004.
W I T N E S S E T H
WHEREAS, the Seller, the Servicer, the Depositor, the Credit Risk Manager, the Back-Up Servicer, and the Trustee entered into the Pooling and Servicing Agreement;
WHEREAS, Section 10.01(a)(vi) of the Pooling and Servicing Agreement permits amendments to the Pooling and Servicing Agreement to modify, alter, amend, add to or rescind any of the terms or provisions contained in the Pooling and Servicing Agreement, provided that the Rating Agencies confirm that the Amendment will not result in the downgrading or withdrawal of the respective ratings then assigned to the Certificates;
WHEREAS, the Depositor has received a letter from each Rating Agency, copies of which are attached hereto as Exhibit A, stating that the Amendment will not result in a downgrading or withdrawal of the respective ratings then assigned to the Certificates;
NOW, THEREFORE, the parties hereto hereby agree as follows:
I.
Defined Terms.
For purposes of this Amendment, unless the context clearly requires otherwise, all capitalized terms which are used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Pooling and Servicing Agreement.
II.
Amendments to Article VII.
The third paragraph of Section 7.01 is hereby amended as follows:
(i)
The words “or set forth in clause (iv) above” in the first sentence is hereby deleted; and
(ii)
The words “or an Event of Default set forth in clause (iv) occurs” in the second sentence is hereby deleted.
III.
Binding Effect.
The provisions of this Amendment shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Seller, Servicer, the Back-Up Servicer, Credit Risk Manager, Depositor and Trustee.
IV.
Effective Date.
The provisions of this Amendment and the changes to the Pooling and Servicing Agreement provided for herein shall be effective as of June 1, 2005.
V.
Governing Law.
This Amendment shall be construed in accordance with the substantive laws of the State of New York (without regard to conflict of law principles) and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such laws.
VI.
Severability of Provisions.
If any one or more of the provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such provisions or terms shall be deemed severable from the remaining provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions or terms of this Amendment.
VII.
Section Headings.
The section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.
VIII.
Counterparts.
This Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
[signature pages follow]
IN WITNESS WHEREOF, the Depositor, the Trustee, the Seller, the Servicer, the Back-Up Servicer and the Credit Risk Manager have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
as Depositor
By: /s/ Xxxxx X. Xxxx
Name: Xxxxx X. Xxxx
Title: Vice President
DLJ MORTGAGE CAPITAL, INC.,
as Seller
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Vice President
OCWEN FEDERAL BANK FSB,
as a Servicer
By: /s/ Xxxxxxx Xxxxxxx
Name: Xxxxxxx Xxxxxxx
Title: Vice President
THE MURRAYHILL COMPANY,
as Credit Risk Manager
By: /s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title: President
[signature page continues on following page]
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Assistant Vice President
XXXXX FARGO BANK, N.A.,
as Back-Up Servicer
By: /s/ Xxxxx X. XxxXxxxxx
Name: Xxxxx X. XxxXxxxxx
Title: Vice President
Consented to:
FINANCIAL SECURITY ASSURANCE INC.,
as Certificate Insurer
By: /s/ Xxxxxx X. Xxxxxxxx
Name: Xxxxxx X. Xxxxxxxx
Title: Director
Exhibit A
[Rating Confirmations from Rating Agencies]
[ON FILE]
