EXHIBIT 99.1
SUBSEQUENT TRANSFER INSTRUMENT
Pursuant to this Subsequent Transfer Instrument, dated December 16, 2004 (the
"Instrument"), among Park Place Securities, Inc. as seller (the "Depositor"),
Wachovia Bank, National Association, as trustee (the "Trustee") and Xxxxx Fargo
Bank, N.A., as trust administrator (the "Trust Administrator") of the Park Place
Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WWF1, and
pursuant to the Pooling and Servicing Agreement, dated as of November 1, 2004
(the "Pooling and Servicing Agreement"), among the Depositor as depositor, Xxxxx
Fargo Bank, N.A., as master servicer and trust administrator and the Trustee,
the Depositor and the Trustee agree to the sale by the Depositor and the
purchase by the Trustee, on behalf of the Trust Fund, of the Mortgage Loans
listed on the attached Schedule of Mortgage Loans (the "Subsequent Mortgage
Loans").
Capitalized terms used but not otherwise defined herein shall have
the meanings set forth in the Pooling and Servicing Agreement.
Section 1. Conveyance of Subsequent Mortgage Loans.
(a) The Depositor does hereby sell, transfer, assign, set over and
convey to the Trustee on behalf of the Trust Fund, without recourse, all of its
right, title and interest in and to the Subsequent Mortgage Loans, and including
all amounts due on the Subsequent Mortgage Loans after the related Subsequent
Cut-off Date, and all items with respect to the Subsequent Mortgage Loans to be
delivered pursuant to Section 2.01 of the Pooling and Servicing Agreement;
provided, however that the Depositor reserves and retains all right, title and
interest in and to amounts due on the Subsequent Mortgage Loans on or prior to
the related Subsequent Cut-off Date. The Depositor, contemporaneously with the
delivery of this Agreement, has delivered or caused to be delivered to the
Trustee each item set forth in Section 2.01 of the Pooling and Servicing
Agreement. The transfer to the Trustee by the Depositor of the Subsequent
Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is
intended by the Depositor, the Master Servicer, the Trustee and the
Certificateholders to constitute and to be treated as a sale by the Depositor to
the Trust Fund.
(b) The Depositor, concurrently with the execution and delivery
hereof, does hereby transfer, assign, set over and otherwise convey to the
Trustee without recourse for the benefit of the Certificateholders all the
right, title and interest of the Depositor, in, to and under the Subsequent
Mortgage Loan Purchase Agreement, dated the date hereof, between the Depositor
as purchaser and the Master Servicer as originator and as seller, to the extent
of the Subsequent Mortgage Loans.
(c) Additional terms of the sale are set forth on Attachment A
hereto.
Section 2. Representations and Warranties; Conditions Precedent.
(a) The Depositor hereby confirms that each of the conditions
precedent and the representations and warranties set forth in Section 2.09 of
the Pooling and Servicing Agreement are satisfied as of the date hereof.
(b) All terms and conditions of the Pooling and Servicing Agreement
are hereby ratified and confirmed; provided, however, that in the event of any
conflict, the provisions of this Instrument shall control over the conflicting
provisions of the Pooling and Servicing Agreement.
Section 3. Recordation of Instrument.
To the extent permitted by applicable law, this Instrument, or a
memorandum thereof if permitted under applicable law, is subject to recordation
in all appropriate public offices for real property records in all of the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Master
Servicer at the Certificateholders' expense on direction of the related
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.
Section 4. Governing Law.
This Instrument shall be construed in accordance with the laws of
the State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.
Section 5. Counterparts.
This Instrument may be executed in one or more counterparts and by
the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same instrument.
Section 6. Successors and Assigns.
This Instrument shall inure to the benefit of and be binding upon
the Depositor, the Trustee and their respective successors and assigns.
PARK PLACE SECURITIES, INC.
By: ________________________________
Name: ______________________________
Title: _____________________________
WACHOVIA BANK, NATIONAL ASSOCIATION,
as Trustee
By: ________________________________
Name: ______________________________
Title: _____________________________
XXXXX FARGO BANK, N.A, as Trustee
By: ________________________________
Name: ______________________________
Title: _____________________________
ATTACHMENTS
A. Additional terms of sale.
B. Schedule of Subsequent Mortgage Loans.
ATTACHMENT A
ADDITIONAL TERMS OF SALE
A. General
1. Subsequent Cut-off Date: December 1, 2004
2. Subsequent Transfer Date: December 16, 2004
3. Aggregate Principal Balance of the Subsequent Mortgage Loans
as of the Subsequent Cut-off Date: $849,999,245.67
4. Purchase Price: 100.00%
B. The following representations and warranties with respect to such
Subsequent Mortgage Loan determined as of the related Subsequent Cut-off Date
are true and correct: (i) the Subsequent Mortgage Loan may not be 30 or more
days delinquent as of the related Subsequent Cut-off Date; (ii) the remaining
term to stated maturity of the Subsequent Mortgage Loan shall not be less than
173 months and shall not exceed 360 months from its first payment date; (iii)
the Subsequent Mortgage Loan may not provide for negative amortization; (iv) the
Subsequent Mortgage Loan shall not have a Loan-to-Value Ratio greater than
100.00%; (v) the Subsequent Mortgage Loans shall have, as of the Subsequent
Cut-off Date, a weighted average term since origination not in excess of 5
months; (vi) no Subsequent Mortgage Loan shall have a Mortgage Rate less than
5.350% or greater than 12.800%; (vii) the Subsequent Mortgage Loan must have a
first payment date occurring on or before March 1, 2005; (viii) the Subsequent
Mortgage Loan shall have a Stated Principal Balance no greater than $749,560 and
(ix) the Subsequent Mortgage Loan shall have been underwritten in accordance
with the criteria set forth under the section "The Mortgage Pool--Underwriting
Standards; Representations" in the Prospectus Supplement.
C. Following the purchase of the Subsequent Group I Mortgage Loans,
the Group I Mortgage Loans (including the related Subsequent Group I Mortgage
Loans) shall, as of the related Subsequent Cut-off Date: (i) have a weighted
average original term to stated maturity of not more than 358 months from the
first payment date thereon; (ii) have a weighted average Mortgage Rate of
7.481%; (iii) have a weighted average Loan-to-Value Ratio of not more than
82.81%, (iv) have no Mortgage Loan with a Stated Principal Balance in excess of
Xxxxxx Mae and Xxxxxxx Mac loan limits, (v) consist of Mortgage Loans with
Prepayment Charges representing no less than approximately 67.27% of the Group I
Mortgage Loans, (vi) with respect to the Adjustable-Rate Mortgage Loans in Loan
Group I, have a weighted average Gross Margin of not less than 5.917%, (vii)
have a weighted average FICO score of not less than 608 and (viii) will have no
more than 14.78% of the Group I Mortgage Loans with a FICO score of less than
540, in each case, measured by aggregate Stated Principal Balance of the Group I
Mortgage Loans as of the Cut-off Date or Subsequent Cut-off Date, as applicable.
D. Following the purchase of the Subsequent Group II Mortgage Loans,
the Group II Mortgage Loans (including the related Subsequent Group II Mortgage
Loans) shall, as of the related Subsequent Cut-off Date: (i) have a weighted
average original term to stated maturity of not more than 357 months from the
first payment date thereon; (ii) have a weighted average Mortgage Rate of
7.505%; (iii) have a weighted average Loan-to-Value Ratio of not more than
82.69%, (iv) have no Mortgage Loan with a Stated Principal Balance in excess of
Xxxxxx Xxx and Xxxxxxx Mac loan limits, (v) consist of Mortgage Loans with
Prepayment Charges representing no less than approximately 71.62% of the Group
II Mortgage Loans, (vi) with respect to the Adjustable-Rate Mortgage Loans in
Loan Group II, have a weighted average Gross Margin of not less than 5.935%,
(vii) have a weighted average FICO score of not less than 606 and (viii) will
have
no more than 16.94% of the Group II Mortgage Loans with a FICO score of less
than 540, in each case, measured by aggregate Stated Principal Balance of the
Group II Mortgage Loans as of the Cut-off Date or Subsequent Cut-off Date, as
applicable.
E. Following the purchase of the Subsequent Group III Mortgage
Loans, the Group III Mortgage Loans (including the related Subsequent Group III
Mortgage Loans) shall, as of the related Subsequent Cut-off Date: (i) have a
weighted average original term to stated maturity of not more than 359 months
from the first payment date thereon; (ii) have a weighted average Mortgage Rate
of 7.099%; (iii) have a weighted average Loan-to-Value Ratio of not more than
83.48%, (iv) have no Mortgage Loan with a Stated Principal Balance in excess of
$749,560, (v) consist of Mortgage Loans with Prepayment Charges representing no
less than approximately 74.24% of the Group III Mortgage Loans, (vi) with
respect to the Adjustable-Rate Mortgage Loans in Loan Group III, have a weighted
average Gross Margin of not less than 5.920%, (vii) have a weighted average FICO
score of not less than 618 and (viii) will have no more than 10.24% of the Group
III Mortgage Loans with a FICO score of less than 540, in each case, measured by
aggregate Stated Principal Balance of the Group III Mortgage Loans as of the
Cut-off Date or Subsequent Cut-off Date, as applicable.
ATTACHMENT B
SCHEDULE OF SUBSEQUENT MORTGAGE LOANS
[Filed by Paper]
