EXECUTION COPY
RESIDENTIAL ACCREDIT LOANS, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
DEUTSCHE BANK TRUST COMPANY AMERICAS,
Trustee
AMENDMENT NO. 1
Dated as of September 12, 2003
Amending the
SERIES SUPPLEMENT,
dated as of August 1, 2003,
TO
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
dated as of March 1, 2003
Mortgage Asset-Backed Pass-Through Certificates
Series 2003-QS15
AMENDMENT NO. 1 ("Amendment"), dated as of the 12th day of September, 2003,
to the Agreement (defined below). Capitalized terms used herein shall have the
meanings given thereto in the Agreement.
WHEREAS, RESIDENTIAL ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
trustee (together with its permitted successors and assigns, the "Trustee")
entered into a Series Supplement, dated as of August 1, 2003 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 (the "Standard Terms" and, together with this Series
Supplement, the "Pooling and Servicing Agreement" or "Agreement"), providing for
the issuance of Mortgage Asset-Backed Pass-Through Certificates, Series
2003-QS15; and
WHEREAS, Section 11.01(a)(ii) of the Agreement permits the amendment of
the Agreement by the Company, the Master Servicer and the Trustee for the
purpose of correcting any error; and
WHEREAS, the Company, the Master Servicer and the Trustee wish to amend
the Agreement on the terms and conditions set forth herein to correct an error
in the Agreement; and
WHEREAS, the execution of this Amendment No.1 has been duly authorized
by the Company, the Master Servicer and the Trustee; and
NOW THEREFORE, the Company, the Master Servicer and the Trustee hereby
agree as follows:
Section 1.
Section 1.01 is hereby amended as follows:
The definition of "Class A-4 Accretion Termination Date" shall be
replaced by the following:
The earlier to occur of (i) the Distribution Date on which the
aggregate Certificate Principal Balance of the Class A-3 Certificates
and the Class A-8 Certificates has been reduced to zero and (ii) the
Credit Support Depletion Date.
Section 4.02 is hereby amended as listed:
A. Section 4.02(a)(ii)(X)(1) shall be replaced by the following:
Class A-3, Class A-4 and the Class A-8 Certificates, in the priorities
and amounts set forth in Section 4.02(b)(ii), the Class A-4 Accrual
Distribution Amount and
B. Section 4.02(b)(ii)(A) shall be replaced by the following:
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first, an amount necessary to reduce the Certificate Principal Balance
of the Class A-3 Certificates to the Targeted Principal Balance for
that Distribution Date;
C. Section 4.02(b)(ii)(B) shall be replaced by the following:
second, an amount necessary to reduce the Certificate Principal Balance
of the Class A-8 Certificates to the Scheduled Principal Balance for
that Distribution Date; and
D. Section 4.02(b)(ii)(C) shall be added immediately after Section
4.02(b)(ii)(B) as follows:
third, any remaining amount to the Class A-4 Certificates, until the
Certificate Principal Balance of the Class A-4 Certificates has been
reduced to zero;
E. The first sentence after Section 4.02(b)(iv)(B)(10) shall be
replaced by the following:
In determining the outstanding Certificate Principal Balance of the
Class A-3, Class A-4 and Class A-8 Certificates when allocating the
Class A-7 Accrual Distribution Amount, any payment of the Class A-4
Accrual Distribution Amount shall first be taken into account.
F. The second sentence after Section 4.02(h) shall be replaced by the
following:
On the Class A-4 Accretion Termination Date, the Accrued Certificate
Interest on the Class A-4 Certificates for such date will be payable to
the holders of the Class A-3 Certificates and the Class A-8
Certificates as a distribution of principal pursuant to Section
4.02(b)(ii) until the aggregate Certificate Principal Balance of the
Class A-3 Certificates and the Class A-8 Certificates has been reduced
to zero and any such amount will be added to the Certificate Principal
Balance of the Class A-4 Certificates and then any remaining amount of
Accrued Certificate Interest will be paid to the holders of the Class
A-4 Certificates as a distribution of interest and will not be added to
the Certificate Principal Balance thereof; provided, however, if the
Class A-4 Accretion Termination Date is the Credit Support Depletion
Date, the entire amount of Accrued Certificate Interest on the Class
A-4 Certificates for such date will be payable to the holders of the
Class A-4 Certificates as a distribution of interest and will not be
added to the Certificate Principal Balance thereof.
Section 2.
This Amendment No. 1 may be executed in any number of counterparts, each of
which shall be deemed to be an original, and such counterparts shall constitute
but one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused their names to be
signed hereto by their officers thereunto duly authorized and their seal, duly
attested, to be hereunto affixed, all as of the day and year first above
written.
RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]
By://s/ Xxxxxx Xxxxxx
Title: Vice President
Attest: //s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By://s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Associate
Attest://s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Associate
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]
By://s/ Xxxxxxx Xxxxx
Name: Xxxxxxx Xxxxx
Title: Assistant Vice President
By: //s/ Xxxxxxx Xxxxxxxx
Name: Xxxxxxx Xxxxxxxx
Title: Assistant Vice President
Attest://s/ Xxxxx Xxxxxxx
Name: Xxxxx Xxxxxxx
Title: Associate
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 12th day of September, 2003 before me, a notary public
in and for said State, personally appeared Xxxxxx Xxxxxx, known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
//s/ Xxxxx X. Xxxxxxxxx
Notary Public
[Notarial Seal]
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 12th day of September, 2003 before me, a notary public
in and for said State, personally appeared Xxxxxx Xxxxxx, known to me to be an
Associate of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
//s/ Xxxxx X. Xxxxxxxxx
Notary Public
[Notarial Seal]
STATE OF CALIFORNIA
)
) ss.:
COUNTY OF ORANGE )
On the 12th day of September, 2003 before me, a notary public
in and for said State, personally appeared Xxxxxxx Xxxxx, known to me to be an
Assistant Vice President of Deutsche Bank Trust Company Americas, the New York
banking corporation that executed the within instrument, and also known to me to
be the person who executed it on behalf of said banking corporation and
acknowledged to me that such banking corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first, above written.
//s/ Xxxxx Xxxxx Xxxxxx
Notary Public
[Notarial Seal]
STATE OF CALIFORNIA
)
) ss.:
COUNTY OF ORANGE )
On the 12th day of September, 2003 before me, a notary public
in and for said State, personally appeared Xxxxxxx Xxxxxxxx, known to me to be
an Assistant Vice President of Deutsche Bank Trust Company Americas, the New
York banking corporation that executed the within instrument, and also known to
me to be the person who executed it on behalf of said banking corporation and
acknowledged to me that such banking corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first, above written.
//s/ Xxxxx Xxxxx Xxxxxx
Notary Public
[Notarial Seal]
