STRUCTURED ASSET
MORTGAGE INVESTMENTS II INC.,
Depositor
and
U.S. BANK NATIONAL ASSOCIATION,
Trustee
POOLING AGREEMENT
Dated as of August 30, 2005
$389,603,555
STRUCTURED ASSET MORTGAGE INVESTMENTS II TRUST 2005-F1
Pass-Through Certificates
Series 2005-F1
TABLE OF CONTENTS
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Section 1.01
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Defined Terms
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1
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ARTICLE II
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CONVEYANCE OF THE POOLED CERTIFICATES; ENTRY
INTO INTEREST RATE CAPS; ORIGINAL ISSUANCE OF CERTIFICATES
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10
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Section 2.01
Section 2.02
Section 2.03
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Conveyance of the Pooled Certificates; Entry
into Interest Rate Caps
Acceptance of Trust Fund by Trustee; Initial Issuance of
Certificates
Representations and Warranties of the Depositor and the Trustee
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10
11
11
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ARTICLE III
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ADMINISTRATION OF THE POOLED CERTIFICATES;
PAYMENTS AND REPORTS TO CERTIFICATEHOLDERS
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15
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Section 3.01
Section 3.02
Section 3.03
Section 3.04
Section 3.05
Section 3.06
Section 3.07
Section 3.08
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Administration of the Trust Fund and the
Pooled Certificates
Collection of Monies
Establishment of Certificate Account; Deposits Therein
Permitted Withdrawals From the Certificate Account
Distributions
Statements to Certificateholders; Information to Cap Counterparty;
Reporting
Access to Certain Documentation and Information
Calculation of Distribution Amounts
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15
15
16
16
17
19
21
21
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ARTICLE IV
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THE CERTIFICATES
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22
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Section 4.01
Section 4.02
Section 4.03
Section 4.04
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The Certificates
Registration of Transfer and Exchange of Certificates
Mutilated, Destroyed, Lost or Stolen Certificates
Persons Deemed Owners
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22
23
24
25
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Section 5.01
Section 5.02
Section 5.03
Section 5.04
Section 5.05
Section 5.06
Section 5.07
Section 5.08
Section 5.09
Section 5.10
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Duties of Trustee
Certain Matters Affecting the Trustee
Trustee Not Liable for Certificates or Pooled Certificates
Trustee May Own Certificates
Trustee's Fees; Indemnification of the Trustee
Eligibility Requirements for Trustee
Resignation and Removal of the Trustee
Successor Trustee
Merger or Consolidation of Trustee
Appointment of Co-Trustee or Separate Trustee
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25
26
27
27
27
28
28
29
30
30
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ARTICLE VI
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THE DEPOSITOR
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31
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Section 6.01
Section 6.02
Section 6.03
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Liability of the Depositor
Merger, Consolidation or Conversion of the Depositor
Limitation on Liability of the Depositor and Others
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31
31
32
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ARTICLE VII
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TERMINATION
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32
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Section 7.01
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Termination
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32
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ARTICLE VIII
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MISCELLANEOUS PROVISIONS
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33
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Section 8.01
Section 8.02
Section 8.03
Section 8.04
Section 8.05
Section 8.06
Section 8.07
Section 8.08
Section 8.09
Section 8.10
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Amendment
Counterparts
Limitation on Rights of Certificateholders
Governing Law
Notices
Severability of Provisions
Successors and Assigns
Article and Section Headings
Notices to Rating Agencies
Acts of Certificateholders
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33
35
35
35
35
36
36
36
36
37
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Exhibit A-1
Exhibit A-2
Exhibit A-3
Exhibit A-4
Schedule A
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Form of Class FA Certificate
Form of Class FB Certificate
Form of Class FC Certificate
Form of Class FD Certificate
Pooled Certificates
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POOLING AGREEMENT, dated as of August 30, 2005, by and between
STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., as depositor (the
"Depositor"), and U.S. Bank National Association, as trustee (the
"Trustee").
PRELIMINARY
STATEMENT
The
Depositor intends to cause the issuance of and to sell its
Pass-Through Certificates, Series 2005-F1 (the "
Certificates ") representing in the aggregate the entire
beneficial ownership of a trust fund (the " Trust Fund "),
the primary assets of which are the Pooled Certificates and the
Interest Rate Caps (each as defined herein).
All
things necessary to make this Agreement a valid declaration of
trust by the Depositor in accordance with its terms have been
done.
In
consideration of the premises and the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms .
Whenever
used in this Agreement, including the Preliminary Statement, the
following words and phrases, unless the context otherwise requires,
shall have the following meanings:
Affiliate : With respect to any specified Person, any other
Person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common
control with, such specified Person. For the purposes of this
definition, "control" when used with respect to any specified
Person means possession, direct or indirect, of the power to direct
or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by
contract or otherwise, and the terms "controlling," "controlled by"
and "under common control with" have meanings correlative to the
foregoing.
Agreement : This Pooling Agreement and all amendments hereof
and supplements hereto.
Available Funds : As of any date of determination, the
aggregate amount on deposit in the Certificate Account as of such
date with respect to a Class of Certificates, net of any portion
thereof which represents amounts to be paid to any Person pursuant
to clauses (ii), (iii) and (v) of Section 3.04.
Available Funds Cap : With respect to a Class of
Certificates and a Distribution Date for that Class of Certificates
on or before the termination of the related Interest Rate Cap,
4.50% plus amounts, if any, paid to the Trust pursuant to the
related Interest Rate Cap, expressed as a per annum rate and, with
respect to each Class of Certificates and a Distribution Date for
that Class of Certificates after the termination of the related
Interest Rate Cap, 4.50% per annum.
Business Day : Any day other than a Saturday, a Sunday or a
day on which the Federal Reserve is closed or on which banking
institutions in New York or in the city in which the Corporate
Trust Office of the Trustee is located are authorized or obligated
by law or executive order to close.
Cap Counterparty : Bear Stearns Financial Products, Inc.
Certificate : Any Class FA, Class FB, Class FC or Class FD
Certificate as executed hereunder by the Trustee and authenticated
and delivered hereunder by the Certificate Registrar, substantially
in the form of Exhibit A-1, A-2, A-3 or A-4 hereto.
Certificate Account : The trust account or accounts, which
shall at all times be Eligible Accounts, created and maintained by
the Trustee for the benefit of the Certificateholders pursuant to
Section 3.03. Funds deposited in the Certificate Account shall be
held in trust for the Certificateholders for the uses and purposes
set forth in Article III hereof.
Certificate Owner : Any Person who is the beneficial owner
of a Certificate registered in the name of the Depository or its
nominee.
Certificate Registrar and Certificate Register : Shall each
have the meanings provided in Section 4.02.
Certificateholder or Holder : The person in whose name a
Certificate is registered in the Certificate Register, except that,
subject to Sections 8.01(b) and 8.10(e), solely for the purpose of
giving any consent, approval or waiver pursuant to this Agreement,
any Certificate registered in the name of the Depositor or any
Affiliate thereof shall be deemed not to be outstanding and shall
not be taken into account for purposes of determining whether the
Holders of Certificates evidencing the requisite aggregate
Percentage Interest necessary to effect any such consent, approval
or waiver has been obtained, unless such Persons collectively own
all the Certificates.
Class : Collectively, all of the Certificates bearing the
same designation.
Class FA Interest Rate Cap : The Interest Rate Cap, related
to the Class FA Certificates,. Ref. No. FXNEC7231, between the
Trust and the Cap Counterparty, dated August 30, 2005.
Class FB Interest Rate Cap : The Interest Rate Cap, related
to the Class FB Certificates, Ref. No. FXNEC7353, between the Trust
and the Cap Counterparty, dated August 30, 2005.
Class FC Interest Rate Cap : The Interest Rate Cap, related
to the Class FC Certificates, Ref. No. FXNEC7337, between the Trust
and the Cap Counterparty, dated August 30, 2005.
Class FD Interest Rate Cap : The Interest Rate Cap related,
to the Class FD Certificates, Ref. No. FXNEC7330, between the Trust
and the Cap Counterparty, dated August 30, 2005.
Closing Date : August 30, 2005.
Code : The Internal Revenue Code of 1986, as amended.
Commission : U.S. Securities and Exchange Commission.
Corporate Trust Office : The corporate trust office of the
Trustee at which at any particular time its corporate trust
business with respect to this Agreement shall be administered,
which office at the date of the execution of this Agreement is
located at Corporate Trust Services, One Federal Street, Boston, MA
02110, Attention: Structured Finance/SAMI II 2005-F1, telephone no.
(800) 934-6802, facsimile no. 617-603-6638.
Current Principal Amount : With respect to any Certificate,
as of any date of determination, the original principal amount of
such Certificate minus the aggregate of all distributions of
principal previously made on that Certificate pursuant to Section
3.05. With respect to any Class of Certificates, the sum of the
Current Principal Amounts of all Certificates of that Class.
Definitive Certificates : The meaning specified in Section
4.01(b) hereof.
Depositor : Structured Asset Mortgage Investments II Inc., a
Delaware corporation, or its successor in interest.
Depositor Certification : A written certification covering
administration of the Trust prepared by the Trustee and signed by
an officer of the Depositor that complies with (i) the
Sarbanes-Oxley Act of 2002, as amended from time to time, and (ii)
the February 21, 2003 Statement by the Staff of the Division of
Corporation Finance of the Securities and Exchange Commission
Regarding Compliance by Asset-Backed Issuers with Exchange Act
Rules 13a-14 and 15d-14, as in effect from time to time.
Depository : DTC, the nominee of which is Cede & Co., or
any successor thereto.
Depository Agreement : The meaning specified in Subsection
4.01(a) hereof.
Depository Participant : A broker, dealer, bank or other
financial institution or other Person for whom from time to time
the Depository effects book-entry transfers and pledges of
securities deposited with the Depository.
Determination Time : 1:00 P.M., Eastern Standard Time, on a
Distribution Date.
Distribution Date : With respect to any month and the Class
FA Certificates, the Distribution Date shall be the Business Day
following the Fannie Mae Pooled Certificate Distribution Date,
beginning September 27, 2005. With respect to any month and the
Class FB, Class FC or Class FD Certificates, the Distribution Date
shall be the Fannie Mae Pooled Certificate Distribution Date,
beginning September 20, 2005.
DTC : The Depository Trust Company.
Eligible Account : Any of (i) an account maintained with a
federal or state chartered depository institution or trust company,
the short-term unsecured debt obligations of which are rated at
least P-1 by Moody's and A-1+ by S&P (or comparable ratings if
Moody's and S&P are not the Rating Agencies) at any time funds
are on deposit therein, (ii) a trust account or accounts maintained
with the trust department of a federally chartered depository
institution or trust company acting in its fiduciary capacity, or
(iii) a trust account or accounts maintained with the trust
department of a state chartered depository institution or trust
company acting in its fiduciary capacity and subject to regulations
regarding fiduciary funds on deposit therein substantially similar
to 12 CFR § 9.10(b).
ERISA : The Employee Retirement Income Security Act of 1974,
as amended, and the rules and regulations promulgated
thereunder.
Exchange Act : The Securities Exchange Act of 1934, as
amended.
Fannie Mae : The Federal National Mortgage Association.
Fannie Mae Pooled Certificate Distribution Date : With
respect to the Pooled Fannie Mae Certificates, the 25 th
day of each month or, if such day is not a business day as defined
in the applicable Underlying Agreement, the next succeeding
business day as so defined.
Ginnie Mae : The Government National Mortgage
Association.
Ginnie Mae Pooled Certificate Distribution Date : With
respect to each of the Pooled Ginnie Mae Certificates, the 20
th day of each month or, if such day is not a business
day as defined in the applicable Underlying Agreement, the next
succeeding business day as so defined.
Final Distribution Date : With respect to each class of
Pooled Certificates or Certificates, as applicable, the Pooled
Certificate Distribution Date or the Distribution Date, as
applicable, on which the final distribution thereon is to be made
in accordance with the related Underlying Agreement or this
Agreement, as the case may be.
Initial LIBOR Rate : With respect to the Class FA
Certificates, 3.64125%, and with respect to the Class FB, Class FC
and Class FD Certificates, 3.57125%.
Interest Accrual Period : For each applicable Distribution
Date and the Class FA Certificates, the period from the 25th day of
the month preceding the month of such Distribution Date through the
24th day of the month of such Distribution Date, commencing for the
September 2005 Distribution Date for such Class on August 25, 2005.
For each applicable Distribution Date and the Class FB, Class FC
and Class FD Certificates, the period from the 20th day of the
month preceding the month of such Distribution Date through the
19th day of the month of such Distribution Date, commencing for the
September 2005 Distribution Date for such Classes on August 20,
2005.
Interest Distribution Amount : With respect to each Class of
Certificates and any applicable Distribution Date, the amount of
interest accrued during the related Interest Accrual Period at the
related Pass-Through Rate on the Current Principal Balance of that
Class immediately prior to such Distribution Date.
Interest Rate Cap : Each of the Class FA Interest Rate Cap,
the Class FB Interest Rate Cap, the Class FC Interest Rate Cap and
the Class FD Interest Rate Cap.
Investment Company Act : The Investment Company Act of 1940,
as amended from time to time, and the rules and regulations
promulgated thereunder.
Latest Possible Final Distribution Date : With respect to
each Class of Certificates, the applicable Distribution Date
occurring in August 2035.
LIBOR : With respect to the first Interest Accrual Period
and each Class of Certificates, the applicable Initial LIBOR Rate.
With respect to the Class FA Certificates and each subsequent
applicable Interest Accrual Period, the LIBOR being used by Fannie
Mae for the Pooled Fannie Mae Certificate as ascertained by the
Trustee on the applicable LIBOR Determination Date. With respect to
the Class FB, Class FC and Class FD Certificates and each
subsequent applicable Interest Accrual Period, the LIBOR being used
by Ginnie Mae for the Pooled Ginnie Mae Certificate as ascertained
by the Trustee on the applicable LIBOR Determination Date. The
establishment of LIBOR by the Trustee and the Trustee's subsequent
calculation of the Pass-Through Rate applicable to each Class of
Certificates for the relevant Interest Accrual Period, in the
absence of manifest error, will be final and binding.
LIBOR Business Day : a day on which banks are open for
dealing in foreign currency and exchange in London and New York
City.
LIBOR Determination Date : The second LIBOR Business Day
immediately preceding the commencement of each Interest Accrual
Period.
Majority Certificateholders : The Holders of Certificates
evidencing in the aggregate greater than 50% of the aggregate
Current Principal Amount of all the Certificates or if the matter
relates to one or more of the Classes of Certificates, of the
aggregate Current Principal Amount of such Class or Classes.
Moody's : Moody's Investors Service, Inc. or its successor
in interest.
Notice of Final Distribution : With respect to a class of
Pooled Certificates, any notice provided pursuant to the related
Underlying Agreement to the effect that final distribution on such
Pooled Certificates shall be made only upon presentment and
surrender thereof. With respect to the Certificates, the notice to
be provided pursuant to Section 7.01(b) to the effect that final
distribution on a Class of Certificates shall be made only upon
presentment and surrender thereof.
Novation Agreement : The Novation Agreement among Structural
Asset Mortgage Investments II Inc. (as Transferor A), Bear Stearns
Capital Markets Inc. (as Transferor B), the Trust (as Transferee A)
and the Cap Counterparty (as Transferee B) dated August 30, 2005
pursuant to which prior interest rate caps between Transferor A and
Transferor B were novated to Transferee A and Transferee B,
respectively, and were modified to the form and substance of the
Interest Rate Caps.
Officers' Certificate : A certificate signed by the Chairman
of the Board, the President, a Senior Vice President, a Vice
President or an Assistant Vice President and by the Treasurer, the
Secretary, an Assistant Treasurer or an Assistant Secretary of the
Depositor or the Trustee, as required by this Agreement.
Opinion of Counsel : A written opinion of counsel, who may
be counsel for the Depositor, which opinion is addressed to the
Trustee and is reasonably acceptable to the Trustee.
Original Class Current Principal Amount : The Original Class
FA Current Principal Amount, Original Class FB Current Principal
Amount, Original Class FC Current Principal Amount or Original
Class FD Current Principal Amount.
Original Class FA Current Principal Amount :
$69,260,555.
Original Class FB Current Principal Amount :
$95,343,000.
Original Class FC Current Principal Amount :
$150,000,000.
Original Class FD Current Principal Amount :
$75,000,000.
Pass-Through Rate : (i) With respect to any Distribution
Date and the Class FA Certificates, the sum of LIBOR and 0.50% per
annum, with a maximum rate of the applicable Available Funds Cap
and a minimum rate of 0.50%, (ii) with respect to any Distribution
Date and the Class FB Certificates, the sum of LIBOR and 0.41% per
annum, with a maximum rate of the applicable Available Funds Cap
and a minimum rate of 0.41%, (iii) with respect to any Distribution
Date and the Class FC Certificates, the sum of LIBOR and 0.40%,
with a maximum rate of the applicable Available Funds Cap and a
minimum rate of 0.40% and (iv) with respect to any Distribution
Date and the Class FD Certificates, the sum of LIBOR and 0.35%,
with a maximum rate of the applicable Available Funds Cap and a
minimum rate of 0.35%.
Percentage Interest : With respect to any Certificate, the
portion of the Class represented by such Certificate, expressed as
a percentage, the numerator of which is the initial outstanding
Current Principal Amount of such Certificate as of the Closing
Date, as specified on the face thereof, and the denominator of
which is the Original Current Principal Amount of that Class.
Permitted Investments : Any one or more of the following
obligations or securities:
(i)
direct obligations of, or obligations fully guaranteed as to timely
payment of principal and interest by, the United States or any
agency or instrumentality thereof, provided such obligations are
backed by the full faith and credit of the United States;
(ii) (A) demand and time deposits in, certificates of deposit of,
bankers' acceptances issued by or federal funds sold by any
depository institution or trust company (including the Trustee or
its agents acting in their respective commercial capacities)
incorporated under the laws of the United States of America or any
state thereof and subject to supervision and examination by federal
and/or state authorities, so long as, at the time of such
investment or contractual commitment providing for such investment,
such depository institution or trust company or its ultimate parent
has a short-term uninsured debt rating in one of the two highest
available rating categories of each Rating Agency and (B) any other
demand or time deposit or deposit which is fully insured by the
FDIC;
(iii) repurchase obligations with respect to any security described
in clause (i) above and entered into with a depository institution
or trust company (acting as principal) rated A or higher by the
Rating Agencies;
(iv) securities bearing interest or sold at a discount that are
issued by any corporation incorporated under the laws of the United
States of America, the District of Columbia or any State thereof
and that are rated by each Rating Agency in its highest long term
unsecured rating categories at the time of such investment or
contractual commitment providing for such investment;
(v)
commercial paper (including both non interest bearing discount
obligations and interest bearing obligations) that is rated by each
Rating Agency in its highest short term unsecured debt rating
available at the time of such investment;
(vi) units of money market funds (which may be 12b-1 funds, as
contemplated by the Commission under the Investment Company Act of
1940) registered under the Investment Company Act of 1940 including
funds managed or advised by the Trustee or an affiliate thereof
having the highest applicable rating from each Rating Agency;
and
(vii) if previously confirmed in writing to the Trustee, any other
demand, money market or time deposit, or any other obligation,
security or investment, as may be acceptable to each Rating Agency
in writing as a permitted investment of funds backing securities
having ratings equivalent to its highest initial rating of the
Certificates;
provided,
however, that no instrument described hereunder shall evidence
either the right to receive (a) only interest with respect to the
obligations underlying such instrument or (b) both principal and
interest payments derived from obligations underlying such
instrument and the interest and principal payments with respect to
such instrument provide a yield to maturity at par greater than
120% of the yield to maturity at par of the underlying
obligations.
Person : Any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or
political subdivision thereof.
Pooled Certificateholder : The Trustee or its Depository
Participant for the benefit of the Certificateholders.
Pooled Certificate Class Percentage : For each class of
Pooled Certificates, the percentage which the Pooled Certificate
constitutes of its entire class as set forth in Schedule A attached
hereto under the caption "Class % in Trust."
Pooled Certificate Distribution Date : Each of the Ginnie
Mae Pooled Certificate Distribution Date and the Fannie Mae Pooled
Certificate Distribution Date.
Pooled Certificate Distribution Date Information : The
information provided or made available and updated monthly by
Fannie Mae and Ginnie Mae in respect of the Pooled Fannie Mae
Certificates and the Pooled Ginnie Mae Certificates, respectively,
in connection with each applicable Pooled Certificate Distribution
Date.
Pooled Certificates : The Pooled Ginnie Mae Certificates and
the Pooled Fannie Mae Certificates sold by the Depositor to, and
registered in the name of, or held for the benefit of, the Trustee
pursuant to Section 2.01 and as more particularly described in
Schedule A hereto.
Pooled Fannie Mae Certificates : Fannie Mae Guaranteed REMIC
Pass-Through Certificates, Fannie Mae REMIC Trust 05-69, Class
CF.
Pooled Ginnie Mae Certificates : The Pooled Ginnie Mae AF
Certificates, Pooled Ginnie Mae MF Certificates and Pooled Ginnie
Mae NF Certificates.
Pooled Ginnie Mae AF Certificates : Ginnie Mae REMIC Trust
2005-058, Ginnie Mae Guaranteed REMIC Pass-Through Securities,
Class AF.
Pooled Ginnie Mae MF Certificates : Ginnie Mae REMIC Trust
2005-058, Ginnie Mae Guaranteed REMIC Pass-Through Securities,
Class MF.
Pooled Ginnie Mae NF Certificates : Ginnie Mae REMIC Trust
2005-058, Ginnie Mae Guaranteed REMIC Pass-Through Securities,
Class NF.
Purchase Agreement : The Purchase Agreement dated as of
August 26, 2005 between Bear, Stearns & Co., Inc. and the
Depositor relating to the Pooled Certificates.
Rating Agency or Rating Agencies : Moody's and S&P or
their successors. If such agencies or their successors are no
longer in existence, " Rating Agencies " shall be deemed to
refer to such nationally recognized statistical rating agencies, or
other comparable Persons, designated by the Depositor, notice of
which designation shall be given to the Trustee, and specific
ratings of Moody's and S&P shall be deemed to refer to the
equivalent ratings of the parties so designated.
Record Date : For each Class of Certificates for the first
Distribution Date, the Closing Date, and for any Distribution Date
thereafter, the last Business Day of the month preceding the month
in which such Distribution Date occurs; provided, however, that for
this purpose the Distribution Date is deemed to occur on the 26th
of each month (with respect to the Class FA Certificates) and on
the 20th of each month (with respect to the Class FB, Class FC and
Class FD Certificate), without regard to whether either such day is
a Business Day.
Repurchase Price : In connection with the repurchase of any
of the Pooled Certificates pursuant to Section 2.03(c), a price
equal to the outstanding Pooled Certificate principal balance
thereof as of the date of repurchase plus accrued interest
thereon.
Responsible Officer : When used with respect to the Trustee,
any officer of the Trustee assigned to and working in its Corporate
Trust Office or similar group administering the Trusts hereunder
and also, with respect to a particular matter, any other officer of
the Trustee to whom a particular matter is referred by the Trustee
because of such officer's knowledge of and familiarity with the
particular subject.
Securities Act : The Securities Act of 1933, as amended.
S&P : Standard & Poor's Ratings Services, a Division
of The McGraw-Hill Companies, Inc. and its successors in
interest.
Trust : Structured Asset Mortgage Investments II Trust
2005-F1 created pursuant to this Agreement.
Trustee : U.S. Bank National Association, in its capacity as
trustee, or its successor in interest.
Trust Fund : The segregated pool of assets subject hereto,
constituting the corpus of the Trust created hereby and to be
administered hereunder, consisting of:
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(i) the
Pooled Certificates;
(ii)
all amounts payable on the Pooled Certificates following the
Closing Date pursuant to the Underlying Agreements;
(iii)
the Interest Rate Caps;
(iv)
all amounts payable to the Trust under the Interest Rate Caps;
(v) the
Certificate Account and such funds or assets as are from time to
time deposited in the Certificate Account; (vi) the Depositor's
rights under the Purchase Agreement; and
(vii)
the income, payments and proceeds of each of the foregoing.
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Underlying Agreements : The agreements pursuant to which the
related Pooled Certificates were issued, as in effect on the
Closing Date.
Underlying Series : Each series of securities which includes
a class of Pooled Certificates.
ARTICLE II
CONVEYANCE OF THE POOLED CERTIFICATES; ENTRY INTO INTEREST RATE
CAPS; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of the Pooled
Certificates; Entry into Interest Rate Caps .
(a)
The Depositor, concurrently with the execution and delivery hereof,
does hereby sell, transfer, assign, set-over and otherwise convey
to the Trustee, in trust, for the use and benefit of the
Certificateholders, without recourse, all the right, title and
interest of the Depositor (i) in and to the Pooled Certificates,
(ii) in and to the Purchase Agreement and (iii) in and to all other
assets constituting the Trust Fund. Such assignment includes,
without limitation, all amounts payable on the Pooled Certificates
pursuant to the Underlying Agreements following the Closing
Date.
(b)
In connection with such transfer and assignment, and concurrently
with its execution and delivery of this Agreement, the Depositor
shall have caused the Pooled Certificates to be registered in the
book-entry records of the Federal Reserve Banks in the name of the
Trustee or its nominee.
(c)
The transfer of the Pooled Certificates and all other assets
constituting the Trust Fund is absolute and is intended by the
parties hereto as a sale.
(d)
It is intended that the conveyances by the Depositor to the Trustee
of the Pooled Certificates as provided for in this Section 2.01 be
construed as a sale by the Depositor to the Trustee of the Pooled
Certificates for the benefit of the Certificateholders. Further, it
is not intended that any such conveyance be deemed to be a pledge
of the Pooled Certificates by the Depositor to the Trustee to
secure a debt or other obligation of the Depositor. However, in the
event that the Pooled Certificates are held to be property of the
Depositor, or if for any reason this Agreement is held or deemed to
create a security interest in the Pooled Certificates, then it is
intended that (a) this Agreement shall also be deemed to be a
security agreement within the meaning of Articles 8 and 9 of the
New York Uniform Commercial Code and the Uniform Commercial Code of
any other applicable jurisdiction; (b) the conveyance provided for
in Section 2.01 shall be deemed to be a grant by the Depositor to
the Trustee of a security interest in all of the Depositor's right
(including the power to convey title thereto), title and interest,
whether now owned or hereafter acquired, in and to (1) the Pooled
Certificates, (2) all amounts payable pursuant to the Pooled
Certificates in accordance with the terms thereof and (3) any and
all general intangibles consisting of, arising from or relating to
any of the foregoing, and all proceeds of the conversion, voluntary
or involuntary, of the foregoing into cash, instruments, securities
or other property, including without limitation all amounts from
time to time held in the Certificate Account, whether in the form
of cash, instruments, securities or other property; (c) the
possession by the Trustee or any agent of the Trustee of such items
of property as constitute instruments, money, negotiable documents
or chattel paper shall be deemed to be "possession by the secured
party," or possession by a purchaser or a person designated by such
secured party, for purposes of perfecting the security interest
pursuant to the New York Uniform Commercial Code and the Uniform
Commercial Code of any other applicable jurisdiction; and (d)
notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding
such property, shall be deemed notifications to, or
acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under
applicable law.
The
Depositor and the Trustee, at the Depositor's or the Majority
Certificateholders' direction, shall, to the extent consistent with
this Agreement, take such reasonable actions as may be determined
to be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Pooled Certificates, and the
other property described above, such security interest would be
deemed to be a perfected security interest of first priority under
applicable law and will be maintained as such throughout the term
of this Agreement.
(e)
The Trustee is hereby authorized to execute the Novation Agreement
and the Interest Rate Caps on behalf of the Trust.
Section 2.02 Acceptance of Trust Fund by
Trustee; Initial Issuance of Certificates .
The
Trustee acknowledges receipt of the Underlying Agreements, the
availability of the most recent Pooled Certificate Distribution
Date Information with respect to the Pooled Fannie Mae Certificates
and the receipt by it and the transfer, delivery and assignment to
it of the Pooled Certificates, in good faith and without notice of
any adverse claim, and the assignment to it of all other assets
included in the Trust Fund and declares that it holds and will hold
the Pooled Certificates and all other assets included in the Trust
Fund in trust for the exclusive use and benefit of all present and
future Certificateholders in accordance with the terms of this
Agreement. Concurrently with such transfer, delivery and assignment
and in exchange therefor, pursuant to the written request of the
Depositor executed by an officer of the Depositor, the Trustee has
executed and caused to be authenticated and delivered to or upon
the order of the Depositor, the Certificates in authorized
denominations evidencing the entire beneficial ownership of the
Trust Fund. The Trustee further acknowledges the execution by it as
Trustee of the Novation Agreement and the Interest Rate Caps.
Until
the Trust Fund is terminated in accordance with Section 7.01,
except as provided herein, the Trustee shall not assign, sell,
dispose of or transfer any interest in the Pooled Certificates or
any other asset constituting the Trust Fund or permit the Pooled
Certificates or any other asset constituting the Trust Fund to be
subjected to any lien, claim or encumbrance arising by, through or
under the Trustee or any person claiming by, through or under the
Trustee.
Section 2.03 Representations and Warranties of
the Depositor and the Trustee .
(a)
The Depositor hereby represents and warrants to the Trustee and for
the benefit of the Certificateholders, as of the Closing Date,
that:
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(i) The
Depositor is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware, and the
Depositor is possessed of all licenses necessary to carry on its
business.
(ii)
The execution and delivery of this Agreement by the Depositor, and
the performance and compliance with the terms of this Agreement by
the Depositor, will not violate the Depositor's certificate of
incorporation or bylaws or constitute a default (or an event which,
with notice or lapse of time, or both, would constitute a default)
under, or result in the breach of, any material agreement or other
instrument to which it is a party or which is applicable to it or
any of its assets.
(iii)
The Depositor has the full right, power and authority to enter into
and consummate all transactions contemplated by this Agreement,
including but not limited to selling the Pooled Certificates to the
Trustee, has duly authorized the execution, delivery and
performance of this Agreement, and has duly executed and delivered
this Agreement.
(iv)
This Agreement, assuming due authorization, execution and delivery
by the Trustee, constitutes a valid, legal and binding obligation
of the Depositor, enforceable against the Depositor in accordance
with the terms hereof, subject to (A) applicable bankruptcy,
insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors' rights generally, and (B) general
principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law.
(v) The
Depositor is not in violation of, and its execution and delivery of
this Agreement and its performance and compliance with the terms of
this Agreement will not constitute a violation of, any law, any
order or decree of any court or arbiter, or any order, regulation
or demand of any federal, state or local governmental or regulatory
authority, which violation is likely to affect materially and
adversely either the ability of the Depositor to perform its
obligations under this Agreement or the financial condition of the
Depositor.
(vi) No
litigation is pending or, to the best of the Depositor's knowledge,
threatened against the Depositor which, if determined adversely to
the Depositor, would prohibit the Depositor from entering into this
Agreement or is likely to materially and adversely affect either
the ability of the Depositor to perform its obligations under this
Agreement or the financial condition of the Depositor.
(vii)
The Depositor was, immediately prior to the transfer of the Pooled
Certificates to the Trustee, the sole owner thereof free and clear
of any lien, pledge, charge or encumbrance of any kind (except any
lien created by this Agreement).
(viii)
The Depositor acquired the Pooled Certificates in good faith
without notice of any adverse claim, lien, charge, encumbrance or
security interest (including without limitation, federal tax liens
or liens arising under ERISA).
(ix)
The Depositor has not assigned any interest in the Pooled
Certificates or any distributions thereon, except as contemplated
herein.
(x) The
Trustee, in its capacity as a Pooled Certificateholder, will be
entitled to distributions under the Underlying Agreements equal to
all distributions of interest and principal made on the Pooled
Certificates.
(xi)
The information relating to the Pooled Certificates set forth in
Schedule A is true and correct in all material respects.
(xii)
Each Pooled Certificate is an Uncertificated Security (as such term
is defined in Article 8 of the Uniform Commercial Code) registered
on the books of the Federal Reserve Banks in the name of the
Trustee or its financial intermediary on behalf of the Trustee.
(xiii)
The Pooled Certificates are REMIC regular interests.
(xiv)
The Depositor has no actual knowledge after reasonable inquiry that
(a) each trust issuing each Pooled Certificate was not duly created
and is not validly existing and (b) each Pooled Certificate (1) was
not validly issued by such trust and (2) is not outstanding, (3) is
not the legal, valid, binding and enforceable obligation of such
trust and (4) is not entitled to the benefits of the trust
agreement pursuant to which such Pooled Certificate was issued
(except as limited by bankruptcy, insolvency or other similar laws
affecting the enforcement of creditors' rights generally or to the
extent that such enforceability may be subject to the exercise of
judicial discretion in accordance with general equitable
principles).
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(b)
The Trustee hereby represents and warrants to the Depositor and for
the benefit of the Certificateholders, as of the Closing Date,
that:
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(i) The
Trustee is a national banking association, duly organized and
validly existing under the laws of the United States of
America.
(ii)
The execution and delivery of this Agreement by the Trustee, and
the performance and compliance with the terms of this Agreement by
the Trustee, will not violate the Trustee's charter or bylaws or
constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in the
breach of, any material agreement or other instrument to which it
is a party or which is applicable to it or any of its assets.
(iii)
The Trustee has the full power and authority to enter into and
consummate all transactions contemplated by this Agreement, has
duly authorized the execution, delivery and performance of this
Agreement, and has duly executed and delivered this Agreement.
(iv)
This Agreement, assuming due authorization, execution and delivery
by the Depositor, constitutes a valid, legal and binding obligation
of the Trustee, enforceable against the Trustee in accordance with
the terms hereof, subject to (A) applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement
of creditors' rights generally, and (B) general principles of
equity, regardless of whether such enforcement is considered in a
proceeding in equity or at law.
(v) The
Trustee is not in violation of, and its execution and delivery of
this Agreement and its performance and compliance with the terms of
this Agreement will not constitute a violation of, any law, any
order or decree of any court or arbiter, or any order, regulation
or demand of any federal, state or local governmental or regulatory
authority, which violation is likely to affect materially and
adversely either the ability of the Trustee to perform its
obligations under this Agreement or the financial condition of the
Trustee.
(vi) No
litigation is pending or, to the best of the Trustee's knowledge,
threatened against the Trustee which would prohibit the Trustee
from entering into this Agreement or is likely to materially and
adversely affect either the ability of the Trustee to perform its
obligations under this Agreement or the financial condition of the
Trustee.
(vii)
The Pooled Certificates will be held in the Trustee's account at
the Federal Reserve Bank in Cleveland, Ohio; the information
relating to the Pooled Certificates set forth on Schedule A hereto
conforms to information set forth in the most recent Pooled
Certificate Distribution Date Information for the Pooled Fannie Mae
Certificates or in the Ginnie Mae Offering Circular Supplement
dated August 23, 2005 for the Pooled Ginnie Mae Certificates, as
applicable; it has acquired the Pooled Certificates on behalf of
the Certificateholders from the Depositor in good faith, for value,
and, to the best of the Trustee's knowledge, without notice or
actual knowledge of any adverse claim, lien, charge, encumbrance or
security interest (including, without limitation, federal tax liens
or liens arising under ERISA); it has not and will not, in any
capacity except as trustee, on behalf of the applicable
Certificateholders, assert any claim or interest in the Pooled
Certificates and will hold such Pooled Certificates and the
proceeds thereof in trust pursuant to the terms of this Agreement;
and it has not encumbered or transferred its right, title or
interest in the Pooled Certificates.
(viii)
Pursuant to the authorization contained herein, the Trustee has
entered into the Novation Agreement and the Interest Rate Caps on
behalf of the applicable Certificateholders; and it has not and
will not, in any capacity, except as trustee on behalf of the
applicable Certificateholders, assert any claim or interest in the
Interest Rate Caps and will hold the Interest Rate Caps and the
proceeds thereof in trust pursuant to the terms of this
Agreement.
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(c)
It is understood and agreed that the foregoing representations and
warranties shall survive the execution and delivery of this
Agreement. Upon discovery by either party hereto of a breach of any
of the foregoing representations and warranties which materially
and adversely affects the interests of the Certificateholders or
either party hereto, the party discovering such breach will give
prompt written notice thereof to the other party hereto and to the
Certificateholders. Within thirty (30) days of the earlier of
either discovery by or notice to the Depositor of any breach of a
representation or warranty of the Depositor that materially and
adversely affects the interests of the Certificateholders, the
Depositor shall use its best efforts promptly to cure such breach
in all material respects and, if such breach cannot be cured, the
Depositor shall, at the election of the Majority
Certificateholders, repurchase each Pooled Certificate affected by
the breach at the Repurchase Price. If the Depositor is to
repurchase Pooled Certificates, the Trustee shall promptly
determine the Repurchase Price in accordance with the definition
thereof. Repurchase of any of the Pooled Certificates pursuant to
the foregoing provisions of this Section 2.03(c) shall be
accomplished by (i) deposit in the applicable sub-account of the
Certificate Account on the Business Day prior to the next
succeeding Distribution Date of the amount of the Repurchase Price,
(ii) amending the definition of "Pooled Certificates" and (iii)
amending Schedule A hereto to remove such deleted Pooled
Certificate.
ARTICLE III
ADMINISTRATION OF THE POOLED CERTIFICATES;
PAYMENTS AND REPORTS TO CERTIFICATEHOLDERS
Section 3.01 Administration of the Trust Fund
and the Pooled Certificates .
If
at any time the Trustee, as a holder of a Pooled Certificate, is
requested in such capacity, whether by a Certificateholder, a
holder of a certificate of an Underlying Series or a party to the
related Underlying Agreement or any other Person, to take any
action or to give any consent, approval or waiver, including,
without limitation, in connection with an amendment of any
Underlying Agreement, the Trustee shall promptly notify all of the
Holders of Certificates backed by the applicable Pooled
Certificates and the Depositor of such request and of its planned
course of action with respect thereto and shall, in its capacity as
a holder of such Pooled Certificates, take such action in
connection with the exercise and/or enforcement of any rights
and/or remedies available to it in such capacity with respect to
such request, as the Majority Certificateholders of the applicable
Class or Classes of Certificates shall direct in writing. The
Trustee shall promptly furnish to the Depositor and, upon the
written request of a Certificateholder, such Certificateholder, all
notices, statements, reports or other information that it receives
as holder of the Pooled Certificates backing such
Certificateholder's Certificates.
Section 3.02 Collection of Monies .
(a)
In connection with its receipt of any distribution on the Pooled
Certificates on any Pooled Certificate Distribution Date, the
Trustee shall review the related Pooled Certificate Distribution
Date Information and shall confirm that the aggregate amount of
such distribution received is consistent with the Pooled
Certificate Distribution Date Information (it being understood that
the Trustee shall be entitled to rely on the accuracy and
correctness of the Pooled Certificate Distribution Date
Information).
(b)
If the Trustee receives a Notice of Final Distribution in respect
of any of the Pooled Certificates, the Trustee shall present and
surrender any related Pooled Certificates which are in certificated
form for final payment thereon, if required, in accordance with the
terms and conditions of the related Underlying Agreement and such
notice. The Trustee shall promptly deposit in the Certificate
Account the final distribution received upon presentation and
surrender of such Pooled Certificates for distribution in
accordance with Section 3.05 hereof on the next succeeding
Distribution Date for Certificates backed by such Pooled
Certificates.
Section 3.03 Establishment of Certificate
Account; Deposits Therein .
(a)
The Trustee, for the benefit of the Certificateholders, shall
establish and maintain one or more interest bearing trust accounts
(collectively, the "Certificate Account"), each of which shall be
an Eligible Account, entitled "U.S. Bank National Association, as
trustee for the registered holders of Structured Asset Mortgage
Investments II Trust 2005-F1 Certificates, Series 2005-F1," held in
trust by the Trustee for the benefit of the Certificateholders. The
Certificate Account shall have four sub-accounts, one with respect
to each Class of Certificates. The Trustee shall cause all
distributions received on the related Pooled Certificates and the
related Interest Rate Caps by the Trustee in its capacity as holder
of the Pooled Certificates and the Interest Rate Caps, from
whatever source, and all amounts received by it representing
payment of a Repurchase Price pursuant to Section 2.03(c),
subsequent to the
