Amendment No. 1 to Series Supplement to Pooling and Servicing Agreement for Mortgage Asset-Backed Pass-Through Certificates, Series 2003-QS15 (Residential Accredit Loans, Inc., Residential Funding Corporation, Deutsche Bank Trust Company Americas)

Summary

This amendment, dated September 12, 2003, is between Residential Accredit Loans, Inc., Residential Funding Corporation, and Deutsche Bank Trust Company Americas. It modifies the Series Supplement to the Pooling and Servicing Agreement for Mortgage Asset-Backed Pass-Through Certificates, Series 2003-QS15. The amendment corrects certain definitions and payment provisions related to the distribution of principal and interest among specific certificate classes. The changes are intended to clarify the order and conditions for payments to certificate holders and ensure accurate administration of the trust.

EX-10.1 3 qs15ssamd.txt AMENDMENT NO 1. 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: 1 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. 2 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/ Joseph Orning Title: Vice President Attest: //s/ Benita Bjorgo Name: Benita Bjorgo Title: Vice President RESIDENTIAL FUNDING CORPORATION [Seal] By://s/ Benita Bjorgo Name: Benita Bjorgo Title: Associate Attest://s/ Joseph Orning Name: Joseph Orning Title: Associate DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee [Seal] By://s/ Ronaldo Reyes Name: Ronaldo Reyes Title: Assistant Vice President By: //s/ Barbara Campbell Name: Barbara Campbell Title: Assistant Vice President Attest://s/ James Noriega Name: James Noriega 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 Joseph Orning, 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/ Brian S. Bangerter 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 Benita Bjorgo, 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/ Brian S. Bangerter 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 Ronaldo Reyes, 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/ Brent Wayne Hoyler 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 Barbara Campbell, 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/ Brent Wayne Hoyler Notary Public [Notarial Seal]