8-K 1 bsa05sd3_10509.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 26, 2005 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2005-SD3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-125422-07 Pooling and Servicing Agreement) (Commission 54-2179721 (State or other File Number) 54-2179722 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 26, 2005 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2005-SD3 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2005-SD3 Trust, relating to the September 26, 2005 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2005-SD3 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 10/4/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2005-SD3 Trust, relating to the September 26, 2005 distribution. EX-99.1

TABLE OF CONTENTS Page ---- ARTICLE I. DEFINITIONS Section 1.01. Defined Terms..........................................................................1 ARTICLE II. CONVEYANCE OF TRUST FUND REPRESENTATIONS AND WARRANTIES Section 2.01. Conveyance of Trust Fund..............................................................37 Section 2.02. Acceptance of the Mortgage Loans......................................................39 Section 2.03. Representations, Warranties and Covenants of the Master Servicer, the EMC Servicer and the Seller...........................................................41 Section 2.04. Representations and Warranties of the Depositor.......................................50 Section 2.05. Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases...........................................................................52 Section 2.06. Authentication and Delivery of Certificates...........................................52 Section 2.07. Covenants of the Master Servicer and the EMC Servicer.................................52 Section 2.08. Lost Mortgage Notes Indemnity.........................................................53 ARTICLE III. ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS Section 3.01. The Master Servicer...................................................................54 Section 3.02. REMIC-Related Covenants...............................................................54 Section 3.03. Monitoring of Servicers...............................................................54 Section 3.04. Successor Master Servicer and Subservicing Agreements.................................56 Section 3.05. Power to Act; Procedures..............................................................56 Section 3.06. Due-on-Sale Clauses; Assumption Agreements............................................57 Section 3.07. Release of Mortgage Files.............................................................57 Section 3.08. Documents, Records and Funds in Possession of the Master Servicer To Be Held for Trustee................................................................58 Section 3.09. Maintenance of Hazard Insurance.......................................................58 Section 3.10. Presentment of Claims and Collection of Proceeds......................................59 Section 3.11. Maintenance of the Primary Mortgage Insurance Policies................................59 Section 3.12. Custodian to Retain Possession of Certain Insurance Policies and Documents.............................................................................59 Section 3.13. Realization Upon Defaulted Mortgage Loans.............................................60 Section 3.14. Compensation for the Servicers and the Master Servicer................................60 Section 3.15. REO Property..........................................................................60 Section 3.16. Annual Officer's Certificate as to Compliance.........................................60 Section 3.17. Annual Independent Accountant's Servicing Report......................................61 Section 3.18. Reports Filed with Securities and Exchange Commission.................................61 i Section 3.19. The EMC Servicer......................................................................62 Section 3.20. Optional Purchase of Defaulted Mortgage Loans.........................................62 ARTICLE IV. ACCOUNTS Section 4.01. Protected Accounts....................................................................63 Section 4.02. Master Servicer Collection Account....................................................63 Section 4.03. Permitted Withdrawals and Transfers from the Master Servicer Collection Account....................................................................65 Section 4.04. Distribution Account..................................................................65 Section 4.05. Permitted Withdrawals and Transfers from the Distribution Account.....................66 Section 4.06. Yield Maintenance Account and Yield Maintenance Agreements............................67 Section 4.07. The Swap Agreement....................................................................68 ARTICLE V. DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER Section 5.01. Advances..............................................................................71 Section 5.02. Compensating Interest Payments........................................................71 Section 5.03. REMIC Distributions...................................................................72 Section 5.04. Distributions.........................................................................72 Section 5.04A. Allocation of Realized Losses.........................................................79 Section 5.05. Monthly Statements to Certificateholders..............................................79 Section 5.06. REMIC Designations and Allocations....................................................82 Section 5.07. Supplemental Interest Reserve Fund; WAC Excess........................................84 ARTICLE VI. THE CERTIFICATES Section 6.01. The Certificates......................................................................85 Section 6.02. Certificate Register; Registration of Transfer and Exchange of Certificates..........................................................................87 Section 6.03. Mutilated, Destroyed, Lost or Stolen Certificates.....................................90 Section 6.04. Persons Deemed Owners.................................................................90 Section 6.05. Access to List of Certificateholders' Names and Addresses.............................90 Section 6.06. Book-Entry Certificates...............................................................91 Section 6.07. Notices to Depository.................................................................91 Section 6.08. Definitive Certificates...............................................................92 Section 6.09. Maintenance of Office or Agency.......................................................92 Section 6.10. Appointment of Paying Agent and Certificate Registrar.................................92 ii ARTICLE VII. THE DEPOSITOR, THE MASTER SERVICER, THE EMC SERVICER AND THE SELLER Section 7.01. Respective Liabilities of the Depositor, the Master Servicer, the EMC Servicer and the Seller...............................................................93 Section 7.02. Merger or Consolidation of the Depositor, the Master Servicer, the EMC Servicer or the Seller............................................................93 Section 7.03. Indemnification of the Trustee, the Master Servicer, the Securities Administrator and Others..............................................................93 Section 7.04. Limitation on Liability of the Depositor, the Seller, the Master Servicer, the Securities Administrator and Others...............................................94 Section 7.05. Limitation on Resignation of Master Servicer and the EMC Master Servicer..............................................................................95 Section 7.06. Errors and Omissions Insurance; Fidelity Bonds........................................95 ARTICLE VIII. DEFAULT; TERMINATION OF MASTER SERVICER Section 8.01. Events of Default.....................................................................96 Section 8.02. Trustee to Act; Appointment of Successor..............................................97 Section 8.03. Notification to Certificateholders....................................................99 ARTICLE IX. CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR Section 9.01. Duties of Trustee and Securities Administrator.......................................100 Section 9.02. Certain Matters Affecting the Trustee and the Securities Administrator...............101 Section 9.03. Trustee and Securities Administrator Not Liable for Certificates or Mortgage Loans.......................................................................103 Section 9.04. Trustee and Securities Administrator May Own Certificates............................103 Section 9.05. Trustee's and Securities Administrator's Fees and Expenses...........................104 Section 9.06. Eligibility Requirements for Trustee, Securities Administrator and Paying Agent.........................................................................104 Section 9.07. Insurance............................................................................105 Section 9.08. Resignation and Removal of Trustee, Securities Administrator and Paying Agent.........................................................................105 Section 9.09. Successor Trustee, Securities Administrator or Successor Paying Agent................106 Section 9.10. Merger or Consolidation of Trustee, Securities Administrator or Paying Agent................................................................................106 Section 9.11. Appointment of Co-Trustee or Separate Trustee........................................107 Section 9.12. Tax Matters..........................................................................108 ARTICLE X. TERMINATION Section 10.01. Termination upon Liquidation or Repurchase of the Mortgage Loans.....................111 Section 10.02. Final Distribution on the Certificates...............................................111 iii Section 10.03. Additional Termination Requirements..................................................112 ARTICLE XI. MISCELLANEOUS PROVISIONS Section 11.01. Amendment............................................................................114 Section 11.02. Recordation of Agreement; Counterparts...............................................115 Section 11.03. Governing Law........................................................................115 Section 11.04. Intention of Parties.................................................................115 Section 11.05. Notices..............................................................................116 Section 11.06. Severability of Provisions...........................................................117 Section 11.07. Assignment...........................................................................117 Section 11.08. Limitation on Rights of Certificateholders...........................................117 Section 11.09. Inspection and Audit Rights..........................................................118 Section 11.10. Certificates Nonassessable and Fully Paid............................................118 Section 11.11. Third Party Rights...................................................................119

~~DISTRIBUTION~~Certificateholder ~~DATE~~Distribution ~~LOSS~~Summary ~~PERCENTAGE~~(continued) ~~-----------------~~Current ~~---------------~~Ending ~~August~~Cumulative ~~2008~~Principal ~~through~~Realized ~~July~~Certificate ~~2009.....................~~Total ~~2.50%,~~Realized inClass ~~the~~Distribution ~~case~~Loss ofBalance ~~Group~~Distribution Losses I-A ~~and~~3,473,611.76 20.~~75%~~00 200,198,893.58 in4,221,542.46 ~~the~~0.00 ~~case~~I-M-1 of0.00 ~~Group~~0.00 II12,878,000.00 ~~August~~49,122.42 ~~2009~~0.00 ~~through~~I-M-2 ~~July~~0.00 ~~2010~~0.00 6,558,000.00 29,387.13 0.00 I-M-3 0.00 0.00 1,789,000.00 8,334.75 0.00 I-M-4 0.00 0.00 1,431,000.00 6,857.67 0.00 I-M-5 0.00 0.00 1,192,000.00 5,977.~~...~~22 30.~~25%,~~00 inI-M-6 ~~the~~0.00 ~~case~~0.00 of1,193,000.00 ~~Group~~5,982.23 I0.00 ~~and~~II-A-1 ~~3.50%~~5,203,975.93 in0.00 ~~the~~89,124,265.79 ~~case~~5,540,308.52 of0.00 ~~Group~~ II-A-2 ~~August~~578,243.52 ~~2010~~0.00 ~~through~~9,903,106.81 ~~July~~616,360.70 ~~2011~~0.00 II-M-1 0.00 0.00 7,778,000.00 31,051.50 0.00 II-M-2 0.00 0.00 3,668,000.00 16,110.67 0.00 II-M-3 0.00 0.00 2,466,000.00 12,584.82 0.00 II-M-4 0.00 0.00 632,000...00 3~~.75%~~,225.31 in0.00 ~~the~~II-B-1 ~~case~~0.00 of0.00 ~~Group~~1,454,000.00 7,420.25 0.00 I-B-IO ~~and~~0.00 40.~~25%~~00 4,680,926.61 in0.00 ~~the~~0.00 ~~case~~II-B-IO of0.00 ~~Group~~0.00 II3,439,733.72 ~~August~~0.00 ~~2011~~0.00 ~~and~~R-1 ~~each~~0.00 ~~month~~0.00 ~~thereafter~~0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals 9,255,831.21 0.00 348,385,926.51 10,554,265..65 40.00%, inAll ~~the~~distributions ~~case~~required ofby ~~Group~~the IPooling and ~~4.50%,~~Servicing inAgreement have been calculated by the ~~case~~Certificate Administrator on behalf of ~~Group~~the IITrustee.

~~Pass-~~Principal ~~Allocation~~Distribution ~~REMIC~~Statement IOriginal ~~Initial~~Beginning ~~Principal~~Scheduled ~~Through~~Unscheduled ofFace ~~Related~~Certificate ~~Certificates~~Principal ~~Balance~~Principal ~~Rate~~Realized ~~Interest~~Class ~~Group~~Amount ~~------------~~Balance ~~-------~~Distribution ~~----~~Distribution ~~--------~~Accretion ~~-----~~Loss (1) I-A $ 209,036,000.00 ~~(1) (2)~~203,(672,505.34 0.00 3),473,611.76 I0.00 0.00 I-M-1 $ 12,878,000.00 ~~(1) (2)~~12,~~(3)~~878,000.00 I0.00 820.00 ~~REMIC~~0.00 I0.00 ~~Initial Principal Through of Related Certificates Balance Rate Interest Group ------------ ------- ---- -------- -----~~ I-M-2 $6,558,000.00 6,558,000.00 ~~(1)~~0.00 ~~(2),(3)~~0.00 I0.00 0.00 I-M-3 $ 1,789,000.00 (1~~) (2)~~,~~(3)~~789,000.00 I0.00 0.00 0.00 0.00 I-M-4 $ 1,431,000.00 (1~~) (2)~~,~~(3)~~431,000.00 I0.00 0.00 0.00 0.00 I-M-5 $ 1,192,000.00 (1~~) (2)~~,~~(3)~~192,000.00 I0.00 0.00 0.00 0.00 I-M-6 $ 1,193,000.00 (1~~) (2)~~,~~(3)~~193,000.00 I0.00 0.00 0.00 0.00 II-A-1 $ 96,467,000.00 ~~(1)~~94,328,241.71 ~~(2)~~0.00 5,~~(3)~~203,975.93 II0.00 0.00 II-A-2 $ 10,719,000.00 ~~(1)~~10,481,350.34 ~~(2)~~0.00 578,~~(3)~~243.52 II0.00 0.00 II-M-1 $7,778,000.00 7,778,000.00 ~~(1)~~0.00 ~~(2),(3)~~0.00 II0.00 0.00 II-M-2 $3,668,000.00 3,668,000.00 ~~(1)~~0.00 ~~(2),(3)~~0.00 II0.00 0.00 II-M-3 $ 2,466,000.00 ~~(1) (~~2),~~(3)~~466,000.00 II0.00 0.00 0.00 0.00 II-M-4 $632,000.00 632,000.00 ~~(1)~~0.00 ~~(2),(3)~~0.00 II0.00 0.00 II-B-1 $ 1,454,000.00 (1~~) (2)~~,~~(3)~~454,000.00 II0.00 0.00 0.00 0.00 R-1 ~~N/A~~0.00 0%.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 Totals 357,261,000.00 349,521,097.39 0.00 9,255,831.21 0.00 0.00 (41) ~~---~~Amount ~~N/A~~Does ~~---------------~~Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Integral~~Principal ~~Multiples~~Distribution ~~Initial~~Statement ~~Minimum~~(continued) inTotal ~~Excess~~Ending ofEnding Total Principal ~~Pass-Through~~Certificate ~~Related~~Certificate Principal Class ~~Denomination~~Reduction ~~Minimum~~ Balance ~~Rate~~Percentage ~~Group~~Distribution ~~----- ------------ ------- ------- ---- -----~~ I-A ~~$25~~3,~~000~~473,611.76 $1200,~~000~~198,893.58 $0.95772448 ~~209~~3,~~036~~473,~~000~~611.76 ~~Adjustable (1)~~ I I-M-1 ~~$25,000~~0.00 ~~$1,000 $~~ 12,878,000.00 ~~Adjustable~~1.00000000 ~~(2)~~0.00 I I-M-2 ~~$25,000~~0.00 ~~$1,000 $~~ 6,558,000.00 ~~Adjustable~~1.00000000 ~~(3)~~0.00 I I-M-3 ~~$25,000~~0.00 $1,~~000 $ 1,~~789,000.00 ~~Adjustable~~1.00000000 ~~(4)~~0.00 I I-M-4 ~~$25,000~~0.00 $1,~~000 $ 1,~~431,000.00 ~~Adjustable~~1.00000000 ~~(5)~~0.00 I I-M-5 ~~$25,000~~0.00 $1,~~000 $ 1,~~192,000.00 ~~Adjustable~~1.00000000 ~~(6)~~0.00 I I-M-6 ~~$25,000~~0.00 $1,~~000 $ 1,~~193,000.00 ~~Adjustable~~1.00000000 ~~(7)~~0.00 I II-A-1 ~~$25~~5,~~000~~203,975.93 $189,~~000~~124,265.79 $0.92388346 965,~~467~~203,~~000~~975.93 ~~Adjustable (8)~~ II II-A-2 ~~$25~~578,~~000~~243.52 $19,~~000~~903,106.81 $0.92388346 10578,~~719,000~~243.52 ~~Adjustable (9)~~ II II-M-1 ~~$25,000~~0.00 ~~$1,000 $~~ 7,778,000.00 ~~Adjustable~~1.00000000 ~~(10)~~0.00 II II-M-2 ~~$25,000~~0.00 ~~$1,000 $~~ 3,668,000.00 ~~Adjustable~~1.00000000 ~~(11)~~0.00 II II-M-3 ~~$25,000~~0.00 ~~$1,000 $~~ 2,466,000.00 ~~Adjustable~~1.00000000 ~~(12)~~0.00 II II-M-4 ~~$25,000~~0.00 ~~$1,000 $~~ 632,000.00 ~~Adjustable~~1.00000000 ~~(13)~~0.00 II II-B ~~$25,000 $~~-1~~,000~~ $0.00 1,454,000.00 ~~Adjustable (14) II I-B-IO $10,000,000 $~~1~~,000,000~~.00000000 ~~Notional~~0.00 ~~(15) N/A I II~~R-~~B-IO $10,000,000 $~~1~~,000,000~~ ~~Notional~~0.00 ~~(16)~~0.00 ~~N/A~~0.00000000 II0.00 R-12 ~~100%~~0.00 ~~N/A~~0.00 ~~N/A~~0.00000000 ~~N/A~~0.00 ~~N/A~~Totals ~~R-2~~9,255,831.21 ~~100%~~340,265,266.18 ~~N/A~~0.95242768 ~~N/A N/A N/A~~9,255,831.21

Delinquency Status By Groups

REO Detail - All Mortgage Loans in REO during Current Period

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Prepayment - Voluntary Prepayments

Realized Loss Report - Collateral Summary

Filing Compare · Bear Stearns Asset Backed Securities Trust 2005-SD3