AMENDMENT NUMBER ONE to the POOLING AND SERVICING AGREEMENT SACO I TRUST 2006-7, Dated as of June 1, 2006 among BEAR STEARNS ASSET BACKED SECURITIES I LLC, as Depositor, EMC MORTGAGE CORPORATION, as Seller and Company, LASALLE BANK NATIONAL...
AMENDMENT
NUMBER ONE
to
the
Dated
as
of June 1, 2006
among
BEAR
XXXXXXX ASSET BACKED SECURITIES I LLC,
as
Depositor,
EMC
MORTGAGE CORPORATION,
as
Seller
and Company,
LASALLE
BANK NATIONAL ASSOCIATION,
as
Master
Servicer and Securities Administrator,
and
CITIBANK,
N.A.,
as
Trustee
This
AMENDMENT NUMBER ONE is made and entered into this 5th
day of
December, 2006, by and among BEAR XXXXXXX ASSET BACKED SECURITIES I LLC, a
Delaware limited liability company, as depositor (the “Depositor”), EMC MORTGAGE
CORPORATION, a Delaware corporation, as seller (in such capacity, the “Seller”)
and as company (in such capacity, the “Company”), LASALLE BANK NATIONAL
ASSOCIATION, a national banking association, as master servicer (in such
capacity, the “Master Servicer”) and as securities administrator (in such
capacity, the “Securities Administrator”), and CITIBANK, N.A., a national
banking association, as trustee (the “Trustee”), in connection with the Pooling
and Servicing Agreement, dated as of June 1, 2006, among the above-mentioned
parties (the “Agreement”), and the issuance of Mortgage-Backed Certificates,
Series 2006-7. This amendment is made pursuant to Section 12.01 of the
Agreement.
1. Capitalized
terms used herein and not defined herein shall have the meanings assigned to
such terms in the Agreement.
2. Section
5.01 of the Agreement is hereby amended by deleting the last sentence of the
first paragraph of Subsection 5.01(b) in its entirety and replacing it with
the
following:
The
Company shall deposit or cause to be deposited into the Protected Account on
a
daily basis within two Business Days of receipt and identification, except
as
otherwise specifically provided herein, the following payments and collections
remitted by subservicers or received by it in respect of the EMC Mortgage Loans
subsequent to the Cut-off Date (other than in respect of principal and interest
due on the EMC Mortgage Loans on or before the Cut-off Date) and the following
amounts required to be deposited hereunder:
3. Section
5.01 of the Agreement is hereby amended by deleting the second paragraph of
Subsection 5.01(b) in its entirety and replacing it with the
following:
The
foregoing requirements for deposit by the Company into the Protected Account
shall be exclusive, it being understood and agreed that, without limiting the
generality of the foregoing, payments in the nature of late payment charges
or
assumption fees, if collected, need not be deposited by the Company. In the
event that the Company shall deposit any amount not required to be deposited
and
not otherwise subject to withdrawal pursuant to Section 5.02, it may at any
time
withdraw or direct the institution maintaining the Protected Account, to
withdraw such amount from the Protected Account, any provision herein to the
contrary notwithstanding. Such withdrawal or direction may be accomplished
by
delivering written notice thereof to the institution maintaining the Protected
Account, that describes the amounts deposited in error in the Protected Account.
The Company shall maintain adequate records with respect to all withdrawals
made
pursuant to this Section. Reconciliations will be prepared by the Company for
the Protected Account within 45 calendar days after the bank statement cut-off
date. All funds deposited in the Protected Account shall be held in trust for
the Certificateholders until withdrawn in accordance with Section
5.02.
4. Section
5.05 of the Agreement is hereby amended by deleting the first paragraph of
Subsection 5.05(a) in its entirety and replacing it with the
following:
The
Master Servicer shall enforce the obligation of the Company and the related
Servicers to establish and maintain a Protected Account in accordance with
this
Agreement and the Servicing Agreements, with records to be kept with respect
thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall
be
deposited within two Business Days (or as of such other time specified in the
Servicing Agreements) of receipt and identification all collections of principal
and interest on any Mortgage Loan and with respect to any REO Property received
by the Company or the related Servicer, including Principal Prepayments,
Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries, and advances
made from the Company’s or such Servicer’s own funds (less servicing
compensation as permitted by this Agreement or the related Servicing Agreement)
and all other amounts to be deposited in the Protected Accounts. Each of the
Company and the related Servicers is hereby authorized to make withdrawals
from
and deposits to the related Protected Account for purposes required or permitted
by this Agreement. To the extent provided in this Agreement or any Servicing
Agreement, the Protected Account shall be held in a Designated Depository
Institution and segregated on the books of such institution in the name of
the
Company or Servicer, as applicable on behalf of the Trustee for the benefit
of
Certificateholders.
5. Except
as
amended above, the Agreement shall continue to be in full force and effect
in
accordance with its terms.
[Signature
Page Follows]
IN
WITNESS WHEREOF, the Depositor, the Seller, the Company, the Master Servicer,
the Securities Administrator and the Trustee have caused their names to be
signed hereto by their respective officers thereunto duly authorized as of
the
day and year first above written.
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BEAR
XXXXXXX ASSET BACKED
SECURITIES
I LLC,
as
Depositor
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| By: /s/ Xxxxx Xxxxxxxxxxx | ||
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Name:
Xxxxx Xxxxxxxxxxx
Title:
Vice
President
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EMC
MORTGAGE CORPORATION,
as
Seller and Company
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| By: /s/ Xxx Xxxxxxxx | ||
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Name:
Xxx
Xxxxxxxx
Title:
Executive
Vice President
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LASALLE
BANK NATIONAL
ASSOCIATION,
as
Master Servicer and Securities
Administrator
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| By: /s/ Xxxx Xxxxx | ||
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Name:
Xxxx
Xxxxx
Title:
Vice
President
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CITIBANK,
N.A.,
as
Trustee
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| By: /s/ Xxxx Xxxxxx | ||
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Name:
Xxxx
Xxxxxx
Title:
Vice
President
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