Exhibit 99.13a
EXECUTION COPY
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (this
"Assignment"), dated as of May 1, 2006, is entered into among Xxxxxx Xxxxxxx
Capital I Inc., a Delaware corporation (the "Depositor"), Xxxxxx Xxxxxxx
Mortgage Capital Inc. ("MSMCI"), PHH Mortgage Corporation (formerly known as
Cendant Mortgage Corporation) as a seller ("PHH" and, in such capacity, a
"Seller") and servicer (in such capacity, the "Servicer"), Xxxxxx'x Gate
Residential Mortgage Trust ("Xxxxxx'x Gate" and a "Seller" and, together with
PHH, the "Sellers") and acknowledged by LaSalle Bank National Association, as
trustee (the "Trustee") of Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-7 (the
"Trust"), and Xxxxx Fargo Bank, National Association, as master servicer (or
any successor servicer, the "Master Servicer").
RECITALS
WHEREAS MSMCI, the Sellers and the Servicer have entered into a certain
Third Amended and Restated Mortgage Loan Flow Purchase, Sale & Servicing
Agreement, dated as of January 1, 2006 (as amended or modified to the date
hereof, the "Agreement"), pursuant to which MSMCI has acquired certain
Mortgage Loans pursuant to the terms of the Agreement and the Servicer has
agreed to service such Mortgage Loans;
WHEREAS the Depositor has agreed, on the terms and conditions contained
herein, to purchase from MSMCI certain of the Mortgage Loans (the "Specified
Mortgage Loans") which are subject to the provisions of the Agreement and are
listed on the mortgage loan schedule attached as Exhibit I hereto (the
"Specified Mortgage Loan Schedule"); and
WHEREAS the Trustee, on behalf of the Trust, has agreed, on the terms and
conditions contained herein, to purchase from the Depositor the Specified
Mortgage Loans;
NOW, THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged), the parties agree as follows:
1. Assignment and Assumption
(a) On and of the date hereof, MSMCI hereby sells, assigns and transfers
to the Depositor all of its right, title and interest in the Specified
Mortgage Loans and all rights and obligations related thereto as provided
under the Agreement to the extent relating to the Specified Mortgage Loans,
the Depositor hereby accepts such assignment from MSMCI (the "First Assignment
and Assumption"), and the Sellers hereby acknowledge the First Assignment and
Assumption.
MSMCI specifically reserves and does not assign to the Depositor
hereunder any and all right, title and interest in, to and under and all
obligations of MSMCI with respect to any Mortgage Loans subject to the
Agreement which are not the Specified Mortgage Loans.
(b) On and of the date hereof, immediately after giving effect to the
First Assignment and Assumption, the Depositor hereby sells, assigns and
transfers to the Trustee, on behalf of the Trust, all of its right, title and
interest in the Specified Mortgage Loans and all rights and obligations
related thereto as provided under the Agreement to the extent relating to the
Specified Mortgage Loans, and the Trustee, on behalf of the Trust, hereby
accepts such assignment from the Depositor (the "Second Assignment and
Assumption"), and the Sellers hereby acknowledge the Second Assignment and
Assumption.
(c) On and as of the date hereof, MSMCI represents and warrants to the
Depositor and the Trustee that MSMCI has not taken any action that would serve
to impair or encumber the respective ownership interests of the Depositor and
the Trustee in the Specified Mortgage Loans since the date of MSMCI's
acquisition of the Specified Mortgage Loans.
2. Recognition of Trustee
(a) From and after the date hereof, both MSMCI and the Sellers shall note
the transfer of the Specified Mortgage Loans to the Trustee, in their
respective books and records and shall recognize the Trustee, on behalf of the
Trust, as of the date hereof, as the owner of the Specified Mortgage Loans,
and Servicer shall service the Specified Mortgage Loans for the benefit of the
Trust pursuant to the Agreement, the terms of which are incorporated herein by
reference. It is the intention of the Sellers, the Servicer, the Depositor,
the Trustee and MSMCI that this Assignment shall be binding upon and inure to
the benefit of the Depositor, the Trustee and MSMCI and their respective
successors and assigns.
(b) Without in any way limiting the foregoing, the parties confirm that
this Assignment includes the rights relating to amendments or waivers under
the Agreement. Accordingly, the right of MSMCI to consent to any amendment of
the Agreement and its rights concerning waivers as set forth in Section 12.07
of the Agreement shall be exercisable, to the extent any such amendment or
waiver affects the Specified Mortgage Loans or any of the rights under the
Agreement with respect thereto (other than the servicing of the Specified
Mortgage Loans, which shall be enforced by the Master Servicer) by the Trustee
as assignee of MSMCI.
(c) It is expressly understood and agreed by the parties hereto that (i)
this Assignment is executed and delivered by LaSalle Bank National
Association, not individually or personally but solely on behalf of the Trust,
as the assignee, in the exercise of the powers and authority conferred and
vested in it, as Trustee, pursuant to the pooling and servicing agreement
dated as of the date hereof among the Depositor, the Master Servicer, Xxxxx
Fargo Bank, National Association, as securities administrator, and the Trustee
(the "Pooling and Servicing Agreement") for the Xxxxxx Xxxxxxx Mortgage Loan
Trust 2006-7, Mortgage Pass-Through Certificates, Series 2006-7, (ii) each of
the representations, undertakings and agreements herein made on the part of
assignee is made and intended not as personal representations, undertakings
and agreements by LaSalle Bank National Association but is made and intended
for the purpose of binding only the Trust, (iii) nothing herein contained
shall be construed as creating any liability for LaSalle Bank National
Association, individually or personally, to perform any covenant (either
express or implied) contained herein, (iv) under no circumstances shall
LaSalle Bank National Association be personally liable for the payment of any
indebtedness or expenses of the Trust, or be liable for the breach or failure
of any obligation, representation, warranty or covenant made or undertaken by
the Trust under this Assignment and (v) all recourse for any payment liability
or other obligation of the assignee shall be had solely to the assets of the
Trust.
3. Representations and Warranties
(a) The Depositor represents and warrants that it is a sophisticated
investor able to evaluate the risks and merits of the transactions
contemplated hereby, and that it has not relied in connection therewith upon
any statements or representations of the Sellers or MSMCI other than those
contained in the Agreement or this Assignment.
(b) Each of the parties hereto represents and warrants that it is duly
and legally authorized to enter into this Assignment.
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(c) Each of the Depositor, MSMCI, Servicer and the Sellers represents and
warrants that this Assignment has been duly authorized, executed and delivered
by it and (assuming due authorization, execution and delivery thereof by each
of the other parties hereto) constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms, except as
such enforcement may be limited by bankruptcy, insolvency, reorganization or
other similar laws affecting the enforcement of creditors' rights generally
and by general equitable principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law).
(d) Each Seller hereby restates, as of the Closing Date (as defined in
the Pooling and Servicing Agreement referred to below), the representations
and warranties set forth in the Agreement, other than the representations and
warranties contained in Sections 3.03(4), (20), (21), (25), (31) or (58) of
the Agreement, with respect to each of the Specified Mortgage Loans that were
sold by it under the Agreement, to and for the benefit of the Depositor, the
Trustee and the Trust, and by this reference incorporates such representations
and warranties herein, as of such Closing Date.
4. The Servicer hereby acknowledges that Xxxxx Fargo Bank, National
Association has been appointed as the Master Servicer of the Specified
Mortgage Loans pursuant to the Pooling and Servicing Agreement and, therefore,
has the right to enforce all obligations of the Servicer under the Agreement.
Such rights will include, without limitation, the right to terminate the
Servicer under the Agreement upon the occurrence of an event of default
thereunder, the right to receive all remittances required to be made by the
Servicer under the Agreement, the right to receive all monthly reports and
other data required to be delivered by the Servicer under the Agreement, the
right to examine the books and records of the Servicer, indemnification rights
and the right to exercise certain rights of consent and approval relating to
actions taken by MSMCI. The Servicer shall make all distributions under the
Agreement to the Master Servicer by wire transfer of immediately available
funds to:
Xxxxx Fargo Bank, National Association
ABA Number: 000-000-000
Account Name: Corporate Trust Clearing
Account number: 0000000000
For further credit to: 50922400, MSM 2006-7
The Servicer shall deliver all reports required to be delivered under the
Agreement to the Master Servicer at the following address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, MSM 2006-7
Office Number: (000) 000-0000
Telecopier: (000) 000-0000
For the avoidance of doubt, the parties to this Assignment hereby
acknowledge that the Master Servicer shall have no obligation for enforcing or
overseeing the Servicer's activities pursuant to Sections 5.18(c) and (d) of
the Agreement.
5. Amendments to the Agreement
The parties to this Assignment hereby agree to amend the Agreement,
solely with respect to the Specified Mortgage Loans, as follows:
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(a) The term "Indemnified Party" is added as a new defined term in
Section 1.01 and shall have the following meaning:
"Indemnified Party: each Party (other than each Seller and the
Servicer) described in the first sentence of Section 13.07(a)
hereof."
(b) The definition of "Permitted Investments" in Section 1.01 shall have
the meaning of such term as defined in the Pooling and Servicing
Agreement.
(c) The definition of "Remittance Date" in Section 1.01 is hereby amended
and restated in its entirety as follows:
"Remittance Date: No later than 2:00 p.m. New York time on the 18th
day of each month (or, if such 18th day is not a Business Day, the
following Business Day)."
(d) The definition of "Servicing Criteria" in Section 1.01 is hereby
amended and restated in its entirety as follows:
"Servicing Criteria: The "servicing criteria" set forth in Item
1122(d) of Regulation AB for which the Servicer is responsible as
identified on Exhibit 14 attached hereto."
(e) The penultimate paragraph of Section 3.05 of the Agreement is hereby
amended and restated as follows:
"With respect to any Mortgage Loans sold in a Securitization
Transaction where the Servicer remains as the servicer, the Servicer
agrees that on or before March 1st each year following the year such
Securitization Transaction occurs, the Servicer shall deliver, and
shall cause each subservicert to deliver, to the depositor and the
trustee, a certification in the form attached as Exhibit 11 hereto,
executed by a senior officer of the Servicer in charge of servicing
for use in connection with any Form 10-K to be filed with the
Securities and Exchange Commission with respect to the
securitization trust. The obligation to provide such certification
will terminate to the extent the related securitization trust's
obligation to file reports under the Exchange Act, terminates."
(f) The second paragraph of Section 5.13 of the Agreement is hereby
amended and restated in its entirety as follows:
"With respect to any REO Property, the Trustee's name shall be
placed on the title to such REO Property solely as the Trustee
hereunder and not in its individual capacity. The Servicer shall
ensure that the title to such REO Property references the Agreement
and the Purchaser's (or its designee's) capacity thereunder.
Pursuant to its efforts to sell such REO Property, the Servicer
shall either itself or through an agent selected by the Servicer
protect and conserve such REO Property in the same manner and to
such extent as is customary in the locality where such REO Property
is located and may, incident to its conservation and protection of
the interests of the Purchaser, or its designee, rent the same, or
any part thereof, as the Servicer deems to be in the best interest
of the Purchaser, or its designee, for the period prior to the sale
of such REO Property. The Servicer shall prepare for and deliver to
the Purchaser, or its designee, a statement with respect to each REO
Property that has been rented showing the aggregate rental income
received and all expenses incurred in connection with the
maintenance of such REO Property at such times as is necessary to
enable the Purchaser, or its designee,
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to comply with the reporting requirements of the REMIC Provisions.
The net monthly rental income, if any, from such REO Property shall
be deposited in the Certificate Account no later than the close of
business on each Determination Date. The Servicer shall perform the
tax reporting and withholding required by Sections 1445 and 6050J of
the Code with respect to foreclosures and abandonments, the tax
reporting required by Section 6050H of the Code with respect to the
receipt of mortgage interest from individuals and any tax reporting
required by Section 6050P of the Code with respect to the
cancellation of indebtedness by certain financial entities, by
preparing such tax and information returns as may be required, in
the form required, and delivering the same to the Purchaser, or its
designee, for filing.
In the event that the Purchaser, or its designee, acquires any
Mortgaged Property as aforesaid or otherwise in connection with a
default or imminent default on a Mortgage Loan, the Servicer shall
dispose of such Mortgaged Property as soon as practicable in a
manner that maximizes the Liquidation Proceeds thereof, but in no
event later than three years after its acquisition by the Purchaser,
or its designee. In that event, the Purchaser, or its designee,
shall have been supplied with an Opinion of Counsel to the effect
that the holding by the Purchaser, or its designee, of such
Mortgaged Property subsequent to a three-year period, if applicable,
will not result in the imposition of taxes on "prohibited
transactions" of any REMIC as defined in section 860F of the Code or
cause any REMIC to fail to qualify as a REMIC at any time, the
Purchaser, or its designee, may continue to hold such Mortgaged
Property (subject to any conditions contained in such Opinion of
Counsel) after the expiration of such three-year period.
Notwithstanding any other provision of this Agreement, no Mortgaged
Property acquired by the Purchaser, or its designee, shall be rented
(or allowed to continue to be rented) or otherwise used for the
production of income by or on behalf of the Purchaser, or its
designee, in such a manner or pursuant to any terms that would (i)
cause such Mortgaged Property to fail to qualify as "foreclosure
property" within the meaning of section 860G(a)(8) of the Code or
(ii) subject any REMIC to the imposition of any federal, state or
local income taxes on the income earned from such Mortgaged Property
under Section 860G(c) of the Code or otherwise, unless the Servicer
has agreed to indemnify and hold harmless the Purchaser, or its
designee, with respect to the imposition of any such taxes."
(g) The third paragraph of Section 5.13 of the Agreement is hereby
deleted in its entirety.
(h) The first paragraph of Section 6.02 of the Agreement is hereby
amended and restated in its entirety as follows:
"Reporting. Not later than the 5th Business Day of each month, the
Servicer shall forward to the Master Servicer in hard copy and
electronic format a statement in the form of Exhbit 6.02(a) and
Exhibit 6.02(b), certified by a Servicing Officer, setting forth (a)
the amount of the distribution made on such Remittance Date which is
allocable to principal and allocable to interest; (b) the amount of
servicing compensation received by the Servicer during the prior
calendar month; (c) the aggregate Stated Principal Balance and the
aggregate unpaid principal balance of the Mortgage Loans as of the
last day of the preceding month; and (d) the paid through date for
each Mortgage Loan. Such statement shall also include information
regarding delinquencies on Mortgage Loans, indicating the number and
aggregate principal amount of Mortgage Loans which are either one
(1), two (2) or three (3) or more months delinquent and the book
value of any REO Property, or such other mortgage loan level data as
agreed upon by the Servicer and the Master Servicer, and the monthly
reports substantially in the form of Exhibit 15 attached hereto (or
in such other formats mutually agreed upon between the Servicer and
the Master
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Servicer). Such monthly reports shall be available by the Servicer
for the Purchaser on Servicer's secured web site. The Servicer shall
provide training, secured access and password(s) to the Purchaser on
the operation of the website."
(i) Section 7.04 of the Agreement is hereby amended and restated in its
entirety as follows:
"Annual Statement as to Compliance. The Servicer shall deliver to
the Purchaser and the Master Servicer, on or before March 1st each
year beginning March 1, 2006, an Officer's Certificate stating that
(a) a review of the activities of the Servicer during the preceding
calendar year and of its performance under this Agreement has been
made under such officer's supervision, and (b) to the best of such
officer's knowledge, based on such review, the Servicer has
fulfilled all its obligations under this Agreement throughout such
year, or, if there has been a default in the fulfillment of any such
obligation, specifying each such default known to such officer and
the nature and status thereof and the action being taken by the
Servicer to cure such default."
(j) Section 7.05 of the Agreement is hereby amended and restated in its
entirety as follows:
"Annual Independent Public Accountants' Servicing Report. On or
before March 1st of each year beginning March 1, 2006, the Servicer
at its expense shall cause a firm of independent public accountants
which is a member of the American Institute of Certified Public
Accountants to furnish a statement to the Purchaser and the Master
Servicer to the effect that such firm has, with respect to the
Servicer's overall servicing operations, examined such operations in
accordance with the requirements of the Uniform Single Attestation
Program for Mortgage Bankers, stating such firm's conclusions
relating thereto."
(k) Section 9.01 of the Agreement is hereby amended to insert the
following as the penultimate paragraph of such Section:
"In addition, the Servicer shall indemnify and hold harmless
the Master Servicer and each of its directors, officers, employees,
agents, and affiliates from and against any and all claims, losses,
damages, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments and other costs and expenses arising out of
or based upon (a) any breach by the Servicer of any if its
obligations under hereunder, including particularly its obligations
to provide any Assessment of Compliance, Attestation Report,
Compliance Statement or any information, data or materials provided
by the Servicer hereunder, or (c) the negligence, bad faith or
willful misconduct of the Servicer in connection with its
performance hereunder. If the indemnification provided for herein is
unavailable or insufficient to hold harmless the Master Servicer,
then the Servicer as a result of any claims, losses, damages or
liabilities incurred by the Master Servicer in such proportion as is
appropriate to reflect the relative fault of the Master Servicer on
the one hand and the Servicer on the other."
(l) The word "or" is deleted from the end of Section 10.01(8), the word
"or" is added at the end of Section 10.01(9) and the following paragraph
is hereby incorporated into the Agreement as new Section 10.01(10):
"(f) failure by the Servicer to duly perform, within the required
time period, its obligations under Sections 7.04 or 7.05 which
failure continues unremedied for a period of fifteen (15) days after
the date on which written notice of such failure, requiring the same
to be remedied, shall have been given to the Servicer by any party
to this
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Agreement or by any master servicer responsible for master servicing
the Mortgage Loans pursuant to a securitization of such Mortgage
Loans;"
(m) The following paragraph is hereby incorporated into the Agreement as
new Section 12.14:
"Third Party Beneficiary. For purposes of this Agreement,
including but not limited to Section 7.05, any Master Servicer shall
be considered a third party beneficiary to this Agreement entitled
to all the rights and benefits accruing to any Master Servicer
herein as if it were a direct party to this Agreement."
(n) Section 13.03(d) of the Agreement is hereby amended and restated in
its entirety as follows:
"(d) For the purpose of satisfying the reporting obligation under
the Exchange Act with respect to any class of asset-backed
securities, each Seller and the Servicer shall (or shall cause each
Subservicer and Third-Party Originator to) (i) provide prompt notice
to the Purchaser, any Master Servicer and any Depositor in writing
of (A) any material litigation or governmental proceedings involving
the Company, any Subservicer or any Third-Party Originator, (B) any
affiliations or relationships that develop following the closing
date of a Securitization Transaction between the Company, any
Subservicer or any Third-Party Originator and any of the parties
specified in clause (D) of paragraph (a) of this Section (and any
other parties identified in writing by the requesting party) with
respect to such Securitization Transaction, (C) any Event of Default
under the terms of this Agreement or any Reconstitution Agreement,
(D) any merger, consolidation or sale of substantially all of the
assets of the Company, and (E) the Company's entry into an agreement
with a Subservicer to perform or assist in the performance of any of
the Company's obligations under this Agreement or any Reconstitution
Agreement and (ii) provide to the Purchaser and any Depositor a
description of such proceedings, affiliations or relationships."
(o) Section 13.03(f) of the Agreement is hereby amended and restated in
its entirety as follows:
"(f) In addition to such information as the Company, as servicer, is
obligated to provide pursuant to other provisions of this Agreement,
not later than ten days prior to the deadline for the filing of any
distribution report on Form 10-D in respect of any Securitization
Transaction that includes any of the Mortgage Loans serviced by the
Company or any Subservicer, the Company or such Subservicer, as
applicable, shall, to the extent the Company or such Subservicer has
knowledge, provide to the party responsible for filing such report
(including, if applicable, the Master Servicer) notice of the
occurrence of any of the following events along with all
information, data, and materials related thereto as may be required
to be included in the related distribution report on Form 10-D (as
specified in the provisions of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of
pool asset terms, fees, penalties or payments during the
distribution period or that have cumulatively become material
over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or
warranties or transaction covenants (Item 1121(a)(12) of
Regulation AB); and
(iii) information regarding new asset-backed securities
issuances backed by the same pool assets, any pool asset
changes (such as, additions,
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substitutions or repurchases), and any material changes in
origination, underwriting or other criteria for acquisition or
selection of pool assets (Item 1121(a)(14) of Regulation AB).
(g) The Company shall provide to the Purchaser, any Master Servicer
and any Depositor, evidence of the authorization of the person
signing any certification or statement, copies or other evidence of
Fidelity Bond Insurance and Errors and Omission Insurance policy,
financial information and reports, and such other information
related to the Company or any Subservicer or the Company or such
Subservicer's performance hereunder."
(p) Section 13.05(1)(a)(iv) of the Agreement is hereby amended and
restated in its entirety as follows:
"(iv) deliver, and cause each subservicer and subcontractor
described in clause (iii) above to deliver, to the Purchaser, any
Depositor and any other Person that will be responsible for signing
the certification (a "Sarbanes Certification") required by Rules
13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section
302 of the Xxxxxxxx-Xxxxx Act of 2002) on behalf of an asset-backed
issuer with respect to a Securitization Transaction a certification,
signed by an appropriate officer of the Servicer, in the form
attached hereto as Exhibit 11."
(q) Section 13.06(a) of the Agreement is hereby amended to revise the
number of calendar days in the first sentence of such Section from
"fifteen (15)" to "thirty (30)."
(r) Section 13.06(a) of the Agreement is hereby amended to add Sections
13.03(f) and 13.03(g) as provisions that the Subservicers must comply
with to same extent as if such Subservicer were the Servicer.
(s) The last sentence of the last paragraph of Section 13.06 of the
Agreement is amended to require the Servicer to cause any Subservicer or
Subcontractor to provide any assessment of compliance and attestation but
also any other certifications required to delivered under this Section
13.06.
(t) Section 13.07(a)(ii) of the Agreement is hereby amended and restated
in its entirety as follows:
"(ii) any breach by the Seller or Servicer under, or any failure by
any Seller, the Servicer, any Subservicer, any Subcontractor or any
Third-Party Originator to deliver any information, report,
certification, accountants' letter or other material when and as
required, under this Article XIII, including any failure by the
Servicer to identify pursuant to Section 13.06(b) any Subcontractor
"participating in the servicing function" within the meaning of Item
1122 of Regulation AB;"
(u) The word "or" is struck at the end of Section 13.07(a)(ii) of the
Agreement and the following is inserted to Section 13.07(a) of the
Agreement:
"(iv) negligence, bad faith or willful misconduct of the Servicer in
connection with its performance under this Article XIII.
If the indemnification provided for herein is unavailable or
insufficient to hold harmless an Indemnified Party, then the
Servicer agrees that it shall contribute to the amount paid
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or payable by such Indemnified Party as a result of any claims,
losses, damages or liabilities incurred by such Indemnified Party in
such proportion as is appropriate to reflect the relative fault of
such Indemnified Party on the one hand and the Servicer on the
other.
This indemnification shall survive the termination of this Agreement
or the termination of any party to this Agreement."
(v) The following parenthetical is inserted directly before the proviso
in the last sentence of the first paragraph of Section 13.07(b)(i) of the
Agreement:
"(and if the Servicer is servicing any of the Mortgage Loans in a
Securitization Transaction, appoint a successor servicer reasonably
acceptable to the Master Servicer for such Securitization
Transaction)"
(w) Exhibits 6.02(a) and 6.02(b) of the Agreement are hereby deleted and
replaced with Exhibit II to this Assignment.
(x) Exhibit 11 to the Agreement is hereby deleted and replaced with
Exhibit A-1 to this Assignment.
(y) Exhibit 14 to the Agreement is hereby deleted and replaced with
Exhibit B-1 to this Assignment.
(z) Written notice provided in compliance with Sections 13.03(d), (e) or
(f) of the Agreement shall be substantially in the form of Exhibit C-1 to
this Assignment.
6. Continuing Effect
Except as contemplated hereby, the Agreement shall remain in full force
and effect in accordance with its terms.
7. Governing Law
This Assignment and the rights and obligations hereunder shall be
governed by and construed in accordance with the internal laws of the State of
New York.
8. Notices
Any notices or other communications permitted or required under the
Agreement to be made to the Depositor, MSMCI, the Master Servicer, the
Sellers, the Servicer and the Trustee shall be made in accordance with the
terms of the Agreement and shall be sent to the Depositor and Trustee as
follows:
In the case of MSMCI:
Xxxxxx Xxxxxxx Mortgage Capital Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-7
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With a copy to:
Xxxxxx Xxxxxxx & Co. Incorporated
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel's Office
In the case of the Depositor:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-7
In the case of the Trustee:
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Global Securities and Trust Services MSM 2006-7
In the case of PHH and the Servicer:
PHH Mortgage Corporation
0000 Xxxxxxxxxx Xxxx
Xx. Xxxxxx, XX 00000
Attention: Xxxxx X. Xxxxxx, Vice President, Secondary Marketing
In the case of Xxxxxx'x Gate:
Xxxxxx'x Gate Residential Mortgage Trust
c/o PHH Mortgage Corporation
0000 Xxxxxxxxxx Xxxx
Xx. Xxxxxx, XX 00000
Attention: Xxxxx X. Xxxxxx, Vice President, Secondary Marketing
or to such other address as may hereafter be furnished by the Depositor and
the Trustee to the parties in accordance with the provisions of the Agreement.
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9. Ratification
Except as modified and expressly amended by this Assignment, the
Agreement is in all respects ratified and confirmed, and all terms, provisions
and conditions thereof shall be and remain in full force and effect.
10. Counterparts
This Assignment may be executed in counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same instrument.
11. Definitions
Any capitalized term used but not defined in this Assignment has the same
meaning as in the Agreement.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have executed this Assignment the
day and year first above written.
XXXXXX XXXXXXX MORTGAGE CAPITAL INC.
By: /s/ Xxxxxxx Xxx
-----------------------------------
Name: Xxxxxxx Xxx
Title: Vice President
XXXXXX XXXXXXX CAPITAL I INC.
By: /s/ Xxxxxxx Xxx
-----------------------------------
Name: Xxxxxxx Xxx
Title: Vice President
PHH MORTGAGE CORPORATION
By: /s/ Crissy Judge
-----------------------------------
Name: Crissy Judge
Title: Assistant Vice President
XXXXXX'X GATE RESIDENTIAL MORTGAGE TRUST
By: PHH Mortgage Corporation,
as Administrator
By: /s/ Crissy Judge
-----------------------------------
Name: Crissy Judge
Title: Assistant Vice President
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
ASSOCIATION, as Master Servicer
By: /s/ Xxxxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
LASALLE BANK, NATIONAL
ASSOCIATION, as Trustee of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2006-7
By: /s/ Xxxxxxxxxxx Xxxxx
-----------------------------------
Name: Xxxxxxxxxxx Xxxxx
Title: Assistant Vice President
EXHIBIT I
Mortgage Loan Schedule
[see Schedule A to Pooling and Servicing Agreement]
EXH. I-1
Exhibit IIA: Standard File Layout - Delinquency Reporting
Column/Header Name Description Decimal Format Comment
-----------------------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the
Servicer. This may be different than the
LOAN_NBR
-----------------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan by the
originator.
-----------------------------------------------------------------------------------------------------------------------------
CLIENT_NBR Servicer Client Number
-----------------------------------------------------------------------------------------------------------------------------
SERV_INVESTOR_NBR Contains a unique number as
assigned by an external servicer to
identify a group of loans in their
system.
-----------------------------------------------------------------------------------------------------------------------------
BORROWER_FIRST_NAME First Name of the Borrower.
-----------------------------------------------------------------------------------------------------------------------------
BORROWER_LAST_NAME Last name of the borrower.
-----------------------------------------------------------------------------------------------------------------------------
PROP_ADDRESS Street Name and Number of Property
-----------------------------------------------------------------------------------------------------------------------------
PROP_STATE The state where the property located.
-----------------------------------------------------------------------------------------------------------------------------
PROP_ZIP Zip code where the property is located.
-----------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next MM/DD/YYYY
payment is due MM/DD/YYYY to the
servicer at the end of processing
cycle, as reported by Servicer.
-----------------------------------------------------------------------------------------------------------------------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
-----------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
-----------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the
bankruptcy filing.
-----------------------------------------------------------------------------------------------------------------------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has MM/DD/YYYY
been approved by the courts
-----------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. MM/DD/YYYY
Either by Dismissal, Discharged and/or a Motion
For Relief Was Granted.
-----------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The MM/DD/YYYY
Servicer
-----------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan
Such As;
-----------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
EXH. I-1
To End/Close
-----------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
-----------------------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to
the servicer MM/DD/YYYY with
instructions to begin foreclosure
proceedings.
-----------------------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue MM/DD/YYYY
Foreclosure
-----------------------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a MM/DD/YYYY
Foreclosure Action
-----------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected MM/DD/YYYY
to occur.
-----------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the 2 No commas(,)
foreclosure sale. or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of the MM/DD/YYYY
borrower.
-----------------------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal
possession of MM/DD/YYYY the
property from the borrower.
-----------------------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
-----------------------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by MM/DD/YYYY
the Servicer.
-----------------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
-----------------------------------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is occupied.
-----------------------------------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the
property.
-----------------------------------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the property based on 2
-----------------------------------------------------------------------------------------------------------------------------
brokers price opinion or appraisal.
-----------------------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs are completed pursuant to a broker's
price opinion or appraisal.
-----------------------------------------------------------------------------------------------------------------------------
If applicable:
--------------
-----------------------------------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
-----------------------------------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a
borrower to stop paying on a loan.
Code indicates the reason why the
loan is in default for this cycle.
-----------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With MM/DD/YYYY
Mortgage Insurance Company.
-----------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim MM/DD/YYYY
Payment
-----------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued MM/DD/YYYY
By The Pool Insurer
-----------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------------------
Exhibit IIB: Standard File Codes - Delinquency Reporting
The Loss Mit Type field should show the approved Loss Mitigation Code as
follows:
o ASUM- Approved Assumption
o BAP- Borrower Assistance Program
o CO- Charge Off
o DIL- Deed-in-Lieu
o FFA- Formal Forbearance Agreement
o MOD- Loan Modification
o PRE- Pre-Sale
o SS- Short Sale
o MISC- Anything else approved by the PMI or Pool Insurer
NOTE: Xxxxx Fargo Bank will accept alternative Loss Mitigation Types to those
above, provided that they are consistent with industry standards. If Loss
Mitigation Types other than those above are used, the Servicer must supply
Xxxxx Fargo Bank with a description of each of the Loss Mitigation Types prior
to sending the file.
The Occupant Code field should show the current status of the property code as
follows:
o Mortgagor
o Tenant
o Unknown
o Vacant
The Property Condition field should show the last reported condition of the
property as follows:
o Damaged
o Excellent
o Fair
o Gone
o Good
o Poor
o Special Hazard
o Unknown
The FNMA Delinquent Reason Code field should show the Reason for Delinquency
as follows:
-------------------------------------------------------------------
Delinquency Code Delinquency Description
-------------------------------------------------------------------
001 FNMA-Death of principal mortgagor
-------------------------------------------------------------------
002 FNMA-Illness of principal mortgagor
-------------------------------------------------------------------
003 FNMA-Illness of mortgagor's family member
-------------------------------------------------------------------
004 FNMA-Death of mortgagor's family member
-------------------------------------------------------------------
005 FNMA-Marital difficulties
-------------------------------------------------------------------
006 FNMA-Curtailment of income
-------------------------------------------------------------------
007 FNMA-Excessive Obligation
-------------------------------------------------------------------
008 FNMA-Abandonment of property
-------------------------------------------------------------------
009 FNMA-Distant employee transfer
-------------------------------------------------------------------
-------------------------------------------------------------------
011 FNMA-Property problem
-------------------------------------------------------------------
012 FNMA-Inability to sell property
-------------------------------------------------------------------
013 FNMA-Inability to rent property
-------------------------------------------------------------------
014 FNMA-Military Service
-------------------------------------------------------------------
015 FNMA-Other
-------------------------------------------------------------------
016 FNMA-Unemployment
-------------------------------------------------------------------
017 FNMA-Business failure
-------------------------------------------------------------------
019 FNMA-Casualty loss
-------------------------------------------------------------------
022 FNMA-Energy environment costs
-------------------------------------------------------------------
023 FNMA-Servicing problems
-------------------------------------------------------------------
026 FNMA-Payment adjustment
-------------------------------------------------------------------
027 FNMA-Payment dispute
-------------------------------------------------------------------
029 FNMA-Transfer of ownership pending
-------------------------------------------------------------------
030 FNMA-Fraud
-------------------------------------------------------------------
031 FNMA-Unable to contact borrower
-------------------------------------------------------------------
INC FNMA-Incarceration
-------------------------------------------------------------------
The FNMA Delinquent Status Code field should show the Status of Default as
follows:
-------------------------------------------------------------------
Status Code Status Description
-------------------------------------------------------------------
09 Forbearance
-------------------------------------------------------------------
17 Pre-foreclosure Sale Closing Plan Accepted
-------------------------------------------------------------------
24 Government Seizure
-------------------------------------------------------------------
26 Refinance
-------------------------------------------------------------------
27 Assumption
-------------------------------------------------------------------
28 Modification
-------------------------------------------------------------------
29 Charge-Off
-------------------------------------------------------------------
30 Third Party Sale
-------------------------------------------------------------------
31 Probate
-------------------------------------------------------------------
32 Military Indulgence
-------------------------------------------------------------------
43 Foreclosure Started
-------------------------------------------------------------------
44 Deed-in-Lieu Started
-------------------------------------------------------------------
49 Assignment Completed
-------------------------------------------------------------------
61 Second Lien Considerations
-------------------------------------------------------------------
62 Veteran's Affairs-No Bid
-------------------------------------------------------------------
63 Veteran's Affairs-Refund
-------------------------------------------------------------------
64 Veteran's Affairs-Buydown
-------------------------------------------------------------------
65 Chapter 7 Bankruptcy
-------------------------------------------------------------------
66 Chapter 11 Bankruptcy
-------------------------------------------------------------------
67 Chapter 13 Bankruptcy
-------------------------------------------------------------------
Exhibit IIC: Standard File Layout - Master Servicing
---------------------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
---------------------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to Text up to 10 digits 20
define a group of loans.
---------------------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each Text up to 10 digits 10
loan by the investor.
---------------------------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan Text up to 10 digits 10
by the Servicer. This may be
different than the LOAN_NBR.
---------------------------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received in the Maximum length of 30 (Last, 30
file. It is not separated by first First)
and last name.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) or dollar signs ($) 11
scheduled interest payment that a
borrower is expected to pay, P&I
constant.
---------------------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported 4 Max length of 6 6
by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less 4 Max length of 6 6
the service fee rate as reported by
the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan 4 Max length of 6 6
as reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan 2 No commas(,) or dollar signs ($) 11
as reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
---------------------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
---------------------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar signs ($) 11
balance at the beginning of the
processing cycle.
---------------------------------------------------------------------------------------------------------------------------------
EXH. I-1
ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar signs ($) 11
balance at the end of the processing
cycle.
---------------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing MM/DD/YYYY 10
cycle that the borrower's next
payment is due to the Servicer, as
reported by Servicer.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with MM/DD/YYYY 10
the first curtailment amount.
---------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the 2 No commas(,) or dollar signs ($) 11
first curtailment amount, if
applicable.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with MM/DD/YYYY 10
the second curtailment amount.
---------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the 2 No commas(,) or dollar signs ($) 11
second curtailment amount, if
applicable.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with MM/DD/YYYY 10
the third curtailment amount.
---------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the 2 No commas(,) or dollar signs ($) 11
third curtailment amount, if
applicable.
---------------------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by MM/DD/YYYY 10
the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code used to Action Code Key: 15=Bankruptcy, 2
indicate the default/delinquent status of 30=Foreclosure, , 60=PIF,
a particular loan. 63=Substitution,
65=Repurchase,70=REO
---------------------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest 2 No commas(,) or dollar signs ($) 11
adjustment as reported by the
Servicer.
---------------------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment 2 No commas(,) or dollar signs ($) 11
---------------------------------------------------------------------------------------------------------------------------------
amount, if applicable.
---------------------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
---------------------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing 2 No commas(,) or dollar signs ($) 11
as a loss, if applicable.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar signs ($) 11
amount due at the beginning of the
cycle date to be passed through to
investors.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due 2 No commas(,) or dollar signs ($) 11
to investors at the end of a
processing cycle.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer for the
current cycle -- only applicable for
Scheduled/Scheduled Loans.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount 2 No commas(,) or dollar signs ($) 11
less the service fee amount for the
current cycle as reported by the Servicer
-- only applicable for
Scheduled/Scheduled Loans.
---------------------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount 2 No commas(,) or dollar signs ($) 11
collected by the Servicer for the current
reporting cycle -- only applicable for
Actual/Actual Loans.
---------------------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount 2 No commas(,) or dollar signs ($) 11
less the service fee amount for the
current reporting cycle as reported by
the Servicer -- only applicable for
Actual/Actual Loans.
---------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar signs ($) 11
borrower prepays on his loan as
reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for 2 No commas(,) or dollar signs ($) 11
the loan waived by the servicer.
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
---------------------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha or 30
---------------------------------------------------------------------------------------------------------------------------------
numeric
---------------------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal 2 No commas(,) or dollar signs ($) 11
and interest advances made by
Servicer.
---------------------------------------------------------------------------------------------------------------------------------
Exhibit IID : Calculation of Realized Loss/Gain Form 332- Instruction Sheet
NOTE: Do not net or combine items. Show all expenses individually
and all credits as separate line items. Claim packages are due on
the remittance report date. Late submissions may result in claims
not being passed until the following month. The Servicer is
responsible to remit all funds pending loss approval and /or
resolution of any disputed items.
(aa)
(bb) The numbers on the 332 form correspond with the numbers listed
below.
Liquidation and Acquisition Expenses:
-------------------------------------
1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
2. The Total Interest Due less the aggregate amount of servicing
fee that would have been earned if all delinquent payments had
been made as agreed. For documentation, an Amortization
Schedule from date of default through liquidation breaking out
the net interest and servicing fees advanced is required.
3. Accrued Servicing Fees based upon the Scheduled Principal
Balance of the Mortgage Loan as calculated on a monthly basis.
For documentation, an Amortization Schedule from date of
default through liquidation breaking out the net interest and
servicing fees advanced is required.
4-12. Complete as applicable. Required documentation:
* For taxes and insurance advances - see page 2 of 332 form -
breakdown required showing period
of coverage, base tax, interest, penalty. Advances prior to
default require evidence of servicer efforts to recover
advances.
* For escrow advances - complete payment history
(to calculate advances from last positive escrow balance
forward)
* Other expenses - copies of corporate advance history showing
all payments
* REO repairs > $1500 require explanation
* REO repairs >$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the decision
and WFB's approved Officer Certificate
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
(c) Credits:
--------
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid
instructions and Escrow Agent / Attorney
Letter of Proceeds Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332 form
22. The total of lines 14 through 21.
Please Note: For HUD/VA loans, use line (18a) for Part A/Initial
proceeds and line (18b) for Part B/Supplemental
proceeds.
EXH. III 1
Total Realized Loss (or Amount of Any Gain)
-------------------------------------------
23. The total derived from subtracting line 22 from 13. If the
amount represents a realized gain, show the amount in
parenthesis ( ).
Exhibit IIE: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
------------------- ------------------------- ---------------------------
|Servicer Loan No.| | Servicer Name | | Servicer Address |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
------------------- ------------------------- ---------------------------
XXXXX FARGO BANK, N.A. Loan No._____________________________
Borrower's Name: _________________________________________________
Property Address: ________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cramdown amount ________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage Loan $___________ (1)
(2) Interest accrued at Net Rate _____________(2)
(3) Accrued Servicing Fees _____________(3)
(4) Attorney's Fees _____________(4)
(5) Taxes (see page 2) _____________(5)
(6) Property Maintenance ____________
(6)
(7) MI/Hazard Insurance Premiums (see page 2) _____________(7)
(8) Utility Expenses _____________(8)
(9) Appraisal/BPO _____________(9)
(10) Property Inspections _____________
(10)
(11) FC Costs/Other Legal Expenses _____________(11)
(12) Other (itemize) _____________(12)
Cash for Keys__________________________ _____________(12)
HOA/Condo Fees_______________________ _____________(12)
______________________________________ _____________(12)
Total Expenses $ ____________(13)
Credits:
(14) Escrow Balance $ ____________(14)
(15) HIP Refund _____________
(15)
(16) Rental Receipts _____________ (16)
(17) Hazard Loss Proceeds _____________
(17)
(18) Primary Mortgage Insurance / Gov't Insurance _____________
(18a) HUD Part A
_____________ (18b)
HUD Part B
(19) Pool Insurance Proceeds _____________
(19)
(20) Proceeds from Sale of Acquired Property _____________
(20)
(21) Other (itemize) _____________ (21)
_________________________________________ _____________ (21)
Total Credits $_____________(22)
Total Realized Loss (or Amount of Gain) $_____________(23)
Escrow Disbursement Detail
----------------------------------------------------------------------------------------------------------------------
Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
EXHIBIT A-1
FORM OF ANNUAL CERTIFICATION
Re: The [ ] agreement dated as of [ ], 200[ ] (the "Agreement"),
among [IDENTIFY PARTIES]
I, ________________________________, the _____________________ of PHH Mortgage
Corporation, certify to [the Purchaser], [the Depositor], and the [Master
Servicer] [Securities Administrator] [Trustee], and their officers, with the
knowledge and intent that they will rely upon this certification, that:
(1) I have reviewed the servicer compliance statement of the Company
provided in accordance with Item 1123 of Regulation AB (the "Compliance
Statement"), the report on assessment of the Company's compliance with the
servicing criteria set forth in Item 1122(d) of Regulation AB and identified
as the responsibility of the Company on Exhibit 14 to the Third Amended and
Restated Mortgage Loan Flow Purchase Agreement dated January 1, 2006 (the
"Servicing Criteria"), provided in accordance with Rules 13a-18 and 15d-18
under Securities Exchange Act of 1934, as amended (the "Exchange Act") and
Item 1122 of Regulation AB (the "Servicing Assessment"), the registered public
accounting firm's attestation report provided in accordance with Rules 13a-18
and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the
"Attestation Report"), and all servicing reports, officer's certificates and
other information relating to the servicing of the Mortgage Loans by the
Company during 200[ ] that were delivered by the Company to the [Depositor]
[Master Servicer] [Securities Administrator] [Trustee] pursuant to the
Agreement (collectively, the "Company Servicing Information");
(2) Based on my knowledge, the Company Servicing Information, taken as a
whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in the light of
the circumstances under which such statements were made, not misleading with
respect to the period of time covered by the Company Servicing Information;
(3) Based on my knowledge, all of the Company Servicing Information required
to be provided by the Company under the Agreement has been provided to the
[Depositor] [Master Servicer] [Securities Administrator] [Trustee];
(4) I am responsible for reviewing the activities performed by the Company
as servicer under the Agreement, and based on my knowledge and the compliance
review conducted in preparing the Compliance Statement and except as disclosed
in the Compliance Statement, the Servicing Assessment or the Attestation
Report, the Company has fulfilled its obligations under the Agreement in all
material respects; and
(5) The Compliance Statement required to be delivered by the Company
pursuant to the Agreement, and the Servicing Assessment and Attestation Report
required to be provided by the Company and by any Subservicer and
Subcontractor pursuant to the Agreement, have been provided to the [Depositor]
[Master Servicer]. Any material instances of noncompliance described in such
reports have been disclosed to the [Depositor] [Master Servicer]. Any material
instance of noncompliance with the Servicing Criteria has been disclosed in
such reports.
EXH. A-1-1
Date: ____________________________
By: ____________________________
Name:
Title:
EXH. B-1-2
EXHIBIT B-1
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by [the Company] [Name of
Subservicer] shall address, at a minimum, the criteria identified as below as
"Applicable Servicing Criteria";
-----------------------------------------------------------------------------------------------------------------------------------
| Applicable
| Servicing
Servicing Criteria | Criteria
------------------------------------------------------------------------------------------------------------------|----------------
Reference | Criteria |
-----------------------------------------------------------------------------------------------------------------------------------
| General Servicing Considerations |
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(i) Policies and procedures are instituted to monitor X
any performance or other triggers and events of
default in accordance with the transaction
agreements.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(ii) If any material servicing activities are outsourced to third parties, policies and X
procedures are instituted to monitor the third party's performance and compliance
with such servicing activities.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iii) Any requirements in the transaction agreements to maintain a back-up servicer for
the mortgage loans are maintained.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in effect on the party X
participating in the servicing function throughout the reporting period in the
amount of coverage required by and otherwise in accordance with the terms of the
transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
Cash Collection and Administration
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(i) Payments on mortgage loans are deposited into the appropriate custodial bank X
accounts and related bank clearing accounts no more than two business days following
receipt, or such other number of days specified in the transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an obligor or to an investor are X
made only by authorized personnel.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash flows or distributions, X
and any interest or other fees charged for such advances, are made, reviewed and
approved as specified in the transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
EXH. B-1-1
-----------------------------------------------------------------------------------------------------------------------------------
| Applicable
| Servicing
Servicing Criteria | Criteria
-----------------------------------------------------------------------------------------------------------------------------------
Reference | Criteria |
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iv) The related accounts for the transaction, such as cash reserve accounts or accounts X
established as a form of overcollateralization, are separately maintained (e.g.,
with respect to commingling of cash) as set forth in the transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(v) Each custodial account is maintained at a federally insured depository institution X
as set forth in the transaction agreements. For purposes of this criterion,
"federally insured depository institution" with respect to a foreign financial
institution means a foreign financial institution that meets the requirements of
Rule 13k-1 (b)(1) of the Securities Exchange Act.
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1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent unauthorized access. X
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1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all asset-backed securities X
related bank accounts, including custodial accounts and related bank clearing
accounts. These reconciliations are (A) mathematically accurate; (B) prepared
within 30 calendar days after the bank statement cutoff date, or such other number
of days specified in the transaction
agreements; (C) reviewed and approved by someone other than the person who prepared
the reconciliation; and (D) contain explanations for reconciling items. These
reconciling items are resolved within 90 calendar days of their original
identification, or such other number of days specified in the transaction
agreements.
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Investor Remittances and Reporting
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XXX. X-0-0
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| Applicable
| Servicing
Servicing Criteria | Criteria
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Reference | Criteria |
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1122(d)(3)(i) Reports to investors, including those to be filed with the Commission, are
maintained in accordance with the transaction agreements and applicable Commission
requirements. Specifically, such reports (A) are prepared in accordance with
timeframes and other terms set forth in the transaction agreements; (B) provide
information calculated in accordance with the terms specified in the transaction
agreements; (C) are filed with the Commission as required by its rules and
regulations; and (D) agree with investors' or the trustee's records as to the total
unpaid principal balance and number of mortgage loans serviced by the Servicer.
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1122(d)(3)(ii) Amounts due to investors are allocated and remitted
in accordance with timeframes, distribution priority and other terms set
forth in the transaction agreements.
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1122(d)(3)(iii) Disbursements made to an investor are posted within two business days to the
Servicer's investor records, or such other number of days specified in the
transaction agreements.
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1122(d)(3)(iv) Amounts remitted to investors per the investor reports agree with cancelled checks,
or other form of payment, or custodial bank statements.
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Pool Asset Administration
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1122(d)(4)(i) Collateral or security on mortgage loans is maintained as required by the
transaction agreements or related mortgage loan documents.
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1122(d)(4)(ii) Mortgage loan and related documents are safeguarded as required by the transaction
agreements
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1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool are made, reviewed and
approved in accordance with any conditions or requirements in the transaction
agreements.
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EXH. B-1-3
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| Applicable
| Servicing
Servicing Criteria | Criteria
-----------------------------------------------------------------------------------------------------------------------------------
Reference | Criteria |
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1122(d)(4)(iv) Payments on mortgage loans, including any payoffs, made in accordance with the X
related mortgage loan documents are posted to the Servicer's obligor records
maintained no more than two business days after receipt, or such other number of
days specified in the transaction agreements, and allocated to principal, interest
or other items (e.g., escrow) in accordance with the related mortgage loan documents.
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1122(d)(4)(v) The Servicer's records regarding the mortgage loans agree with the Servicer's X
records with respect to an obligor's unpaid principal balance.
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1122(d)(4)(vi) Changes with respect to the terms or status of an obligor's mortgage loans (e.g., X
loan modifications or re-agings) are made, reviewed and approved by authorized
personnel in accordance with the transaction agreements and related pool asset
documents.
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1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance plans, modifications and X
deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are
initiated, conducted and concluded in accordance with the timeframes or other
requirements established by the transaction agreements.
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1122(d)(4)(viii) Records documenting collection efforts are maintained during the period a mortgage X
loan is delinquent in accordance with the transaction agreements. Such
records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity's
activities in monitoring delinquent mortgage loans including, for
example, phone calls, letters and payment rescheduling plans in cases
where delinquency is deemed temporary (e.g., illness or unemployment).
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1122( d)( 4 )(ix) Adjustments to interest rates or rates of return for mortgage loans with variable X
rates are computed based on the related mortgage loan documents.
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XXX. X-0-0
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| Applicable
| Servicing
Servicing Criteria | Criteria
-----------------------------------------------------------------------------------------------------------------------------------
Reference | Criteria |
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1122( d)( 4 )(x) Regarding any funds held in trust for an obligor (such as escrow accounts): (A) X
such funds are analyzed, in accordance with the obligor's mortgage loan documents,
on at least an annual basis, or such other period specified in the transaction
agreements; (B) interest on such funds is paid, or credited, to obligors
in accordance with applicable mortgage loan documents and state laws;
and (C) such funds are returned to the obligor within 30 calendar days
of full repayment of the related mortgage loans, or such other number of
days specified in the transaction agreements.
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1122( d)( 4 )(xi) Payments made on behalf of an obligor (such as tax or insurance payments) are made X
on or before the related penalty or expiration dates, as indicated on the
appropriate bills or notices for such payments, provided that such support has been
received by the servicer at least 30 calendar days prior to these dates,
or such other number of days specified in the transaction agreements.
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1122(d)(4)(xii) Any late payment penalties in connection with any payment to be made on behalf of an X
obligor are paid from the servicer's funds and not charged to the obligor, unless
the late payment was due to the obligor's error or omission.
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1122(d)(4)(xiii) Disbursements made on behalf of an obligor are posted within two business days to X
the obligor's records maintained by the servicer, or such other number of days
specified in the transaction agreements.
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1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in X
accordance with the transaction agreements.
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1122(d)(4)(xv) Any external enhancement or other support, identified in Item 1114(a)(1) through (3)
or Item 1115 of Regulation AB, is maintained as set forth in the transaction
agreements.
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EXH. B-1-5
[PHH MORTGAGE CORPORATION]
[NAME OF SUBSERVICER]
Date: __________________________
By: __________________________
Name:
Title:
EXH. B-1-6
EXHIBIT C-1
Additional Disclosure Notification
Xxxxx Fargo Bank, N.A. as [Securities Administrator and Master Servicer]
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
E-mail: xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx
Attn: Corporate Trust Services - MSM 2006-7 - SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section [13.03(d)][13.03(e)][13.03(f)] of the Third
Amended and Restated Mortgage Loan Flow Purchase, Sale & Servicing Agreement,
dated as of January 1, 2006, as amended by the Assignment, Assumption and
Recognition Agreement dated as of May 1, 2006 among Xxxxxx Xxxxxxx Capital I
Inc., as Depositor, PHH Mortgage Corporation, Xxxxx Fargo Bank, National
Association, as Master Servicer, and LaSalle Bank National Association as
Trustee. The Undersigned hereby notifies you that certain events have come to
our attention that [will][may] need to be disclosed on Form [ ].
Description of Additional Form [ ] Disclosure:
List of Any Attachments hereto to be included in the Additional Form [ ]
Disclosure:
Any inquiries related to this notification should be directed to [ ],
phone number: [ ]; email address: [ ].
[NAME OF PARTY]
as [role]
By: __________________
Name:
Title:
XXX. X-0-0
