AMENDMENT NUMBER ONE to the POOLING AND SERVICING AGREEMENT BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2006-HE10, Dated as of December 1, 2006 among BEAR STEARNS ASSET BACKED SECURITIES I LLC, as Depositor, EMC MORTGAGE CORPORATION, as Seller and...
AMENDMENT
NUMBER ONE
to
the
BEAR
XXXXXXX ASSET BACKED SECURITIES I TRUST 2006-HE10,
Dated
as
of December 1, 2006
among
BEAR
XXXXXXX ASSET BACKED SECURITIES I LLC,
as
Depositor,
EMC
MORTGAGE CORPORATION,
as
Seller
and Master Servicer,
and
LASALLE
BANK NATIONAL ASSOCIATION,
as
Trustee
This
AMENDMENT NUMBER ONE is made and entered into this 1st
day of
February, 2007, 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 master servicer (in such capacity, the “Master Servicer ”), and LASALLE
BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee”), in connection with the Pooling and Servicing Agreement, dated as of
December 1, 2006, among the above-mentioned parties (the “Agreement”), and the
issuance of Bear Xxxxxxx Asset Backed Securities I Trust 2006-HE10, Asset-Backed
Certificates, Series 2006-HE10. This amendment is made pursuant to Section
11.01
of the Agreement.
1. Capitalized
terms used herein and not defined herein shall have the meanings assigned to
such terms in the Agreement.
2. The
definition of Group I Interest Coverage Distribution Amount in Section 1.01
of
the Agreement shall be amended by deleting it in its entirety and replacing
it
with the following:
Group
I Interest Coverage Distribution Amount: With respect to each Distribution
Date, an amount equal to (x) the weighted average Pass-Through Rate of the
Group
I Certificates, multiplied by (y) the sum of (A) the Group I Remaining
Pre-Funded Amount outstanding at the end of the related Due Period and (B)
the
aggregate Stated Principal Balance of the Group I Subsequent Mortgage Loans
that
do not have a Subsequent Cut-off Date prior to the end of the related Due
Period, transferred to the Trust during the related Due Period.
3. The
definition of Group II Interest Coverage Distribution Amount in Section 1.01
of
the Agreement shall be amended by deleting it in its entirety and replacing
it
with the following:
Group
II Interest Coverage Distribution Amount: With respect to each Distribution
Date, an amount equal to (x) the weighted average Pass-Through Rate of the
Group
II Certificates, multiplied by (y) the sum of (A) the Group II Remaining
Pre-Funded Amount outstanding at the end of the related Due Period and (B)
the
aggregate Stated Principal Balance of the Group II Subsequent Mortgage Loans
that do not have a Subsequent Cut-off Date prior to the end of the related
Due
Period, transferred to the Trust during the related Due
Period.
4. The
definition of Subsequent Cut-off Date in Section 1.01 of the Agreement shall
be
amended by deleting it in its entirety and replacing it with the
following:
Subsequent
Cut-off Date:
With
respect to the Subsequent Mortgage Loans sold to the Trust pursuant to a
Subsequent Transfer Instrument, the date stated in the related Subsequent
Mortgage Loan Purchase Agreement.
5. Section
2.07 of the Agreement is hereby amended by adding the following as Subsection
2.07(c)(v):
(v) the
Depositor shall have received an acknowledgment from each Rating Agency that
conveyance of the Group I Subsequent Mortgage Loans does not result in a
reduction or withdrawal of any ratings assigned to the Group I Certificates
by
the Rating Agencies, provided that, in the case of S&P, such acknowledgement
shall be a written acknowledgement;
6. Section
2.08 of the Agreement is hereby amended by adding the following as Subsection
2.08(c)(v):
(v) the
Depositor shall have received an acknowledgment from each Rating Agency that
conveyance of the Group II Subsequent Mortgage Loans does not result in a
reduction or withdrawal of any ratings assigned to the Group II Certificates
by
the Rating Agencies, provided that, in the case of S&P, such acknowledgement
shall be a written acknowledgement;
7. 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 Master Servicer 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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||||||||||||||
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By:
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/s/
Xxxxx Xxxxxxxxxxx
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|||||||||||||
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Name:
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Xxxxx
Xxxxxxxxxxx
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|||||||||||||
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Title:
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Vice
President
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EMC
MORTGAGE CORPORATION,
as
Seller and Master Servicer
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By:
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/s/
Xxxxx Xxxx
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|||||||||||||
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Name:
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Xxxxx
Xxxx
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|||||||||||||
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Title:
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Senior
Vice President
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LASALLE
BANK NATIONAL
ASSOCIATION,
as
Trustee
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By:
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/s/
Xxxxx X. Xxxx
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Name:
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Xxxxx
X. Xxxx
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|||||||||||||
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Title:
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Assistant
Vice President
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