AMENDMENT NUMBER ONE to the POOLING AND SERVICING AGREEMENT Dated as of April 1, 2007 among BEAR STEARNS ASSET BACKED SECURITIES I LLC, as Depositor, EMC MORTGAGE CORPORATION, as Seller and Master Servicer, and LASALLE BANK NATIONAL ASSOCIATION, as...
AMENDMENT
NUMBER ONE
to
the
Dated
as
of April 1, 2007
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 13th day of
July, 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
April 1, 2007, among the above-mentioned parties (the “Agreement”), and the
issuance of Bear Xxxxxxx Asset Backed Securities I Trust 2007-HE4, Asset-Backed
Certificates, Series 2007-HE4. This amendment is made pursuant to Section 11.01
of the Agreement. Capitalized terms used herein and not defined herein shall
have the meanings assigned to such terms in the Agreement.
1. This
Amendment is effected pursuant to Section 11.01 of the Agreement.
2. Section
3.23 of the Agreement is hereby amended in its entirety to read as
follows:
(a) The
Master Servicer or any subservicer and/or the Trustee on behalf of the Trust
Fund, in each case, with the consent of the Master Servicer in the case of
the
Trustee or any subservicer and, in each case, with notice to the Rating
Agencies, is hereby authorized to enter into a facility (the “Advancing
Facility”) with any Person which provides that such Person (an “Advancing
Person”) may fund or finance Advances and/or Servicing Advances to the Trust
Fund under this Agreement, although no such facility shall reduce or otherwise
affect the Master Servicer’s or any subservicer’s obligation to fund such
Advances and/or Servicing Advances. If the Master Servicer or any subservicer
enters into such an Advancing Facility pursuant to this Section 3.23, upon
reasonable request of the Advancing Person, the Trustee shall execute a letter
of acknowledgment, confirming its receipt of notice of the existence of such
Advancing Facility. An Advancing Person whose obligations hereunder are limited
to the funding of Advances and/or Servicing Advances shall not be required
to
meet the qualifications of a Master Servicer or a subservicer pursuant to
Section 8.02 hereof and will not be deemed to be a subservicer under this
Agreement.
(b) If
an
Advancing Facility is entered into, then the Master Servicer or the subservicer,
as the case may be, shall be required to remit amounts withdrawn from the
Protected Account under Section 4.02(a)(ii), Section 4.02(a)(iii) and
Section 4.02(a)(v) to reimburse the Advancing Person for Advances and Servicing
Advances. If the Master Servicer or subservicer, as the case may be, fails
to
withdraw such reimbursement amounts from the Protected Account and remit them
to
the Advancing Person, upon the request of the Advancing Person in writing,
the
Trustee is hereby authorized to, and shall, pay to the Advancing Person,
reimbursements for Advances and Servicing Advances from the Distribution Account
to the same extent the Master Servicer or the subservicer, as the case may
be,
would have been permitted to reimburse itself for such Advances and/or Servicing
Advances in accordance with Section 4.02(a)(ii), Section 4.02(a)(iii) or Section
4.02(a)(v), as the case may be, had the Master Servicer or the subservicer,
as
the case may be, itself funded such Advance or Servicing Advance. To be entitled
to reimbursement in this manner, the Advancing Person must provide the Trustee
with notice acknowledged by the Master Servicer or any subservicer, as
appropriate, that such Advancing Person is entitled to reimbursement, specifying
the amount of the reimbursement, the Section of this Agreement that permits
the
applicable Advance or Servicing Advance to be reimbursed and the section(s)
of
the Advancing Facility that entitle the Advancing Person to request
reimbursement from the Trustee, rather than the Master Servicer or any
subservicer, as appropriate, and include the Master Servicer’s or such
subservicer’s, as appropriate, acknowledgment thereto or proof of an Event of
Default under the Advancing Facility. The Trustee shall have no duty or
liability with respect to any calculation of any reimbursement to be paid to
an
Advancing Person and shall be entitled to rely without independent investigation
on the Advancing Person’s notice provided pursuant to this Section 3.23. The
Trustee is hereby authorized to pay directly to the Advancing Person such
portion of the Servicing Fee as the parties to any advancing facility
agree.
(c) All
Advances and Servicing Advances made pursuant to the terms of this Agreement
shall be deemed made and shall be reimbursed on a “first in-first out” (FIFO)
basis.
(d) Any
amendment to this Section 3.23 or to any other provision of this Agreement
that
may be necessary or appropriate to effect the terms of an Advancing Facility
as
described generally in this Section 3.23, including amendments to add provisions
relating to a Successor Master Servicer, may be entered into by the Trustee
and
the Master Servicer without the consent of any Certificateholder,
notwithstanding anything to the contrary in this Agreement.
3. Conditions
Precedent to this Amendment. The following conditions precedent
to the effectiveness of this Amendment have been fulfilled:
(A) The
Opinion of Counsel required by Section 11.01 of the Agreement has been received
by the Trustee.
6. This
Amendment is subject to the terms of the Agreement as modified and supplemented
herein. The Agreement continues in full force and effect as modified
herein and provided therein.
The
undersigned have executed this Amendment of the date hereof.
BEAR
XXXXXXX ASSET BACKED SECURITIES I LLC,
as
Depositor
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|||||||||||||
By:
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/s/
Xxxxx Xxxxxxxxxxx
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||||||||||||
Name:
|
Xxxxx
Xxxxxxxxxxx
|
||||||||||||
Title:
|
Vice
President
|
EMC
MORTGAGE CORPORATION
as
Seller and Master Servicer
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|||||||||||||
By:
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/s/
Xxxx Xxxxxxx
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||||||||||||
Name:
|
Xxxx
Xxxxxxx
|
||||||||||||
Title:
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Senior
Vice President
|
LASALLE
BANK NATIONAL ASSOCIATION
as
Trustee
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|||||||||||||
By:
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/s/
Xxxx Xxxxx
|
||||||||||||
Name:
|
Xxxx
Xxxxx
|
||||||||||||
Title:
|
Vice
President
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