AMENDMENT NUMBER ONE
to the
POOLING AND SERVICING
AGREEMENT
SACO I TRUST
2006-4,
Dated as of March 1, 2006
among
STRUCTURED ASSET MORTGAGE
INVESTMENTS II INC.,
as Depositor
EMC MORTGAGE CORPORATION,
Sponsor and Master
Servicer,
and
LASALLE BANK NATIONAL
ASSOCIATION,
Trustee
This AMENDMENT NUMBER ONE is made and entered
into this 16 th day of October, 2006, by and among
STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., a Delaware
corporation, as depositor (the “Depositor”), EMC
MORTGAGE CORPORATION, a Delaware corporation, as sponsor (in such
capacity, the “Sponsor”) and as master servicer (in
such capacity, the “Master Servicer”), and LASALLE BANK
NATIONAL ASSOCIATION, a national banking association, as trustee
(in such capacity, the “Trustee”), in connection with
the Pooling and Servicing Agreement, dated as of March 1, 2006,
among the above mentioned parties (the “Agreement”),
and the issuance of Mortgage-Backed Certificates, Series 2006-4.
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.
Section 1.01 of the Agreement is
hereby amended effective as of the date hereof by adding the
following definition to such Section:
Current Specified Enhancement
Percentage : With respect
to any Distribution Date, the percentage obtained by dividing (x)
the sum of (i) the aggregate Certificate Principal Balance of the
Class M Certificates and Class B Certificates and (ii) the
Overcollateralization Amount, in each case prior to the
distribution of the Principal Distribution Amount on such
Distribution Date, by (y) the aggregate Stated Principal Balance of
the Mortgage Loans as of the end of the related Due Period (after
giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and
unscheduled collections of principal received during the related
Prepayment Period, and after reduction for Realized Losses incurred
during the related Due Period).
3.
The definition of Pass-Through Rate
in Section 1.01 of the Agreement shall be amended by deleting it in
its entirety and replacing it with the following:
Pass-Through Rate : With respect to the Class A, Class M and Class
B Certificates and any Distribution Date, a rate per annum equal to
the least of (i) the related One-Month LIBOR Pass-Through Rate for
such Distribution Date, (ii) 11.00% per annum and (iii) the Net WAC
Cap Rate for such Distribution Date.
With respect to the Class C Interest and any
Distribution Date, a rate per annum equal to the percentage
equivalent of a fraction, the numerator of which is the sum of the
amount determined for each REMIC II Regular Interest (other than
REMIC II Regular Interest IO) equal to the product of (a) the
excess, if any, of the Uncertificated REMIC II Pass-Through Rate
for such REMIC II Regular Interest over the Marker Rate and (b) a
notional amount equal to the Uncertificated Principal Balance of
such REMIC II Regular Interest, and the denominator of which is the
aggregate Uncertificated Principal Balance of such REMIC II Regular
Interests.
With respect to the Class C Certificate, the
Class C Certificate shall not have a Pass-Through Rate, but Current
Interest for such Certificate and each Distribution Date shall be
an amount equal to 100% of the amount distributable to the Class C
Interest for
