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POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

POOLING AND SERVICING AGREEMENT | Document Parties: WAMU MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-AR15 | WASHINGTON MUTUAL BANK, | LASALLE BANK NATIONAL ASSOCIATION, | CHRISTIANA BANK & TRUST COMPANY, You are currently viewing:
This Pooling and Servicing Agreement involves

WAMU MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-AR15 | WASHINGTON MUTUAL BANK, | LASALLE BANK NATIONAL ASSOCIATION, | CHRISTIANA BANK & TRUST COMPANY,

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Title: POOLING AND SERVICING AGREEMENT
Governing Law: Delaware     Date: 11/9/2006

POOLING AND SERVICING AGREEMENT, Parties: wamu mortgage pass-through certificates  series 2006-ar15 , washington mutual bank  , lasalle bank national association  , christiana bank & trust company
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EXECUTION VERSION

 

WaMu ASSET ACCEPTANCE CORP.,
as Depositor

and

WASHINGTON MUTUAL BANK,
as Servicer

and

LASALLE BANK NATIONAL ASSOCIATION,
as Trustee

and

CHRISTIANA BANK & TRUST COMPANY,
as Delaware Trustee

POOLING AND SERVICING AGREEMENT

$878,138,745.89

WaMu Mortgage Pass-Through Certificates Series 2006-AR15 Trust

WaMu Asset Acceptance Corp.
WaMu Mortgage Pass-Through Certificates
Series 2006-AR15

Cut-Off Date: October 1, 2006

 


TABLE OF CONTENTS

 

Page

ARTICLE I

9

Section 1.01.Definitions

9

Adjusted Cap Rate

9

Adjusted Loan Group 1 Weighted Average Pass-Through Rate

10

Adjusted Loan Group 2 Weighted Average Pass-Through Rate

10

Aggregate Certificate Principal Balance

10

Aggregate Loan Groups 1-2 Balance

10

Aggregate Weighted Average Certificate Interest Rate

10

Aggregate Weighted Average Pass-Through Rate

10

Agreement

10

Appraised Value

10

Assigned Prepayment Premiums

11

Assignment of Proprietary Lease

11

Authenticating Agent

11

Authorized Denomination

11

Balloon Loan

11

Bankruptcy Loss

11

Beneficial Holder

11

Benefit Plan Opinion

11

Book-Entry Certificates

12

Business Day

12

Buydown Agreement

12

Buydown Fund

12

Buydown Fund Account

12

Buydown Loan

12

Carry-Forward Subsequent Recoveries Amount

12

Carryover Shortfall Amount

13

Carryover Shortfall Payment

14

Certificate

17

Certificate Account

17

Certificateholder or Holder

17

Certificate Interest Rate

17

Certificate of Trust

17

Certificate Principal Balance

18

Certificate Register and Certificate Registrar

18

Class

18

Class A Certificates

19

Class A-L Regular Interests

19

Class B Certificates

19

Class B Percentage

19

Class B Subordinate Liquidation Amount

19

Class B Subordinate Principal Distribution Amount

19

Class B Subordinate Principal Prepayments Distribution Amount

20

Class B Weighted Average Pass-Through Rate

20

Class B-L Regular Interests

20

Class B-1 Certificates

20

Class B-1-L Regular Interest

20

Class B-2 Certificates

20

Class B-2-L Regular Interest

20

Class B-3 Certificates

20

Class B-3-L Regular Interest

20

Class B-4 Certificates

21

Class B-4-L Regular Interest

21

Class B-5 Certificates

21

Class B-5-L Regular Interest

21

Class B-6 Certificates

21

Class B-6-L Regular Interest

21

Class B-7 Certificates

21

Class B-7-L Regular Interest

21

Class B-8 Certificates

21

Class B-8-L Regular Interest

21

Class B-9 Certificates

21

Class B-9-L Regular Interest

21

Class B-10 Certificates

21

Class B-10-L Regular Interest

21

Class B-11 Certificates

22

Class B-11-L Regular Interest

22

Class B-12 Certificates

22

Class B-12-L Regular Interest

22

Class B-13 Certificates

22

Class B-13-L Regular Interest

22

Class B-14 Certificates

22

Class B-14-L Regular Interest

22

Class CA Group 1 Component

22

Class CA Group 2 Component

22

Class CA-1C Certificates

22

Class CA-1C Component

22

Class CA-1C Group 1 Component

22

Class CA-1C Group 2 Component

22

Class CA-1C-L Regular Interest

23

Class 1A Certificates

23

Class 1A-L Regular Interest

23

Class 1A-1B Certificates

23

Class 1A-1B-L Regular Interest

23

Class 1X-PPP Accrued Interest

23

Class 1X-PPP Certificates

23

Class 1X-PPP Notional Amount

24

Class 1X-PPP-L Regular Interest

24

Class 2A Certificates

24

Class 2A-L Regular Interest

24

Class 2A-1B Certificates

24

Class 2A-1B-L Regular Interest

24

Class 2X-PPP Accrued Interest

24

Class 2X-PPP Certificates

25

Class 2X-PPP Notional Amount

25

Class 2X-PPP-L Regular Interest

25

Class II-LT Principal Reduction Amounts

25

Class II-LT Regular Interests

25

Class II-LT1 Regular Interest

25

Class II-LT2 Principal Distribution Amount

25

Class II-LT2 Regular Interest

25

Class II-LT3 Principal Distribution Amount

25

Class II-LT3 Regular Interest

25

Class II-LT4 Principal Distribution Amount

25

Class II-LT4 Regular Interest

26

Class II-LT6 Principal Distribution Amount

26

Class II-LT6 Regular Interest

26

Class II-LT7 Principal Distribution Amount

26

Class II-LT7 Regular Interest

26

Class II-LT8 Principal Distribution Amount

26

Class II-LT8 Regular Interest

26

Class II-LTY1 Principal Distribution Amount

26

Class II-LTY1 Regular Interest

26

Class II-LTY2 Principal Distribution Amount

26

Class II-LTY2 Regular Interest

26

Class Notional Amount

26

Class Principal Balance

27

Class R Certificates

28

Class R Residual Interests

28

Class R-1 Residual Interest

28

Class R-2 Residual Interest

28

Class R-3 Residual Interest

28

Class X Certificates

28

Class X-L Regular Interests

28

Class Y Regular Interests

28

Class Y-1 Regular Interest

28

Class Y-1 Principal Distribution Amount

28

Class Y-2 Regular Interest

28

Class Y-2 Principal Distribution Amount

29

Class Y Principal Reduction Amounts

29

Class Z Regular Interests

29

Class Z Principal Reduction Amounts

29

Class Z-1 Regular Interest

29

Class Z-1 Principal Distribution Amount

29

Class Z-2 Regular Interest

29

Class Z-2 Principal Distribution Amount

29

Clean-Up Call Option Date

29

Clean-Up Call Percentage

29

Clearing Agency

29

Closing Date

30

Code

30

COFI

30

Commission

30

Company

30

Compensating Interest

30

Complying Insurance Company

30

Component

30

Component Principal Balance

30

Cooperative

31

Cooperative Apartment

31

Cooperative Lease

31

Cooperative Loans

31

Cooperative Stock

31

Cooperative Stock Certificate

31

Corporate Trust Office

31

Corporation

31

Corresponding Class

32

Credit Support Depletion Date

32

Cumulative Carry-Forward Subsequent Recoveries Amount

32

Current Loan-to-Value Ratio

32

Curtailment

32

Curtailment Shortfall

32

Custodial Account for P&I

33

Custodial Agreement

33

Custodian

33

Cut-Off Date

33

Definitive Certificates

33

Delaware Trustee

33

Depositary Agreement

33

Destroyed Mortgage Note

33

Determination Date

33

Disqualified Organization

33

Distribution Date

33

DTC

34

DTC Participant

34

Due Date

34

Eligible Institution

34

Eligible Investments

34

ERISA

35

ERISA Restricted Certificate

35

ERISA Super Restricted Certificate

35

Event of Default

36

Excess Liquidation Proceeds

36

Excess Subsequent Recoveries

36

Fannie Mae

36

FDIC

36

FHA

36

Final Maturity Date

36

Fitch

36

Freddie Mac

36

Group 1 Loans

36

Group 1 Senior Liquidation Amount

36

Group 1 Senior Percentage

36

Group 1 Senior Prepayment Percentage or Group 2 Senior Prepayment Percentage

37

Group 1 Senior Principal Distribution Amount

39

Group 1 Subordinate Balance

39

Group 1 Subordinate Percentage

39

Group 1 Subordinate Prepayment Percentage

39

Group 1 Weighted Average Certificate Interest Rate

40

Group 2 Loans

40

Group 2 Senior Liquidation Amount

40

Group 2 Senior Percentage

40

Group 2 Senior Prepayment Percentage

40

Group 2 Senior Principal Distribution Amount

40

Group 2 Subordinate Balance

40

Group 2 Subordinate Percentage

41

Group 2 Subordinate Prepayment Percentage

41

Group 2 Weighted Average Certificate Interest Rate

41

Index

41

Indirect DTC Participants

42

Initial Custodial Agreement

42

Initial Custodian

42

Initial Group 1 Servicing Fee Shortfall Deposit

42

Initial Group 2 Servicing Fee Shortfall Deposit

42

Initial Interest Shortfall Deposit

42

Insurance Proceeds

42

Interest Distribution Amount

42

Interest Rate Adjustment Date

43

Interest Transfer Amount

43

Investment Account

43

Investment Depository

43

Junior Subordinate Certificates

43

Last Scheduled Distribution Date

43

Lender PMI Loan

43

LIBOR

43

LIBOR Determination Date

43

Liquidated Mortgage Loan

43

Liquidation Principal

44

Liquidation Proceeds

44

Loan Group

44

Loan Group 1

44

Loan Group 1 Balance

44

Loan Group 1 Weighted Average Pass-Through Rate

44

Loan Group 2

44

Loan Group 2 Balance

44

Loan Group 2 Weighted Average Pass-Through Rate

44

Lowest Class B Owner

44

Marker Rate

44

Maximum Class B Rate

45

Maximum Class X Interest Amount

45

Maximum Loan Group 1 Rate

45

Maximum Loan Group 2 Rate

45

MERS

45

MERS Loan

45

MERS® System

46

MIN

46

Minimum Monthly Payment

46

MOM Loan

46

Monthly P&I Advance

46

Monthly Payment Adjustment Terms

46

Moody’s

46

Mortgage

46

Mortgage File

46

Mortgage Interest Rate

49

Mortgage Loan Margin

49

Mortgage Loan Purchase Agreement

49

Mortgage Loan Schedule

49

Mortgage Loans

50

Mortgage Note

50

Mortgage Pool

50

Mortgage Pool Assets

50

Mortgaged Property

50

Mortgagor

50

Negative Amortization Amount

51

Net Negative Amortization Amount

51

No-Delay Accrual Period

52

Nonrecoverable Advance

52

Non-U.S. Person

52

Notice Addresses

53

OTS

53

Officer’s Certificate

53

One-Year MTA

53

Opinion of Counsel

53

Original Trust Agreement

53

Overcollateralization Amount

53

Overcollateralized Group

54

Ownership Interest

54

Pass-Through Entity

54

Pass-Through Rate

54

Paying Agent

54

Payoff

54

Payoff Earnings

54

Payoff Interest

54

Payoff Period

55

Percentage Interest

55

Permitted Transferee

55

Person

56

Plan Investor

56

Prepaid Monthly Payment

56

Prepayment Premium

56

Primary Insurance Policy

56

Principal Balance

56

Principal Payment

57

Principal Payment Amount

57

Principal Prepayment

57

Principal Prepayment Amount

57

Principal Transfer Amount

57

Prior Period

58

Prospectus

58

Rate Ceiling

58

Rate Floor

58

Rating Agency

58

Ratings

58

Reacquired Mortgage Loan

58

Realized Loss

58

Recognition Agreement

62

Record Date

62

Recording Documents

62

Reference Banks

62

Regular Interests

62

Regulation AB

62

Relief Act Shortfall

62

REMIC

63

REMIC Provisions

63

REMIC I

63

REMIC I Assets

63

REMIC I Available Distribution Amount

63

REMIC I Distribution Amount

64

REMIC I Regular Interests

65

REMIC II

65

REMIC II Assets

65

REMIC II Available Distribution Amount

65

REMIC II Distribution Amount

65

REMIC II Principal Distribution Amount

66

REMIC II Regular Interests

66

REMIC III

67

REMIC III Assets

67

REMIC III Available Distribution Amount

67

REMIC III Distribution Amount

67

REMIC III Regular Interests

75

Repurchase Price

75

Repurchase Proceeds

76

Residual Certificates

76

Residual Distribution Amount

76

Responsible Officer

76

ROV Mortgage Loan

76

S&P

76

Secretary of State

77

Securities Act

77

Security Agreement

77

Seller

77

Senior Certificates

77

Senior Subordinate Certificates

77

Servicer

77

Servicer Business Day

77

Servicing Fee

77

Servicing Fee Rate

77

Servicing Officer

77

Special Primary Insurance Policy

77

Special Primary Insurance Premium

78

Statutory Trust Statute

78

Streamlined Mortgage Loan

78

Subordinate Certificates

78

Subordinate Component Balance

78

Subordinate Percentage

78

Subordination Level

78

Subsequent Recoveries

78

Substitute Mortgage Loan

78

Substitution Price

78

Tax Matters Person

79

Termination Date

79

Termination Payment

79

Total Transfer Amount

79

Transfer

79

Transfer Rate

79

Transferee

79

Transferee Affidavit and Agreement

79

Trust

80

Trustee

80

UC Rate

80

Uncollected Interest

80

Uncompensated Interest Shortfall

80

Undercollateralized Group

81

Underwriter

81

Uninsured Cause

81

U.S. Person

81

VA

81

Withdrawal Date

81

ARTICLE II  Creation of the Trust; Conveyance of the Mortgage Pool Assets, REMIC I Regular Interests, REMIC II Regular Interests and REMIC III Regular Interests; REMIC Election and Designations; Original Issuance of Certificates

82

Section 2.01.Creation of the Trust

82

Section 2.02.Restrictions on Activities of the Trust

83

Section 2.03.Separateness Requirements

83

Section 2.04.Conveyance of Mortgage Pool Assets; Security Interest

85

Section 2.05.Delivery of Mortgage Files

86

Section 2.06.REMIC Election for REMIC I

87

Section 2.07.Acceptance by Trustee

89

Section 2.08.Representation and Warranty of the Company Concerning the Mortgage Loans

90

Section 2.09.Representations and Warranties of Each Seller Concerning the Mortgage Loans

92

Section 2.10.Additional Provisions Relating to Repurchases of and Substitutions for Mortgage Loans by the Company or a Seller

93

Section 2.11.Acknowledgment of Transfer of Mortgage Pool Assets

94

Section 2.12.Conveyance of REMIC II Assets; Security Interest

94

Section 2.13.REMIC Election for REMIC II

95

Section 2.14.Acknowledgement of Transfer of REMIC II Assets

96

Section 2.15.Conveyance of REMIC III Assets; Security Interest

96

Section 2.16.REMIC Election for REMIC III

97

Section 2.17.Acknowledgement of Transfer of REMIC III Assets

98

Section 2.18.Conveyance of REMIC III Regular Interests; Security Interest

98

Section 2.19.Acknowledgement of Transfer of REMIC III Regular Interests

99

Section 2.20.Legal Title

100

Section 2.21.Compliance with ERISA Requirements

100

Section 2.22.Additional Representation Concerning the Mortgage Loans

100

Section 2.23.Distributions to Certificates Outside of REMIC III

100

ARTICLE III  Administration and Servicing of Mortgage Loans

100

Section 3.01.The Servicer

100

Section 3.02.The Custodial Accounts for P&I and Buydown Fund Accounts

103

Section 3.03.The Investment Account; Eligible Investments

104

Section 3.04.The Certificate Account

104

Section 3.05.Permitted Withdrawals from the Certificate Account, the Investment Account, the Custodial Accounts for P&I and the Buydown Fund Accounts

105

Section 3.06.Maintenance of Primary Insurance Policies; Collections Thereunder

107

Section 3.07.Maintenance of Hazard Insurance

107

Section 3.08.Enforcement of Due-on-Sale Clauses; Assumption Agreements

108

Section 3.09.Realization Upon Defaulted Mortgage Loans

109

Section 3.10.Trustee to Cooperate; Release of Mortgage Files

111

Section 3.11.Compensation to the Servicer

111

Section 3.12.[Reserved.]

112

Section 3.13.Reports on Assessment of Compliance with Servicing Criteria and Servicing Compliance Statements

112

Section 3.14.Access to Certain Documentation and Information Regarding the Mortgage Loans

113

Section 3.15.[Reserved.]

113

Section 3.16.[Reserved.]

113

Section 3.17.[Reserved.]

113

Section 3.18.[Reserved.]

113

Section 3.19.Determination of LIBOR by Servicer 

113

Section 3.20.Assigned Prepayment Premiums 

115

ARTICLE IV  Payments to Certificateholders; Payment of Expenses

117

Section 4.01.Distributions to Holders of REMIC I Regular Interests and Class R-1 Residual Interest

117

Section 4.02.Monthly P&I Advances; Distribution Reports to the Trustee

117

Section 4.03.Nonrecoverable Advances

119

Section 4.04.Distributions to Holders of REMIC II Regular Interests and Class R-2 Residual Interest

119

Section 4.05.Distributions to Certificateholders; Payment of Special Primary Insurance Premiums

120

Section 4.06.Statements to Certificateholders

121

ARTICLE V  The Certificates

122

Section 5.01.The Certificates

122

Section 5.02.Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations

128

Section 5.03.Registration of Transfer and Exchange of Certificates

128

Section 5.04.Mutilated, Destroyed, Lost or Stolen Certificates

129

Section 5.05.Persons Deemed Owners

129

Section 5.06.[Reserved.]

130

Section 5.07.Book-Entry for Book-Entry Certificates

130

Section 5.08.Notices to Clearing Agency

131

Section 5.09.Definitive Certificates

131

Section 5.10.Office for Transfer of Certificates

131

Section 5.11.Nature of Certificates

131

ARTICLE VI  The Company and the Servicer

132

Section 6.01.Liability of the Company and the Servicer

132

Section 6.02.Merger or Consolidation of the Company or the Servicer

132

Section 6.03.Limitation on Liability of the Company, the Servicer and Others

132

Section 6.04.Neither the Company nor the Servicer May Resign

133

Section 6.05.Trustee Access 

133

ARTICLE VII  Default

133

Section 7.01.Events of Default

133

Section 7.02.Trustee to Act; Appointment of Successor

136

Section 7.03.Notification to Certificateholders

137

ARTICLE VIII  Concerning the Trustees

137

Section 8.01.Duties of Trustees

137

Section 8.02.Certain Matters Affecting the Trustees

138

Section 8.03.Trustees Not Liable for Certificates or Mortgage Loans

140

Section 8.04.Trustees May Own Certificates

140

Section 8.05.The Servicer to Pay Trustees’ Fees and Expenses

140

Section 8.06.Eligibility Requirements for Trustees

141

Section 8.07.Resignation and Removal of Trustees

141

Section 8.08.Successor Trustee

142

Section 8.09.Merger or Consolidation of Trustee

142

Section 8.10.Appointment of Co-Trustee or Separate Trustee

142

Section 8.11.Authenticating Agents

143

Section 8.12.Paying Agents

144

Section 8.13.Duties of Delaware Trustee

145

Section 8.14.Amendment to Certificate of Trust

145

Section 8.15.[Reserved.]

145

Section 8.16.Trustees Act on Behalf of Trust

145

Section 8.17.Limitation of Liability

146

Section 8.18.Trustee Report on Assessment of Compliance with Servicing Criteria

146

ARTICLE IX  Termination

146

Section 9.01.Termination Upon Purchase by the Servicer or Liquidation of All Mortgage Loans

146

Section 9.02.Additional Termination Requirements

149

Section 9.03.Trust Irrevocable

149

ARTICLE X  Miscellaneous Provisions

149

Section 10.01.Amendment

149

Section 10.02.Recordation of Agreement

151

Section 10.03.Limitation on Rights of Certificateholders

151

Section 10.04.Access to List of Certificateholders

152

Section 10.05.Governing Law

153

Section 10.06.Notices

153

Section 10.07.Compliance With Regulation AB

153

Section 10.08.Severability of Provisions

153

Section 10.09.Counterpart Signatures

153

Section 10.10.Benefits of Agreement

154

Section 10.11.Notices and Copies to Rating Agencies

154

Section 10.12.Covenant Not to Place Trust Into Bankruptcy

155

Section 10.13.Covenant Not to Place Company Into Bankruptcy

155

 


Appendix 1

Definitions of Class Y Principal Reduction Amounts and Class II-LT Principal Reduction Amounts

Exhibit A

Form of Certificates (other than Class R Certificates)

Exhibit B

Form of Class R Certificates

Exhibit C

[Reserved]

Exhibit D

Mortgage Loan Schedule

Exhibit E

[Reserved]

Exhibit F

Form of Transferor Certificate For Junior Subordinate Certificates

Exhibit G

Form of Transferee’s Agreement For Junior Subordinate Certificates

Exhibit H

Form of Additional Matter Incorporated Into the Certificates

Exhibit I

Transferor Certificate

Exhibit J

Transferee Affidavit And Agreement

Exhibit K

[Reserved]

Exhibit L

Form of Investment Letter

Exhibit M

Form of Trustee’s Certification Pursuant to Section 2.07

Exhibit N

Officer’s Certificate With Respect to ERISA Matters Pursuant to Section 5.01(d)

Exhibit O

Officer’s Certificate With Respect to ERISA Matters Pursuant to Section 5.01(g)

 

 

 



This Pooling and Servicing Agreement, dated as of October 1, 2006 (this “ Agreement ”), is by and among WaMu Asset Acceptance Corp., as depositor (the “ Company ”), Washington Mutual Bank, as Servicer, LaSalle Bank National Association, as Trustee, and Christiana Bank & Trust Company, as Delaware Trustee.  Capitalized terms used in this Agreement and not otherwise defined have the meanings ascribed to such terms in Article I hereof.

PRELIMINARY STATEMENT

The Company at the Closing Date is the owner of the Mortgage Loans and the other property being conveyed by it to the Trust. On the Closing Date, the Company will sell the Mortgage Loans and certain other assets to the Trust in return for the REMIC I Regular Interests and the Class R-1 Residual Interest and will be the owner of the REMIC I Regular Interests and the Class R-1 Residual Interest.  Thereafter, on the Closing Date, the Company will acquire the REMIC II Regular Interests and the Class R-2 Residual Interest from the Trust as consideration for its transfer to the Trust of the REMIC I Regular Interests and will be the owner of the REMIC II Regular Interests and the Class R-2 Residual Interest.  Thereafter, on the Closing Date, the Company will acquire the REMIC III Regular Interests and the Class R-3 Residual Interest from the Trust as consideration for its transfer to the Trust of the REMIC II Regular Interests and will be the owner of the REMIC III Regular Interests and the Class R-3 Residual Interest.  Thereafter, on the Closing Date, the Company will acquire the Certificates from the Trust as consideration for its transfer to the Trust of the REMIC III Regular Interests, and will be the owner of the Certificates.  The Company has duly authorized the execution and delivery of this Agreement to provide for (i) the sale to the Trust of the Mortgage Loans and certain other assets, (ii) the issuance to the Company of the REMIC I Regular Interests and the Class R-1 Residual Interest representing in the aggregate the entire beneficial interest in REMIC I, (iii) the conveyance to the Trust of the REMIC I Regular Interests, (iv) the issuance to the Company of the REMIC II Regular Interests and the Class R-2 Residual Interest representing in the aggregate the entire beneficial interest in REMIC II, (v) the conveyance to the Trust of the REMIC II Regular Interests, (vi) the issuance to the Company of the REMIC III Regular Interests and the Class R-3 Residual Interest representing in the aggregate the entire beneficial interest in REMIC III, (vii) the conveyance to the Trust of the REMIC III Regular Interests and (viii) the issuance to the Company of the Certificates. The Company and the Servicer are entering into this Agreement, and the Trustee and the Delaware Trustee are each accepting the trust created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

The Certificates issued hereunder, other than the Junior Subordinate Certificates, have been offered for sale pursuant to a Prospectus, dated January 6, 2006, and a Prospectus Supplement, dated October 23, 2006, of the Company (together, the “ Prospectus ”). The Junior Subordinate Certificates have been offered for sale pursuant to a Private Placement Memorandum, dated October 25, 2006.  The Trust created hereunder is the “Trust” described in the Prospectus and the Private Placement Memorandum and the Certificates are the “Certificates” described therein. The following tables set forth the designation, type of interest, Certificate Interest Rate, initial Class Principal Balance and Final Maturity Date for the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Class R Residual Interests:



REMIC I Interests

 

Class Designation for each REMIC I Regular Interest and the Class R-1 Residual Interest

 

Type of Interest

 

Certificate Interest
Rate (1)

 

Initial Class
Principal
Balance

 

Final Maturity
Date*

 

Class Y-1

 

Regular

 

Variable (2)

 

$332,176.58

 

November 2046

 

Class Y-2

 

Regular

 

Variable (3)

 

106,890.88

 

November 2046

 

Class Z-1

 

Regular

 

Variable (2)

 

664,024,717.01

 

November 2046

 

Class Z-2

 

Regular

 

Variable (3)

 

213,674,861.42

 

November 2046

 

Class R-1†

 

Residual

 

0.805%

 

100.00

 

November 2046

 

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is the month following the month in which the latest maturing Mortgage Loan in the related Loan Group matures. For federal income tax purposes, for each Class of REMIC I Regular and Residual Interests, the “latest possible maturity date” shall be the Final Maturity Date.

 

†              The Class R-1 Residual Interest is entitled to receive the applicable Residual Distribution Amount and any Groups 1-2 Excess Liquidation Proceeds.

 

(1)           Interest distributed to the REMIC I Regular Interests and the Class R-1 Residual Interest on each Distribution Date will have accrued at the applicable per annum Certificate Interest Rate on the applicable Class Principal Balance outstanding immediately before such Distribution Date.

 

(2)           For each Distribution Date, the Certificate Interest Rate on the Class Y-1 and Class Z-1 Regular Interests shall equal the Loan Group 1 Weighted Average Pass-Through Rate for such Distribution Date.

 

(3)           For each Distribution Date, the Certificate Interest Rate on the Class Y-2 and Class Z-2 Regular Interests shall equal the Loan Group 2 Weighted Average Pass-Through Rate for such Distribution Date.

 

 

 

 

 

 

 

 

 

 

 

 

As provided herein, with respect to REMIC I, the Servicer will cause an election to be made on behalf of REMIC I to be treated for federal income tax purposes as a REMIC. The REMIC I Regular Interests will be designated regular interests in REMIC I and the Class R-1 Residual Interest will be designated the sole class of residual interest in REMIC I, for purposes of the REMIC Provisions.



REMIC II Interests

 

Class Designation for each REMIC II Regular Interest and the Class R-2 Residual Interest

 

Type of Interest

 

Certificate Interest
Rate (1)

 

Initial Class
Principal
Balance

 

Final Maturity
Date*

 

Class II-LTY1

 

Regular

 

Variable (2)

 

$332,176.58

 

November 2046

 

Class II-LTY2

 

Regular

 

Variable (3)

 

106,890.88

 

November 2046

 

Class II-LT1

 

Regular

 

Variable (4)

 

877,436,136.85

 

November 2046

 

Class II-LT2

 

Regular

 

Variable (4)

 

43,906.93

 

November 2046

 

Class II-LT3

 

Regular

 

(5)

 

43,906.93

 

November 2046

 

Class II-LT4

 

Regular

 

Variable (6)

 

43,906.93

 

November 2046

 

Class II-LT6

 

Regular

 

Variable (4)

 

43,906.93

 

November 2046

 

Class II-LT7

 

Regular

 

(5)

 

43,906.93

 

November 2046

 

Class II-LT8

 

Regular

 

Variable (6)

 

43,906.93

 

November 2046

 

Class R-2(7)

 

Residual

 

-----

 

-----     

 

November 2046

 

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is the month following the month in which the latest maturing Mortgage Loan matures.  For federal income tax purposes, for each Class of REMIC II Regular and Residual Interests, the “latest possible maturity date” shall be the Final Maturity Date.

 

(1)           Interest distributed to the REMIC II Regular Interests (other than the Class II-LT3 and Class II-LT7 Regular Interests, which shall not be entitled to receive any distributions of interest) on each Distribution Date will have accrued at the applicable per annum Certificate Interest Rate on the applicable Class Principal Balance outstanding immediately before such Distribution Date.

 

(2)           For each Distribution Date, the Certificate Interest Rate on the Class II-LTY1 Regular Interest shall equal the Loan Group 1 Weighted Average Pass-Through Rate for such Distribution Date.

 

(3)           For each Distribution Date, the Certificate Interest Rate on the Class II-LTY2 Regular Interest shall equal the Loan Group 2 Weighted Average Pass-Through Rate for such Distribution Date.

 

(4)           For each Distribution Date, the Certificate Interest Rate on the Class II-LT1, Class II-LT2 and Class II-LT6 Regular Interests shall equal the weighted average of the Certificate Interest Rates for the Class Z-1 and Class Z-2 Regular Interests.

(5)           The Class II-LT3 and Class II-LT7 Regular Interests shall not be entitled to receive any distributions of interest.

 

(6)           For each Distribution Date, the Certificate Interest Rate on the Class II-LT4 and Class II-LT8 Regular Interests shall equal two (2) times the weighted average of the Certificate Interest Rates for the Class Z-1 and Class Z-2 Regular Interests.

 

(7)           The Class R-2 Residual Interest shall be entitled to receive the applicable Residual Distribution Amount.  The Class R-2 Residual Interest shall not be entitled to receive any distributions of interest or principal.

 

 

 

 

 

 

 

 

 

 

 

 

 

As provided herein, with respect to REMIC II, the Servicer will cause an election to be made on behalf of REMIC II to be treated for federal income tax purposes as a REMIC. The REMIC II Regular Interests will be designated regular interests in REMIC II and the Class R-2 Residual Interest will be designated the sole class of residual interest in REMIC II, for purposes of the REMIC Provisions.



REMIC III Interests

 

Class Designation for each Class of REMIC III Regular Interests and the Class R-3 Residual Interest

 

Type of Interest

 

Certificate Interest
Rate (1)

 

Initial Class
Principal
Balance

 

Final Maturity
Date*

 

 

Class 1A-L

 

Regular

 

Variable (2) (20)

 

$491,091,000.00

 

November 2046

 

Class 1A-1B-L

 

Regular

 

Variable (3) (20)

 

61,387,000.00

 

November 2046

 

Class 2A-L

 

Regular

 

Variable (4) (20)

 

118,520,000.00

 

November 2046

 

Class 2A-1B-L

 

Regular

 

Variable (5) (20)

 

59,260,000.00

 

November 2046

 

Class CA-1C-L

 

Regular

 

Variable (6) (20)

 

81,141,000.00 (7)

 

November 2046

 

Class 1X-PPP-L

 

Regular

 

----- (8) (20)

 

0.00 (10)

 

November 2046

 

Class 2X-PPP-L

 

Regular

 

----- (9) (20)

 

0.00 (10)

 

November 2046

 

Class B-1-L

 

Regular

 

Variable (11) (20)

 

12,734,000.00

 

November 2046

 

Class B-2-L

 

Regular

 

Variable (12) (20)

 

12,293,000.00

 

November 2046

 

Class B-3-L

 

Regular

 

Variable (13) (20)

 

4,390,000.00

 

November 2046

 

Class B-4-L

 

Regular

 

Variable (14) (20)

 

5,268,000.00

 

November 2046

 

Class B-5-L

 

Regular

 

Variable (15) (20)

 

3,512,000.00

 

November 2046

 

Class B-6-L

 

Regular

 

Variable (16) (20)

 

3,512,000.00

 

November 2046

 

Class B-7-L

 

Regular

 

Variable (17) (20)

 

2,634,000.00

 

November 2046

 

Class B-8-L

 

Regular

 

Variable (18) (20)

 

2,634,000.00

 

November 2046

 

Class B-9-L

 

Regular

 

Variable (19) (20)

 

2,634,000.00

 

November 2046

 

Class B-10-L

 

Regular

 

Variable (19) (20)

 

3,512,000.00

 

November 2046

 

Class B-11-L

 

Regular

 

Variable (19) (20)

 

3,512,000.00

 

November 2046

 

Class B-12-L

 

Regular

 

Variable (19) (20)

 

2,195,000.00

 

November 2046

 

Class B-13-L

 

Regular

 

Variable (19) (20)

 

2,195,000.00

 

November 2046

 

Class B-14-L

 

Regular

 

Variable (19) (20)

 

5,714,645.89

 

November 2046

 

Class R-3 (21)

 

Residual

 

-----

 

-----

 

November 2046

 

 

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is the month following the month in which the latest maturing Mortgage Loan in the related Loan Group (or Loan Groups, as applicable) matures.  For federal income tax purposes, for each Class of REMIC III Regular and Residual Interests, the “latest possible maturity date” shall be the Final Maturity Date.

 

(1)           Interest distributed to the REMIC III Regular Interests (other than the Class 1X-PPP-L and Class 2X-PPP-L Regular Interests) on each Distribution Date will have accrued at the applicable per annum Certificate Interest Rate on the applicable Class Principal Balance or Class Notional Amount outstanding immediately before such Distribution Date. Interest distributed to the Class 1X-PPP-L and Class 2X-PPP-L Regular Interests on each Distribution Date will have accrued in the applicable amount specified in notes (9) and (10) of this table.

 

(2)           The Certificate Interest Rate on the Class 1A-L Regular Interest for each Distribution Date shall equal the lesser of (a) the Loan Group 1 Weighted Average Pass-Through Rate for such Distribution Date and (b) the applicable Index plus 0.84%.

 

(3)           The Certificate Interest Rate on the Class 1A-1B-L Regular Interest for each Distribution Date shall equal the lesser of (a) the Loan Group 1 Weighted Average Pass-Through Rate for such Distribution Date and (b) the applicable Index plus 0.84%.

 

(4)           The Certificate Interest Rate on the Class 2A-L Regular Interest for each Distribution Date shall equal the lesser of (a) the Loan Group 2 Weighted Average Pass-Through Rate for such Distribution Date and (b) the applicable Index plus 1.50%.

 

(5)           The Certificate Interest Rate on the Class 2A-1B-L Regular Interest for each Distribution Date shall equal the lesser of (a) the Loan Group 2 Weighted Average Pass-Through Rate for such Distribution Date and (b) the applicable Index plus 1.50%.

 

(6)           The Certificate Interest Rate on the Class CA-1C Group 1 Component for (i) each Distribution Date on or before the Clean-Up Call Option Date shall equal the least of (a) the Adjusted Loan Group 1 Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.29% and (c) the Maximum Loan Group 1 Rate for such Distribution Date; and (ii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Adjusted Loan Group 1 Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.580% and (c) the Maximum Loan Group 1 Rate for such Distribution Date.

 

The Certificate Interest Rate on the Class CA-1C Group 2 Component for (i) each Distribution Date on or before the Clean-Up Call Option Date shall equal the least of (a) the Adjusted Loan Group 2 Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.29% and (c) the Maximum Loan Group 2 Rate for such Distribution Date; and (ii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Adjusted Loan Group 2 Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.580% and (c) the Maximum Loan Group 2 Rate for such Distribution Date.

 

 

(7)           For purposes of calculating distributions of principal and interest and the allocation of Realized Losses, the Class CA-1C-L Regular Interest shall be deemed to be comprised of two Components, the Class CA-1C Group 1 Component and the Class CA-1C Group 2 Component. Interest shall accrue on each of the Class CA-1C Group 1 Component Principal Balance and the Class CA-1C Group 2 Component Principal Balance. The initial Class CA-1C Group 1 Component Principal Balance and Class CA-1C Group 2 Component Principal Balance shall equal $61,387,000.00 and $19,754,000.00, respectively.

 

 

(8)           For each Distribution Date, the Class 1X-PPP-L Regular Interest shall accrue interest in an amount equal to the Class 1X-PPP Accrued Interest for such Distribution Date.

 

For REMIC purposes, interest shall accrue on the Class 1X-PPP-L Regular Interest in an amount equal to the sum of the amounts calculated pursuant to clauses (1) and (2) below:

 

1.     one month’s interest at a rate equal to the Aggregate Weighted Average Pass-Through Rate minus the related Marker Rate, applied to a notional amount equal to the aggregate Class Principal Balance of the Class II-LT1, Class II-LTY1, Class II-LTY2, Class II-LT2 and Class II-LT6 Regular Interests; and

2.     one month’s interest at a rate equal to twice (two times) the Aggregate Weighted Average Pass-Through Rate minus twice the related Marker Rate, applied to a notional amount equal to the aggregate Class Principal Balance of the Class II-LT4 and Class II-LT8 Regular Interests.

 

 

(9)           For each Distribution Date, the Class 2X-PPP-L Regular Interest shall accrue interest in an amount equal to the Class 2X-PPP Accrued Interest for such Distribution Date.

 

For REMIC purposes, interest shall accrue on the Class 2X-PPP-L Regular Interest in an amount equal to the sum of the amounts calculated pursuant to clauses (1) and (2) below:

 

1.     one month’s interest at a rate equal to the Aggregate Weighted Average Pass-Through Rate minus the related Marker Rate, applied to a notional amount equal to the aggregate Class Principal Balance of the Class II-LT1, Class II-LTY1, Class II-LTY2, Class II-LT2 and Class II-LT6 Regular Interests; and

2.     one month’s interest at a rate equal to twice (two times) the Aggregate Weighted Average Pass-Through Rate minus twice the related Marker Rate, applied to a notional amount equal to the aggregate Class Principal Balance of the Class II-LT4 and Class II-LT8 Regular Interests.

 

 

(10)         For purposes of calculating distributions of principal and interest and the allocation of Realized Losses, the Class 1X-PPP-L Regular Interest shall be deemed to be comprised of an interest-only component and a principal-only component and the Class 2X-PPP-L Regular Interest shall be deemed to be comprised of an interest-only component and a principal-only component. Interest, if any, shall be payable with respect to each interest-only component. The interest-only components shall not have a Class Principal Balance and principal shall not be payable with respect to the interest-only components. The Class 1X-PPP principal-only component shall have a Class Principal Balance, which shall initially equal zero and shall thereafter be increased by the portion, if any, of Net Negative Amortization Amounts allocated to such principal-only component pursuant to the definition of “Net Negative Amortization Amount.” The Class 2X-PPP principal-only component shall have a Class Principal Balance, which shall initially equal zero and shall thereafter be increased by the portion, if any, of Net Negative Amortization Amounts allocated to such principal-only component pursuant to the definition of “Net Negative Amortization Amount.”  Interest shall not accrue on the principal-only components. Solely for purposes of determining the Percentage Interest of each Class 1X-PPP and Class 2X-PPP Certificate, each of the Class 1X-PPP-L Regular Interest and the Class 2X-PPP-L Regular Interest shall have a Class Notional Amount. Distributions of principal and interest to the Class 1X-PPP-L and Class 2X-PPP-L Interests shall not be calculated based on the Class Notional Amounts.  

 

(11)         The Certificate Interest Rate on the Class B-1-L Regular Interest for (i) each Distribution Date on or before the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.39% and (c) the Maximum Class B Rate for such Distribution Date; and (iii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.585% and (c) the Maximum Class B Rate for such Distribution Date.

 

 

(12)         The Certificate Interest Rate on the Class B-2-L Regular Interest for (i) each Distribution Date on or before the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.40% and (c) the Maximum Class B Rate for such Distribution Date; and (iii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.60% and (c) the Maximum Class B Rate for such Distribution Date.

 

 

(13)         The Certificate Interest Rate on the Class B-3-L Regular Interest for (i) each Distribution Date on or before the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.41% and (c) the Maximum Class B Rate for such Distribution Date; and (iii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.615% and (c) the Maximum Class B Rate for such Distribution Date.

 

 

(14)         The Certificate Interest Rate on the Class B-4-L Regular Interest for (i) each Distribution Date on or before the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.48% and (c) the Maximum Class B Rate for such Distribution Date; and (iii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.720% and (c) the Maximum Class B Rate for such Distribution Date.

 

 

(15)         The Certificate Interest Rate on the Class B-5-L Regular Interest for (i) each Distribution Date on or before the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.53% and (c) the Maximum Class B Rate for such Distribution Date; and (iii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.795% and (c) the Maximum Class B Rate for such Distribution Date.

 

 

(16)         The Certificate Interest Rate on the Class B-6-L Regular Interest for (i) each Distribution Date on or before the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.58% and (c) the Maximum Class B Rate for such Distribution Date; and (iii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.870% and (c) the Maximum Class B Rate for such Distribution Date.

 

(17)         The Certificate Interest Rate on the Class B-7-L Regular Interest for (i) each Distribution Date on or before the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 0.85% and (c) the Maximum Class B Rate for such Distribution Date; and (iii) each Distribution Date after the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 1.275% and (c) the Maximum Class B Rate for such Distribution Date.

 

(18)         The Certificate Interest Rate on the Class B-8-L Regular Interest for (i) each Distribution Date on or before the Clean-Up Call Option Date, shall equal the least of (a) the Class B Weighted Average Pass-Through Rate for such Distribution Date, (b) LIBOR plus 1.05% and (c) the Maximum Class B Rate for such Distribution Date; and (iii