Back to top

POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

POOLING AND SERVICING AGREEMENT | Document Parties: WaMu ASSET ACCEPTANCE CORP | WASHINGTON MUTUAL BANK | LASALLE BANK NATIONAL ASSOCIATION | CHRISTIANA BANK & TRUST COMPANY You are currently viewing:
This Pooling and Servicing Agreement involves

WaMu ASSET ACCEPTANCE CORP | WASHINGTON MUTUAL BANK | LASALLE BANK NATIONAL ASSOCIATION | CHRISTIANA BANK & TRUST COMPANY

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: POOLING AND SERVICING AGREEMENT
Governing Law: Delaware     Date: 12/22/2006

POOLING AND SERVICING AGREEMENT, Parties: wamu asset acceptance corp , washington mutual bank , lasalle bank national association , christiana bank & trust company
50 of the Top 250 law firms use our Products every day

Click here for printer-friendly pdf version of this document with page breaks as indicated in the Table of Contents

If above link does not activate, you will find the duplicate printer-friendly pdf version of this document attached to this filing submission with the SEC.


 

EXHIBIT 4.1


WaMu ASSET ACCEPTANCE CORP.,

as Company

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

$624,971,000

Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust

WaMu Asset Acceptance Corp.

Washington Mutual Asset-Backed Certificates

WMABS Series 2006-HE5

Cut-Off Date:  November 1, 2006

 



TABLE OF CONTENTS

 

 

Page

ARTICLE I

Definitions

18

Section 1.01

Defined Terms.

18

Account

 

18

Accrual Period

 

18

Additional Termination Event

 

18

Adjustable Rate Mortgage Loan

 

18

Adjusted Net Maximum Mortgage Rate

 

18

Adjusted Net Mortgage Rate

 

18

Adjustment Date

 

19

Advance

 

19

Affiliate

 

19

Agreement

 

19

Appraised Value

 

19

Assigned Prepayment Charges

 

19

Assignment

 

19

Authenticating Agent

 

19

Authorized Denomination

 

19

Balloon Mortgage Loan

 

19

Balloon Payment

 

19

Bankruptcy Code

 

20

Bankruptcy Loss

 

20

Beneficial Holder

 

20

Book-Entry Certificates

 

20

Business Day

 

20

Calculation Period

 

20

Certificate

 

20

Certificate Interest Rate

 

20

Certificate Margin

 

20

Certificate of Trust

 

20

Certificate Principal Balance

 

20

Certificate Register and Certificate Registrar

 

20

Certificateholder

 

21

Holder

 

21

Certification

 

21

Class

 

21

Class I-A Certificate

 

21

Class II‑A‑1 Certificate

 

21

Class II‑A‑2 Certificate

 

21

Class II‑A‑3 Certificate

 

21

Class A Certificates

 

21

Class A Principal Distribution Amount

 

21

Class B-1 Certificate

 

22

Class B-1 Certificate

 

22

Class B-1 Principal Distribution Amount

 

22

Class B-2 Certificate

 

22

Class B-2 Principal Distribution Amount

 

22

Class C Certificate

 

23

Class C NIM Payment Amount

 

23

Class C Shortfall

 

23

Class L1-Y-A Regular Interests

 

23

Class L1-Y-B Regular Interests

 

24

Class L1-Y-X Regular Interest

 

24

Class L1-Z-A Regular Interests

 

24

Class L1-Z-B Regular Interests

 

24

Class L1-Z-X Regular Interest

 

24

Class L2-1-A1 Regular Interest

 

24

Class L2-2-A1 Regular Interest

 

24

Class L2-2-A2 Regular Interest

 

24

Class L2-2-A3 Regular Interest

 

24

Class L2-2-M1 Regular Interest

 

24

Class L2-2-M2 Regular Interest

 

24

Class L2-2-M3 Regular Interest

 

24

Class L2-2-M4 Regular Interest

 

25

Class L2-2-M5 Regular Interest

 

25

Class L2-2-M6 Regular Interest

 

25

Class L2-2-M7 Regular Interest

 

25

Class L2-2-M8 Regular Interest

 

25

Class L2-2-M9 Regular Interest

 

25

Class L2-2-B1 Regular Interest

 

25

Class L2-2-B2 Regular Interest

 

25

Class L2-1-GP Regular Interest

 

25

Class L2-1-SB Regular Interest

 

25

Class L2-2-GP Regular Interest

 

25

Class L2-2-SB Regular Interest

 

25

Class L2-SW Regular Interest

 

26

Class L2-XX Regular Interest

 

26

Class L2-YY Regular Interest

 

26

Class L2-ZZ Regular Interest

 

26

Class L3-C Regular Interest

 

26

Class P Interest

 

26

Class L3-SW Regular Interest

 

26

Class L6-SW Regular Interest

 

26

Class M‑1 Certificate

 

26

Class M-2 Certificate

 

26

Class M-3 Certificate

 

26

Class M-3 Principal Distribution Amount

 

27

Class M‑4 Certificate

 

27

Class M‑4 Principal Distribution Amount

 

27

Class M‑5 Certificate

 

27

Class M‑5 Principal Distribution Amount

 

28

Class M‑6 Certificate

 

28

Class M‑6 Principal Distribution Amount

 

28

Class M‑7 Certificate

 

29

Class M‑7 Principal Distribution Amount

 

29

Class M-8 Certificate

 

29

Class M-8 Principal Distribution Amount

 

29

Class M-9 Certificate

 

30

Class M-9 Principal Distribution Amount

 

30

Class P Certificate

 

31

Class Principal Balance

 

31

Class R Certificate

 

31

Class R‑1 Interest

 

31

Class R‑2 Interest

 

31

Class R‑3 Interest

 

31

Class R‑4 Interest

 

31

Class R‑5 Interest

 

31

Class R‑6 Interest

 

31

Class R‑CX Certificate

 

31

Class R‑PX Certificate

 

32

Clean-up Call Percentage

 

32

Clearing Agency

 

32

Close of Business

 

32

Closing Date

 

32

Closing Date Mortgage Loans

 

32

Code

 

32

Collection Account

 

32

Commission

 

32

Company

 

32

Compensating Interest

 

32

Corporate Trust Office

 

32

Corporation

 

32

Corresponding Certificates

 

32

Counterparty Payment

 

33

Credit Enhancement Percentage

 

33

Credit Support Annex Account

 

33

Cumulative Loss Trigger Event

 

33

Custodial Agreement

 

34

Custodian

 

34

Cut‑off Date

 

34

Cut‑off Date Aggregate Principal Balance

 

34

Cut‑off Date Principal Balance

 

34

Debt Service Reduction

 

34

Deficient Valuation

 

34

Definitive Certificates

 

35

Delaware Trustee

 

35

Delinquency Percentage

 

35

Delinquency Trigger Event

 

35

Delinquent

 

35

Depositary Agreement

 

35

Determination Date

 

35

Directly Operate

 

35

Disqualified Organization

 

35

Distribution Account

 

35

Distribution Date

 

36

DTC

 

36

DTC Participant

 

36

Due Date

 

36

Due Period

 

36

Early Termination Date

 

36

Eligible Institution

 

36

Eligible Investments

 

36

ERISA

 

38

Escrow Payments

 

38

Event of Default

 

38

Exchange Act

 

38

Extra Principal Distribution Amount

 

38

Extraordinary Trust Fund Expense

 

38

Fannie Mae

 

38

FDIC

 

38

Final Recovery Determination

 

38

Fitch

 

38

Fixed Rate Mortgage Loan

 

38

Formula Rate

 

39

Freddie Mac

 

39

Gross Margin

 

39

Gross Subsequent Recoveries

 

39

Group I Closing Date Mortgage Loans

 

39

Group I Interest Remittance Amount

 

39

Group I Mortgage Loans

 

39

Group I Net Swap Payment

 

39

Group I Principal Allocation Percentage

 

39

Group I Principal Distribution Amount

 

39

Group I Principal Remittance Amount

 

39

Group I Senior Certificates

 

40

Group I Senior Principal Distribution Amount

 

40

Group I Swap Payment

 

40

Group I Swap Percentage

 

40

Group I Swap Termination Payment

 

40

Group II Closing Date Mortgage Loans

 

40

Group II Interest Remittance Amount

 

41

Group II Mortgage Loans

 

41

Group II Net Swap Payment

 

41

Group II Principal Allocation Percentage

 

41

Group II Principal Distribution Amount

 

41

Group II Principal Remittance Amount

 

41

Group II Senior Certificates

 

41

Group II Senior Principal Distribution Amount

 

41

Group II Swap Payment

 

42

Group II Swap Percentage

 

42

Group II Swap Termination Payment

 

42

Indenture

 

42

Independent

 

42

Independent Contractor

 

42

Index

 

43

Initial Certificate Principal Balance

 

43

Initial Notional Amount

 

43

Insurance Proceeds

 

43

Insured NIM Notes

 

43

Interest Determination Date

 

43

Interest Distribution Amount

 

43

Interest Remittance Amount

 

43

Late Collections

 

43

LIBOR

 

44

LIBOR Business Day

 

44

Liquidated Mortgage Loan

 

44

Liquidation Event

 

44

Liquidation Proceeds

 

44

Loan Group

 

45

Loan Group I

 

45

Loan Group II

 

45

Loan‑to‑Value Ratio

 

45

Lost Note Affidavit

 

45

Maximum Cap Rate

 

45

Maximum ZZ Uncertificated Accrued Interest Deferral Amount

 

46

Maximum Mortgage Rate

 

46

MERS

 

47

MERS Loan

 

47

MERS® System

 

47

Mezzanine Certificates

 

47

MIN

 

47

Minimum Mortgage Rate

 

47

MOM Loan

 

47

Monthly Interest Distributable Amount

 

47

Monthly Payment

 

47

Moody’s

 

47

Mortgage

 

47

Mortgage File

 

48

Mortgage Loan

 

48

Mortgage Loan Purchase Agreement

 

48

Mortgage Loan Schedule

 

49

Mortgage Note

 

50

Mortgage Pool

 

50

Mortgage Pool Assets

 

51

Mortgage Rate

 

51

Mortgaged Property

 

51

Mortgagor

 

51

Net Counterparty Payment

 

51

Net Liquidation Proceeds

 

51

Net Monthly Excess Cashflow

 

51

Net Mortgage Rate

 

52

Net Prepayment Interest Shortfall

 

52

Net Swap Payment

 

52

Net WAC Rate

 

52

Net WAC Rate Carryover Amount

 

53

New Lease

 

53

NIM Notes

 

53

NIMS Insurer

 

53

NIMS Insurer Default

 

53

NIMS Issuer

 

53

Nonrecoverable Advance

 

53

Notice Addresses

 

54

Notional Amount

 

54

OTS

 

54

Officer’s Certificate

 

54

Opinion of Counsel

 

54

Optional Termination Date

 

55

Original Class Certificate Principal Balance

 

55

Original Class Notional Amount

 

55

Original Trust Agreement

 

55

Origination Value

 

55

Other NIM Notes

 

55

Overcollateralization Deficiency Amount

 

55

Overcollateralization Floor

 

55

Overcollateralization Target Amount

 

55

Overcollateralized Amount

 

55

Ownership Interest

 

56

Pass-Through Entity

 

56

Pass-Through Rate

 

56

Paying Agent

 

56

Payoff

 

56

Percentage Interest

 

56

Periodic Rate Cap

 

56

Permitted Transferee

 

56

Person

 

57

Plan

 

57

Preference Claim

 

57

Prepayment Charge

 

57

Prepayment Charge Schedule

 

57

Prepayment Interest Excess

 

58

Prepayment Interest Shortfall

 

58

Prepayment Period

 

58

Prime Rate

 

58

Principal Balance

 

58

Principal Distribution Amount

 

59

Principal Prepayment

 

59

Principal Remittance Amount

 

59

Rate Change Date

 

59

Rating Agency or Rating Agencies

 

59

Rating Agency or Rating Agencies

 

59

Realized Loss

 

59

Record Date

 

63

Recording Documents

 

64

Reference Banks

 

64

Refinanced Mortgage Loan

 

64

Regular Certificates

 

64

Regular Interest

 

64

Regulation AB

 

64

Relief Act

 

64

Relief Act Interest Shortfall

 

64

Remaining Principal Distribution Amount

 

64

REMIC I

 

64

REMIC I Available Distribution Amount

 

65

REMIC I Distribution Amount

 

65

REMIC 1 Group I Regular Interests

 

67

REMIC 1 Group II Regular Interests

 

67

REMIC 1 Regular Interest

 

67

REMIC II

 

67

REMIC II Available Distribution Amount

 

68

REMIC II Distribution Amount

 

68

REMIC II Interest Loss Allocation Amount

 

69

REMIC II Overcollateralized Amount

 

69

REMIC II Overcollateralization Target Amount

 

69

REMIC II Principal Loss Allocation Amount

 

69

REMIC II Regular Interest

 

70

REMIC III

 

70

REMIC III Available Distribution Amount

 

70

REMIC III Distribution Amount

 

70

REMIC III Regular Interests

 

78

REMIC IV

 

78

REMIC IV Available Distribution Amount

 

78

REMIC IV Distribution Amount

 

78

REMIC IV Regular Interest

 

78

REMIC V

 

78

REMIC V Available Distribution Amount

 

78

REMIC V Distribution Amount

 

79

REMIC VI

 

79

REMIC VI Available Distribution Amount

 

79

REMIC VI Distribution Amount

 

79

REMIC

 

79

REMIC Net WAC Rate

 

79

REMIC Provisions

 

79

REMIC Regular Interests

 

79

Remittance Report

 

80

Rents from Real Property

 

80

REO Account

 

80

REO Disposition

 

80

REO Imputed Interest

 

80

REO Principal Amortization

 

80

REO Property

 

80

Replacement Payment

 

80

Purchase Price

 

80

Reserve Fund

 

81

Reserve Interest Rate

 

81

Residential Dwelling

 

81

Residual Certificates

 

81

Residual Interest

 

81

Residual NIM Holder

 

81

Responsible Officer

 

81

S&P

 

82

Secretary of State

 

82

Securities Act

 

82

Seller

 

82

Servicer

 

82

Servicer Prepayment Charge Payment Amount

 

82

Servicer Remittance Date

 

82

Servicing Account

 

82

Servicing Advances

 

82

Servicing Fee

 

82

Servicing Fee Rate

 

82

Servicing Officer

 

83

Stated Principal Balance

 

83

Statutory Trust Statute

 

83

Stayed Funds

 

83

Stepdown Date

 

83

Subordinated Net WAC Rate

 

83

Sub‑Servicer

 

84

Sub‑Servicing Account

 

84

Sub‑Servicing Agreement

 

84

Subsequent Recoveries

 

84

Qualified Substitute Mortgage Loan

 

84

Substitution Adjustments

 

84

Supplemental Interest Account

 

84

Supplemental Interest Trust

 

84

Supplemental Interest Trust Trustee

 

84

Swap Agreement

 

84

Swap Counterparty

 

84

Swap Default

 

84

Swap Event of Default

 

84

Swap LIBOR

 

85

Swap Notional Amount

 

85

Swap Payment

 

85

Swap Rate

 

85

Swap Termination Payment

 

85

Tax Matters Person

 

85

Telerate Page 3750

 

85

Termination Event

 

86

Termination Date

 

86

Termination Payment

 

86

Termination Price

 

86

Terminator

 

86

Transfer

 

86

Transferee Affidavit and Agreement

 

86

Transferee

 

86

Transferor

 

86

Trigger Event

 

86

Trust

 

86

Trust Fund

 

86

Trust REMIC

 

86

Trustee

 

86

Trustee Fee

 

86

Trustee Fee Rate

 

87

Uncertificated Notional Amount

 

87

Undercollateralized Amount

 

88

Uninsured Cause

 

88

Unpaid Interest Shortfall Amount

 

88

U.S. Person

 

89

USD-LIBOR-BBA

 

89

Value

 

89

Voting Rights

 

89

Section 1.02

Accounting.

89

Section 1.03

Allocation of Certain Interest Shortfalls.

89

Section 1.04

Rights of the NIMS Insurer.

90

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

91

Section 2.01

Creation of the Trust

91

Section 2.02

Restrictions on Activities of the Trust

92

Section 2.03

Separateness Requirements

93

Section 2.04

Conveyance of Mortgage Pool Assets; Security Interest

94

Section 2.05

Delivery of Mortgage Files

95

Section 2.06

REMIC Election for REMIC I

96

Section 2.07

Acceptance by Trustee

97

Section 2.08

Representation and Warranty of the Company Concerning the Mortgage Loans

98

Section 2.09

Representations and Warranties of the Seller Concerning the Mortgage Loans

102

Section 2.10

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

102

Section 2.11

Acknowledgment of Transfer of Mortgage Pool Assets

103

Section 2.12

Conveyance of REMIC II Assets; Security Interest

103

Section 2.13

REMIC Election for REMIC II

104

Section 2.14

Acknowledgement of Transfer of REMIC I Regular Interests

105

Section 2.15

Conveyance of REMIC II Regular Interests; Security Interest

106

Section 2.16

REMIC Election for REMIC III

107

Section 2.17

Acknowledgement of Transfer of REMIC II Regular Interests

108

Section 2.18

Conveyance of Class L3-C Regular Interest

108

Section 2.19

REMIC Election for REMIC IV

109

Section 2.20

Acknowledgement of Transfer of Class L3-C Regular Interest

110

Section 2.21

Conveyance of Class L3-P Regular Interest.

110

Section 2.22

REMIC Election for REMIC V

111

Section 2.23

Acknowledgement of Transfer of Class L3-P Regular Interest

112

Section 2.24

Conveyance of Class L3-SW Regular Interest.

112

Section 2.25

REMIC Election for REMIC VI

113

Section 2.26

Acknowledgement of Transfer of Class L3-SW Regular Interest

114

Section 2.27

Legal Title

114

Section 2.28

Compliance with ERISA Requirements

114

Section 2.29

Additional Representation Concerning the Mortgage Loans

115

Section 2.30

No Other Interests

115

ARTICLE III

Administration and Servicing of the Mortgage Loans

115

Section 3.01

The Servicer.

115

Section 3.02

Sub‑Servicing Agreements Between the Servicer and Sub‑Servicers.

117

Section 3.03

Successor Sub‑Servicers

119

Section 3.04

Liability of the Servicer

119

Section 3.05

No Contractual Relationship Between Sub‑Servicers and the NIMS Insurer, the Trustee or Certificateholders

119

Section 3.06

Assumption or Termination of Sub‑Servicing Agreements by Trustee

119

Section 3.07

Collection of Certain Mortgage Loan Payments

120

Section 3.08

Sub‑Servicing Accounts

121

Section 3.09

Collection of Taxes, Assessments and Similar Items; Servicing Accounts

121

Section 3.10

Collection Account and Distribution Account.

122

Section 3.11

Permitted Withdrawals from the Collection Account and Distribution Account.

124

Section 3.12

Investment Accounts; Eligible Investments.

126

Section 3.13

[Reserved].

127

Section 3.14

Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage.

127

Section 3.15

Enforcement of Due‑On‑Sale Clauses; Assumption Agreements

129