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POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

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

WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES, WMALT | CHRISTIANA BANK & TRUST COMPANY, | LASALLE BANK NATIONAL ASSOCIATION | WASHINGTON MUTUAL BANK, | WaMu ASSET ACCEPTANCE CORP.,

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Title: POOLING AND SERVICING AGREEMENT
Governing Law: Delaware     Date: 2/13/2007

POOLING AND SERVICING AGREEMENT, Parties: washington mutual mortgage pass-through certificates  wmalt , christiana bank & trust company  , lasalle bank national association , washington mutual bank  , wamu asset acceptance corp.
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EXHIBIT 4.1

 

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

$243,642,994.00

Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-1 Trust

WaMu Asset Acceptance Corp.

Washington Mutual Mortgage Pass-Through Certificates

WMALT Series 2007-1

Cut-Off Date: January 1, 2007


TABLE OF CONTENTS

 

Page

ARTICLE I 

8

Section 1.01  Definitions

8

Aggregate Certificate Principal Balance

8

Agreement

8

Appraised Value

8

Assigned Prepayment Premiums

8

Assignment of Proprietary Lease

8

Authenticating Agent

8

Authorized Denomination

8

Balloon Loan

9

Bankruptcy Loss

9

Beneficial Holder

9

Benefit Plan Opinion

9

Book-Entry Certificates

9

Business Day

9

Buydown Agreement

9

Buydown Fund

10

Buydown Fund Account

10

Buydown Loan

10

Cap Counterparty

10

Carry-Forward Subsequent Recoveries Amount

10

Certificate

10

Certificate Account

10

Certificateholder or Holder

11

Certificate Interest Rate

11

Certificate of Trust

11

Certificate Principal Balance

11

Certificate Register and Certificate Registrar

11

Class 

11

Class 1-A-1 Certificates

12

Class 1-A-1-L Regular Interest

12

Class 1-A-2 Certificates

12

Class 1-A-2-L Regular Interest

12

Class 1-A-3 Certificates

12

Class 1-A-3-L Regular Interest

12

Class 1-A-4 Certificates

12

Class 1-A-4 Notional Amount

12

Class 1-A-5 Certificates

12

Class 1-A-5 Notional Amount

12

Class 1-A-6 Certificates

13

Class 1-A-6-L Regular Interest

13

Class 1-A-7 Certificates

13

Class 1-A-7 Fraction

13

Class 1-A-7-L Regular Interest

13

Class 1-A-7-M Regular Interest

13

Class 1-A-8 Certificates

13

Class 1-A-8 Fraction

13

Class 1-A-9 Certificates

13

Class 1-A-9-L Regular Interest

13

Class 1-A-10 Certificates

13

Class 1-A-10 Fraction

13

Class 1-A-10-L Regular Interest

13

Class 1-A-10-M Regular Interest

14

Class 1-A-11 Certificates

14

Class 1-A-11 Fraction

14

Class 1-A-11-M Notional Amount

14

Class 1-A-11-M Regular Interest

14

Class 1-A-12 Certificates

14

Class 1-A-12 Notional Amount

14

Class 1-A-12-M Notional Amount

14

Class 1-A-12-M Regular Interest

14

Class 1-P Fraction

14

Class 1-P Mortgage Loan

14

Class 2-A-1 Certificates

14

Class 2-A-1 Fraction

14

Class 2-A-2 Certificates

15

Class 2-A-2-L Regular Interest

15

Class 2-A-3 Certificates

15

Class 2-A-3 Fraction

15

Class 2-A-3-L Regular Interest

15

Class 2-A-3-M Regular Interest

15

Class 2-A-4 Certificates

15

Class 2-A-4 Fraction

15

Class 2-A-4-M Notional Amount

15

Class 2-A-4-M Regular Interest

15

Class 2-A-5 Certificates

15

Class 2-A-5 Notional Amount

15

Class 2-A-5-M Notional Amount

15

Class 2-A-5-M Regular Interest

16

Class 2-P Fraction

16

Class 2-P Mortgage Loan

16

Class A Certificates

16

Class A-L Regular Interests

16

Class B Certificates

16

Class B Percentage

16

Class B-L Regular Interests

16

Class B-1 Certificates

16

Class B-1-L Regular Interest

16

Class B-2 Certificates

16

Class B-2-L Regular Interest

16

Class B-3 Certificates

16

Class B-3-L Regular Interest

16

Class B-4 Certificates

17

Class B-4-L Regular Interest

17

Class B-5 Certificates

17

Class B-5-L Regular Interest

17

Class B-6 Certificates

17

Class B-6-L Regular Interest

17

Class C-P Certificates

17

Class C-P-L Regular Interest

17

Class C-P-M Regular Interest

17

Class C-X Certificates

17

Class C-X Notional Amount

17

Class C-X-L Regular Interest

17

Class C-X-M Regular Interest

18

Class C-Y Principal Reduction Amounts

18

Class C-Y Regular Interests

18

Class C-Y-1 Principal Distribution Amount

18

Class C-Y-1 Regular Interest

18

Class C-Y-2 Principal Distribution Amount

18

Class C-Y-2 Regular Interest

18

Class C-Z Principal Reduction Amounts

18

Class C-Z Regular Interests

18

Class C-Z-1 Principal Distribution Amount

19

Class C-Z-1 Regular Interest

19

Class C-Z-2 Principal Distribution Amount

19

Class C-Z-2 Regular Interest

19

Class Notional Amount

19

Class P Fraction

19

Class P Mortgage Loan

19

Class P-L Regular Interests

19

Class P-M Regular Interests

19

Class C-PPP Certificates

19

Class C-PPP Notional Amount

19

Class C-PPP Reserve Fund

19

Class Principal Balance

19

Class R Certificates

20

Class R Residual Interests

21

Class R-1 Residual Interest

21

Class R-2 Residual Interest

21

Class R-3 Residual Interest

21

Class X-L Regular Interests

21

Class X-M Regular Interests

21

Clean-Up Call Percentage

21

Clearing Agency

21

Closing Date

21

Code 

21

Commission

21

Company

21

Compensating Interest

21

Complying Insurance Company

21

Cooperative

22

Cooperative Apartment

22

Cooperative Lease

22

Cooperative Loans

22

Cooperative Stock

22

Cooperative Stock Certificate

22

Corporate Trust Office

22

Corporation

22

Corresponding Class

22

Credit Support Depletion Date

23

Cumulative Carry-Forward Subsequent Recoveries Amount

23

Current Loan-to-Value Ratio

23

Curtailment

23

Curtailment Shortfall

23

Custodial Account for P&I

23

Custodial Agreement

24

Custodian

24

Cut-Off Date

24

Definitive Certificates

24

Delaware Trustee

24

Depositary Agreement

24

Destroyed Mortgage Note

24

Determination Date

24

Disqualified Organization

24

Distribution Date

24

DTC 

24

DTC Participant

24

Due Date

24

Eligible Institution

24

Eligible Investments

25

ERISA 

26

ERISA Restricted Certificate

26

Event of Default

26

Excess Liquidation Proceeds

26

Excess Subsequent Recoveries

26

Exchangeable Certificates

27

Fannie Mae

27

FDIC 

27

FHA 

27

Final Maturity Date

27

Final Yield Maintenance Payment Date

27

Fitch 

27

Freddie Mac

27

Group 1 Certificates

27

Group 1 Loans

27

Group 1 Premium Rate Mortgage Loans

27

Group 1-A Certificates

27

Group 2 Certificates

27

Group 2 Loans

27

Group 2 Premium Rate Mortgage Loans

27

Group 2 Senior Liquidation Amount

27

Group 2 Senior Percentage

28

Group 2 Senior Prepayment Percentage

28

Group 2 Senior Principal Distribution Amount

28

Group 2 Subordinate Percentage

28

Group 2 Subordinate Prepayment Percentage

28

Group 2-A Certificates

28

Group 2-A-L Regular Interests

28

Group 2-L Regular Interests

28

Indirect DTC Participants

28

Initial Custodial Agreement

28

Initial Custodian

28

Initial LIBOR Rate

28

Insurance Proceeds

28

Interest Distribution Amount

29

Interest Transfer Amount

29

Investment Account

29

Investment Depository

29

Junior Subordinate Certificates

29

Last Scheduled Distribution Date

29

LIBOR

29

LIBOR Determination Date

29

Liquidated Mortgage Loan

30

Liquidation Principal

30

Liquidation Proceeds

30

Loan Group

30

Loan Group 1

30

Loan Group 2

30

Lockout Adjusted Percentage

30

Lockout Liquidation Amount

30

Lockout Percentage

30

Lockout Prepayment Percentage

30

Lockout Priority Amount

30

Lowest Class B Owner

31

MERS 

31

MERS Loan

31

MERS® System

31

MIN 

31

MOM Loan

31

Monthly P&I Advance

31

Monthly Payment

31

Moody’s

31

Mortgage

31

Mortgage File

31

Mortgage Interest Rate

34

Mortgage Loan Purchase Agreement

34

Mortgage Loan Schedule

34

Mortgage Loans

35

Mortgage Note

35

Mortgage Pool

35

Mortgage Pool Assets

35

Mortgaged Property

35

Mortgagor

36

Nonrecoverable Advance

36

Non-U.S. Person

36

Notice Addresses

36

Officer’s Certificate

36

Opinion of Counsel

36

Original Trust Agreement

36

OTS 

36

Overcollateralized Group

36

Ownership Interest

37

Pass-Through Entity

37

Pass-Through Rate

37

Paying Agent

37

Payoff 

37

Payoff Earnings

37

Payoff Interest

37

Payoff Period

38

Percentage Interest

38

Permitted Transferee

38

Person 

39

Plan Investor

39

Prepaid Monthly Payment

39

Prepayment Premium

39

Primary Insurance Policy

39

Principal Balance

39

Principal Payment

40

Principal Payment Amount

40

Principal Prepayment

40

Principal Prepayment Amount

40

Principal Transfer Amount

40

Prior Period

40

Prospectus

40

Rating Agency

40

Ratings

41

Reacquired Mortgage Loan

41

Realized Loss

41

Recognition Agreement

44

Record Date

44

Recording Documents

44

Reference Banks

44

Regular Interest Group

44

Regular Interests

44

Regulation AB

45

Relief Act Shortfall

45

REMIC

45

REMIC Provisions

45

REMIC I

45

REMIC I Assets

45

REMIC I Available Distribution Amount

45

REMIC I Distribution Amount

47

REMIC I Regular Interests

49

REMIC II

49

REMIC II Assets

49

REMIC II Available Distribution Amount

49

REMIC II Distribution Amount

49

REMIC II Regular Interests

58

REMIC III

58

REMIC III Assets

58

REMIC III Available Distribution Amount

58

REMIC III Distribution Amount

58

REMIC III Regular Interests

60

Repurchase Price

60

Repurchase Proceeds

60

Residual Certificates

60

Residual Distribution Amount

60

Responsible Officer

61

ROV Mortgage Loan

61

S&P 

61

Secretary of State

61

Securities Act

61

Security Agreement

61

Seller 

61

Senior Regular Interests

62

Senior Subordinate Certificates

62

Servicer

62

Servicer Business Day

62

Servicing Fee

62

Servicing Fee Rate

62

Servicing Officer

62

Special Primary Insurance Policy

62

Special Primary Insurance Premium

62

Statutory Trust Statute

62

Step Down Percentage

62

Streamlined Mortgage Loan

63

Stripped Interest Rate

63

Subgroup

63

Subgroup 1-1

63

Subgroup 1-1 and Loan Group 2 Subordinate Balance

63

Subgroup 1-1 Loans

63

Subgroup 1-1 REMIC II Regular Interests

63

Subgroup 1-1 REMIC III Regular Interests

63

Subgroup 1-1 Senior Liquidation Amount

64

Subgroup 1-1 Senior Percentage

64

Subgroup 1-1 Senior Prepayment Percentage, Subgroup 1-2 Senior Prepayment Percentage or Group 2 Senior Prepayment Percentage

64

Subgroup 1-1 Senior Principal Distribution Amount

66

Subgroup 1-1 Subordinate Percentage

66

Subgroup 1-1 Subordinate Prepayment Percentage

66

Subgroup 1-2

66

Subgroup 1-2 REMIC II Regular Interests

66

Subgroup 1-2 REMIC III Regular Interests

66

Subgroup 1-2 Loans

66

Subgroup 1-2 Senior Liquidation Amount

67

Subgroup 1-2 Senior Percentage

67

Subgroup 1-2 Senior Prepayment Percentage

67

Subgroup 1-2 Senior Principal Distribution Amount

67

Subgroup 1-2 Subordinate Balance

67

Subgroup 1-2 Subordinate Percentage

67

Subgroup 1-2 Subordinate Prepayment Percentage

67

Subordinate Certificates

67

Subordinate Component Balance

67

Subordinate Liquidation Amount

68

Subordinate Percentage

68

Subordinate Principal Distribution Amount

68

Subordinate Principal Prepayments Distribution Amount

69

Subordination Level

69

Subsequent Recoveries

69

Substitute Mortgage Loan

69

Substitution Price

69

Tax Matters Person

70

Termination Date

70

Termination Payment

70

Total Transfer Amount

70

Transfer

70

Transferee

70

Transferee Affidavit and Agreement

70

Trust 

70

Trustee 

70

Uncollected Interest

71

Uncompensated Interest Shortfall

71

Undercollateralized Group

72

Underwriter

72

Uninsured Cause

72

U.S. Person

72

VA 

72

Withdrawal Date

72

Yield Maintenance Account

72

Yield Maintenance Agreement

72

Yield Maintenance Notional Balance

72

Yield Maintenance Payment Amount

73

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

73

Section 2.01  Creation of the Trust

73

Section 2.02  Restrictions on Activities of the Trust

74

Section 2.03  Separateness Requirements

74

Section 2.04  Conveyance of Mortgage Pool Assets; Security Interest

76

Section 2.05  Delivery of Mortgage Files

77

Section 2.06  REMIC Election for REMIC I

78

Section 2.07  Acceptance by Trustee

80

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

81

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

83

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

83

Section 2.11  Acknowledgment of Transfer of Mortgage Pool Assets

84

Section 2.12  Conveyance of REMIC II Assets; Security Interest

84

Section 2.13  REMIC Election for REMIC II

85

Section 2.14  Acknowledgement of Transfer of REMIC II Assets

86

Section 2.15  Conveyance of REMIC III Assets; Security Interest

87

Section 2.16  REMIC Election for REMIC III

88

Section 2.17  Acknowledgement of Transfer of REMIC III Assets

89

Section 2.18  Conveyance of Class 1-A-7-M Regular Interest; Security Interest

89

Section 2.19  Acknowledgement of Transfer of Class 1-A-7-M Regular Interest

90

Section 2.20  Legal Title

90

Section 2.21  Compliance with ERISA Requirements

90

Section 2.22  Additional Representation Concerning the Mortgage Loans

90

ARTICLE III  Administration and Servicing of Mortgage Loans

91

Section 3.01  The Servicer

91

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

93

Section 3.03  The Investment Account; Eligible Investments

94

Section 3.04  The Certificate Account

94

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

96

Section 3.06  Maintenance of Primary Insurance Policies; Collections Thereunder

97

Section 3.07  Maintenance of Hazard Insurance

98

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

98

Section 3.09  Realization Upon Defaulted Mortgage Loans

99

Section 3.10  Trustee to Cooperate; Release of Mortgage Files

101

Section 3.11  Compensation to the Servicer

102

Section 3.12  [Reserved.]

102

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

102

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

103

Section 3.15  [Reserved.]

103

Section 3.16  Yield Maintenance Account.

103

Section 3.17  Maintenance of the Class C-PPP Reserve Fund.

104

Section 3.18  [Reserved.]

105

Section 3.19  Determination of LIBOR by Servicer 

105

Section 3.20  Assigned Prepayment Premiums 

106

ARTICLE IV  Payments to Certificateholders; Payment of Expenses

108

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

108

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

108

Section 4.03  Nonrecoverable Advances

110

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

111

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

111

Section 4.06  Statements to Certificateholders

114

ARTICLE V  The Certificates

114

Section 5.01  The Certificates

114

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

121

Section 5.03  Registration of Transfer and Exchange of Certificates

122

Section 5.04  Mutilated, Destroyed, Lost or Stolen Certificates

122

Section 5.05  Persons Deemed Owners

123

Section 5.06  Exchangeable Certificates

123

Section 5.07  Book-Entry for Book-Entry Certificates

126

Section 5.08  Notices to Clearing Agency

127

Section 5.09  Definitive Certificates

127

Section 5.10  Office for Transfer of Certificates

128

Section 5.11  Nature of Certificates

128

ARTICLE VI  The Company and the Servicer

128

Section 6.01  Liability of the Company and the Servicer

128

Section 6.02  Merger or Consolidation of the Company or the Servicer

128

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

128

Section 6.04  Neither the Company nor the Servicer May Resign

129

Section 6.05  Trustee Access 

129

ARTICLE VII  Default

130

Section 7.01  Events of Default

130

Section 7.02  Trustee to Act; Appointment of Successor

132

Section 7.03  Notification to Certificateholders

133

ARTICLE VIII  Concerning the Trustees

133

Section 8.01  Duties of Trustees

133

Section 8.02  Certain Matters Affecting the Trustees

135

Section 8.03  Trustees Not Liable for Certificates or Mortgage Loans

136

Section 8.04  Trustees May Own Certificates

136

Section 8.05  The Servicer to Pay Trustees’ Fees and Expenses

136

Section 8.06  Eligibility Requirements for Trustees

137

Section 8.07  Resignation and Removal of Trustees

137

Section 8.08  Successor Trustee

138

Section 8.09  Merger or Consolidation of Trustee

138

Section 8.10  Appointment of Co-Trustee or Separate Trustee

139

Section 8.11  Authenticating Agents

140

Section 8.12  Paying Agents

140

Section 8.13  Duties of Delaware Trustee

141

Section 8.14  Amendment to Certificate of Trust

142

Section 8.15  Yield Maintenance Agreement

142

Section 8.16  Trustees Act on Behalf of Trust

142

Section 8.17  Limitation of Liability

142

Section 8.18  Trustee Report on Assessment of Compliance with Servicing Criteria

142

ARTICLE IX  Termination

143

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

143

Section 9.02  Additional Termination Requirements

145

Section 9.03  Trust Irrevocable

146

ARTICLE X  Miscellaneous Provisions

146

Section 10.01  Amendment

146

Section 10.02  Recordation of Agreement

147

Section 10.03  Limitation on Rights of Certificateholders

148

Section 10.04  Access to List of Certificateholders

148

Section 10.05  Governing Law

149

Section 10.06  Notices

149

Section 10.07  Compliance With Regulation AB

149

Section 10.08  Severability of Provisions

150

Section 10.09  Counterpart Signatures

150

Section 10.10  Benefits of Agreement

150

Section 10.11  Notices and Copies to Rating Agencies

150

Section 10.12  Covenant Not to Place Trust Into Bankruptcy

151

Section 10.13  Covenant Not to Place Company Into Bankruptcy

151

 


 

Appendix 1

Definition of Class C-Y 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-1

Mortgage Loan Schedule

Exhibit D-2

Supplemental Mortgage Loan Schedule

Exhibit E

[Reserved]

Exhibit F

[Reserved]

Exhibit G

[Reserved]

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)

Exhibit P

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

 


This Pooling and Servicing Agreement, dated as of January 1, 2007 (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 acquire the REMIC I Regular Interests, the Class C-PPP Certificates and the Class R-1 Residual Interest from the Trust as consideration for its transfer to the Trust of the Mortgage Loans and certain other assets and will be the owner of the REMIC I Regular Interests, the Class C-PPP Certificates 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 Class 1-A-7 Certificates as consideration for its transfer to the Trust of the Class 1-A-7-M Regular Interest.  The Company has duly authorized the execution and delivery of this Agreement to provide for (i) the conveyance 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, and the Class C-PPP Certificates , (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 Class 1-A-7-M Regular Interest and (viii) the issuance to the Company of the Class 1-A-7. 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 11, 2007, and a Prospectus Supplement, dated January 26, 2007, of the Company (together, the “ Prospectus ”). The Junior Subordinate Certificates have been offered for sale pursuant to a Private Placement Memorandum, dated January 29, 2007.  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 and the Certificates :

                  


REMIC I Interests

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

 

Type of Interest

 

Certificate Interest Rate (1)

 

Initial Class Principal Balance

 

Final Maturity Date*

Class C-Y-1

 

Regular

 

6.000%

 

$         96,189.71

 

January 2039

Class C-Y-2

 

Regular

 

7.000%

 

24,853.56

 

January 2039

Class C-Z-1

 

Regular

 

6.000%

 

192,283,235.45

 

January 2039

Class C-Z-2

 

Regular

 

7.000%

 

49,996,743.87

 

January 2039

Class C-X-M

 

Regular

 

6.500%(2)

 

-----

 

January 2039

Class C-P-M

 

Regular

 

(3)

 

1,241,772.00

 

January 2039

Class R-1†

 

Residual

 

6.000%

 

100.00

 

January 2039

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is two years following the month the latest maturing Mortgage Loan in the related Loan Group or Subgroup (or Loan Group and Subgroup or Subgroups, as applicable) 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 Excess Liquidation Proceeds.

 

(1)           Interest distributed to the REMIC I Regular Interests (other than the Class C-P-M Regular Interest, which shall not be entitled to receive any distributions of interest) 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 or Class Notional Amount outstanding immediately before such Distribution Date.

 

(2)           The Class C-X-M Regular Interest shall accrue interest on the Class C-X Notional Amount.  The Class C-X-M Regular Interest shall not be entitled to receive any distributions of principal.

 

(3)           The Class C-P-M Regular Interest shall not be entitled to receive any distributions of interest.

 

 

 

 

 

 

 

 

 

 

 

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 Class of REMIC II Regular Interests and the Class R-2 Residual Interest

 

Type of Interest

 

Sub-group

Certificate Interest Rate (1)

 

Initial Class Principal Balance

 

Final Maturity Date*

 

Class 1-A-1-L

 

Regular

 

1-1

6.000%

 

$   9,501,300.00

 

January 2039

 

Class 1-A-2-L

 

Regular

 

1-1

6.000%

 

5,558,700.00

 

January 2039

 

Class 1-A-3-L

 

Regular

 

1-2

7.000%

 

44,977,500.00

 

January 2039

 

Class 1-A-6-L

 

Regular

 

1-1

6.000%

 

2,500,000.00

 

January 2039

 

Class 1-A-7-L

 

Regular

 

1-1

6.000%

 

70,000,000.00

 

January 2039

 

Class 1-A-9-L

 

Regular

 

1-2

7.000%

 

2,367,500.00

 

January 2039

 

Class 1-A-10-L

 

Regular

 

1-1

6.000%

 

62,761,300.00

 

January 2039

 

Class 2-A-2-L

 

Regular

 

N/A

6.000%

 

1,474,000.00

 

January 2039

 

Class 2-A-3-L

 

Regular

 

N/A

6.000%

 

30,225,000.00

 

January 2039

 

Class C-X-L

 

Regular

 

N/A

6.500% (2)

 

-----

 

January 2039

 

Class C-P-L

 

Regular

 

N/A

(3)

 

1,241,772.00

 

January 2039

 

Class B-1-L

 

Regular

 

N/A

Variable (4)

 

7,188,000.00

 

January 2039

 

Class B-2-L

 

Regular

 

N/A

Variable (4)

 

2,193,000.00

 

January 2039

 

Class B-3-L

 

Regular

 

N/A

Variable (4)

 

1,218,000.00

 

January 2039

 

Class B-4-L

 

Regular

 

N/A

Variable (4)

 

975,000.00

 

January 2039

 

Class B-5-L

 

Regular

 

N/A

Variable (4)

 

853,000.00

 

January 2039

 

Class B-6-L

 

Regular

 

N/A

Variable (4)

 

608,722.00

 

January 2039

 

Class R-2(5)

 

Residual

 

N/A

-----

 

-----

 

January 2039

 

 

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is two years following the month the latest maturing Mortgage Loan in the related Loan Group or Subgroup (or Loan Group and Subgroup or Subgroups, as applicable) 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 on each Distribution Date to the REMIC II Regular Interests (other than the Class C-P-L Regular Interest, which shall not be entitled to receive any distributions of interest) 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.

 

(2)           The Class C-X-L Regular Interest shall accrue interest on the Class C-X Notional Amount.  The Class C-X-L Regular Interest shall not be entitled to receive any distributions of principal.

 

(3)           The Class C-P-L Regular Interest shall not be entitled to receive any distributions of interest.

 

(4)           The Certificate Interest Rate for each Class of the Class B-L Regular Interests shall equal, on any Distribution Date, the weighted average of the Certificate Interest Rates for the Class C-Y-1 and Class C-Y-2 Regular Interests.

 

(5)           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

 

Sub-group

Certificate Interest Rate (1)

 

Initial Class Principal Balance

 

Final Maturity Date*

 

Class 1-A-1

 

Regular

 

1-1

6.000%

 

$   9,501,300.00

 

January 2039

 

Class 1-A-2

 

Regular

 

1-1

6.000%

 

5,558,700.00

 

January 2039

 

Class 1-A-3

 

Regular

 

1-2

(2)

 

44,977,500.00

 

January 2039

 

Class 1-A-4

 

Regular

 

1-2

(3)

 

-----

 

January 2039

 

Class 1-A-5

 

Regular

 

1-1

(4)

 

-----

 

January 2039

 

Class 1-A-6

 

Regular

 

1-1

6.000%

 

2,500,000.00

 

January 2039

 

Class 1-A-7-M

 

Regular

 

1-1

(5)

 

70,000,000.00

 

January 2039

 

Class 1-A-9

 

Regular

 

1-2

(2)

 

2,367,500.00

 

January 2039

 

Class 1-A-10-M

 

Regular

 

1-1

5.500%

 

62,761,300.00

 

January 2039

 

Class 1-A-11-M

 

Regular

 

1-1

0.250% (6)

 

-----

 

January 2039

 

Class 1-A-12-M

 

Regular

 

1-1

0.250% (6)

 

-----

 

January 2039

 

Class 2-A-2

 

Regular

 

N/A

6.000%

 

1,474,000.00

 

January 2039

 

Class 2-A-3-M

 

Regular

 

N/A

5.500%

 

30,225,000.00

 

January 2039

 

Class 2-A-4-M

 

Regular

 

N/A

0.250% (6)

 

-----

 

January 2039

 

Class 2-A-5-M

 

Regular

 

N/A

0.250% (6)

 

-----

 

January 2039

 

Class C-X

 

Regular

 

N/A

6.500% (6)

 

-----

 

January 2039

 

Class C-P

 

Regular

 

N/A

(7)

 

1,241,772.00

 

January 2039

 

Class B-1

 

Regular

 

N/A

Variable (8)

 

7,188,000.00

 

January 2039

 

Class B-2

 

Regular

 

N/A

Variable (8)

 

2,193,000.00

 

January 2039

 

Class B-3

 

Regular

 

N/A

Variable (8)

 

1,218,000.00

 

January 2039

 

Class B-4

 

Regular

 

N/A

Variable (8)

 

975,000.00

 

January 2039

 

Class B-5

 

Regular

 

N/A

Variable (8)

 

853,000.00

 

January 2039

 

Class B-6

 

Regular

 

N/A

Variable (8)

 

608,722.00

 

January 2039

 

Class R-3 (9)

 

Residual

 

N/A

-----

 

-----

 

January 2039