Back to top

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 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

. 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: 2/12/2007

POOLING AND SERVICING AGREEMENT, Parties: washington mutual mortgage pass-through certificates  wmalt , christiana bank & trust company , lasalle bank national association
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

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

$974,968,528.00

Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA1 Trust

WaMu Asset Acceptance Corp.

Washington Mutual Mortgage Pass-Through Certificates

WMALT Series 2007-OA1

Cut-Off Date: January 1, 2007



TABLE OF CONTENTS

 

 

Page

ARTICLE I

10

Section 1.01.Definitions

10

Adjusted Cap Rate

10

Adjusted Loan Group 1 Weighted Average Pass-Through Rate

11

Adjusted Loan Group 2 Weighted Average Pass-Through Rate

11

Aggregate Certificate Principal Balance

11

Aggregate Maximum Class CX Interest Amount

11

Aggregate Weighted Average Certificate Interest Rate

11

Aggregate Weighted Average Pass-Through Rate

12

Agreement

12

Appraised Value

12

Assigned Prepayment Premiums

12

Assignment of Proprietary Lease

12

Authenticating Agent

12

Authorized Denomination

12

Balloon Loan

13

Bankruptcy Loss

13

Beneficial Holder

13

Benefit Plan Opinion

13

Book-Entry Certificates

13

Business Day

13

Buydown Agreement

13

Buydown Fund

13

Buydown Fund Account

14

Buydown Loan

14

Carry-Forward Subsequent Recoveries Amount

14

Carryover Shortfall Amount

14

Carryover Shortfall Payment

15

Certificate

18

Certificate Account

18

Certificateholder or Holder

18

Certificate Interest Rate

19

Certificate Margin

19

Certificate of Trust

19

Certificate Principal Balance

19

Certificate Register and Certificate Registrar

19

Class

19

Class 1A Certificates

20

Class 1A-L Regular Interest

20

Class 2A Certificates

20

Class 2A-L Regular Interest

20

Class A Certificates

20

Class A-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

21

Class B-3-L Regular Interest

21

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

22

Class B-10-L Regular Interest

22

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-1B Certificates

22

Class CA-1B Component

22

Class CA-1B Group 1 Component

23

Class CA-1B Group 2 Component

23

Class CA-1B-L Regular Interest

23

Class CA-1C Certificates

23

Class CA-1C Component

23

Class CA-1C Group 1 Component

23

Class CA-1C Group 2 Component

23

Class CA-1C-L Regular Interest

23

Class CX-1 Accrued Interest

23

Class CX-1 Certificates

24

Class CX-1 Subgroup 1-A IO Component

24

Class CX-1 Subgroup 1-A PO Component

24

Class CX-1 Subgroup 2-A IO Component

24

Class CX-1 Subgroup 2-A PO Component

25

Class CX-1-L Notional Amount

25

Class CX-1-L Regular Interest

25

Class CX-2-PPP Accrued Interest

25

Class CX-2-PPP Certificates

26

Class CX-2-PPP Subgroup 1-B IO Component

26

Class CX-2-PPP Subgroup 1-B PO Component

26

Class CX-2-PPP Subgroup 2-B IO Component

26

Class CX-2-PPP Subgroup 2-B PO Component

26

Class CX-2-PPP-L Notional Amount

26

Class CX-2-PPP-L Regular Interest

26

Class II-LT Principal Reduction Amounts

26

Class II-LT Regular Interests

27

Class II-LT1 Regular Interest

27

Class II-LT2 Principal Distribution Amount

27

Class II-LT2 Regular Interest

27

Class II-LT3 Principal Distribution Amount

27

Class II-LT3 Regular Interest

27

Class II-LT4 Principal Distribution Amount

27

Class II-LT4 Regular Interest

27

Class II-LT6 Principal Distribution Amount

27

Class II-LT6 Regular Interest

27

Class II-LT7 Principal Distribution Amount

27

Class II-LT7 Regular Interest

28

Class II-LT8 Principal Distribution Amount

28

Class II-LT8 Regular Interest

28

Class II-LTY1 Principal Distribution Amount

28

Class II-LTY1 Regular Interest

28

Class II-LTY2 Principal Distribution Amount

28

Class II-LTY2 Regular Interest

28

Class Notional Amount

28

Class Principal Balance

28

Class R Certificates

29

Class R Residual Interests

30

Class R-1 Residual Interest

30

Class R-2 Residual Interest

30

Class R-3 Residual Interest

30

Class X Certificates

30

Class X IO Component

30

Class X PO Component

30

Class X-L Regular Interests

30

Class Y Regular Interests

30

Class Y-1 Regular Interest

30

Class Y-1 Principal Distribution Amount

30

Class Y-2 Regular Interest

30

Class Y-2 Principal Distribution Amount

30

Class Y Principal Reduction Amounts

31

Class Z Regular Interests

31

Class Z Principal Reduction Amounts

31

Class Z-1 Regular Interest

31

Class Z-1 Principal Distribution Amount

31

Class Z-2 Regular Interest

31

Class Z-2 Principal Distribution Amount

31

Clean-Up Call Option Date

31

Clean-Up Call Percentage

31

Clearing Agency

31

Closing Date

31

Code

31

Commission

32

Company

32

Complying Insurance Company

32

Component

32

Component Principal Balance

32

Cooperative

33

Cooperative Apartment

33

Cooperative Lease

33

Cooperative Loans

33

Cooperative Stock

33

Cooperative Stock Certificate

33

Corporate Trust Office

33

Corporation

33

Corresponding Class

33

Countrywide

34

Countrywide Agreement

34

Countrywide Compensating Interest

34

Countrywide Custodial Account

34

Countrywide Loans

34

Countrywide Servicing Addendum

34

Countrywide Servicing Fee

34

Credit Support Depletion Date

35

Cumulative Carry-Forward Subsequent Recoveries Amount

35

Current Loan-to-Value Ratio

35

Curtailment

35

Curtailment Shortfall

35

Custodial Account for P&I

35

Custodial Agreement

35

Custodian

35

Cut-Off Date

36

Definitive Certificates

36

Delaware Trustee

36

Depositary Agreement

36

Destroyed Mortgage Note

36

Determination Date

36

Disqualified Organization

36

Distribution Date

36

DTC

36

DTC Participant

36

Due Date

36

Eligible Institution

36

Eligible Investments

37

ERISA

38

ERISA Restricted Certificate

38

ERISA Super Restricted Certificate

38

Event of Default

38

Excess Liquidation Proceeds

38

Excess Subsequent Recoveries

38

Fannie Mae

38

FDIC

38

FHA

39

Final Maturity Date

39

Fitch

39

Freddie Mac

39

Group 1 Loans

39

Group 1 Senior Liquidation Amount

39

Group 1 Senior Percentage

39

Group 1 Senior Prepayment Percentage or Group 2 Senior Prepayment Percentage

39

Group 1 Senior Principal Distribution Amount

42

Group 1 Subordinate Balance

42

Group 1 Subordinate Percentage

42

Group 1 Subordinate Prepayment Percentage

42

Group 1 Weighted Average Certificate Interest Rate

42

Group 2 Loans

43

Group 2 Senior Liquidation Amount

43

Group 2 Senior Percentage

43

Group 2 Senior Prepayment Percentage

43

Group 2 Senior Principal Distribution Amount

43

Group 2 Subordinate Balance

43

Group 2 Subordinate Percentage

43

Group 2 Subordinate Prepayment Percentage

43

Group 2 Weighted Average Certificate Interest Rate

43

Group B Certificates

44

Group B Percentage

44

Group B Subordinate Liquidation Amount

44

Group B Subordinate Principal Distribution Amount

44

Group B Subordinate Principal Prepayments Distribution Amount

45

Group B Weighted Average Pass-Through Rate

45

Group B-L Regular Interests

45

Index

45

Indirect DTC Participants

45

Insurance Proceeds

45

Interest Distribution Amount

46

Interest Rate Adjustment Date

46

Interest Transfer Amount

46

Interest Transfer Amount Fraction

46

Investment Account

47

Investment Depository

47

Junior Subordinate Certificates

47

Last Scheduled Distribution Date

47

LIBOR

47

LIBOR Determination Date

47

Liquidated Mortgage Loan

47

Liquidation Principal

47

Liquidation Proceeds

47

Loan Group

47

Loan Group 1

48

Loan Group 1 Balance

48

Loan Group 1 Maximum Class CX Interest Amount

48

Loan Group 1 Weighted Average Pass-Through Rate

48

Loan Group 2

48

Loan Group 2 Balance

48

Loan Group 2 Maximum Class CX Interest Amount

49

Loan Group 2 Weighted Average Pass-Through Rate

49

Lowest Class B Owner

49

Marker Rate

49

Maximum Group B Rate

49

Maximum Loan Group 1 Rate

50

Maximum Loan Group 2 Rate

50

Maximum Loan Group Rate

50

MERS

50

MERS Loan

50

MERS® System

50

MIN

50

Minimum Monthly Payment

50

MOM Loan

50

Monthly P&I Advance

50

Monthly Payment Adjustment Terms

50

Moody’s

51

Mortgage

51

Mortgage File

51

Mortgage Interest Rate

53

Mortgage Loan Margin

53

Mortgage Loan Purchase Agreement

53

Mortgage Loan Schedule

54

Mortgage Loans

54

Mortgage Note

55

Mortgage Pool

55

Mortgage Pool Assets

55

Mortgaged Property

55

Mortgagor

55

Negative Amortization Amount

55

Net Negative Amortization Amount

55

No-Delay Accrual Period

58

Nonrecoverable WMB Advance

58

Non-U.S. Person

58

Notice Addresses

58

Officer’s Certificate

59

One-Month LIBOR

59

One-Year MTA

59

Opinion of Counsel

59

Original Trust Agreement

59

OTS

59

Overcollateralization Amount

59

Overcollateralized Group

59

Ownership Interest

60

Pass-Through Entity

60

Pass-Through Rate

60

Paying Agent

60

Payoff

60

Payoff Earnings

60

Payoff Interest

60

Payoff Period

61

Percentage Interest

61

Permitted Transferee

61

Person

62

Plan Investor

62

Prepaid Monthly Payment

62

Prepayment Premium

62

Primary Insurance Policy

62

Principal Balance

62

Principal Payment

63

Principal Payment Amount

63

Principal Prepayment

63

Principal Prepayment Amount

63

Principal Transfer Amount

63

Prior Period

63

Prospectus

63

Rate Ceiling

63

Rate Floor

64

Rating Agency

64

Ratings

64

Reacquired Mortgage Loan

64

Realized Loss

64

Recognition Agreement

69

Record Date

69

Recording Documents

69

Reference Banks

69

Regular Interests

69

Regulation AB

69

Relief Act Shortfall

69

REMIC

70

REMIC Provisions

70

REMIC I

70

REMIC I Assets

70

REMIC I Available Distribution Amount

70

REMIC I Distribution Amount

71

REMIC I Regular Interests

72

REMIC II

72

REMIC II Assets

72

REMIC II Available Distribution Amount

72

REMIC II Distribution Amount

72

REMIC II Principal Distribution Amount

73

REMIC II Regular Interests

73

REMIC III

74

REMIC III Assets

74

REMIC III Available Distribution Amount

74

REMIC III Distribution Amount

74

REMIC III Regular Interests

83

Repurchase Price

83

Repurchase Proceeds

83

Residual Certificates

83

Residual Distribution Amount

83

Responsible Officer

84

ROV Mortgage Loan

84

S&P

84

Secretary of State

84

Securities Act

84

Security Agreement

84

Seller

84

Senior Certificates

84

Senior Subordinate Certificates

84

Servicer

84

Servicer Business Day

84

Servicing Fee Rate

85

Servicing Officer

85

Special Primary Insurance Policy

85

Special Primary Insurance Premium

85

Statutory Trust Statute

85

Streamlined Mortgage Loan

85

Subgroup

85

Subgroup Balance

85

Subgroup Fraction

85

Subgroup Weighted Average Pass-Through Rate

86

Subgroup 1-A

86

Subgroup 1-A Balance

86

Subgroup 1-A Mortgage Loans

86

Subgroup 1-A Weighted Average Pass-Through Rate

86

Subgroup 1-B

86

Subgroup 1-B Balance

86

Subgroup 1-B Mortgage Loans

86

Subgroup 1-B Weighted Average Pass-Through Rate

87

Subgroup 2-A

87

Subgroup 2-A Balance

87

Subgroup 2-A Mortgage Loans

87

Subgroup 2-A Weighted Average Pass-Through Rate

87

Subgroup 2-B

87

Subgroup 2-B Balance

87

Subgroup 2-B Mortgage Loans

87

Subgroup 2-B Weighted Average Pass-Through Rate

87

Subordinate Certificates

87

Subordinate Component Balance

87

Subordinate Percentage

88

Subordination Level

88

Subsequent Recoveries

88

Substitute Mortgage Loan

88

Substitution Price

88

Tax Matters Person

88

Termination Date

89

Termination Payment

89

Total Transfer Amount

89

Transfer

89

Transfer Rate

89

Transferee

89

Transferee Affidavit and Agreement

89

Trust

89

Trustee

89

UC Rate

89

Unadjusted Net Negative Amortization Amount

90

Uncollected Interest

90

Uncompensated Interest Shortfall

90

Undercollateralized Group

91

Underwriter

91

Uninsured Cause

91

U.S. Person

91

VA

91

Withdrawal Date

91

WMB Compensating Interest

91

WMB Loans

92

WMB Servicing Fee

92

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

92

Section 2.01.Creation of the Trust

92

Section 2.02.Restrictions on Activities of the Trust

93

Section 2.03.Separateness Requirements

94

Section 2.04.Conveyance of Mortgage Pool Assets; Assignment of Countrywide Agreement; Security Interest

95

Section 2.05.Delivery of Mortgage Files

96

Section 2.06.REMIC Election for REMIC I

97

Section 2.07.Acceptance by Trustee

99

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

100

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 II Assets

106

Section 2.15.Conveyance of REMIC III Assets; Security Interest

106

Section 2.16.REMIC Election for REMIC III

107

Section 2.17.Acknowledgement of Transfer of REMIC III Assets

108

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

108

Section 2.19.Acknowledgement of Transfer of REMIC III Regular Interests

109

Section 2.20.Legal Title

109

Section 2.21.Compliance with ERISA Requirements

109

Section 2.22.Additional Representation Concerning the Mortgage Loans

109

Section 2.23.Distributions to Certificates Outside of REMIC III

110

ARTICLE III  Administration and Servicing of Mortgage Loans

110

Section 3.01.The Servicer

110

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

113

Section 3.03.The Investment Account; Eligible Investments

114

Section 3.04.The Certificate Account

115

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

116

Section 3.06.Maintenance of Primary Insurance Policies; Collections Thereunder

118

Section 3.07.Maintenance of Hazard Insurance

118

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

118

Section 3.09.Realization Upon Defaulted Mortgage Loans

119

Section 3.10.Trustee to Cooperate; Release of Mortgage Files

122

Section 3.11.Compensation to the Servicer

122

Section 3.12.[Reserved.]

122

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

123

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

124

Section 3.15.[Reserved.]

124

Section 3.16.[Reserved.]

124

Section 3.17.[Reserved.]

124

Section 3.18.[Reserved.]

124

Section 3.19.Determination of LIBOR by Servicer 

124

Section 3.20.Assigned Prepayment Premiums 

126

Section 3.21.Additional Servicer Covenants 

127

ARTICLE IV  Payments to Certificateholders; Payment of Expenses

128

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

128

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

128

Section 4.03.Nonrecoverable WMB Advances

130

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

130

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

131

Section 4.06.Statements to Certificateholders

132

ARTICLE V  The Certificates

133

Section 5.01.The Certificates

133

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

140

Section 5.03.Registration of Transfer and Exchange of Certificates

140

Section 5.04.Mutilated, Destroyed, Lost or Stolen Certificates

141

Section 5.05.Persons Deemed Owners

141

Section 5.06.[Reserved.]

141

Section 5.07.Book-Entry for Book-Entry Certificates

141

Section 5.08.Notices to Clearing Agency

142

Section 5.09.Definitive Certificates

142

Section 5.10.Office for Transfer of Certificates

143

Section 5.11.Nature of Certificates

143

ARTICLE VI  The Company and the Servicer

144

Section 6.01.Liability of the Company and the Servicer

144

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

144

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

144

Section 6.04.Neither the Company nor the Servicer May Resign

145

Section 6.05.Trustee Access 

145

ARTICLE VII  Default

145

Section 7.01.Events of Default

145

Section 7.02.Trustee to Act; Appointment of Successor

148

Section 7.03.Notification to Certificateholders

150

ARTICLE VIII  Concerning the Trustees

150

Section 8.01.Duties of Trustees

150

Section 8.02.Certain Matters Affecting the Trustees

152

Section 8.03.Trustees Not Liable for Certificates or Mortgage Loans

153

Section 8.04.Trustees May Own Certificates

153

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

153

Section 8.06.Eligibility Requirements for Trustees

154

Section 8.07.Resignation and Removal of Trustees

154

Section 8.08.Successor Trustee

155

Section 8.09.Merger or Consolidation of Trustee

155

Section 8.10.Appointment of Co-Trustee or Separate Trustee

156

Section 8.11.Authenticating Agents

157

Section 8.12.Paying Agents

157

Section 8.13.Duties of Delaware Trustee

158

Section 8.14.Amendment to Certificate of Trust

159

Section 8.15.[Reserved.]

159

Section 8.16.Trustees Act on Behalf of Trust

159

Section 8.17.Limitation of Liability

159

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

159

ARTICLE IX  Termination

160

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

160

Section 9.02.Additional Termination Requirements

162

Section 9.03.Trust Irrevocable

163

ARTICLE X  Miscellaneous Provisions

163

Section 10.01.Amendment

163

Section 10.02.Recordation of Agreement

165

Section 10.03.Limitation on Rights of Certificateholders

165

Section 10.04.Access to List of Certificateholders

166

Section 10.05.Governing Law

166

Section 10.06.Notices

166

Section 10.07.Compliance With Regulation AB

166

Section 10.08.Severability of Provisions

167

Section 10.09.Counterpart Signatures

167

Section 10.10.Benefits of Agreement

167

Section 10.11.Notices and Copies to Rating Agencies

167

Section 10.12.Covenant Not to Place Trust Into Bankruptcy

168

Section 10.13.Covenant Not to Place Company Into Bankruptcy

168

 


 

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

[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)

 

 

 



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 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 11, 2007, and a Prospectus Supplement, dated January 24, 2007, of the Company (together, the “ Prospectus ”). The Junior Subordinate Certificates have been offered for sale pursuant to a Private Placement Memorandum, dated January 26, 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:


 

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)

 

$        181,656.53

 

November 2048

 

Class Y-2

 

Regular

 

Variable (3)

 

305,826.59

 

November 2048

 

Class Z-1

 

Regular

 

Variable (2)

 

363,133,590.11

 

November 2048

 

Class Z-2

 

Regular

 

Variable (3)

 

611,347,354.78

 

November 2048

 

Class R-1†

 

Residual

 

7.302%

 

100.00

 

November 2048

 

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is two years 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 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)

 

$ 181,656.53

 

November 2048

 

Class II-LTY2

 

Regular

 

Variable (3)

 

305,826.59

 

November 2048

 

Class II-LT1

 

Regular

 

Variable (4)

 

974,177,838.85

 

November 2048

 

Class II-LT2

 

Regular

 

Variable (4)

 

47,202.74

 

November 2048

 

Class II-LT3

 

Regular

 

(5)

 

50,294.11

 

November 2048

 

Class II-LT4

 

Regular

 

Variable (6)

 

50,294.11

 

November 2048

 

Class II-LT6

 

Regular

 

Variable (4)

 

39,678.60

 

November 2048

 

Class II-LT7

 

Regular

 

(5)

 

57,818.25

 

November 2048

 

Class II-LT8

 

Regular

 

Variable (6)

 

57,818.25

 

November 2048

 

Class R-2 (7)

 

Residual

 

-----

 

-----     

 

November 2048

 

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is two years 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)

 

$ 255,047,000.00

 

November 2048

 

Class 2A-L

 

Regular

 

Variable (3)(20)

 

423,487,000.00

 

November 2048

 

Class CA-1B-L

 

Regular

 

Variable (4)(20)

 

88,000,000.00 (5)

 

November 2048

 

Class CA-1C-L

 

Regular

 

Variable (6)(20)

 

89,000,000.00 (7)

 

November 2048

 

Class CX-1-L

 

Regular

 

----- (8)(20)

 

0.00 (9)

 

November 2048

 

Class CX-2-PPP-L

 

Regular

 

----- (10)(20)

 

0.00 (9)

 

November 2048

 

Class B-1-L

 

Regular

 

Variable (11)(20)

 

     21,937,000.00

 

November 2048

 

Class B-2-L

 

Regular

 

Variable (12)(20)

 

     19,499,000.00

 

November 2048

 

Class B-3-L

 

Regular

 

Variable (13)(20)

 

       7,312,000.00

 

November 2048

 

Class B-4-L

 

Regular

 

Variable (14)(20)

 

       9,749,000.00

 

November 2048

 

Class B-5-L

 

Regular

 

Variable (15)(20)

 

       7,312,000.00

 

November 2048

 

Class B-6-L

 

Regular

 

Variable (16)(20)

 

       4,874,000.00

 

November 2048

 

Class B-7-L

 

Regular

 

Variable (17)(20)

 

       4,874,000.00

 

November 2048

 

Class B-8-L

 

Regular

 

Variable (18)(20)

 

       4,874,000.00

 

November 2048

 

Class B-9-L

 

Regular

 

Variable (19)(20)

 

       4,874,000.00

 

November 2048

 

Class B-10-L

 

Regular

 

Variable (19)(20)

 

       5,849,000.00

 

November 2048

 

Class B-11-L

 

Regular

 

Variable (19)(20)

 

       5,849,000.00

 

November 2048

 

Class B-12-L

 

Regular

 

Variable (19)(20)

 

3,899,000.00

 

November 2048

 

Class B-13-L

 

Regular

 

Variable (19)(20)

 

8,774,000.00

 

November 2048

 

Class B-14-L

 

Regular

 

Variable (19)(20)

 

9,758,428.00

 

November 2048

 

Class R-3 (21)

 

Residual

 

   -----

 

-----

 

November 2048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is two years 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 CX-1-L and Class CX-2-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 CX-1-L and Class CX-2-PPP-L Regular Interests on each Distribution Date will have accrued in the applicable amount specified in notes (8) 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 0.71%.

 

(3)           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 0.72% .

 

(4)           The Certificate Interest Rate on the Class CA-1B 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 0.20% 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 0.40% and (c) the Maximum Loan Group 1 Rate for such Distribution Date.

 

                The Certificate Interest Rate on the Class CA-1B 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 0.20% 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 0.40% and (c) the Maximum Loan Group 2 Rate for such Distribution Date.

 

 

(5)           For purposes of calculating distributions of principal and interest and the allocation of Realized Losses, the Class CA-1B-L Regular Interest shall be deemed to be comprised of two Components, the Class CA-1B Group 1 Component and the Class CA-1B Group 2 Component. Interest shall accrue on each of the Class CA-1B Group 1 Component Principal Balance and the Class CA-1B Group 2 Component Principal Balance. The initial Class CA-1B Group 1 Component Principal Balance and Class CA-1B Group 2 Component Principal Balance shall equal $31,881,000.00 and $56,119,000.00, respectively.

 

 

(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 0.24% and (c) the Maximum Loan Group 1 Rate for such Distribution Date; and (ii) each Distribution Date after the Clean-Up Cal