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AMENDMENT NUMBER ONE
to the
POOLING AND SERVICING
AGREEMENT
SACO I TRUST 2006-7,
Dated as of June 1,
2006
among
BEAR STEARNS ASSET BACKED
SECURITIES I LLC,
as Depositor,
EMC MORTGAGE
CORPORATION,
as Seller and Company,
LASALLE BANK NATIONAL
ASSOCIATION,
as Master Servicer and Securities
Administrator,
and
CITIBANK, N.A.,
as Trustee
This AMENDMENT NUMBER ONE is made and entered
into this 5 th day of December, 2006, by and among BEAR
STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liability
company, as depositor (the "Depositor"), EMC MORTGAGE CORPORATION,
a Delaware corporation, as seller (in such capacity, the "Seller")
and as company (in such capacity, the "Company"), LASALLE BANK
NATIONAL ASSOCIATION, a national banking association, as master
servicer (in such capacity, the "Master Servicer") and as
securities administrator (in such capacity, the "Securities
Administrator"), and CITIBANK, N.A., a national banking
association, as trustee (the "Trustee"), in connection with the
Pooling and Servicing Agreement, dated as of June 1, 2006, among
the above-mentioned parties (the "Agreement"), and the issuance of
Mortgage-Backed Certificates, Series 2006-7. This amendment is made
pursuant to Section 12.01 of the Agreement.
1. Capitalized terms used
herein and not defined herein shall have the meanings assigned to
such terms in the Agreement.
2. Section 5.01 of the
Agreement is hereby amended by deleting the last sentence of the
first paragraph of Subsection 5.01(b) in its entirety and replacing
it with the following:
The Company shall deposit or cause to be
deposited into the Protected Account on a daily basis within two
Business Days of receipt and identification, except as otherwise
specifically provided herein, the following payments and
collections remitted by subservicers or received by it in respect
of the EMC Mortgage Loans subsequent to the Cut-off Date (other
than in respect of principal and interest due on the EMC Mortgage
Loans on or before the Cut-off Date) and the following amounts
required to be deposited hereunder:
3. Section 5.01 of the
Agreement is hereby amended by deleting the second paragraph of
Subsection 5.01(b) in its entirety and replacing it with the
following:
The foregoing requirements for deposit by the
Company into the Protected Account shall be exclusive, it being
understood and agreed that, without limiti
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