Pooling and Servicing Agreement (2006)Full Document 

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                    SECURITIZED ASSET BACKED RECEIVABLES LLC,
                                   Depositor,

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                    Servicer,

                             NC CAPITAL CORPORATION,
                               Responsible Party,

                  OFFICETIGER GLOBAL REAL ESTATE SERVICES INC.,
                            Loan Performance Advisor,

                         U.S. BANK NATIONAL ASSOCIATION,
                                    Trustee,

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                            Securities Administrator

                                       and

                      DEUTSCHE BANK NATIONAL TRUST COMPANY,
                                    Custodian

                         -------------------------------
                         POOLING AND SERVICING AGREEMENT

                             Dated as of May 1, 2006
                         -------------------------------

             SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 2006-NC2

                       MORTGAGE PASS-THROUGH CERTIFICATES,
                                 SERIES 2006-NC2

================================================================================


                                TABLE OF CONTENTS

                                    ARTICLE I

                                   DEFINITIONS

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                         REPRESENTATIONS AND WARRANTIES

Section 2.01  Conveyance of Mortgage Loans.................................
Section 2.02  Acceptance by the Trustee of the Mortgage Loans..............
Section 2.03  Representations, Warranties and Covenants of the
                Responsible Party and the Servicer; Remedies for
                Breaches of Representations and Warranties with Respect
                to the Mortgage Loans......................................
Section 2.04  [Reserved]...................................................
Section 2.05  Execution and Delivery of Certificates.......................
Section 2.06  REMIC Matters................................................
Section 2.07  Representations and Warranties of the Depositor..............

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

Section 3.01  Servicer to Service Mortgage Loans...........................
Section 3.02  Subservicing Agreements between the Servicer and
                Subservicers...............................................
Section 3.03  Successor Subservicers.......................................
Section 3.04  Liability of the Servicer....................................
Section 3.05  No Contractual Relationship between Subservicers and the
                Trustee or the Securities Administrator....................
Section 3.06  Assumption or Termination of Subservicing Agreements by
                Trustee....................................................
Section 3.07  Collection of Certain Mortgage Loan Payments.................
Section 3.08  Subservicing Accounts........................................
Section 3.09  Collection of Taxes, Assessments and Similar Items;
                Escrow Accounts............................................
Section 3.10  Collection Account...........................................
Section 3.11  Withdrawals from the Collection Account......................
Section 3.12  Investment of Funds in the Collection Account, Escrow
                Accounts and the Distribution Account......................
Section 3.13  Maintenance of Hazard Insurance and Errors and Omissions
                and Fidelity Coverage......................................
Section 3.14  Enforcement of Due-On-Sale Clauses; Assumption Agreements....
Section 3.15  Realization upon Defaulted Mortgage Loans....................
Section 3.16  Release of Mortgage Files....................................
Section 3.17  Title, Conservation and Disposition of REO Property..........
Section 3.18  Notification of Adjustments..................................
Section 3.19  Access to Certain Documentation and Information Regarding
                the Mortgage Loans.........................................
Section 3.20  Documents, Records and Funds in Possession of the
                Servicer to Be Held for the Securities Administrator.......
Section 3.21  Servicing Compensation.......................................
Section 3.22  Annual Statement as to Compliance............................
Section 3.23  Annual Reports on Assessment of Compliance with Servicing
                Criteria; Annual Independent Public Accountants'
                Attestation Report.........................................
Section 3.24  Trustee to Act as Servicer...................................
Section 3.25  Compensating Interest........................................
Section 3.26  Credit Reporting; Gramm-Leach-Bliley Act.....................

                                   ARTICLE IV

                                DISTRIBUTIONS AND
                            ADVANCES BY THE SERVICER

Section 4.01  Advances.....................................................
Section 4.02  Priorities of Distribution...................................
Section 4.03  Monthly Statements to Certificateholders.....................
Section 4.04  Certain Matters Relating to the Determination of LIBOR.......
Section 4.05  Allocation of Applied Realized Loss Amounts..................
Section 4.06  Supplemental Interest Account................................

                                    ARTICLE V

                                THE CERTIFICATES

Section 5.01  The Certificates.............................................
Section 5.02  Certificate Register; Registration of Transfer and
                Exchange of Certificates...................................
Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates............
Section 5.04  Persons Deemed Owners........................................
Section 5.05  Access to List of Certificateholders' Names and Addresses....
Section 5.06  Maintenance of Office or Agency..............................

                                   ARTICLE VI

                           THE DEPOSITOR, THE SERVICER
                        AND THE LOAN PERFORMANCE ADVISOR

Section 6.01  Respective Liabilities of the Depositor and the Servicer.....
Section 6.02  Merger or Consolidation of the Depositor or the Servicer.....
Section 6.03  Limitation on Liability of the Depositor, the Servicer
                and Others.................................................
Section 6.04  Limitation on Resignation of the Servicer....................
Section 6.05  Additional Indemnification by the Servicer; Third Party
               Claims......................................................
Section 6.06  Duties of the Loan Performance Advisor.......................
Section 6.07  Loan Performance Advisor's Fees..............................

                                   ARTICLE VII

                                     DEFAULT

Section 7.01  Events of Default............................................
Section 7.02  Trustee to Act; Appointment of Successor.....................
Section 7.03  Notification to Certificateholders...........................

                                  ARTICLE VIII

                    CONCERNING THE TRUSTEE AND THE CUSTODIAN

Section 8.01  Duties of the Trustee........................................
Section 8.02  Certain Matters Affecting the Custodian and the Trustee......
Section 8.03  Trustee and Custodian Not Liable for Certificates or
               Mortgage Loans..............................................
Section 8.04  Trustee May Own Certificates.................................
Section 8.05  Trustee's and Custodian's Fees and Expenses..................
Section 8.06  Eligibility Requirements for the Trustee.....................
Section 8.07  Resignation and Removal of the Trustee.......................
Section 8.08  Successor Trustee............................................
Section 8.09  Merger or Consolidation of the Trustee.......................
Section 8.10  Appointment of Co-Trustee or Separate Trustee................
Section 8.11  Tax Matters..................................................
Section 8.12  Periodic Filings.............................................
Section 8.13  Tax Classification of the Excess Reserve Fund Account,
                the Supplemental Interest Account, the Interest Rate
                Swap Agreement and the Cap Agreement.......................
Section 8.14  Custodial Responsibilities...................................
Section 8.15  Limitations on Custodial Responsibilities....................

                                   ARTICLE IX

                     CONCERNING THE SECURITIES ADMINISTRATOR

Section 9.01  Duties of Securities Administrator...........................
Section 9.02  Certain Matters Affecting the Securities Administrator.......
Section 9.03  Securities Administrator Not Liable for Certificates or
                Mortgage Loans.............................................
Section 9.04  Securities Administrator May Own Certificates................
Section 9.05  Securities Administrator's Fees and Expenses.................
Section 9.06  Eligibility Requirements for Securities Administrator........
Section 9.07  Resignation and Removal of Securities Administrator..........
Section 9.08  Successor Securities Administrator...........................
Section 9.09  Merger or Consolidation of Securities Administrator..........
Section 9.10  Assignment or Delegation of Duties by the Securities
                Administrator..............................................

                                    ARTICLE X

                                   TERMINATION

Section 10.01 Termination upon Liquidation or Purchase of the Mortgage
                Loans......................................................
Section 10.02 Final Distribution on the Certificates.......................
Section 10.03 Additional Termination Requirements..........................

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01 Amendment....................................................
Section 11.02 Recordation of Agreement; Counterparts.......................
Section 11.03 Governing Law................................................
Section 11.04 Intention of Parties.........................................
Section 11.05 Notices......................................................
Section 11.06 Severability of Provisions...................................
Section 11.07 Assignment...................................................
Section 11.08 Limitation on Rights of Certificateholders...................
Section 11.09 Inspection and Audit Rights..................................
Section 11.10 Certificates Nonassessable and Fully Paid....................
Section 11.11 Assignment; Sales; Advance Facilities........................
Section 11.12 Rule of Construction.........................................
Section 11.13 Waiver of Jury Trial.........................................
Section 11.14 Rights of the Swap Provider..................................
Section 11.15 Regulation AB Compliance; Intent of the Parties;
                Reasonableness.............................................
Section 11.16 Third Party Rights...........................................



SCHEDULES

Schedule I        Mortgage Loan Schedule

Schedule II       Representations and Warranties of Wells Fargo Bank, National
                  Association, as Servicer

Schedule III      Representations and Warranties of the Responsible Party as to
                  the NC Capital Mortgage Loans

Schedule IV       Representations and Warranties as to the Responsible Party

Schedule V        Representations and Warranties of the Depositor as to the
                  Mortgage Loans

Schedule VI       Representations and Warranties of Deutsche Bank National Trust
                  Company, as Custodian

EXHIBITS

Exhibit A         Form of Class A, Class M and Class B Certificates

Exhibit B         Form of Class P Certificate

Exhibit C         Form of Class R Certificate

Exhibit D         Form of Class X Certificate

Exhibit E         Form of Initial Certification of Custodian

Exhibit F         Form of Document Certification and Exception Report of
                  Custodian

Exhibit G         Form of Residual Transfer Affidavit

Exhibit H         Form of Transferor Certificate

Exhibit I         Form of Rule 144A Letter

Exhibit J         Form of Request for Release

Exhibit K         Form of Contents for Each Mortgage File

Exhibit L         Form of Certification to be provided with Form 10-K

Exhibit M         Form of Securities Administrator's Certification to be
                  provided to Depositor

Exhibit N         Form of Servicer's Certification to be provided to Depositor

Exhibit O         Servicing Criteria

Exhibit P         Additional Form 10-D Disclosure

Exhibit Q         Additional Form 10-K Disclosure

Exhibit R         Form 8-K Disclosure Information

Exhibit S         Interest Rate Swap Agreement

Exhibit T         Cap Agreement

Exhibit U         [Reserved]

Exhibit V         Servicer Remittance Report Format


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