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Pooling and Servicing Agreement
Pooling and Servicing Agreement (887K)
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BEAR STEARNS ASSET BACKED SECURITIES I LLC
Depositor
EMC MORTGAGE CORPORATION
Seller and Company
WELLS FARGO BANK, NATIONAL ASSOCIATION
Master Servicer and Securities Administrator
and
U.S. BANK NATIONAL ASSOCIATION
Trustee
____________________
POOLING AND SERVICING AGREEMENT
Dated as of November 1, 2006
________________________________________
BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC5
ASSET-BACKED CERTIFICATES, SERIES 2006-AC5
TABLE OF CONTENTS
Page
ARTICLE I . . .
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McGraw-Hill Companies
As referenced in this Pooling and Servicing Agreement:
McGraw-Hill Companies, Inc – to a particular matter, such matter is referred because of such officers knowledge of and familiarity with the particular subject.
S&P: Standard & Poors, a division of The McGraw-Hill Companies, Inc .
Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due on any Due Date allocable to principal and/or interest on such Mortgage Loan.
Securities Act: The Securities
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McGraw-Hill Companies, Inc – such substitution, such mortgage loan shall be a Mortgage Loan hereunder.
Securities Act: The Securities Act of 1933, as amended.
Standard & Poors: Standard & Poors, a division of The McGraw-Hill Companies, Inc . or its successors in interest.
Transaction Documents: This Agreement, the Pooling and Servicing Agreement, the Custodial Agreement and the Underwriting Agreement.
Value: The value of the Mortgaged Property at
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Fannie Mae
As referenced in this Pooling and Servicing Agreement:
Fannie Mae – for such Distribution Date (after giving effect to distributions of principal on the Certificates other than any Extra Principal Distribution Amount) and (ii) the Excess Spread for such Distribution Date.
Fannie Mae : Fannie Mae (formally, Federal National Mortgage Association), or any successor thereto.
FDIC: The Federal Deposit Insurance Corporation, or any successor thereto.
Final Recovery Determination: With respect to any defaulted
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Fannie Mae – Distribution Date (after giving effect to distributions of principal on the Certificates other than any Extra Principal Distribution Amount) and (ii) the Excess Spread for such Distribution Date.
Fannie Mae: Fannie Mae (formally, Federal National Mortgage Association), or any successor thereto.
FDIC: The Federal Deposit Insurance Corporation, or any successor thereto.
Final Recovery Determination: With respect to any defaulted Mortgage Loan
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Federal National Mortgage Association – giving effect to distributions of principal on the Certificates other than any Extra Principal Distribution Amount) and (ii) the Excess Spread for such Distribution Date.
Fannie Mae: Fannie Mae (formally, Federal National Mortgage Association ), or any successor thereto.
FDIC: The Federal Deposit Insurance Corporation, or any successor thereto.
Final Recovery Determination: With respect to any defaulted Mortgage Loan or any REO Property (other
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Fannie Mae – Policy as set forth in such LPMI Policy and on the Mortgage Loan Schedule.
LPMI Policy: A policy of mortgage guaranty insurance issued by an insurer meeting the requirements of Fannie Mae and Freddie Mac in which the Company or the related Servicer of the related Mortgage Loan is responsible for the payment of the LPMI Fee thereunder from collections on
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Fannie Mae – breach or violation may materially impair its ability to perform or meet any of its obligations under this Agreement.
(iv) It is an approved servicer of conventional mortgage loans for Fannie Mae or Freddie Mac and is a mortgagee approved by the Secretary of Housing and Urban Development pursuant to sections 203 and 211 of the National Housing Act.
(v) No
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 Freddie Mac
As referenced in this Pooling and Servicing Agreement:
Freddie Mac: – 1 to May 31, June 1 to August 31, or September to November 30, as applicable.
Form 8-K Disclosure Information: As defined in Section 4.18(a)(ii)(A).
Freddie Mac: Freddie Mac (formally, The Federal Home Loan Mortgage Corporation), or any successor thereto.
Global Certificate: Any Private Certificate registered in the name of the Depository or its nominee, beneficial
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Freddie Mac – May 31, June 1 to August 31, or September to November 30, as applicable.
Form 8-K Disclosure Information: As defined in Section 4.18(a)(ii)(A).
Freddie Mac: Freddie Mac (formally, The Federal Home Loan Mortgage Corporation), or any successor thereto.
Global Certificate: Any Private Certificate registered in the name of the Depository or its nominee, beneficial interests in
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Freddie Mac – forth in such LPMI Policy and on the Mortgage Loan Schedule.
LPMI Policy: A policy of mortgage guaranty insurance issued by an insurer meeting the requirements of Fannie Mae and Freddie Mac in which the Company or the related Servicer of the related Mortgage Loan is responsible for the payment of the LPMI Fee thereunder from collections on the related Mortgage Loan.
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Freddie Mac, – instrumentality of the United States or of any State or political subdivision thereof for these purposes if all of its activities are subject to tax and, with the exception of Freddie Mac, a majority of its board of directors is not selected by such government unit.
Person: Any individual, corporation, partnership, joint venture, association, joint- stock company, limited liability company, trust,
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Freddie Mac – may materially impair its ability to perform or meet any of its obligations under this Agreement.
(iv) It is an approved servicer of conventional mortgage loans for Fannie Mae or Freddie Mac and is a mortgagee approved by the Secretary of Housing and Urban Development pursuant to sections 203 and 211 of the National Housing Act.
(v) No litigation is pending or,
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U.S. Bank, NA
As referenced in this Pooling and Servicing Agreement:
U.S. BANK NATIONAL ASSOCIATION
– htm POOLING AND SERVICING AGREEMENT
BEAR STEARNS ASSET BACKED SECURITIES I LLC
Depositor
EMC MORTGAGE CORPORATION
Seller and Company
WELLS FARGO BANK, NATIONAL ASSOCIATION
Master Servicer and Securities Administrator
and
U.S. BANK NATIONAL ASSOCIATION
Trustee
____________________
POOLING AND SERVICING AGREEMENT
Dated as of November 1, 2006
________________________________________
BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC5
ASSET-BACKED CERTIFICATES, SERIES 2006-AC5
TABLE
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U.S. BANK NATIONAL ASSOCIATION, – Company), WELLS FARGO 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 U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the Trustee).
PRELIMINARY STATEMENT
The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for
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U.S. Bank National Association, – at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this agreement is located at U.S. Bank National Association, One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Services/BSABS 2006-AC5, or such other address as the Trustee may designate from time to time, and (
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U.S. Bank National Association, – The separate Eligible Account created and maintained by the Securities Administrator pursuant to Section 5.08 in the name of the Trustee for the benefit of the Certificateholders and designated U.S. Bank National Association, in trust for registered Holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates, Series 2006-AC5 shall be held in trust for the Certificateholders for the
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U.S. Bank National Association, – foregoing into cash or other liquid property. The Reserve Fund and Prepayment Charge Waiver Amounts shall not be included in REMIC I, REMIC II, REMIC III or REMIC IV.
Trustee: U.S. Bank National Association, a national banking association, as trustee for the benefit of the Certificateholders under this Agreement, and any successor thereto, and any corporation or national banking association resulting from or
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dt 1644588
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Wells Fargo Bank
As referenced in this Pooling and Servicing Agreement:
WELLS FARGO BANK, N – Unassociated Document
EX-4.1 3 d592388ex4_1.htm POOLING AND SERVICING AGREEMENT
BEAR STEARNS ASSET BACKED SECURITIES I LLC
Depositor
EMC MORTGAGE CORPORATION
Seller and Company
WELLS FARGO BANK, N ATIONAL ASSOCIATION
Master Servicer and Securities Administrator
and
U.S. BANK NATIONAL ASSOCIATION
Trustee
____________________
POOLING AND SERVICING AGREEMENT
Dated as of November 1, 2006
________________________________________
BEAR STEARNS ASSET BACKED
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WELLS FARGO BANK, N – 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), WELLS FARGO BANK, N ATIONAL 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 U.S. BANK NATIONAL
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Wells Fargo Bank, N – MD 21045, Attention: Corporate Trust Services, BSABS 2006-AC5 except for purposes of certificate transfer purposes, such term shall mean the office or agency of the Securities Administrator located at Wells Fargo Bank, N .A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services, BSABS 2006-AC5.
Corresponding Certificate: With respect to each REMIC I Regular Interest (other than REMIC
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Wells Fargo Bank, N – as of November 30, 2006, among the Depositor, the Seller, the Trustee, the Master Servicer, the Securities Administrator and the Custodian in substantially the form of Exhibit J hereto.
Custodian: Wells Fargo Bank, N ational Association, or any successor custodian appointed pursuant to the provisions hereof and the Custodial Agreement.
Cut-off Date: The close of business on November 1, 2006.
Cut-off Date
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Wells Fargo Bank, N – be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period.
Master Servicer: Wells Fargo Bank, N ational Association, in its capacity as master servicer, and its successors and assigns.
Master Servicer Information: As defined in Section 4.18(b).
Master Servicing Compensation: For any Distribution Date,
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