IMPAC SECURED ASSETS CORP.,
Depositor,
IMPAC FUNDING CORPORATION
Master Servicer,
and
DEUTSCHE BANK NATIONAL TRUST COMPANY
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of March 1, 2006
________________________
Mortgage Pass-Through Certificates
Series 2006-1
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS
Section 1.01. Defined Terms.
Accrual Period
Adjustment Date
Advance
Affected Party
Affiliate
Aggregate Stated Principal Balance
Agreement
Allocated Realized Loss Amount
Assessment of Compliance
Assignment
Attestation Report
Available Distribution Amount
Bankruptcy Code
Basic Principal Distribution Amount
Book-Entry Certificate
Business Day
Cash Liquidation
Certificate
Certificate Account
Certificate Account Deposit Date
Certificateholder
Certificate Margin
Certificate Owner
Certificate Principal Balance
Certificate Register
Class
Class 1-A Certificates
Class 1-A Principal Allocation Fraction
Class 1-A Principal Distribution Amount
Class 1-A-1 Certificate
Class 1-A-2 Certificate
Class 1-IO Interest
Class 1-M Certificates
Class 2-A Certificate
Class 2-A Principal Distribution Amount
Class 2-IO Interest
Class 2-M Certificates
Class B Certificates
Class C Certificates
Class C-R Distribution Amount
Class C-M Distribution Amount
Class IO Interests
Class IO Distribution Amount
Class M Certificates20
Class P Certificates
Class R Certificate
Class R-1 Interest
Class R-2 Interest
Class R-3 Interest
Class R-4 Interest
Closing Date
Code
Collateral Value
Commission
Compensating Interest
Corporate Trust Office
Corresponding Certificate
Credit Enhancement Percentage
Cross Collateralized Loss Payments
Crossable Excess
Crossable Losses
Current Report
Custodial Account
Custodian
Cut-off Date
Cut-off Date Balance
Debt Service Coverage Ratio
Defaulted Mortgage Loan
Defaulting Party
Deficient Valuation
Definitive Certificate
Deleted Mortgage Loan
Depositor
Depository
Depository Participant
Determination Date
Disqualified Organization
Distribution Date
Distribution Report
Due Date
Due Period
Eligible Account
Event of Default
Excess Proceeds
Exchange Act
Extra Principal Distribution Amount
Fannie Mae
FDIC
Final Scheduled Distribution Date
Freddie Mac
GMAC
Gross Margin
Group 1-A-1 Net WAC Rate
Group 1-A-2 Interest Rate Swap Agreement
Group 1-A-2 Net Mortgage Rate
Group 1-A-2 Net WAC Rate
Group 1 Class IO Distribution Amount
Group 1 Marker Rate
Group 1 Maximum Uncertificated Accrued Interest Deferral Amount
Group 1 Overcollateralization Deficiency Amount
Group 1 Overcollateralization Floor
Group 1 Overcollateralization Release Amount
Group 1 Overcollateralization Target Amount
Group 1 Overcollateralized Amount
Group 1 Stepdown Date
Group 1 Step-Up Date
Group 1 Subordinate Class Principal Distribution Amount
Group 1 Subordinate Net WAC Rate
Group 1 Trigger Event
Group 2 Class IO Distribution Amount
Group 2 Marker Rate
Group 2 Maximum Uncertificated Accrued Interest Deferral Amount
Group 2 Interest Rate Swap Agreement
Group 2 Net WAC Rate
Group 2 Overcollateralization Deficiency Amount
Group 2 Overcollateralization Floor
Group 2 Overcollateralization Release Amount
Group 2 Overcollateralization Target Amount
Group 2 Overcollateralized Amount
Group 2 Stepdown Date
Group 2 Step-Up Date
Group 2 Subordinate Class Principal Distribution Amount
Group 2 Trigger Event
Index
Initial Certificate Principal Balance
Initial Notional Amount
Insurance Policy
Insurance Proceeds
Interest Remittance Amount
Interest Rate Swap Agreement
Late Collections
LIBOR
LIBOR Business Day
LIBOR Rate Adjustment Date
Liquidated Mortgage Loan
Liquidation Proceeds
Loan-to-Value Ratio
Loan Group
Loan Group 1
Loan Group 2
Lost Note Affidavit
Majority Class C Certificateholder
Master Servicer
Master Servicer Prepayment Charge Payment Amount
Master Servicing Fees
Master Servicing Fee Rate
MERS
MERS? System
MIN
MOM Loan
Monthly Interest Distributable Amount
Monthly Payment
Moody's
Mortgage
Mortgage File
Mortgage Loan
Mortgage Loan Purchase Agreement
Mortgage Loan Schedule
Mortgage Note
Mortgage Rate
Mortgaged Property
Mortgagor
Net Liquidation Proceeds
Net Monthly Excess Cashflow
Net Mortgage Rate
Net Prepayment Interest Shortfall
Net Swap Payment
Net WAC Rate
Net WAC Shortfall Amount
Net WAC Shortfall Reserve Fund
Net WAC Shortfall Reserve Fund Deposit
Nonrecoverable Advance
Non-United States Person
Notional Balance
Officers? Certificate
One Month LIBOR
Opinion of Counsel
Optional Termination Date
OTS
Outstanding Mortgage Loan
Overcollateralization Deficiency Amount
Overcollateralization Floor
Overcollateralization Release Amount
Overcollateralization Target Amount
Overcollateralized Amount
Ownership Interest
Pass-Through Rate
Percentage Interest
Permitted Investment
Permitted Transferee
Person
PMI Insurer
PMI Insurer Policy
PMI Mortgage Loan
PMI Insurer Fee Rate
Prepayment Assumption
Prepayment Charge
Prepayment Interest Excess
Prepayment Interest Shortfall
Prepayment Period
Primary Hazard Insurance Policy
Primary Insurance Policy
Principal Distribution Amount
Principal Prepayment
Principal Prepayment in Full
Principal Remittance Amount
Prospectus Supplement
Purchase Price
Qualified Insurer
Qualified Substitute Mortgage Loan
Rating Agency
Realized Loss
Record Date
Regular Certificate
Regulation AB
Relief Act
Relief Act Interest Shortfall
REMIC
REMIC 1
REMIC 1 Regular Interest
REMIC 2
REMIC 2 Regular Interest
REMIC 3
REMIC 3 Group 1 Interest Loss Allocation Amount
REMIC 3 Group 1 Marker Allocation Percentage
REMIC 3 Group 1 Overcollateralized Amount
REMIC 3 Group 1 Principal Loss Allocation Amount
REMIC 3 Group 1 Overcollateralization Target Amount
REMIC 3 Group 1 Regular Interest
REMIC 3 Group 1 Subordinated Balance Ratio
REMIC 3 Group 1 Sub WAC Allocation Percentage
REMIC 3 Group 2 Interest Loss Allocation Amount
REMIC 3 Group 2 Overcollateralized Amount
REMIC 3 Group 2 Principal Loss Allocation Amount
REMIC 3 Group 2 Overcollateralization Target Amount
REMIC 3 Group 2 Regular Interest
REMIC 3 Regular Interest
REMIC 4
REMIC 4 Regular Interest
REMIC Provisions
REMIC Regular Interest
Remittance Report
REO Acquisition
REO Disposition
REO Imputed Interest
REO Proceeds
REO Property
Request for Release
Residual Interest
Responsible Officer
Servicing Account
Servicing Advances
Servicing Criteria
Servicing Guide
Servicing Officer
Single Certificate
Specially Serviced Multifamily Loan
Sponsor
Standard & Poor's
Startup Day
Stated Principal Balance
Step-Up Date
Stepdown Date
Stepdown Target Subordination Percentage
Subordinate Certificates
Subordinate Class Principal Distribution Amount
Subsequent Recoveries
Sub-Servicer
Sub-Servicer Remittance Date
Sub-Servicing Account
Sub-Servicing Agreement
Sub-Servicing Fees
Sub-Servicing Fee Rate
Substitution Adjustment
Supplemental Interest Trust
Swap LIBOR
Swap Optional Termination Payment
Swap Provider
Swap Provider Trigger Event
Swap Termination Payment
Tax Matters Person
Tax Returns
Transfer
Transferor
Trust Fund
Trustee
Uncertificated Accrued Interest
Uncertificated Notional Balance
Uncertificated Pass-Through Rate
Uncertificated Principal Balance
Uncertificated REMIC 1 Pass-Through Rate
Uncertificated REMIC 2 Pass-Through Rate
Uncertificated REMIC 3 Pass-Through Rate
Uninsured Cause
United States Person
Unpaid Interest Shortfall Amount
Voting Rights
Weighted Average Net Mortgage Rate
Section 1.02. Determination of LIBOR.
Section 1.03. Allocation of Certain Interest Shortfalls.
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
Section 2.02. Acceptance of the Trust Fund by the Trustee.
Section 2.03. Representations, Warranties and Covenants of the Master Servicer and the Depositor.
Section 2.04. Representations and Warranties of the Sponsor.
Section 2.05. Issuance of Certificates; Conveyance of REMIC 1 Regular Interests, Class C Interest, Class P Interest and Acceptance of REMIC 2, REMIC 3 and REMIC 4 by the Trustee.
Section 2.06. Purposes and Powers of the Trust.
ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND
Section 3.01. Master Servicer to Act as Master Servicer.
Section 3.02. Sub-Servicing Agreements Between Master Servicer and Sub-Servicers.
Section 3.03. Successor Sub-Servicers.
Section 3.04. Liability of the Master Servicer.
Section 3.05. No Contractual Relationship Between Sub-Servicers and Trustee or Certificateholders.
Section 3.06. Assumption or Termination of Sub-Servicing Agreements by Trustee.
Section 3.07. Collection of Certain Mortgage Loan Payments.
Section 3.08. Sub-Servicing Accounts.
Section 3.09. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.
Section 3.10. Custodial Account.
Section 3.11. Permitted Withdrawals From the Custodial Account.
Section 3.12. Permitted Investments.
Section 3.13. Maintenance of Primary Hazard Insurance.
Section 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements.
Section 3.15. Realization Upon Defaulted Mortgage Loans.
Section 3.16. Trustee to Cooperate; Release of Mortgage Files.
Section 3.17. Servicing Compensation.
Section 3.18. Maintenance of Certain Servicing Policies.
Section 3.19. Annual Statement as to Compliance.
Section 3.20. Assessments of Compliance and Attestation Reports.
Section 3.21. Access to Certain Documentation.
Section 3.22. Title, Conservation and Disposition of REO Property.
Section 3.23. Additional Obligations of the Master Servicer.
Section 3.24. Additional Obligations of the Depositor.
Section 3.25. Exchange Act Reporting.
Section 3.26. Intention of the Parties and Interpretation.
ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Distributions.
Section 4.02. Statements to Certificateholders.
Section 4.03. Remittance Reports; Advances by the Master Servicer.
Section 4.04. Distributions on the REMIC Regular Interests.
Section 4.05. Allocation of Realized Losses.
Section 4.06. Information Reports to Be Filed by the Master Servicer.
Section 4.07. Compliance with Withholding Requirements.
Section 4.08. Net WAC Shortfall Reserve Fund.
Section 4.09. Supplemental Interest Trust.
Section 4.10. Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of Class 1-A-2, Class M or Class B Certificates.
ARTICLE V THE CERTIFICATES
Section 5.01. The Certificates.