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Pooling and Servicing Agreement

 

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Title:

Pooling and Servicing Agreement

Entities:

Freddie Mac; IMPAC Mortgage Holdings, Inc.; Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-1 ; Midland Loan Services, Inc.; PNC Bank, NA; Federal National Mortgage Association

Date:

2006

Size:

Preview shows 238KB of 770KB total

Price:

$99

ID:

#2091294

 

 

► Services ► Servicing ► Pooling & Servicing Agreements
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Start of Preview


 



 

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
15
Section 1.01.
Defined Terms
15
 
Accrual Period
15
 
Adjustment Date
15
 
Advance
15
 
Affected Party
15
 
Affiliate
15
 
Aggregate Stated Principal Balance
15
 
Agreement
15
 
Allocated Realized Loss Amount
15
 
Assessment of Compliance
16
 
Assignment
16
 
Attestation Report
16
 
Available Distribution Amount
16
 
Bankruptcy Code
16
 
Basic Principal Distribution Amount
16
 
Book-Entry Certificate
16
 
Business Day
16
 
Cash Liquidation
16
 
Certificate
16
 
Certificate Account
16
 
Certificate Account Deposit Date
17
 
Certificateholder
17
 
Certificate Margin
17
 
Certificate Owner
18
 
Certificate Principal Balance
18
 
Certificate Register
18
 
Class
18
 
Class 1-A Certificates
18
 
Class 1-A Principal Allocation Fraction
18
 
Class 1-A Principal Distribution Amount
19
 
Class 1-A-1 Certificate
19
 
Class 1-A-2 Certificate
19
 
Class 1-IO Interest
19
 
Class 1-M Certificates
19
 
Class 2-A Certificate
19
 
Class 2-A Principal Distribution Amount
19
 
Class 2-IO Interest
19
 
Class 2-M Certificates
19
 
Class B Certificates
19
 
Class C Certificates
19
 
Class C-R Distribution Amount
19
 
Class C-M Distribution Amount
20
 
Class IO Interests
20
 
 
i

 
 
 
Class IO Distribution Amount
20
 
Class M Certificates
20
 
Class P Certificates
20
 
Class R Certificate
20
 
Class R-1 Interest
20
 
Class R-2 Interest
20
 
Class R-3 Interest
20
 
Class R-4 Interest
20
 
Closing Date
20
 
Code
20
 
Collateral Value
20
 
Commission
20
 
Compensating Interest
20
 
Corporate Trust Office
21
 
Corresponding Certificate
21
 
Credit Enhancement Percentage
21
 
Cross Collateralized Loss Payments
21
 
Crossable Excess
21
 
Crossable Losses
21
 
Current Report
21
 
Custodial Account
21
 
Custodian
22
 
Cut-off Date
22
 
Cut-off Date Balance
22
 
Debt Service Coverage Ratio
22
 
Defaulted Mortgage Loan
22
 
Defaulting Party
22
 
Deficient Valuation
22
 
Definitive Certificate
22
 
Deleted Mortgage Loan
22
 
Depositor
22
 
Depository
22
 
Depository Participant
22
 
Determination Date
22
 
Disqualified Organization
22
 
Distribution Date
23
 
Distribution Report
23
 
Due Date
23
 
Due Period
23
 
Eligible Account
23
 
Event of Default
24
 
Excess Proceeds
24
 
Exchange Act
24
 
Extra Principal Distribution Amount
24
 
Fannie Mae
24
 
FDIC
24
 
Final Scheduled Distribution Date
24
 
 
ii

 
 
 
Freddie Mac
24
 
GMAC
24
 
Gross Margin
24
 
Group 1-A-1 Net WAC Rate
24
 
Group 1-A-2 Interest Rate Swap Agreement
24
 
Group 1-A-2 Net Mortgage Rate
25
 
Group 1-A-2 Net WAC Rate
25
 
Group 1 Class IO Distribution Amount
25
 
Group 1 Marker Rate
25
 
Group 1 Maximum Uncertificated Accrued Interest Deferral Amount
26
 
Group 1 Overcollateralization Deficiency Amount
26
 
Group 1 Overcollateralization Floor
26
 
Group 1 Overcollateralization Release Amount
26
 
Group 1 Overcollateralization Target Amount
26
 
Group 1 Overcollateralized Amount
27
 
Group 1 Stepdown Date
27
 
Group 1 Step-Up Date
27
 
Group 1 Subordinate Class Principal Distribution Amount
27
 
Group 1 Subordinate Net WAC Rate
28
 
Group 1 Trigger Event
28
 
Group 2 Class IO Distribution Amount
29
 
Group 2 Marker Rate
29
 
Group 2 Maximum Uncertificated Accrued Interest Deferral Amount
29
 
Group 2 Interest Rate Swap Agreement
30
 
Group 2 Net WAC Rate
30
 
Group 2 Overcollateralization Deficiency Amount
30
 
Group 2 Overcollateralization Floor
30
 
Group 2 Overcollateralization Release Amount
30
 
Group 2 Overcollateralization Target Amount
30
 
Group 2 Overcollateralized Amount
31
 
Group 2 Stepdown Date
31
 
Group 2 Step-Up Date
31
 
Group 2 Subordinate Class Principal Distribution Amount
31
 
Group 2 Trigger Event
32
 
Index
32
 
Initial Certificate Principal Balance
32
 
Initial Notional Amount
32
 
Insurance Policy
32
 
Insurance Proceeds
32
 
Interest Remittance Amount
33
 
Interest Rate Swap Agreement
33
 
Late Collections
33
 
LIBOR
33
 
LIBOR Business Day
33
 
LIBOR Rate Adjustment Date
33
 
Liquidated Mortgage Loan
33
 
 
iii

 
 
 
Liquidation Proceeds
33
 
Loan-to-Value Ratio
33
 
Loan Group
33
 
Loan Group 1
34
 
Loan Group 2
34
 
Lost Note Affidavit
34
 
Majority Class C Certificateholder
34
 
Master Servicer
34
 
Master Servicer Prepayment Charge Payment Amount
34
 
Master Servicing Fees
34
 
Master Servicing Fee Rate
34
 
MERS
34