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Pooling and Servicing Agreements

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Title:

Pooling and Servicing Agreements

Entities:

Midland National Life Separate Account C

Date:

2007

Size:

21KB total

Price:

$38

ID:

#2835616

► Services ► Servicing ► Pooling & Servicing Agreements

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AMENDMENT NO. 1

TO THE

POOLING AND SERVICING AGREEMENTS

Amendment No. 1, dated as of April 24, 2007 (the Amendment), to the Pooling and Servicing Agreements (the Agreements) listed on Schedule I hereto, each among NovaStar Mortgage Funding Corporation (the Depositor), NovaStar Mortgage, Inc., as sponsor and servicer (the Sponsor or Servicer), U.S. Bank National Association, as custodian (the Custodian), and Deutsche Bank National Trust Company, as trustee (the Trustee). Capitalized terms used and not defined herein shall have the meaning set forth in the Agreements and Appendix A thereto.

WHEREAS, the parties hereto have entered into the Agreements;

WHEREAS, the purpose of this Amendment is to cure certain ambiguities in the wording of each Agreement.

NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein, the parties hereto agree to amend the Agreements pursuant to Section 12.01 thereof as follows:

Revised Section 4.04(c).

Section 4.04(c) of each Agreement is hereby amended so as to read as set forth in Exhibit A hereto with respect to the related Agreement.

Revised Definition of Non-Derivative Supplemental Interest Payment.

The definition of the term Non-Derivative Supplemental Interest Payment is hereby amended so as to read as set forth in Exhibit B hereto with respect to the related Agreement

Revised Section (g) footnote (2) to Exhibit J for 2006-4.

With regard to the first Agreement on the attached Schedule I only, Section (g) footnote (2) is hereby amended and restated in its entirety as follows:

The Class M-7 DSI Certificates, the Class M-10 DSI Certificates, the Class M-11 DSI Certificates and the Class M-12 DSI Certificates do not represent regular interests in the Master REMIC or any other REMIC created under the Pooling and Servicing Agreement.

Condition to Effectiveness.

As a condition to the effectiveness of this Amendment, an Opinion of Counsel satisfying the requirements of Section 12.01 of each Agreement has been received by the parties hereto.

Effect of Amendment.

This Amendment to the Agreements shall be effective and the Agreements shall be deemed to be modified and amended in accordance herewith retroactively to the original dates of each related Agreement. The respective rights, limitations, obligations, duties, liabilities and immunities of the Company, the Sponsor, the Servicer, the Custodian and the Trustee shall hereafter be determined, exercised and enforced subject in all respects to such modifications and amendments, and all the terms and conditions of this Amendment shall be and be deemed to be part of the terms and conditions of the Agreements for any and all purposes. The Agreements, as amended hereby, is hereby ratified and confirmed in all respects.

The Agreements in Full Force and Effect as Amended.

Except as specifically amended hereby, all the terms and conditions of the Agreements shall remain in full force and effect and, except as expressly provided herein, the effectiveness of this Amendment shall not operate as, or constitute a waiver or modification of, any right, power or remedy of any party to the Agreements. All references to the Agreements in any other document or instrument shall be deemed to mean the Agreements as amended by this Amendment.

Counterparts.

This Amendment may be executed by the Parties in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. This Amendment shall become effective when counterparts hereof executed on behalf of such party shall have been received.

Governing Law.

This Amendment shall be construed in accordance with and governed by the laws of the State of New York applicable to agreements made and to be performed therein.

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