Document:

Exhibit 4.1

 

FIRST AMENDMENT

TO

POOLING AND SERVICING AGREEMENT

WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES, WMALT SERIES 2006-5

This first amendment (this “Amendment”) to the Pooling and Servicing Agreement, dated as of June 1, 2006 (the “Pooling
Agreement”) respecting the Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-5 (the “Certificates”) issued by the Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 Trust (the "Trust"),
by and among WaMu Asset Acceptance Corp., as depositor (the “Company”), Washington Mutual Bank, as Servicer (the “Servicer”), LaSalle Bank National Association, as Trustee (the “Trustee”), and Christiana Bank
& Trust Company, as Delaware Trustee (the “Delaware Trustee”), is made as of October 1, 2006 by and among the Company, the Servicer and the Trustee.

RECITALS

A.        Pursuant to Section 10.01(a)(vi) of the Pooling Agreement, the Pooling Agreement may be amended by the Company,
the Servicer and the Trustee, without the consent of any of the Certificateholders (and if such amendment does not modify (i) the rights or obligations of the Delaware Trustee under the Pooling Agreement, without the consent of the Delaware Trustee,
(ii) the rights of the Class C-PPP Certificateholders to receive Assigned Group 1, Group 2 and Group 4 Prepayment Premiums, without the consent of the Class C-PPP Certificateholders, and (iii) the rights of the Class 3-PPP Certificateholders to receive
Assigned Group 3 Prepayment Premiums, without the consent of the Class 3-PPP Certificateholders) to add any provision to, or amend any provision in, the Pooling Agreement, if such amendment or addition does not adversely affect in any material respect the interests
of any Certificateholder, provided that the Company has obtained a letter from each Rating Agency stating that this amendment would not result in the downgrading or withdrawal of the respective ratings then assigned to the Certificates.

B.         Each condition set forth in the immediately preceding paragraph is satisfied.

AMENDMENT

NOW THEREFORE, in consideration of the foregoing recitals and the mutual agreements herein contained, the Company, the Servicer and the Trustee agree as
follows:

Section 1.  Amendment.  The third paragraph of Section 2.08 of the Pooling Agreement is hereby amended and restated to read
as follows:

Any number of Substitute Mortgage Loans may be substituted for any number of Reacquired Mortgage Loans, subject to the limitations described in
the next sentence. With respect to the Mortgage Loans substituted on any date, (i) the aggregate Principal Balance of the Substitute Mortgage Loans shall not exceed the aggregate Principal Balance of the Reacquired Mortgage Loans, (ii) each Substitute Mortgage Loan
shall mature no later than, and not more than two years before, the weighted average date of maturity of the Reacquired Mortgage Loans, (iii) each Substitute Mortgage Loan shall have a Current Loan-to-Value Ratio equal to or less than the weighted average Current
Loan-to-Value Ratio of the Reacquired Mortgage Loans, (iv) each Substitute Mortgage Loan shall have a Mortgage Interest Rate on the date of substitution equal to or no more than 1 percentage point greater than the weighted average Mortgage Interest Rate of the
Reacquired Mortgage Loans and (v) if the Reacquired Mortgage Loans do not provide for any payments of principal during an initial period, each Substitute Mortgage Loan also shall not provide for payments of principal during such initial period. In addition, a
Substitute Mortgage Loan shall not be a High Cost Loan or Covered Loan (as such terms are defined in the Standard & Poor's LEVELS® Glossary in effect on the date of substitution, with such exceptions thereto as the Company and S&P may reasonably agree). A
Substitute Mortgage Loan may be substituted for a defective Mortgage Loan that is itself a Substitute Mortgage Loan. Notwithstanding any other provision of this paragraph, Section 2.09 herein or Section 3.3 of the Mortgage Loan Purchase Agreement, upon payment to
the Trustee of a Substitution Price of $51,547.37, the Company shall be entitled to substitute the Substitute Mortgage Loans set forth on Exhibit R hereto for the Reacquired Mortgage Loans set forth on Exhibit S hereto.

Section 2.  Addition of Exhibits.  The attached Exhibit R and Exhibit S are hereby added as exhibits to the Pooling
Agreement.

                        Section 3.  Governing
Law. This Amendment shall be construed in accordance with the laws of the State of Delaware without giving effect to its conflict of law provisions and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws
without giving effect to conflict of laws provisions.

                        Section 4.  Other
Provisions. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Pooling Agreement.  Except as amended hereby, the Pooling Agreement shall continue in full force and effect.

[SIGNATURES FOLLOW]

 

IN WITNESS WHEREOF, the Company, the Servicer and the Trustee have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the date first above written.

 

	 	

WaMu ASSET ACCEPTANCE CORP.

 

By:  /s/ Jason Laukaitis

Name:  Jason Laukaitis

Title:  Assistant Vice President

 

 

WASHINGTON MUTUAL BANK,

as Servicer

 

By:  /s/ Barbara Fickle

Name:  Barbara Fickle

Title: Assistant Vice President

 

 

LASALLE BANK NATIONAL ASSOCIATION,

as Trustee

 

By:  /s/ Susan L. Feld

Name:  Susan L. Feld

Title:  Assistant Vice President

     

 

 

[Signature page to First Amendment to Pooling and Servicing Agreement for WMALT Series 2006-5]

 

Exhibit R:  Substitute Mortgage Loans

 

	

 

	
        The schedule of substitute mortgage loans has been intentionally omitted.  Copies may be obtained from WaMu Asset Acceptance Corp. or LaSalle Bank National
Association by contacting:

 

	

 

	
      in the case of WaMu Asset Acceptance Corp.,

 

	

 

	
        John Ganzer

         WaMu Asset Acceptance Corp.

          c/o Washington Mutual Mortgage Securities Corp.

         75 N. Fairway Drive,VHF2A01

         Vernon Hills, IL 60061

         Telephone:  (847) 549-3113

         Facsimile:     (847) 549-3680

 

 

	
 

	
      in the case of LaSalle Bank National Association,

 

	
 

	
        Stefanie Edwards

         LaSalle Bank National Association

         135 S. LaSalle Street, Suite 1511

         Chicago, IL  60603

         Telephone:  (312) 904-8975

         Facsimile:    (312) 904-2084

 

 

Exhibit S:  Reacquired Mortgage Loans

 

	

 

	
        The schedule of reacquired mortgage loans has been intentionally omitted.  Copies may be obtained from WaMu Asset Acceptance Corp. or LaSalle Bank National
Association by contacting:

 

	

 

	
      in the case of WaMu Asset Acceptance Corp.,

 

	

 

	
        John Ganzer

         WaMu Asset Acceptance Corp.

          c/o Washington Mutual Mortgage Securities Corp.

         75 N. Fairway Drive,VHF2A01

         Vernon Hills, IL 60061

         Telephone:  (847) 549-3113

         Facsimile:     (847) 549-3680

 

 

	
 

	
      in the case of LaSalle Bank National Association,

 

	
 

	
        Stefanie Edwards

         LaSalle Bank National Association

         135 S. LaSalle Street, Suite 1511

         Chicago, IL  60603

         Telephone:  (312) 904-8975

         Facsimile:    (312) 904-2084EXHIBIT 4.2

 

ASSIGNMENT AGREEMENT

November 2, 2006

Pursuant to Section 3.3 of the Mortgage Loan Purchase and Sale Agreement, dated as of December 28, 2005 (the “MLPA”), as supplemented and amended by the
Term Sheet, dated as of June 29, 2006 (the “Term Sheet”), between Washington Mutual Mortgage Securities Corp., as seller (“WMMSC”), and WaMu Asset Acceptance Corp., as purchaser, WMMSC hereby sells, transfers, assigns, sets over and otherwise
conveys to Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 Trust (the “Trust”), without recourse, all of WMMSC’s right, title and interest in and to the mortgage loans described on Schedule I hereto (the “Substitute
Mortgage Loans”), together with cash in the amount of $51,547.37.

 

WMMSC hereby makes, as of the date hereof and as to each Substitute Mortgage Loan, the representations and warranties set forth in Section 3.1 of the MLPA, as
supplemented and amended by Section 2 of the Term Sheet (except that references in such Section 3.1 of the MLPA and such Section 2 of the Term Sheet to “Closing Date” and “Cut-Off Date” shall be deemed to be references to the date hereof and
that references in such Section 2 of the Term Sheet to “the Supplemental Mortgage Loan Schedule” shall be deemed to be references to Schedule II hereto).

 

WMMSC hereby agrees to deliver any missing Recording Documents with respect to each Substitute Mortgage Loan, and to repurchase or substitute for such Substitute
Mortgage Loan in the event of WMMSC’s failure to deliver any document required to be included in the related Mortgage File or in the event of WMMSC’s material breach of any of the representations and warranties described in the immediately preceding
paragraph and made with respect to such Substitute Mortgage Loan, upon the same terms as WMMSC’s corresponding obligations with respect to the original Mortgage Loan pursuant to Sections 2.3, 2.4 and 3.3 of the MLPA.

 

The Trust hereby sells, transfers, assigns, sets over and otherwise conveys to WMMSC, without recourse, all of the Trust’s right, title and interest in and to
the mortgage loans described on Schedule III hereto (the “Reacquired Mortgage Loans”).

 

All capitalized terms shall have the meanings ascribed to them in the Term Sheet, or if not defined therein, in the MLPA, unless otherwise defined
herein. 

 

[signatures follow]

 

IN WITNESS WHEREOF, the parties have caused their names to be signed by their respective duly authorized officers as of the date first written above.

  

	
 

	

 

 

	

WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

By: /s/ Val Meyer

Name: Val Meyer

Title: Assistant Vice President

	
 

	

 

	

 

	
 

	
WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES 2006-5 TRUST

 

	
 

	
By:

	

LASALLE BANK NATIONAL ASSOCIATION,

as Trustee

	
 

	
 

	
 

By: /s/ Susan L. Feld

Name:Susan L. Feld

Title: Assistant Vice President

	
 

	
 

	
 

					

  

 

 

[Signature page to Assignment for WMALT Series 2006-5]

 

SCHEDULE I

MORTGAGE LOAN SCHEDULE FOR SUBSTITUTE MORTGAGE LOANS

 

	

 

	
        The Mortgage Loan Schedule for Substitute Mortgage Loans has been intentionally omitted. 
Copies may be obtained from WaMu Asset Acceptance Corp. or LaSalle Bank National Association by contacting:

 

	

 

	
      in the case of WaMu Asset Acceptance Corp.,

 

	

 

	
        John Ganzer

         WaMu Asset Acceptance Corp.

          c/o Washington Mutual Mortgage Securities Corp.

         75 N. Fairway Drive,VHF2A01

         Vernon Hills, IL 60061

         Telephone:  (847) 549-3113

         Facsimile:     (847) 549-3680

 

 

	
 

	
      in the case of LaSalle Bank National Association,

 

	
 

	
        Stefanie Edwards

         LaSalle Bank National Association

         135 S. LaSalle Street, Suite 1511

         Chicago, IL  60603

         Telephone:  (312) 904-8975

         Facsimile:    (312) 904-2084

 

 

SCHEDULE II

SUPPLEMENTAL MORTGAGE LOAN SCHEDULE FOR SUBSTITUTE MORTGAGE LOANS

 

	

 

	
        The Supplemental Mortgage Loan Schedule for Substitute Mortgage Loans has been intentionally omitted.  Copies may be obtained from WaMu Asset Acceptance Corp. or LaSalle Bank National Association by contacting:

 

	

 

	
      in the case of WaMu Asset Acceptance Corp.,

 

	

 

	
        John Ganzer

         WaMu Asset Acceptance Corp.

          c/o Washington Mutual Mortgage Securities Corp.

         75 N. Fairway Drive,VHF2A01

         Vernon Hills, IL 60061

         Telephone:  (847) 549-3113

         Facsimile:     (847) 549-3680

 

 

	
 

	
      in the case of LaSalle Bank National Association,

 

	
 

	
        Stefanie Edwards

         LaSalle Bank National Association

         135 S. LaSalle Street, Suite 1511

         Chicago, IL  60603

         Telephone:  (312) 904-8975

         Facsimile:    (312) 904-2084

 

 

SCHEDULE III

MORTGAGE LOAN SCHEDULE FOR REACQUIRED MORTGAGE LOANS

 

	

 

	
        The Mortgage Loan Schedule for Reacquired Mortgage Loans has been intentionally omitted. 
Copies may be obtained from WaMu Asset Acceptance Corp. or LaSalle Bank National Association by contacting:

 

	

 

	
      in the case of WaMu Asset Acceptance Corp.,

 

	

 

	
        John Ganzer

         WaMu Asset Acceptance Corp.

          c/o Washington Mutual Mortgage Securities Corp.

         75 N. Fairway Drive,VHF2A01

         Vernon Hills, IL 60061

         Telephone:  (847) 549-3113

         Facsimile:     (847) 549-3680

 

 

	
 

	
      in the case of LaSalle Bank National Association,

 

	
 

	
        Stefanie Edwards

         LaSalle Bank National Association

         135 S. LaSalle Street, Suite 1511

         Chicago, IL  60603

         Telephone:  (312) 904-8975

         Facsimile:    (312) 904-2084

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