Document:

First
      Amendment To Acreage Earning Agreement

    

    This
      First Amendment to Acreage Earning Agreement (this “Amendment”) dated effective
      December 31, 2005, is by and between Teton Energy Corporation, 410
      17th
      Street,
      Suite 1850, Denver, Colorado, 80202 (“Teton”) and Noble Energy, Inc., 1625
      Broadway, Suite 2000, Denver, Colorado, 80202 (“Noble”). 

    

    Recitals

     

    a. Teton
      and
      Noble entered into that certain Acreage Earning Agreement dated effective
      December 31, 2005 (the “Agreement”). All terms used but not defined herein shall
      have the meanings given to them in the Agreement.

    

    b. The
      Parties wish to amend the terms of the Agreement by adding a tax partnership
      to
      be attached as Exhibit G to the JOA, and add three additional Oil and Gas Leases
      that were inadvertently omitted from Exhibit A-1. 

    

    c. To
      accomplish the foregoing, the Parties wish to enter into this
      Amendment.

    

    Agreement
      And Amendment

    

    In
      consideration of the mutual promises contained in the Agreement and other good
      and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, Noble and Teton agree as follows:

    

    1.           
      The
      Parties agree to delete Section 18.2 - Relationship of the Parties, in its
      entirety, and replace it with the following:

    

    
      	 	
              “With
                respect to this Agreement, each Party should not be considered the
                agent,
                partner, employee or fiduciary of any other Party, nor shall this
                Agreement be construed as creating a mining partnership, or other
                partnership or association, except as set forth below. Each Party
                shall be
                responsible only for its obligations as provided in this Agreement
                and
                shall be liable only for its proportionate share of all of the costs
                of
                performing its obligations under this Agreement. All of the obligations
                and liabilities under this Agreement shall be several and not joint
                or
                collective. The Parties have elected, under the terms of the JOA,
                to be
                treated as a tax partnership under the Internal Revenue Code of 1986,
                and
                under any income tax laws of the State of Nebraska or Colorado, all
                as
                more specifically set forth in Exhibit G - Tax Partnership Provisions
                -
                attached to the JOA as Exhibit G.”

            

    

    

    
      	 	
              Exhibit
                G to the JOA is attached as Exhibit A to this Amendment.
                

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.           
      The
      Parties agree to amend Exhibit A-1 to the Agreement to add the three Oil and
      Gas
      Leases described on Exhibit B attached to this Amendment.

    

    3.           
      The
      Parties acknowledge that title to the leases is held by Teton DJ LLC, a wholly
      owned subsidiary of Teton, and therefore Teton DJ LLC should be the Teton entity
      that is a party to the JOA. 

    

    4.           
      Teton
      Energy Corporation hereby agrees to indemnify, hold harmless and defend Noble
      Energy, Inc. from and against all Losses whatsoever arising out of any failure
      on the part of Teton DJ LLC to perform its obligations under the JOA.

    

    5.           
      The
      Parties agree to make all other changes to the Agreement necessary to carry
      out
      the intent of this Amendment. 

    

    6.           
      The
      Acreage Earning Agreement, as amended by this Amendment is ratified and
      confirmed in all respects.

    

    

    Teton
      Energy Corporation

    

    

    By:
      ____________________________________

    Patrick
      A. Quinn, Chief Financial Officer

    

    

    Noble
      Energy, Inc. 

    

    By:
      ____________________________________

    David
      W.
      Siple, Attorney- In -Fact 

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    ACKNOWLEDGMENTS

    

    

    STATE
      OF
      COLORADO )

    CITY
      AND                        
)
      ss.

    COUNTY
      OF
      DENVER   )

    

    The
      foregoing instrument was acknowledged before me this 27th
      day of
      January, 2006 by Patrick A. Quinn, as Chief Financial Officer of Teton Energy
      Corporation, a Delaware Corporation, on behalf of said corporation.

    

    Witness
      my hand and official seal.

    My
      commission expires: 12-23-07

    
      	 	 	 
	 	  	 
	 	
              
Notary
              Public
	 	 

    

    
 

    STATE
      OF
      COLORADO )

    CITY
      AND                        
)
      ss.

    COUNTY
      OF
      DENVER    )

    

    The
      foregoing instrument was acknowledged before me this 27th
      day of
      January, 2006 by David W. Siple as Attorney- In -Fact of Noble Energy, Inc.,
      a
      Delaware Corporation, on behalf of said corporation.

    

    Witness
      my hand and official seal.

    My
      commission expires: 12-23-07

    
      
        	 	 	 
	 	  	 
	 	
                
Notary
                Public
	 	 

      

       

      

      
        
           

        

        
          3Exhibit
      4.1

    AEGIS
      ASSET BACKED SECURITIES CORPORATION,

    Depositor
      

     

    AEGIS
      MORTGAGE CORPORATION,

    Seller

     

    [           ],

    Master
      Servicer, Securities Administrator and Custodian

     

    [           ],

    Servicer

     

    [[           ],

    Credit
      Risk Manager]

     

    and
      

     

    [           ],

    Trustee

     

     

      
        

      

    

     

    FORM
      OF

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of [           ],
      20[   ]

     

    
      
        

      

    

     

    AEGIS
      ASSET BACKED SECURITIES TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES
      20[   ]-[   ]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    
      
         

        
          
            
              	 	 	
                      Page

                    
	
                       

                      ARTICLE
                        I DEFINITIONS

                    	
                      7

                    
	
                      Section
                        1.1

                    	
                      Definitions.

                    	
                      7

                    
	
                      Section
                        1.2

                    	
                      Calculations
                        Respecting Mortgage Loans.

                    	
                      48

                    
	
                      Section
                        1.3

                    	
                      Calculations
                        Respecting Accrued Interest.

                    	
                      48

                    
	
                      Section
                        1.4

                    	
                      Rights
                        of the NIMS Insurer.

                    	
                      48

                    
	
                       

                      ARTICLE
                        II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
                        WARRANTIES

                    	
                      48

                    
	
                      Section
                        2.1

                    	
                      Conveyance
                        of Mortgage Loans.

                    	
                      48

                    
	
                      Section
                        2.2

                    	
                      Acceptance
                        by Trustee of the Mortgage Loans; Review of Documentation.

                    	
                      53

                    
	
                      Section
                        2.3

                    	
                      Representations,
                        Warranties and Covenants of the Servicer, the Master Servicer,
                        the Seller
                        and the Depositor.

                    	
                      55

                    
	
                      Section
                        2.4

                    	
                      Delivery
                        of Opinion of Counsel in Connection with Substitutions.

                    	
                      62

                    
	
                      Section
                        2.5

                    	
                      Execution
                        and Delivery of Certificates.

                    	
                      62

                    
	
                       

                      ARTICLE
                        III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

                    	
                      63

                    
	
                      Section
                        3.1

                    	
                      Servicer
                        to Service Mortgage Loans.

                    	
                      63

                    
	
                      Section
                        3.2

                    	
                      Subservicing;
                        Enforcement of the Obligations of the Servicer;
                        Subcontractors.

                    	
                      66

                    
	
                      Section
                        3.3

                    	
                      Rights
                        of the Depositor and the Trustee in Respect of the
                        Servicer.

                    	
                      67

                    
	
                      Section
                        3.4

                    	
                      Successor
                        Servicer or Master Servicer to Act as Servicer.

                    	
                      68

                    
	
                      Section
                        3.5

                    	
                      Collection
                        of Mortgage Loan Payments; Custodial Account; Collection
                        Account;
                        Distribution Account.

                    	
                      70

                    
	
                      Section
                        3.6

                    	
                      Collection
                        of Taxes, Assessments and Similar Items; Escrow Accounts.

                    	
                      73

                    
	
                      Section
                        3.7

                    	
                      Access
                        to Certain Documentation and Information Regarding the Mortgage
                        Loans.

                    	
                      74

                    
	
                      Section
                        3.8

                    	
                      Permitted
                        Withdrawals from the Custodial Account, the Collection Account
                        and the
                        Distribution Account.

                    	
                      74

                    
	
                      Section
                        3.9

                    	
                      Maintenance
                        of Hazard Insurance; Maintenance of Primary Insurance
                        Policies.

                    	
                      77

                    
	
                      Section
                        3.10

                    	
                      Enforcement
                        of Due-on-Sale Clauses; Assumption Agreements.

                    	
                      79

                    
	
                      Section
                        3.11

                    	
                      Realization
                        Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage
                        Loans.

                    	
                      80

                    
	
                      Section
                        3.12

                    	
                      Securities
                        Administrator to Cooperate; Release of Mortgage Files.

                    	
                      84

                    
	
                      Section
                        3.13

                    	
                      Documents,
                        Records and Funds in Possession of Servicer to be Held for
                        the
                        Trustee.

                    	
                      85

                    
	
                      Section
                        3.14

                    	
                      Servicing
                        Compensation.

                    	
                      85

                    
	
                      Section
                        3.15

                    	
                      Access
                        to Certain Documentation.

                    	
                      86

                    
	
                      Section
                        3.16

                    	
                      Annual
                        Statements as to Compliance.

                    	
                      86

                    

            

             

             

            
              
                
                

              

              
                i

                
                  

                

              

              
                
                

              

            

             

             

            
              	
                      Section
                        3.17

                    	
                      Annual
                        Independent Public Accountants’ Servicing Statement; Financial
                        Statements.

                    	
                      88

                    
	
                      Section
                        3.18

                    	
                      Errors
                        and Omissions Insurance; Fidelity Bonds.

                    	
                      89

                    
	
                      Section
                        3.19

                    	
                      Delinquency
                        Advances.

                    	
                      89

                    
	
                      Section
                        3.20

                    	
                      Advance
                        Facility.

                    	
                      90

                    
	
                      Section
                        3.21

                    	
                      Prepayment
                        Penalties.

                    	
                      92

                    
	
                      Section
                        3.22

                    	
                      Actions
                        with Respect to Distressed Mortgage Loans.

                    	
                      92

                    
	
                      Section
                        3.23

                    	
                      [Duties
                        of the Credit Risk Manager.]

                    	
                      93

                    
	
                      Section
                        3.24

                    	
                      [Limitation
                        Upon Liability of the Credit Risk Manager.

                    	
                      93

                    
	
                      Section
                        3.25

                    	
                      [Removal
                        of Credit Risk Manager.

                    	
                      94

                    
	
                       

                      ARTICLE
                        IIIA ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS

                    	
                      94

                    
	
                      Section
                        3A.1

                    	
                      Master
                        Servicer.

                    	
                      94

                    
	
                      Section
                        3A.2

                    	
                      REMIC-Related
                        Covenants.

                    	
                      95

                    
	
                      Section
                        3A.3

                    	
                      Monitoring
                        of Servicer.

                    	
                      95

                    
	
                      Section
                        3A.4

                    	
                      Fidelity
                        Bond.

                    	
                      96

                    
	
                      Section
                        3A.5

                    	
                      Power
                        to Act; Procedures.

                    	
                      96

                    
	
                      Section
                        3A.6

                    	
                      Documents,
                        Records and Funds in Possession of Master Servicer To Be
                        Held for
                        Trustee.

                    	
                      97

                    
	
                      Section
                        3A.7

                    	
                      Trustee
                        to Retain Possession of Certain Insurance Policies and
                        Documents.

                    	
                      98

                    
	
                      Section
                        3A.8

                    	
                      Compensation
                        for the Master Servicer.

                    	
                      98

                    
	
                      Section
                        3A.9

                    	
                      Annual
                        Officer’s Certificate as to Compliance.

                    	
                      98

                    
	
                      Section
                        3A.10

                    	
                      UCC.

                    	
                      99

                    
	
                      Section
                        3A.11

                    	
                      Obligation
                        of the Master Servicer in Respect of Prepayment Interest
                        Shortfalls.

                    	
                      99

                    
	
                       

                      ARTICLE
                        IV DISTRIBUTIONS

                    	
                      99

                    
	
                      Section
                        4.1

                    	
                      Distributions.

                    	
                      99

                    
	
                      Section
                        4.2

                    	
                      Method
                        of Distribution.

                    	
                      109

                    
	
                      Section
                        4.3

                    	
                      Allocation
                        of Losses.

                    	
                      109

                    
	
                      Section
                        4.4

                    	
                      Reports
                        to the Depositor, the Securities Administrator and the
                        Trustee.

                    	
                      110

                    
	
                      Section
                        4.5

                    	
                      Reports
                        by or on Behalf of the Trustee.

                    	
                      110

                    
	
                      Section
                        4.6

                    	
                      Basis
                        Risk Reserve Fund.

                    	
                      113

                    
	
                      Section
                        4.7

                    	
                      [Supplemental
                        Interest Trust.

                    	
                      114

                    
	
                      Section
                        4.8

                    	
                      [Rights
                        of Swap Counterparty.

                    	
                      115

                    
	
                      Section
                        4.9

                    	
                      [The
                        Pre-Funding Account] [The Revolving Account].

                    	
                      115

                    
	
                      Section
                        4.10

                    	
                      [The
                        Capitalized Interest Account.

                    	
                      116

                    
	
                       

                      ARTICLE
                        V THE CERTIFICATES

                    	
                      117

                    
	
                      Section
                        5.1

                    	
                      The
                        Certificates.

                    	
                      117

                    
	
                      Section
                        5.2

                    	
                      Certificate
                        Register; Registration of Transfer and Exchange of
                        Certificates.

                    	
                      117

                    
	
                      Section
                        5.3

                    	
                      Mutilated,
                        Destroyed, Lost or Stolen Certificates.

                    	
                      123

                    

            

             

             

            
              
                
                

              

              
                ii

                
                  

                

              

              
                
                

              

            

             

             

            
              	
                      Section
                        5.4

                    	
                      Persons
                        Deemed Owners.

                    	
                      123

                    
	
                      Section
                        5.5

                    	
                      Access
                        to List of Certificateholders’ Names and Addresses.

                    	
                      123

                    
	
                      Section
                        5.6

                    	
                      Maintenance
                        of Office or Agency.

                    	
                      123

                    
	
                       

                      ARTICLE
                        VI THE DEPOSITOR, THE SERVICER, THE MASTER SERVICER, THE
                        SELLER AND [THE
                        CREDIT RISK MANAGER

                    	
                      124

                    
	
                      Section
                        6.1

                    	
                      Respective
                        Liabilities of the Depositor, the Servicer, the Master Servicer,
                        the
                        Seller and [the Credit Risk Manager].

                    	
                      124

                    
	
                      Section
                        6.2

                    	
                      Merger
                        or Consolidation of the Depositor, Servicer, the Master Servicer,
                        the
                        Seller and [the Credit Risk Manager].

                    	
                      124

                    
	
                      Section
                        6.3

                    	
                      Limitation
                        on Liability of the Depositor, the Master Servicer, the Servicer,
                        the
                        Seller and Others.

                    	
                      125

                    
	
                      Section
                        6.4

                    	
                      Limitation
                        on Resignation of Servicer.

                    	
                      126

                    
	
                      Section
                        6.5

                    	
                      Reporting
                        Requirements of the Commission and Indemnification.

                    	
                      126

                    
	
                       

                      ARTICLE
                        VII DEFAULT

                    	
                      127

                    
	
                      Section
                        7.1

                    	
                      Events
                        of Default.

                    	
                      127

                    
	
                      Section
                        7.2

                    	
                      Notification
                        to Certificateholders.

                    	
                      132

                    
	
                       

                      ARTICLE
                        VIII CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR;
                        REPORTS

                    	
                      132

                    
	
                      Section
                        8.1

                    	
                      Duties
                        of Trustee and the Securities Administrator.

                    	
                      132

                    
	
                      Section
                        8.2

                    	
                      Certain
                        Matters Affecting the Trustee and the Securities
                        Administrator.

                    	
                      134

                    
	
                      Section
                        8.3

                    	
                      Neither
                        Trustee nor Securities Administrator Liable for Certificates
                        or Mortgage
                        Loans.

                    	
                      135

                    
	
                      Section
                        8.4

                    	
                      Trustee
                        and Securities Administrator May Own Certificates.

                    	
                      136

                    
	
                      Section
                        8.5

                    	
                      Fees
                        and Expenses of the Trustee, the Securities Administrator
                        and
                        Others.

                    	
                      136

                    
	
                      Section
                        8.6

                    	
                      Eligibility
                        Requirements for the Trustee and the Securities
                        Administrator.

                    	
                      137

                    
	
                      Section
                        8.7

                    	
                      Resignation
                        and Removal of Trustee or Securities Administrator.

                    	
                      137

                    
	
                      Section
                        8.8

                    	
                      Successor
                        Trustee or Securities Administrator.

                    	
                      138

                    
	
                      Section
                        8.9

                    	
                      Merger
                        or Consolidation of Trustee or Securities Administrator.

                    	
                      138

                    
	
                      Section
                        8.10

                    	
                      Appointment
                        of Co-Trustee or Separate Trustee.

                    	
                      139

                    
	
                      Section
                        8.11

                    	
                      Tax
                        Matters.

                    	
                      140

                    
	
                      Section
                        8.12

                    	
                      Filings.

                    	
                      143

                    
	
                      Section
                        8.13

                    	
                      Reporting
                        Requirements of the Commission and Indemnification

                    	
                      144

                    
	
                      Section
                        8.14

                    	
                      The
                        Custodian and the Securities Administrator.

                    	
                      145

                    
	
                       

                      ARTICLE
                        IX TERMINATION

                    	
                      145

                    
	
                      Section
                        9.1

                    	
                      Termination
                        upon Liquidation or Purchase of all Mortgage Loans.

                    	
                      145

                    
	
                      Section
                        9.2

                    	
                      Final
                        Distribution on the Certificates.

                    	
                      147

                    
	
                      Section
                        9.3

                    	
                      Additional
                        Termination Requirements.

                    	
                      148

                    

            

             

             

            
              
                
                

              

              
                iii

                
                  

                

              

              
                
                

              

            

             

             

            
              	
                       

                      ARTICLE
                        X MISCELLANEOUS PROVISIONS

                    	
                      149

                    
	
                      Section
                        10.1

                    	
                      Amendment.

                    	
                      149

                    
	
                      Section
                        10.2

                    	
                      Recordation
                        of Agreement; Counterparts.

                    	
                      151

                    
	
                      Section
                        10.3

                    	
                      Governing
                        Law.

                    	
                      151

                    
	
                      Section
                        10.4

                    	
                      Intention
                        of Parties.

                    	
                      151

                    
	
                      Section
                        10.5

                    	
                      Notices.

                    	
                      152

                    
	
                      Section
                        10.6

                    	
                      Severability
                        of Provisions.

                    	
                      153

                    
	
                      Section
                        10.7

                    	
                      Assignment.

                    	
                      153

                    
	
                      Section
                        10.8

                    	
                      Limitation
                        on Rights of Certificateholders.

                    	
                      153

                    
	
                      Section
                        10.9

                    	
                      Inspection
                        and Audit Rights.

                    	
                      154

                    
	
                      Section
                        10.10

                    	
                      Certificates
                        Nonassessable and Fully Paid.

                    	
                      155

                    
	
                      Section
                        10.11

                    	
                      [Derivative
                        Transactions

                    	
                      155

                    
	
                      Section
                        10.12

                    	
                      Limitations
                        on Actions; No Proceedings.

                    	
                      156

                    
	
                      Section
                        10.13

                    	
                      Mortgage
                        Data.

                    	
                      156

                    
	
                      Section
                        10.14

                    	
                      Benefits
                        of Agreement; Additional Rights of NIMS Insurer.

                    	
                      156

                    
	
                      Section
                        10.15

                    	
                      Waiver
                        of Jury Trial.

                    	
                      157

                    
	
                      Section
                        10.16

                    	
                      Limitation
                        of Damages.

                    	
                      157

                    

            

          

        

        

        
          
            
            

          

          
            iv

            
              

            

          

          
            
            

          

        

         

      

    

    SCHEDULES

     

    Schedule
      I: [Mortgage
      Loan Schedule] [Revolving Credit Loan Schedule]

    

     

    EXHIBITS

     

    
      	
              Exhibit
                A:

            	
              Forms
                of Certificates

            
	
              Exhibit
                B:

            	
              [Reserved]

            
	
              Exhibit
                C:

            	
              Form
                of Initial Certification of Custodian

            
	
              Exhibit
                D:

            	
              Form
                of Final Certification of Custodian

            
	
              Exhibit
                E-1:

            	
              Form
                of Residual Transfer Affidavit (Transferor)

            
	
              Exhibit
                E-2

            	
              Form
                of Residual Transfer Affidavit (Transferee)

            
	
              Exhibit
                F:

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                G-1:

            	
              Form
                of Investment Letter (Non-Rule 144A)

            
	
              Exhibit
                G-2:

            	
              Form
                of Investment Letter (Rule 144A)

            
	
              Exhibit
                H:

            	
              Benefit
                Plan Affidavit

            
	
              Exhibit
                I:

            	
              [Reserved]

            
	
              Exhibit
                J:

            	
              Request
                for Release of Documents

            
	
              Exhibit
                K:

            	
              Form
                of Certification to be Provided to the Depositor by the
                Servicer

            
	
              Exhibit
                L:

            	
              Form
                of Certification to be Provided to the Depositor by the
                Trustee

            
	
              Exhibit
                M:

            	
              Form
                of Limited Power of Attorney

            
	
              [Exhibit
                N:

            	
              Credit
                Risk Management Agreements]

            
	
              [Exhibit
                O:

            	
              Swap
                Agreement]

            
	
              [Exhibit
                P

            	
              Form
                of Addition Notice]

            
	 	 

    

    

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    [The
      provisions of the Pooling and Servicing Agreement for each series will be
      modified as applicable]

     

    This
      POOLING AND SERVICING AGREEMENT dated as of
      [           ],
      20[   ] (this “Agreement”), is by and among AEGIS ASSET BACKED
      SECURITIES CORPORATION, a Delaware corporation, as depositor (the “Depositor”),
      AEGIS MORTGAGE CORPORATION, a Delaware corporation, as seller (the “Seller”),
      [           ], as master
      servicer (in such capacity, the “Master Servicer”), securities administrator (in
      such capacity, the “Securities Administrator”) and custodian (in such capacity,
      the “Custodian”),
      [           ], as
      servicer (together with any successor in interest, the “Servicer”),
      [           ], as credit
      risk manager (the “Credit Risk Manager”), and
      [           ], as trustee
      (the “Trustee”).

     

    WITNESSETH
      THAT

     

    In
      consideration of the mutual agreements herein contained, the parties hereto
      agree as follows:

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor has acquired the Mortgage Loans from the Seller, and at the Closing
      Date is the owner of the Mortgage Loans and the other property being conveyed
      by
      it to the Trustee hereunder for inclusion in the Trust Fund. On the Closing
      Date, the Depositor will acquire the Certificates from the Trust Fund, as
      consideration for its transfer to the Trust Fund of the Mortgage Loans and
      the
      other property constituting the Trust Fund. The Depositor has duly authorized
      the execution and delivery of this Agreement to provide for the conveyance
      to
      the Trustee of the Mortgage Loans and the other property constituting the Trust
      Fund. All covenants and agreements made by the Seller in the Sale Agreement
      and
      by the Depositor, the Seller, the Servicer, [the Credit Risk Manager] and the
      Trustee herein with respect to the Mortgage Loans and the other property
      constituting the Trust Fund are for the benefit of the Holders from time to
      time
      of the Certificates and, to the extent provided herein, the NIMS Insurer, if
      any. The Depositor, the Seller, the Master Servicer, the Securities
      Administrator, the Custodian, the Servicer, the Trustee, and [the Credit Risk
      Manager] are entering into this Agreement, and the Trustee is accepting the
      Trust Fund created hereby, for good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged.

     

    [As
      provided herein, an election shall be made that the Trust Fund (exclusive of
      (i)
      [the Swap Agreement], (ii) the right to receive and the obligation to pay Basis
      Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iii) the Basis Risk Reserve
      Fund, (iv) the Supplemental Interest Trust (v) [the Supplemental Interest Trust
      Account], [(vi) the Pre-Funding Account, (vii) the Capitalized Interest Account]
      and [(viii)] the obligation to pay Class I Shortfalls (collectively, the
“Excluded Trust Assets”)) be treated for federal income tax purposes as
      comprising three real estate mortgage investment conduits under Section 860D
      of
      the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” and “REMIC
      3,” also being referred to as the “Upper Tier REMIC”). Any inconsistencies or
      ambiguities in this Agreement or in the administration of this Agreement shall
      be resolved in a manner that preserves the validity of such REMIC
      elections.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Each
      Certificate, other than the Class R Certificate, represents ownership of a
      regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions.
      In addition, each Certificate, other than the Class R, Class X and Class P
      Certificates, represents (i) the right to receive payments with respect to
      any
      Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the obligation
      to pay Class I Shortfalls. The Class R Certificate represents ownership of
      the
      sole Class of residual interest in each of REMIC 1, REMIC 2 and the Upper Tier
      REMIC for purposes of the REMIC Provisions.

     

    The
      Upper
      Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests
      in
      REMIC 2, other than the LT2-R interest, and each such Lower Tier Interest is
      hereby designated as a regular interest in REMIC 2 for purposes of the REMIC
      Provisions. REMIC 2 shall hold as its assets the uncertificated Lower Tier
      Interests in REMIC 1, other than the LT1-R interest, and each such Lower Tier
      Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall
      hold as its assets the property of the Trust Fund other than the Lower Tier
      Interests in REMIC 1, REMIC 2 and the Excluded Trust Assets.

     

    The
      startup day for each REMIC created hereby for purposes of the REMIC Provisions
      is the Closing Date. In addition, for purposes of the REMIC Provisions, the
      latest possible maturity date for each regular interest in each REMIC created
      hereby is the Latest Possible Maturity Date.

     

    REMIC
      1:

     

    The
      following table sets forth the designations, principal balances and interest
      rates for each interest in REMIC 1, each of which (other than the LT1-R Lower
      Tier Interest) is hereby designated as a regular interest in REMIC 1 (the “REMIC
      1 Regular Interests”):

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
               

              Interest
                Rate

            
	
              LT1-A

            	 	
              $
                [           ]
                

            	 	
              (1)

            
	
              LT1-F1

            	 	
              $
                [           ]

            	 	
              (2)

            
	
              LT1-V1

            	 	
              $
                [           ]

            	 	
              (3)

            
	
              LT1-R

            	 	
              (4)

            	 	
              (4)

            

    

     

    
      	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for the Class LT1-A Interest shall be the Net WAC Rate.
                

            

    

     

    
      	
              (2)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests shall be the lesser of (i)
                the
                REMIC Swap Rate for such Distribution Date, and (ii) the product
                of (a)
                the Net WAC Rate and (b) 2.

            

    

     

    
      	
              (3)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests shall be the excess, if any,
                of (i)
                the product of (a) the Net WAC Rate and (b) 2, over (ii) the REMIC
                Swap
                Rate for such Distribution Date.

            

    

     

    
      	
              (4)

            	
              The
                LT1-R interest shall not have a principal amount and shall not bear
                interest. The LT1-R interest is hereby designated as the sole class
                of
                residual interest in REMIC 1.

            

    

     

    On
      each
      Distribution Date, the Securities Administrator shall first pay or charge as
      an
      expense of REMIC 1 all expenses of the Trust Fund for such Distribution Date,
      other than any Net Swap Payment or Swap Termination Payment required to be
      made
      from the Trust Fund.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    On
      each
      Distribution Date the Securities Administrator shall distribute the aggregate
      Interest Remittance Amount for the two Mortgage Pools (net of expenses described
      in the preceding paragraph) with respect to each of the Lower Tier Interests
      in
      REMIC 1 based on the above-described interest rates.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the aggregate
      Principal Remittance Amount for the two Mortgage Pools with respect to the
      Lower
      Tier Interests in REMIC 1, first to the Class LT1-A Interest until its principal
      balance is reduced to zero, and then sequentially, to the other Lower Tier
      Interests in REMIC 1 in ascending order of their numerical class designation,
      and, with respect to each pair of classes having the same numerical designation,
      in equal amounts to each such class, until the principal balance of each such
      class is reduced to zero. All losses on the Mortgage Loans shall be allocated
      among the Lower Tier Interests in REMIC 1 in the same manner that principal
      distributions are allocated.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the Prepayment
      Penalties collected during the preceding Prepayment Period, in the case of
      Principal Prepayments in full, or during the related Collection Period, in
      the
      case of Principal Prepayments in part, to the Class LT1-F59 and Class LT1-V59
      Lower Tier Interests, respectively.

     

    REMIC
      2:

     

    The
      following table sets forth the designations, principal balances and interest
      rates for each interest in REMIC 2, each of which (other than the Class LT2-R
      Interest) is hereby designated as a regular interest in REMIC 2 (the “REMIC 2
      Regular Interests”):

     

    
      	
              REMIC
                2

              Lower
                Tier 

              Class
                Designation

            	 	
              REMIC
                2

              Lower
                Tier

              Interest
                Rate

            	 	
              Initial
                Class 

              Principal
                Amount

            	 	
              Corresponding
                Class of 
Certificate(s) or Components

            
	
              Class
                LT2-I[A]

            	 	
              (1)

            	 	
              $
                [           ]
                

            	 	
              [A]

            
	
              Class
                LT2-[M]

            	 	
              (1)

            	 	
              $
                [           ]

            	 	
              [M]

            
	
              Class
                LT2-[B]

            	 	
              (1)

            	 	
              $
                [           ]

            	 	
              [B]

            
	
              Class
                LT2-Q

            	 	
              (1)

            	 	
              $
                [           ]

            	 	
              N/A

            
	
              Class
                LT2-IO

            	 	
              (2)

            	 	
              (2)

            	 	
              N/A

            
	
              Class
                LT2-R

            	 	
              (3)

            	 	
              (3)

            	 	
              R

            

    

    ___________________________

    
      	 	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests in REMIC 2 is a per annum
                rate
                equal to the weighted average of the interest rates on the Lower
                Tier
                Interests in REMIC 1 for such Distribution Date, provided,
                however, that
                for any Distribution Date on which the Class LT2-IO Interest is entitled
                to a portion of the interest accruals on a Lower Tier Interest in
                REMIC 1
                having an “F” in its class designation, as described in footnote two
                below, such weighted average shall be computed by first subjecting
                the
                rate on such Lower Tier Interest in REMIC 1 to a cap equal to Swap
                LIBOR
                for such Distribution Date. 

            

    

     

    
      	 	
              (2)

            	
              The
                Class LT2-IO is an interest only class that does not have a principal
                balance. For only those Distribution Dates listed in the first column
                in
                the table below, the Class LT2-IO shall be entitled to interest accrued
                on
                the Lower Tier Interest in REMIC 1 listed in second column in the
                table
                below at a per annum rate equal to the excess, if any, of (i) the
                interest
                rate for such Lower Tier Interest in REMIC 1 for such Distribution
                Date
                over (ii) Swap LIBOR for such Distribution
                Date.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Distribution
                Dates

            	 	
              REMIC
                

              1
                Class Designation

            
	
              2

            	 	
              Class
                LT2-F1

            
	
              2-3

            	 	
              Class
                LT2-F2

            
	
              2-4

            	 	
              Class
                LT2-F3

            
	
              2-5

            	 	
              Class
                LT2-F4

            
	
              2-6

            	 	
              Class
                LT2-F5

            
	
              2-7

            	 	
              Class
                LT2-F6

            
	
              2-8

            	 	
              Class
                LT2-F7

            
	
              2-9

            	 	
              Class
                LT2-F8

            
	
              2-10

            	 	
              Class
                LT2-F9

            
	
              2-11

            	 	
              Class
                LT2-F10

            
	
              2-12

            	 	
              Class
                LT2-F11

            
	
              2-13

            	 	
              Class
                LT2-F12

            
	
              2-14

            	 	
              Class
                LT2-F13

            
	
              2-15

            	 	
              Class
                LT2-F14

            
	
              2-16

            	 	
              Class
                LT2-F15

            
	
              2-17

            	 	
              Class
                LT2-F16

            
	
              2-18

            	 	
              Class
                LT2-F17

            
	
              2-19

            	 	
              Class
                LT2-F18

            
	
              2-20

            	 	
              Class
                LT2-F19

            
	
              2-21

            	 	
              Class
                LT2-F20

            
	
              2-22

            	 	
              Class
                LT2-F21

            
	
              2-23

            	 	
              Class
                LT2-F22

            
	
              2-24

            	 	
              Class
                LT2-F23

            
	
              2-25

            	 	
              Class
                LT2-F24

            
	
              2-26

            	 	
              Class
                LT2-F25

            
	
              2-27

            	 	
              Class
                LT2-F26

            
	
              2-28

            	 	
              Class
                LT2-F27

            
	
              2-29

            	 	
              Class
                LT2-F28

            
	
              2-30

            	 	
              Class
                LT2-F29

            
	
              2-31

            	 	
              Class
                LT2-F30

            
	
              2-32

            	 	
              Class
                LT2-F31

            
	
              2-33

            	 	
              Class
                LT2-F32

            
	
              2-34

            	 	
              Class
                LT2-F33

            
	
              2-35

            	 	
              Class
                LT2-F34

            
	
              2-36

            	 	
              Class
                LT2-F35

            
	
              2-37

            	 	
              Class
                LT2-F36

            
	
              2-38

            	 	
              Class
                LT2-F37

            
	
              2-39

            	 	
              Class
                LT2-F38

            
	
              2-40

            	 	
              Class
                LT2-F39

            
	
              2-41

            	 	
              Class
                LT2-F40

            
	
              2-42

            	 	
              Class
                LT2-F41

            
	
              2-43

            	 	
              Class
                LT2-F42

            
	
              2-44

            	 	
              Class
                LT2-F43

            
	
              2-45

            	 	
              Class
                LT2-F44

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 
	
              2-46

            	 	
              Class
                LT2-F45

            
	
              2-47

            	 	
              Class
                LT2-F46

            
	
              2-48

            	 	
              Class
                LT2-F47

            
	
              2-49

            	 	
              Class
                LT2-F48

            
	
              2-50

            	 	
              Class
                LT2-F49

            
	
              2-51

            	 	
              Class
                LT2-F50

            
	
              2-52

            	 	
              Class
                LT2-F51

            

    

    

     

    
      	 	
              (3)

            	
              The
                Class LT2-R interest is the sole class of residual interests in REMIC
                2.
                It does not have an interest rate or a principal
                balance.

            

    

     

    On
      each
      Distribution Date, interest shall be distributed on the Lower Tier Interests
      in
      REMIC 2 based on the above-described interest rates,
      provided,
      however,
      that
      interest that accrues on the Class LT2-Q Interest shall be deferred in an amount
      equal to one-half of the increase, if any, in the Overcollateralization Amount
      for such Distribution Date. Any interest so deferred shall itself bear interest
      at the interest rate for the Class LT2-Q Interest. An amount equal to the
      interest so deferred shall be distributed as additional principal on the other
      Lower Tier Interests in REMIC 2 having a principal balance in the manner
      described under priority (a) below.

     

    On
      each
      Distribution Date principal shall be distributed, and Realized Losses shall
      be
      allocated, among the Lower Tier Interests in REMIC 2 in the following order
      of
      priority:

     

    (a)
      First, to the Class LT2-[A], Class LT2-[M] and Class LT2-[B] Interests
      until the principal balance of each such Lower Tier Interest equals one-half
      of
      the Class Principal Amount of the Corresponding Class of Certificates
      immediately after such Distribution Date; and

     

    (b)
      Second, to the Class LT2-Q Interests, any remaining amounts.

     

    On
      each
      Distribution Date, the Securities Administrator shall be deemed to have
      distributed the Prepayment Penalties passed through with respect to the Class
      LT1-F59 and Class LT1-V59 Lower Tier Interests in REMIC 1 on such Distribution
      Date to the Class LT2-Q Interest.

     

    

     

    Certificates:

     

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount and minimum denomination for
      each
      Class of Certificates comprising interests in the Trust Fund created hereunder.
      

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Class

              Designation

            	 	
              Certificate
                Interest Rate

            	 	
              Initial
                Class

              Principal
                Amount 

            	 	
              Minimum

              Denomination

            
	
              Class
                [A]

            	 	
              (1)

            	 	
              $
                [           ]

            	 	
              $
                [           ]

            
	
              Class
                [M]

            	 	
              (2)

            	 	
              $
                [           ]

            	 	
              $
                [           ]

            
	
              Class
                [B]

            	 	
              (3)

            	 	
              $
                [           ]
                

            	 	
              $
                [           ]

            
	
              Class
                P

            	 	
              (4)

            	 	
              $
                100.00 

            	 	
              (5)

            
	
              Class
                X

            	 	
              (5)

            	 	
              (6)

            	 	
              (5)

            
	
              Class
                R

            	 	
              (7)

            	 	
              (7)

            	 	
              (7)

            

    

    ___________________________

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class [A] Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus
                [           ]% and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 8.1(a) on the Initial Optional Purchase Date, then with
                respect
                to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class [A] Certificates
                will be LIBOR plus
                [           ]%.
                For
                purposes of the REMIC Provisions, the reference to “Pool 1 Net Funds Cap”
                in clause (ii) of the preceding sentence shall be deemed to be a
                reference
                to the REMIC 2 Net Funds Cap; therefore: on any Distribution Date
                the
                Certificate Interest Rate for the Class [A] Certificates exceeds
                the REMIC
                2 Net Funds Cap, interest accruals based on such excess shall be
                treated
                as having been paid from the Basis Risk Reserve Fund or the Supplemental
                Interest Trust, as applicable; on any Distribution Date on which
                the
                Certificate Interest Rate on the Class [A] Certificates is based
                on the
                Pool 1 Net Funds Cap, the amount of interest that would have accrued
                on
                the Class [A] Certificates if the REMIC 2 Net Funds Cap were substituted
                for the Pool 1 Net Funds Cap shall be treated as having been paid
                by the
                Class [A] Certificateholders to the Supplemental Interest Trust,
                all
                pursuant to and as further provided in Section 8.11(c) hereof.
                

            

    

     

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class [M] Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus
                [           ]% and
                (ii) the Subordinate Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 8.1(a) on the Initial Optional Purchase Date, then with
                respect
                to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class [M] Certificates
                will be LIBOR plus
                [           ]%.
                For
                purposes of the REMIC Provisions, the reference to “Subordinate Net Funds
                Cap” in clause (ii) of the preceding sentence shall be deemed to be a
                reference to the REMIC 2 Net Funds Cap; therefore: on any Distribution
                Date the Certificate Interest Rate for the Class [M] Certificates
                exceeds
                the REMIC 2 Net Funds Cap, interest accruals based on such excess
                shall be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class [M] Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class M1 Certificates if the REMIC 2 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class [M] Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 8.11(c)
                hereof.
                

            

    

     

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class [B] Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus
                [           ]% and
                (ii) the Subordinate Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 8.1(a) on the Initial Optional Purchase Date, then with
                respect
                to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class [B] Certificates
                will be LIBOR plus
                [           ]%.
                For
                purposes of the REMIC Provisions, the reference to “Subordinate Net Funds
                Cap” in clause (ii) of the preceding sentence shall be deemed to be a
                reference to the REMIC 2 Net Funds Cap; therefore: on any Distribution
                Date the Certificate Interest Rate for the Class [B] Certificates
                exceeds
                the REMIC 2 Net Funds Cap, interest accruals based on such excess
                shall be
                treated as having been paid from the Basis Risk Reserve Fund or the
                Supplemental Interest Trust, as applicable; on any Distribution Date
                on
                which the Certificate Interest Rate on the Class [B] Certificates
                is based
                on the Subordinate Net Funds Cap, the amount of interest that would
                have
                accrued on the Class [B] Certificates if the REMIC 2 Net Funds Cap
                were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class [B] Certificateholders to the Supplemental
                Interest
                Trust, all pursuant to and as further provided in Section 8.11(c)
                hereof.
                

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (4)

            	
              The
                Class P Certificates will not bear interest at a stated rate but
                shall
                entitle the Holder thereof to receive Prepayment Penalties paid with
                respect to the Mortgage Loans as provided in Section
                4.1(g).

            

    

     

    
      	
              (5)

            	
              The
                Class P and the Class X Certificates shall each be issued in minimum
                Percentage Interests of 100%. 

            

    

     

    
      	
              (6)

            	
              For
                purposes of the REMIC Provisions, Class X shall have an initial principal
                balance of $[           ]
                and the right to receive distributions of such amount represents
                a regular
                interest in the Upper Tier REMIC. The Class X Certificate shall also
                comprise two notional components, each of which represents a regular
                interest in the Upper Tier REMIC. The first such component has a
                notional
                balance that will at all times equal the aggregate of the Class Principal
                Amounts of the Lower Tier Interests in REMIC 2, and, for each Distribution
                Date (and the related Accrual Period) this notional component shall
                bear
                interest at a per annum rate equal to the excess, if any, of (i)
                the
                difference between (a) the weighted average of the interest rates
                on the
                Lower Tier Interests in REMIC 2 (other than the Class LT2-IO Interest)
                minus (b) [the Credit Risk Manager’s Fee Rate], over (ii) the Adjusted
                Lower Tier WAC. The second notional component represents the right
                to
                receive all distributions in respect of the Class LT2-IO Interest
                in REMIC
                2. In addition, for purposes of the REMIC Provisions, the Class X
                Certificates
                shall represent beneficial ownership of (i) the Basis Risk Reserve
                Fund;
                (ii) the Supplemental Interest Trust, including [the Swap Agreement];
                and
                (iii) an interest in the notional principal contracts provided in
                Section
                8.11(c) hereof.

            

    

     

    
      	
              (7)

            	
              The
                Class R Certificates will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class R Certificates
                represent ownership of the residual interest in the Upper Tier REMIC,
                as
                well as ownership of the Class LT1-R and Class LT2-R Lower Tier Interests.
                

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $[           ].

     

    ARTICLE
      I

     

    DEFINITIONS

    
      Section
        1.1     Definitions. The
        following words and phrases, unless the context otherwise requires, shall
        have
        the following meanings:

    

     

    Accepted
      Master Servicing Practices:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      master servicing practices of prudent mortgage servicing institutions that
      master service mortgage loans of the same type and quality as such Mortgage
      Loan
      in the jurisdiction where the related Mortgaged Property is located, to the
      extent applicable to the Master Servicer (except in its capacity as successor
      to
      the Servicer), or (y) as provided in Section 3A.1 hereof, but in no event below
      the standard set forth in clause (x).

     

    Account:
      The
      Custodial Account, the Collection Account or the Distribution Account, as the
      context may require.

     

    Accountant:
      A
      person engaged in the practice
      of
      accounting who (except when this Agreement provides that an Accountant must
      be
      Independent) may be employed by or affiliated with the Depositor or an Affiliate
      of the Depositor.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

     

    Accrual
      Period:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates, the period
      beginning on the Distribution Date in the calendar month immediately preceding
      the month in which the related Distribution Date occurs (or, in the case of
      the
      first Distribution Date, beginning on the Closing Date) and ending on the day
      immediately preceding the related Distribution Date. With respect to any
      Distribution Date and the Class X Certificates and each Class of Lower Tier
      Interests, the calendar month immediately preceding the month in which such
      Distribution Date occurs.

     

    [Addition
      Notice:
      With
      respect to each sale of Subsequent Mortgage Loans to the Trustee pursuant to
      Section [    ] of this Agreement, a notice from the
      Depositor substantially in the form of Exhibit [   ]
      hereto
      delivered to the Trustee, the Master Servicer, the Securities Administrator,
      the
      Custodian, each Rating Agency and any NIMS Insurer.]

     

    [Additional
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed as of the Transfer Date to the Trustee by the
      Depositor pursuant to a Transfer Supplement to the [Sale]
      Agreement, which Mortgage Loan shall be identified in such Transfer Supplement
      as a Additional Mortgage Loan and added by the Depositor to the Mortgage Loan
      Schedule.]

     

    [Additional
      Termination Event:
      As
      defined in the Swap Agreement.]

     

    Adjustable
      Rate Mortgage Loan:
      Any
      Mortgage Loan as to which the related Mortgage Note provides for the adjustment
      of the
      Mortgage
      Rate applicable thereto.

     

    Adjusted
      Lower Tier WAC:
      [For
      any
      Distribution Date (and the related Accrual Period), an amount equal to (i)
      two,
      multiplied by (ii) the weighted average of the interest rates for such
      Distribution Date for the Class LT2-[A], Class LT2-[M], Class LT2-[B] and Class
      LT2-Q Interests, weighted in proportion to their Class Principal Amounts as
      of
      the beginning of the related Accrual Period and computed by subjecting the
      rate
      on the Class LT2-Q to a cap of 0.00%, and by subjecting the rate on each of
      the
      Class LT2-[A], Class LT2-[M] and Class LT2-[B] Interests to a cap that
      corresponds to the Certificate Interest Rate (determined by substituting the
      REMIC 2 Net Funds Cap for the Net Funds Cap) for the Corresponding Class of
      Certificates, provided,
      however,
      that
      for each Class of LIBOR Certificates, the Certificate Interest Rate shall be
      multiplied by an amount equal to (a) the actual number of days in the Accrual
      Period, divided by (b) 30.]

     

    Advance:
      Each of
      a Delinquency Advance and a Servicing Advance, as applicable.
      

     

    Advance
      Facility:
      As
      defined in Section 3.20.

     

    Advance
      Facility Counterparty:
      As
      defined in Section 3.20.

     

    Advance
      Reimbursement Payment:
      With
      respect to each Distribution Date until the Initial Advance Facility has been
      terminated, the sum of (i) the amount available from collections on the Mortgage
      Loans with respect to such Distribution Date to reimburse the Servicer (or
      the
      Subservicer) for unreimbursed Advances made by it, such right of reimbursement
      pursuant to this subclause (i) being limited to amounts received on any Mortgage
      Loan in respect of which any such Advance was made, and (ii) to the extent
      of
      other available amounts, the amount necessary to reimburse the Servicer (or
      the
      Subservicer) for any Nonrecoverable Advance previously made.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

     

    Advance
      Reimbursement Rights:
      As
      defined in Section 3.20.

     

    [Advance
      Reimbursement Shortfall Amount:
      As
      defined in Section 3.01.]

     

    Adverse
      REMIC Event:
      Either
      (i) loss of status as a REMIC, within the meaning of Section 860D of the Code,
      for any group of assets identified as a REMIC in the Preliminary Statement
      to
      this Agreement, or (ii) imposition of any tax, including the tax imposed under
      Section 860F(a)(1) on prohibited transactions, and the tax imposed under Section
      860G(d) on certain contributions to a REMIC, on any REMIC created hereunder
      to
      the extent such tax would be payable from assets held as part of the Trust
      Fund.

     

    [Affected
      Party:
      As
      defined in the Swap Agreement.]

     

    Affiliate:
      With
      respect to any specified Person, any other Person controlling or controlled
      by
      or under common control with such specified Person. For the purposes of this
      definition, “control” when used with respect to any specified Person means the
      power to direct the management and policies of such Person, directly or
      indirectly, whether through the ownership of voting securities, by contract
      or
      otherwise; and the terms “controlling” and “controlled” have meanings
      correlative to the foregoing.

     

    Aggregate
      Expense Rate:
      Not
      Applicable.

     

    Aggregate
      Pool Balance:
      As of
      any date of determination, the aggregate of the Pool Balances of Pool 1 and
      Pool
      2 on such date.

     

    Aggregate
      Overcollateralization Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the aggregate of the
      Principal Remittance Amounts for each Mortgage Pool for such Distribution Date
      and (y) the amount, if any, by which (i) the Overcollateralization Amount for
      such date, calculated for this purpose on the basis of the assumption that
      100%
      of the aggregate of the Principal Remittance Amounts for such Distribution
      Date
      is applied on such date in reduction of the aggregate Certificate
      Principal Amount of the LIBOR Certificates,
      exceeds
      (ii) the Targeted Overcollateralization Amount for such Distribution Date.
      

     

    Agreement:
      This
      Pooling and Servicing Agreement and all amendments
      and
      supplements hereto.

     

    Anniversary
      Year:
      The
      one-year period beginning on the Closing Date and ending on the first
      anniversary thereof, and each subsequent one-year period beginning on the day
      after the end of the preceding Anniversary Year and ending on next succeeding
      anniversary of the Closing Date.

     

    Applied
      Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the Certificates after giving effect to all
      distributions on such Distribution Date, but before giving effect to any
      application of the Applied Loss Amount with respect to such date, exceeds (y)
      the Aggregate Pool Balance for such Distribution Date.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

     

    Appraised
      Value:
      With
      respect to any Mortgage Loan, the amount set forth in an appraisal made in
      connection with the origination of such Mortgage
      Loan as
      the value of the related Mortgaged Property.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the assignment of the Mortgage
      to the Trustee for the benefit of the Certificateholders, which assignment,
      notice of transfer or equivalent instrument may be in the form of one or more
      blanket assignments covering the Mortgage Loans secured by Mortgaged Properties
      located in the same jurisdiction, if permitted by law; provided,
      however,
      that
      neither the Custodian nor the Trustee shall be responsible for determining
      whether any such assignment is in recordable form.

     

    Authorized
      Officer:
      Any
      Person who may execute
      an
      Officer’s Certificate on behalf of the Depositor.

     

    [B]
      Principal Distribution Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the sum
      of
      (i) the
      aggregate Class Principal Amount of the Class [A] and Class [M] Certificates,
      in
      each case after giving effect to distributions on such Distribution Date, and
      (ii) the Class Principal Amount of the Class [B] Certificates immediately prior
      to such Distribution Date exceeds (y) the [B] Target Amount.

     

    [B]
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i)
      [           ]% and (ii)
      the Aggregate Pool Balance for such Distribution Date and (b) the amount, if
      any, by which (i) the Aggregate Pool Balance for such Distribution Date exceeds
      (ii) 0.50% of the Cut-off Date Balance.

     

    Balloon
      Mortgage Loan:
      Any
      Mortgage Loan having an original term to maturity that is shorter than its
      amortization schedule, and a final Scheduled Payment that is disproportionately
      large in comparison to other Scheduled Payments.

     

    Balloon
      Payment:
      The
      final Scheduled Payment in respect
      of a
      Balloon Mortgage Loan.

     

    Bankruptcy:
      With
      respect to any Person, the making of an assignment for the benefit of creditors,
      the filing of a voluntary petition in bankruptcy, adjudication as a bankrupt
      or
      insolvent, the entry of an order for relief in a bankruptcy or insolvency
      proceeding, the seeking of reorganization, arrangement, composition,
      readjustment, liquidation, dissolution or similar relief, or seeking, consenting
      to or acquiescing in the appointment of a trustee, receiver or liquidator,
      dissolution, or termination, as the case may be, of such Person pursuant to
      the
      provisions of either the United States Bankruptcy Code of 1986, as amended,
      or
      any other similar state laws.

     

    Bankruptcy
      Code:
      The
      United States Bankruptcy Code of 1986, as amended.

     

    Basis
      Risk Payment:
      With
      respect to any Distribution Date, an amount equal to the sum of (i) any Basis
      Risk Shortfall for such Distribution Date, (ii) any Unpaid Basis Risk Shortfall
      for such Distribution Date and (iii) any Required Reserve Fund Amount for such
      Distribution Date. The amount of the Basis Risk Payment for any Distribution
      Date cannot exceed the amount of Monthly Excess Cashflow otherwise available
      for
      distribution pursuant to Section 4.1(e) of this Agreement. 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

     

    Basis
      Risk Reserve Fund:
      A fund
      created as part of the Trust
      Fund
      pursuant to Section 4.6 of this Agreement but which is not an asset of any
      of
      the REMICs.

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates, the amount
      by which the amount of interest calculated at the Certificate Interest Rate
      applicable to such Class for such date, determined without regard to the
      applicable Net Funds Cap for such date but subject to a cap equal to the Maximum
      Interest Rate, exceeds the amount of interest calculated at the applicable
      Net
      Funds Cap.

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates
      designated as “Book-Entry Certificates” in this Agreement, ownership and
      transfers of which shall be evidenced or made through book entries by a
      Depository; provided
      that after
      the
      occurrence of a condition whereupon book-entry registration and transfer are
      no
      longer permitted and Definitive Certificates are to be issued to Certificate
      Owners, such Book-Entry Certificates shall no longer be “Book-Entry
      Certificates.” As of the Closing Date, the following Classes of Certificates
      constitute Book-Entry Certificates: the Class [A], Class [M] and Class [B]
      Certificates.

     

    Bulk
      PMI Policy:
      Not
      applicable.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions
      in New York, New York or, if other than New York, any city in which the
      Corporate Trust Office of the Trustee is located, or (iii) the States of
      Florida, Georgia, Maryland, Minnesota or Texas are closed.

     

    [Capitalized
      Interest Account:
      The
      account created and maintained by the Securities Administrator pursuant to
      Section [    ].
      Such
      account shall not be an asset of any REMIC.]

     

    [Capitalized
      Interest Requirement:
      With
      respect to any Distribution Date to and including the Distribution Date
      following the end of the Pre-Funding Period, an amount equal to the product
      of
      (i) the weighted average Net Mortgage Rate of the Mortgage Loans divided by
      12,
      multiplied by (ii) the excess of (a) the balance in the Pre-Funding Account
      as
      of the Closing Date over (b) the aggregate Scheduled Principal Balance of the
      Subsequent Mortgage Loans that will have a scheduled interest payment included
      in the related Interest Remittance Amount for such Distribution
      Date.]

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and each Class of Certificates (other than
      the
      Class X, Class P and Class R Certificates), the
      sum
      of (i) the amount, if any, by which (x) the sum of (A) Current Interest for
      such Class for the immediately preceding Distribution Date and (B) any unpaid
      Carryforward Interest for such Class from previous Distribution Dates exceeds
      (y) the amount distributed in respect of interest on such Class on such
      immediately preceding Distribution Date, and (ii) interest on such amount for
      the related Accrual Period at the applicable Certificate Interest
      Rate.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

     

    Certificate:
      Any one
      of the certificates executed by the Trustee and authenticated by the Certificate
      Registrar in substantially the forms attached hereto
      as
      Exhibit A.

     

    Certificate
      Interest Rate:
      With
      respect to each Class of Certificates and any Distribution Date, the applicable
      per annum rate set forth or described in the Preliminary Statement
      hereto.

     

    Certificate
      Owner
      or
Owner:
      With
      respect to a Book-Entry Certificate, the Person who is the owner of such
      Book-Entry Certificate, as reflected on the books of the Depository, or on
      the
      books of a Person maintaining an account with such Depository (directly or
      as an
      indirect participant, in accordance with the rules of such Depository) and
      with
      respect to any other Class of Certificates, the Certificateholder.

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class X, Class P and Class
      R Certificates),
      the initial Certificate Principal Amount thereof on the Closing Date, less
      the
      amount of all principal distributions previously distributed with respect to
      such Certificate and, in the case of the Subordinate Certificates, any Applied
      Loss Amount previously allocated to such Certificate; provided,
      however,
      that on
      each Distribution Date on which a Subsequent Recovery is distributed, the
      Certificate Principal Amount of any Subordinate Certificate whose Certificate
      Principal Amount has previously been reduced by application of any Applied
      Loss
      Amount shall be increased, in order of seniority, by an amount (to be applied
      pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (i) any Deferred Amount
      for
      each such Class immediately prior to such Distribution Date and (ii) the total
      amount of any Subsequent Recovery distributed on such Distribution Date to
      Certificateholders, after application (for this purpose) to any more senior
      Classes of Certificates. The Class X, Class P and Class R Certificates are
      issued without Certificate Principal Amounts. The Class P Certificates are
      issued with an initial Class P Principal Amount of $100.

     

    Certificate
      Register
      and
Certificate
      Registrar:
      The
register
      maintained and the registrar appointed pursuant to Section 5.2.

     

    Certificateholder:
      The
      meaning provided in the definition
      of
“Holder.”

     

    Certification:
      As
      defined in Section 8.12.

     

    Class:
      All
      Certificates and, [in the case of REMIC 1 and REMIC 2, all Lower Tier
      Interests], bearing the same class designation.

     

    Class
      A Certificates:
      Collectively, the Class [A]
      Certificates.

     

    Class
      B Certificates:
      Collectively, the Class [B] Certificates.

     

    Class
      I Shortfalls:
      As
      defined in Section 8.11(c) hereof. For
      purposes of clarity, the Class I Shortfall for any Distribution Date shall
      equal
      the amount payable to [the Swap Counterparty] on such Distribution Date in
      excess of the amount payable on the Class I interest in REMIC 3 on such
      Distribution Date, all as further provided in Section 8.11(c)
      hereof.

     

    Class
      M Certificates:
      Collectively, the Class [M] Certificates.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

     

    Class
      Notional Amount:
      Not
      applicable.

     

    Class
      P Principal Amount:
      As of
      the Closing Date, $100.00.

     

    Class
      Principal Amount:
      With
      respect to each Class of
      Certificates other than the Class X, Class P and Class R Certificates, the
      aggregate of the Certificate Principal Amounts of all Certificates of such
      Class
      at the date of determination. With respect to the Class X, Class P and Class
      R
      Certificates, zero.

     

    Class
      R Certificate:
      Each
      Class R Certificate executed by the Trustee, and authenticated and delivered
      by
      the Certificate Registrar, substantially in the form annexed hereto as Exhibit
      A
      and evidencing the ownership of the Class LT1-R Interest, Class LT2-R Interest,
      Class LT3-R Interest and the residual interest in the Upper Tier
      REMIC.

     

    Class
      X Distributable Amount:
      With
      respect to any Distribution Date, the amount of interest that has accrued on
      the
      Class X Notional Balance, as described in the Preliminary Statement, but that
      has not been distributed prior to such date. In addition, such amount shall
      include the initial Overcollateralization Amount of $[           ]
      (less
      $100 of such amount allocated to the Class P Certificates) to the extent such
      amount has not been distributed on an earlier Distribution Date as part of
      the
      Aggregate Overcollateralization Release Amount. 

     

    Class
      X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period) the aggregate
      principal balance of the regular interests in REMIC 2 as specified in the
      Preliminary Statement hereto.

     

    Closing
      Date:
      [           ],
      20[   ].

     

    Code:
      The
      Internal Revenue Code of 1986, as amended, and as it may be further amended
      from
      time to time, any successor
      statutes
      thereto, and applicable U.S. Department of Treasury regulations issued pursuant
      thereto in temporary or final form.

     

    Collection
      Account:
      The
      separate Eligible Account or Accounts established and maintained by the Master
      Servicer pursuant to Section 3.5 hereof.

     

    Collection
      Period:
      With
      respect to any Distribution Date, the period commencing on the second day of
      the
      month immediately preceding the month in which such Distribution Date occurs
      and
      ending on the first day
      of the
      month in which such Distribution Date occurs.

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest:
      With
      respect to any Distribution Date and any Principal Prepayment in full in respect
      of a Mortgage Loan that is received during the period from the first day of
      the
      related Prepayment Period through the last day of the calendar month immediately
      preceding such Distribution Date, an additional payment made by the Servicer
      or
      the Master Servicer, to the extent funds are available from the total Servicing
      Fee payable for such Distribution Date, equal to the amount of interest at
      the
      Mortgage Rate (less the applicable Servicing Fee Rate) for that Mortgage Loan
      from the date of the prepayment through the last day of the calendar month
      immediately preceding such Distribution Date. In accordance with Section 3A.11,
      the Master Servicer will be required to make any payment of Compensating
      Interest required to be made but not made by the Servicer pursuant to this
      Agreement with respect to any Distribution Date, but only to the extent of
      compensation received by the Master Servicer on such Distribution Date in
      accordance with Section 3.A.8. For the avoidance of doubt, no Compensating
      Interest payment shall be required in connection with any shortfalls resulting
      from Principal Prepayments in part or the application of the Relief
      Act.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

     

    Conventional
      Loan:
      A
      Mortgage Loan that is not insured by the United States Federal Housing
      Administration or guaranteed by the United States Department of Veterans
      Affairs.

     

    Conventional
      Loan Documents:
      None.

     

    Cooperative
      Corporation:
      The
      entity that holds title (fee or an acceptable leasehold estate) to the real
      property and improvements constituting the Cooperative Property and which
      governs the Cooperative Property, which Cooperative Corporation must qualify
      as
      a Cooperative Housing Corporation under Section 216 of the Code.

     

    Cooperative
      Loan:
      Any
      Mortgage Loan secured by Cooperative Shares and a Proprietary
      Lease.

     

    Cooperative
      Property:
      The
      real property and improvements owned by the Cooperative Corporation, including
      the allocation of individual dwelling units to the holders of the Cooperative
      Shares of the Cooperative Corporation.

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

    Cooperative
      Unit:
      A
      single-family dwelling located in a Cooperative Property.

     

    Corporate
      Trust Office:
      With
      respect to the Trustee, the principal corporate trust office of the Trustee,
      which office at the date of the execution of this instrument is located at
      [           ],
      [           ],
      [           ],
      Attention:  AEGIS
      20[   ]-[   ], or at such other address as the
      Trustee may designate from time to time by notice to the Certificateholders,
      the
      Depositor, the Master Servicer, the Securities Administrator and the Servicer.
      With respect to the Securities Administrator, the office of the Securities
      Administrator, which for purposes of Certificate transfers and surrender is
      located at [           ],
      [           ],
      [           ],
      [           ],
      Attention: [Corporate Trust Services] (AEGIS
      20[   ]-[   ]) and for all other purposes is
      located at[           ],
      [           ],
      [           ],
      Attention: [Corporate Trust Services] (AEGIS
      20[   ]-[   ]) or for overnight deliveries, at
[           ],
      [           ],
      [           ],
      Attention: [Corporate Trust Services] (Aegis
      20[   ]-[   ]).

     

    Corresponding
      Class:
      The
      Class of Certificates that corresponds to a class of interests in REMIC 2,
      as
      provided in the Preliminary Statement.

     

    Corresponding
      REMIC 2 IO:
      For
      each Lower Tier Interest in REMIC 2 having an “A” in its class designation, the
      class of Lower Tier Interest in REMIC 2 having the same numeric designation
      and
      an “IO” in its class designation, as described in the table for REMIC 2 set out
      in the Preliminary Statement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

     

    [Credit
      Advance Rate:
      The
      related per annum interest rate set forth in the related Mortgage Note with
      respect to any Revolving Credit Loan.]

     

    [Credit
      Line:
      With
      respect to a Revolving Credit Loan, the maximum principal amount which may
      be
      advanced to a Mortgagor under the terms of the related Mortgage
      Note.]

     

    [Credit
      Line Advance:
      With
      respect to a Revolving Credit Loan, a principal disbursement to a Mortgagor
      under the terms of the related Mortgage Note (collectively, “Credit Line
      Advances”).]

     

    [Credit
      Risk Management Agreements:
      The
      Loan Performance Advisor Agreement and the Loan Performance Advisor Agreement
      Term Sheet, each dated as of the Closing Date, entered into by the Subservicer
      and [the Credit Risk Manager], in the form of Exhibit N attached
      hereto.]

     

    [Credit
      Risk Manager:
      [           ],
      a
[           ]
      limited
      liability company, and its successors and assigns.] 

     

    [Credit
      Risk Manager’s Fee:
      With
      respect to any Distribution Date and each Mortgage Loan, an amount equal to
      the
      product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the
      Scheduled Principal Balance of such Mortgage Loan as of the first day of the
      related Collection Period.]

     

    [Credit
      Risk Manager’s Fee Rate:
      [           ]% per
      annum.]

     

    Cumulative
      Realized Losses:
      As of
      any date of determination, the aggregate amount of Realized Losses with respect
      to the Mortgage Loans.

     

    Current
      Interest:
      With
      respect to each Class of Certificates (other than the Class X, Class P and
      Class
      R Certificates) and any Distribution Date, the aggregate amount of interest
      accrued at the applicable Certificate Interest Rate during the related Accrual
      Period on the Class Principal Amount (or Class Notional Amount) of such Class
      immediately prior to such Distribution Date. 

     

    Custodial
      Account:
      The
      separate Eligible Account or Accounts established and maintained by the Servicer
      (or any subservicer on its behalf) pursuant to Section 3.5 hereof.

     

    Custodian:
      [           ]
      or
      any
      successor thereto.

     

    Cut-off
      Date:
      [[           ],
      20[   ]] [As set forth for each Mortgage Loan in the Mortgage
      Loan Schedule].

     

    Cut-off
      Date Balance:
      [The
      Pool Balance as of the Cut-off Date] [With respect to the Mortgage Loans in
      the
      Trust on the Closing Date, the sum of (i) the aggregate Scheduled Principal
      Balance for all such Initial Mortgage Loans as of
      [           ] and (ii)
      the Pre-Funding Amount].

     

    Debt
      Service Reduction:
      With
      respect to any Mortgage Loan, a reduction by a court of competent jurisdiction
      in a proceeding under the Bankruptcy Code in the Scheduled Payment for such
      Mortgage Loan which became final and non-appealable, except such a reduction
      resulting from a Deficient Valuation or any reduction that results in a
      permanent forgiveness of principal.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

     

    [Defaulting
      Party:
      As
      defined in the Swap Agreement.]

     

    Deferred
      Amount:
      With
      respect to any Distribution Date and each Class of Subordinate Certificates,
      the
      amount by which (x) the aggregate of Applied Loss Amounts previously applied
      in
      reduction of the Class Principal Amount thereof exceeds (y) the sum of (i)
      the
      aggregate of amounts previously reimbursed in respect thereof and (ii) the
      amount by which the Class Principal Amount of such Class has been increased
      due
      to any Subsequent Recovery.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation of the related Mortgaged Property
      by a
      court of competent jurisdiction in an amount less than the then outstanding
      principal balance of the Mortgage Loan, which valuation results from a
      proceeding initiated under the Bankruptcy Code.

     

    Definitive
      Certificate:
      A
      Certificate of any Class issued in definitive, fully registered, certificated
      form.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan that is repurchased from the Trust Fund pursuant to the terms
      hereof or as to which one or more Qualified Substitute Mortgage Loans are
      substituted therefor.

     

    Delinquency
      Advance:
      An
      advance
      of the aggregate of payments of principal and interest (net of the Servicing
      Fee) on one or more Mortgage Loans that were due on a Due Date in the related
      Collection Period and not received as of the close of business on the related
      Determination Date, required to be made by the Servicer (or by a successor
      servicer) or the Master Servicer pursuant to Section 3.19.

     

    Delinquency
      Event:
      With
      respect to any Distribution Date, a “Delinquency Event” shall have occurred if
      the Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding calendar month equals or exceeds [           ]%
      of the
      Senior Enhancement Percentage for such Distribution Date.

     

    Delinquency
      Rate:
      With
      respect to any calendar month, the fraction, expressed as a percentage, the
      numerator of which is the aggregate outstanding principal balance of all
      Mortgage Loans 60 days Delinquent or more (including all foreclosures,
      bankruptcies and REO Properties) as of the close of business on the last day
      of
      such month, and the denominator of which is the Pool
      Balance
      as of
      the close of business on the last day of such month.

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent” when any payment
      contractually due thereon has not been made by the close of business on the
      Due
      Date therefor. Such Mortgage Loan is “30 days Delinquent” if such payment has
      not been received by the close of business on the corresponding day of the
      month
      immediately succeeding the month in which such payment was first due, or, if
      there is no such corresponding day (e.g., as when a 30-day month follows a
      31-day month in which a payment was due on the 31st day of such month), then
      on
      the last day of such immediately succeeding month. Similarly for “60 days
      Delinquent” and the second immediately succeeding month and “90 days Delinquent”
and the third immediately succeeding month.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

     

    Deposit
      Date:
      The day
      in each calendar month on which the Master Servicer is required to remit
      payments to the Distribution Account, which is the 24th
      day of
      each calendar month no later than 1:00 p.m. (New York City time) (or, if such
      24th
      day is
      not a Business Day, the immediately preceding Business Day).

     

    Depositor:
      Aegis
      Asset Backed Securities Corporation, a Delaware corporation having its principal
      place of business at 3250
      Briarpark, Suite 400, Houston, Texas 77042,
      or its
      successors in interest.

     

    Depository:
      The
      initial Depository shall be The Depository Trust Company, the nominee of which
      is Cede & Co., as the registered Holder of the Book-Entry Certificates. The
      Depository shall at all times be a “clearing corporation” as defined in Section
      8-102(a)(5) of the Uniform Commercial Code of the State of New
      York.

     

    Depository
      Participant:
      A
      broker, dealer, bank or other financial institution or other Person for whom
      from time to time a Depository effects book-entry transfers and pledges of
      securities deposited with the Depository.

     

    Determination
      Date:
      With
      respect to each Distribution Date, the 16th day of the month in which such
      Distribution Date occurs, or, if such 16th day is not a Business Day, the
      immediately preceding Business Day.

     

    Disqualified
      Organization:
      A
“disqualified organization” as defined in Section 860E(e)(5) of the
      Code.

     

    Distressed
      Mortgage Loan:
      Any
      Mortgage Loan that at the date of determination is Delinquent in payment for
      a
      period of more than 90 days without giving effect to any grace period permitted
      by the related Mortgage Note or for which the Servicer or the Trustee has
      accepted a deed in lieu of foreclosure.

     

    Distribution
      Account:
      The
      separate Eligible Account established and maintained by the Securities
      Administrator in accordance with the provisions of Section 3.5(d).

     

    Distribution
      Date:
      The
      25th day of each month or, if such 25th day is not a Business Day, the next
      succeeding Business Day, commencing in [           ]
      20[   ].

     

    Due
      Date:
      With
      respect to any Mortgage Loan, the date on which a Scheduled Payment is due
      under
      the related Mortgage Note.

     

    Eligible
      Account:
      Either
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company that complies with the definition of
      Eligible Institution or (ii) an account or accounts the deposits in which are
      insured by the FDIC to the limits established by such corporation, provided
      that any
      such deposits not so insured shall be maintained in an account at a depository
      institution or trust company whose commercial paper or other short term debt
      obligations (or, in the case of a depository institution or trust company which
      is the principal subsidiary of a holding company, the commercial paper or other
      short term debt or deposit obligations of such holding company or depository
      institution, as the case may be) have been rated by each Rating Agency in its
      highest short-term rating category, or (iii) a segregated trust account or
      accounts (which shall be a “special deposit account”) maintained with the
      Trustee, the Securities Administrator or any other federal or state chartered
      depository institution or trust company, acting in its fiduciary capacity,
      in a
      manner acceptable to the Trustee, the NIMS Insurer, if any, and the Rating
      Agencies. Eligible Accounts may bear interest.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

     

    Eligible
      Institution:
      Any of
      the following:

     

    (i) an
      institution whose:

     

    (a) commercial
      paper, short-term debt obligations, or other short-term deposits are rated
      at
      least “A-1+” or long-term unsecured debt obligations are rated at least “AA-” by
      S&P (and the equivalent ratings by the other Rating Agencies if rated by
      such Rating Agencies), if the amounts on deposit are to be held in the account
      for no more than 365 days; or

     

    (b) commercial
      paper, short-term debt obligations, demand deposits, or other short-term
      deposits are rated at least “A-2” by S&P (and the equivalent ratings by the
      other Rating Agencies if rated by such Rating Agencies), if the amounts on
      deposit are to be held in the account for no more than 30 days and are not
      intended to be used as credit enhancement. Upon the loss of the required rating
      set forth in this clause (i), the accounts shall be transferred immediately
      to
      accounts which have the required rating. Furthermore, commingling by the
      Servicer is acceptable at the A-2 rating level if the Servicer is a bank, thrift
      or depository and provided the Servicer has the capability to immediately
      segregate funds and commence remittance to an Eligible Account upon a downgrade;
      or

     

    (ii) the
      corporate trust department of a federally- or state-chartered depository
      institution subject to regulations regarding fiduciary funds on deposit similar
      to Title 12 of the U.S. Code of Federal Regulation Section 9.10(b), which,
      in
      either case, has corporate trust powers and is acting in its fiduciary
      capacity.

     

    Eligible
      Investments:
      Any one
      or more of the following obligations or securities:

     

    (i) direct
      obligations of, and obligations fully guaranteed as to timely payment of
      principal and interest by, the United States of America or any agency or
      instrumentality of the United States of America the obligations of which are
      backed by the full faith and credit of the United States of America (“Direct
      Obligations”);

     

    (ii) federal
      funds, or demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company (including
      U.S. subsidiaries of foreign depositories and the Trustee or any agent of the
      Trustee, acting in its respective commercial capacity) incorporated or organized
      under the laws of the United States of America or any state thereof and subject
      to supervision and examination by federal or state banking authorities, so
      long
      as at the time of investment or the contractual commitment providing for such
      investment the commercial paper or other short-term debt obligations of such
      depository institution or trust company (or, in the case of a depository
      institution or trust company which is the principal subsidiary of a holding
      company, the commercial paper or other short-term debt or deposit obligations
      of
      such holding company or deposit institution, as the case may be) have been
      rated
      by each Rating Agency in its highest short-term rating category or one of its
      two highest long-term rating categories;

     

    
      
        
        

      

      
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    (iii) repurchase
      agreements collateralized by Direct Obligations or securities guaranteed by
      GNMA, FNMA or FHLMC with any registered broker/dealer subject to Securities
      Investors’ Protection Corporation jurisdiction or any commercial bank insured by
      the FDIC, if such broker/dealer or bank has an uninsured, unsecured and
      unguaranteed obligation rated by each Rating Agency in its highest short-term
      rating category;

     

    (iv) securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      credit rating from each Rating Agency, at the time of investment or the
      contractual commitment providing for such investment, at least equal to one
      of
      the two highest long-term credit rating categories of each Rating Agency;
provided,
      however,
      that
      securities issued by any particular corporation will not be Eligible Investments
      to the extent that investment therein will cause the then outstanding principal
      amount of securities issued by such corporation and held as part of the Trust
      Fund to exceed 20% of the sum of the Pool Balance and the aggregate principal
      amount of all Eligible Investments in the Distribution Account; provided,
      further,
      that
      such securities will not be Eligible Investments if they are published as being
      under review with negative implications from any Rating Agency;

     

    (v) commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 180 days after the date of issuance thereof) rated by each Rating Agency
      that rates such securities in its highest short-term rating
      category;

     

    (vi) a
      Qualified GIC;

     

    (vii) certificates
      or receipts representing direct ownership interests in future interest or
      principal payments on obligations of the United States of America or its
      agencies or instrumentalities (which obligations are backed by the full faith
      and credit of the United States of America) held by a custodian in safekeeping
      on behalf of the holders of such receipts; and

     

    (viii) any
      other
      demand, money market, common trust fund or time deposit or obligation, or
      interest-bearing or other security or investment (including those managed or
      advised by the Trustee, the Securities Administrator or any Affiliate thereof),
      (A) rated in the highest rating category by each Rating Agency (other than
      Fitch) or (B) otherwise approved in writing by each Rating Agency of any of
      the
      Certificates or the NIM Securities. Such investments in this subsection (viii)
      may include money market mutual funds or common trust funds, including any
      fund
      for which [           ]
      in
      its
      capacity other than as the Securities Administrator (the “Bank”), the Trustee,
      the Securities Administrator, the Master Servicer, the Servicer, the NIMS
      Insurer, if any, or an affiliate thereof serves as an investment advisor,
      administrator, shareholder servicing agent, and/or custodian or subcustodian,
      notwithstanding that (x) the Bank, the Trustee, the Securities Administrator,
      the Master Servicer, the Servicer, the NIMS Insurer, if any, or any affiliate
      thereof charges and collects fees and expenses from such funds for services
      rendered, (y) the Bank, the Trustee, the Securities Administrator, the Master
      Servicer, the Servicer, the NIMS Insurer, if any, or any affiliate thereof
      charges and collects fees and expenses for services rendered pursuant to this
      Agreement, and (z) services performed for such funds and pursuant to this
      Agreement may converge at any time. The Trustee specifically authorizes the
      Bank
      or an affiliate thereof to charge and collect from the Trustee such fees as
      are
      collected from all investors in such funds for services rendered to such funds
      (but not to exceed investment earnings thereon);

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

     

    provided,
      however,
      that no
      such instrument shall be an Eligible Investment if such instrument evidences
      either (i) a right to receive only interest payments with respect to the
      obligations underlying such instrument, or (ii) both principal and interest
      payments derived from obligations underlying such instrument and the principal
      and interest payments with respect to such instrument provide a yield to
      maturity of greater than 120% of the yield to maturity at par of such underlying
      obligations, provided
      that any
      such investment will be a “permitted investment” within the meaning of Section
      860G(a)(5) of the Code.

     

    ERISA:
      The
      Employee Retirement Income Security Act of 1974, as amended.

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that meets the
      requirements of an Underwriter’s Exemption.

     

    ERISA-Restricted
      Certificate:
      Any
      Class [B], Class X, Class P or Class R Certificate, and any other Certificate
      with a rating below the lowest applicable rating permitted under the
      Underwriter’s Exemption.

     

    ERISA-Restricted
      Swap Certificate:
      Any
      Class [A], Class [M] or Class [B] Certificate.

     

    Escrow
      Account:
      Any
      account established and maintained by the Servicer pursuant to Section
      3.6(a).

     

    Euroclear:
      Euroclear Bank, S.A./N.V., as operator of the Euroclear System.

     

    Event
      of Default:
      A
      Servicer Event of Default or a Master Servicer Event of Default, as
      applicable.

     

    Excess
      Proceeds:
      With
      respect to any Liquidated Mortgage Loan and the Distribution Date immediately
      following the Prepayment Period in which such Mortgage Loan became a Liquidated
      Mortgage Loan, the amount, if any, by which the sum of any Liquidation Proceeds
      in respect of such Mortgage Loan received during such Prepayment Period, net
      of
      (a) any amounts previously reimbursed to the Servicer as Nonrecoverable
      Advance(s) with respect to such Mortgage Loan pursuant to Section 3.8(a)(iii)
      and (b) any Subsequent Recovery, exceeds the sum of (i) the unpaid principal
      balance of such Liquidated Mortgage Loan as of the Due Date in the month in
      which such Mortgage Loan became a Liquidated Mortgage Loan, (ii) accrued
      interest at the Mortgage Rate from the Due Date as to which interest was last
      paid or advanced (and not reimbursed) to Certificateholders up to the Due Date
      applicable to the Distribution Date immediately following the Prepayment Period
      during which such liquidation occurred and (iii) amounts required to be repaid
      to the related Mortgagor.

     

    
      
        
        

      

      
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    Exchange
      Act:
      The
      Securities Exchange Act of 1934, as amended.

     

    FDIC:
      The
      Federal Deposit Insurance Corporation or any successor thereto.

     

    FHLMC:
      The
      Federal Home Loan Mortgage Corporation, a corporate instrumentality of the
      United States created and existing under Title III of the Emergency Home Finance
      Act of 1970, as amended, or any successor thereto.

     

    Final
      Scheduled Distribution Date:
      With
      respect to each Class of Certificates, the Distribution Date occurring in
[           ]
      20[   ].

     

    Fitch:
      Fitch,
      Inc., or any successor in interest.

     

    Fixed
      Rate Mortgage Loan:
      Any
      Mortgage Loan as to which the related Mortgage Note provides for a fixed rate
      of
      interest throughout the term of such Note.

     

    FNMA:
      The
      Federal National Mortgage Association, a federally chartered and privately
      owned
      corporation organized and existing under the Federal National Mortgage
      Association Charter Act, or any successor thereto.

     

    Form
      10-K Certification:
      As
      defined in Section 7.3.

     

    Global
      Securities:
      The
      global certificates representing the Book-Entry Certificates.

     

    GNMA:
      The
      Government National Mortgage Association, a wholly owned corporate
      instrumentality of the United States within HUD.

     

    Holder
      or
Certificateholder:
      The
      registered owner of any Certificate as recorded on the books of the Certificate
      Registrar except that, solely for the purposes of taking any action or giving
      any consent pursuant to this Agreement, any Certificate registered in the name
      of the Depositor, the Trustee, the Securities Administrator, the Master
      Servicer, the Servicer, any subservicer retained by the Servicer, [the Credit
      Risk Manager], or any Affiliate thereof shall be deemed not to be outstanding
      in
      determining whether the requisite percentage necessary to effect any such
      consent has been obtained, except that, in determining whether the Trustee
      and
      the Securities Administrator shall be protected in relying upon any such
      consent, only Certificates which a Responsible Officer of the Trustee knows
      to
      be so owned shall be disregarded. The Trustee and the NIMS Insurer may request
      and conclusively rely on certifications by the Depositor, the Securities
      Administrator, the Master Servicer, the Servicer or [the Credit Risk Manager]
      in
      determining whether any Certificates are registered to an Affiliate of the
      Depositor, the Securities Administrator, the Master Servicer, the Servicer
      or
      [the Credit Risk Manager].

     

    
      
        
        

      

      
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    [Home
      Equity Accepted Servicing Practices:
      With
      respect to any Revolving Credit Loan, those mortgage loan servicing practices
      (including collection procedures) of prudent mortgage banking institutions
      which
      service home equity mortgage loans of the same type as such Revolving Credit
      Loan in the jurisdiction where the related Mortgaged Property is
      located.]

     

    HUD:
      The
      United States Department of Housing and Urban Development, or any successor
      thereto.

     

    Independent:
      When
      used with respect to any Accountants, a Person who is “independent” within the
      meaning of Rule 2-01(b) of the Commission’s Regulation S-X. When used with
      respect to any other Person, a Person who (a) is in fact independent of another
      specified Person and any Affiliate of such other Person, (b) does not have
      any
      material direct financial interest in such other Person or any Affiliate of
      such
      other Person, and (c) is not connected with such other Person or any Affiliate
      of such other Person as an officer, employee, promoter, underwriter, trustee,
      partner, director or Person performing similar functions.

     

    Index:
      The
      index specified in the related Mortgage Note for calculation of the Mortgage
      Rate thereof.

     

    [Initial
      Advance Facility:
      The
      Subservicing Advance Agreement dated as of[           ],
      20[   ], between the Initial Advance Facility Counterparty and
      the Subservicer. For purposes of this Agreement, the Initial Advance Facility
      shall have been terminated if (i) the Subservicer is no longer acting as
      subservicer (or as Servicer) or (ii) the Initial Advance Facility Counterparty
      shall have notified the Securities Administrator and the Trustee in writing
      that
      the Initial Advance Facility has been terminated.]

     

    [Initial
      Advance Facility Counterparty:
      [           ],
      and its
      successors and permitted assigns under the Initial Advance
      Facility.]

     

    Initial
      LIBOR Rate:
      [           ]%.

     

    [Initial
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed to the Trustee pursuant to this Agreement on
      the
      Closing Date. The Initial Mortgage Loans subject to this Agreement are
      identified on the Mortgage Loan Schedule annexed hereto as Schedule I and have
      an aggregate Scheduled Principal Balance as of the Cut-off Date of $[           ].]

     

    Initial
      Optional Purchase Date:
      The
      later of (1) the Distribution Date following the month in which the Pool Balance
      is less than 10.0% of the Cut-off Date Balance and (2) [           ]
      20[   ].

     

    Insurance
      Fee Rate:
      Not
      applicable.

     

    Insurance
      Policy:
      Any
      Primary Mortgage Insurance Policy (whether obtained by the Mortgagor, the
      lender, the originator or the Depositor on behalf of the Trust Fund), any
      standard hazard insurance policy, flood insurance policy, earthquake insurance
      policy or title insurance policy relating to the Mortgage Loans or the Mortgaged
      Properties, to be in effect as of the Closing Date or thereafter during the
      term
      of this Agreement.

     

    
      
        
        

      

      
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    Insurance
      Proceeds:
      Amounts
      paid by the insurer under any Insurance Policy, other than amounts (i) to cover
      expenses incurred by the Servicer in connection with procuring such proceeds,
      (ii) to be applied to restoration or repair of the related Mortgaged Property
      or
      (iii) required to be paid over to the Mortgagor pursuant to law or the related
      Mortgage Note.

     

    Interest
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, (a) the sum of (i)
      all
      interest collected (other than Payaheads and Prepayment Penalties) or advanced
      in respect of Scheduled Payments on the Mortgage Loans in such Mortgage Pool
      during the related Collection Period minus
      (x) any
      PMI Insurance Premiums related to the Mortgage Loans in such Mortgage Pool
      for
      such Distribution Date and any state taxes imposed on such premium, (y) the
      Servicing Fee with respect to the Mortgage Loans in such Mortgage Pool and
      (z)
      previously unreimbursed Delinquency Advances due to the Servicer or the Master
      Servicer to the extent allocable to interest and the allocable portion of
      previously unreimbursed Servicing Advances with respect to the Mortgage Loans,
      (ii) any Compensating Interest Payments with respect to such Mortgage Loans
      and
      the related Prepayment Period, (iii) the portion of any Purchase Price or
      Substitution Adjustment Amount paid with respect to the Mortgage Loans during
      the related Prepayment Period, to the extent allocable to interest and (iv)
      all
      Net Liquidation Proceeds, Insurance Proceeds and any other recoveries collected
      with respect to the Mortgage Loans during the related Prepayment Period, to
      the
      extent allocable to interest, as reduced (but not below zero) by, for each
      Mortgage Pool, (b) the product of (i) the applicable Pool Percentage for such
      Distribution Date and (ii) any costs, expenses or liabilities reimbursable
      to
      the Master Servicer, the Securities Administrator, the Custodian, the Servicer
      or the Trustee to the extent provided in this Agreement or any other Operative
      Document and not reimbursed pursuant to clause (a) above (provided,
      however,
      that in
      the case of the Trustee, such reimbursable amounts to the Trustee pursuant
      to
      Section 3.8 from amounts otherwise allocable to interest may not exceed $200,000
      in the aggregate during any Anniversary Year; provided,
      further,
      that in
      the event that the Trustee incurs reimbursable amounts in excess of $200,000,
      it
      may seek reimbursement for such amounts from the Interest Remittance Amount
      in
      accordance with the priority of distributions under Section
      [    ] or, in subsequent Anniversary Years, from amounts
      otherwise allocable to interest (subject to the $200,000 per Anniversary Year
      limitation); and provided,
      further,
      that
      notwithstanding the foregoing, costs and expenses incurred by the Trustee
      pursuant to Section 7.1 in connection with any transfer of servicing shall
      be
      excluded from the $200,000 per Anniversary Year limit on reimbursable amounts).
      [For each Distribution Date up to and including the Distribution Date in
      [            ], the
      Interest Remittance Amount shall include amounts distributable from the
      Capitalized Interest Account in an amount equal to the Capitalized Interest
      Requirement for such Distribution Date.]
      [

     

    Intervening
      Assignments:
      The
      original intervening assignments of the Mortgage, notices of transfer or
      equivalent instrument.

     

    Junior
      Lien Mortgage Loan:
      Any
      Mortgage Loan that is secured by a junior lien on the related Mortgaged
      Property.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in [           ]
      20[   ].

     

    LIBOR:
      With
      respect to the first Accrual Period, the Initial LIBOR Rate. With respect to
      each subsequent Accrual Period, a per annum rate determined on the LIBOR
      Determination Date in the following manner by the Securities Administrator
      on
      the basis of the “Interest Settlement Rate” set by the British Bankers’
Association (the “BBA”) for one-month United States dollar deposits, as such
      rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on such
      LIBOR Determination Date.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

     

    If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Securities Administrator
      shall obtain such rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.”
If such rate is not published for such LIBOR Determination Date, LIBOR for
      such
      date shall be the most recently published Interest Settlement Rate. In the
      event
      that the BBA no longer sets an Interest Settlement Rate, the Securities
      Administrator shall designate an alternative index that has performed, or that
      the Securities Administrator expects to perform, in a manner substantially
      similar to the BBA’s Interest Settlement Rate. The Securities Administrator
      shall select a particular index as the alternative index only if it receives
      an
      Opinion of Counsel (a copy of which shall be furnished to the NIMS Insurer,
      if
      any), which opinion shall be an expense reimbursed from the Distribution Account
      pursuant to Section 3.8(c), that the selection of such index shall not cause
      an
      Adverse REMIC Event.

     

    The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Certificate Interest Rate
      applicable to the LIBOR Certificates for the relevant Accrual Period, in the
      absence of manifest error, shall be final and binding.

     

    LIBOR
      Business Day:
      Any day
      on which banks in London, England and The City of New York are open and
      conducting transactions in foreign currency and exchange.

     

    LIBOR
      Certificate:
      Any
      Class [A], Class [M] or Class [B] Certificate.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period for any LIBOR Certificate.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the Servicer has determined that all amounts
      that it expects to recover on behalf of the Trust Fund from or on account of
      such Mortgage Loan have been recovered.

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Servicer in connection with the liquidation
      of
      any defaulted Mortgage Loan and are not recoverable under the applicable Primary
      Mortgage Insurance Policy, if any, including, without limitation, foreclosure
      and rehabilitation expenses, legal expenses and unreimbursed
      amounts.

     

    Liquidation
      Proceeds:
      Cash
      received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale, payment in full, discounted payoff or otherwise, or the sale
      of the related Mortgaged Property if the Mortgaged Property is acquired in
      satisfaction of the Mortgage Loan, including any amounts remaining in the
      related Escrow Account.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan, the ratio of the principal balance of such
      Mortgage Loan plus, in the case of a Junior Lien Mortgage Loan, the principal
      balance of each mortgage loan senior thereto, in each case as of the applicable
      date of determination, to (a) in the case of a purchase, the lesser of the
      sale
      price of the Mortgaged Property and its appraised value at the time of sale
      or
      (b) in the case of a refinancing or modification, the appraised value of the
      Mortgaged Property at the time of the refinancing or modification.

     

    Lost
      Mortgage Note:
      Any
      Mortgage Note the original of which was permanently lost or destroyed and has
      not been replaced.

     

    Lower
      Tier Interest:
      As
      provided in the Preliminary Statement.

     

    [M]
      Principal Distribution Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the sum
      of
      (i) the aggregate Class Principal Amount of the Class [A] Certificates, after
      giving effect to distributions on such Distribution Date and (ii) the Class
      Principal Amount of the Class [M] Certificates immediately prior to such
      Distribution Date exceeds (y) the [M] Target Amount.

     

    [M]
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of
      (i) [           ]%
      and (ii) the Aggregate Pool Balance for such Distribution Date and (b) the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date exceeds (ii) 0.50% of the Cut-off Date Balance.

     

    Majority
      Class X Certificateholders:
      The
      Holders at any time of more than 50% of the Percentage Interest in the Class
      X
      Certificates.

     

    Master
      Servicer:
      As of
      the Closing Date, [           ]
      and
      thereafter, any successor in interest or assign that meets the requirements
      of
      this Agreement. So long as [           ]
      shall
      be
      the Master Servicer, if [           ]
      shall
      resign or be terminated as Master Servicer under this Agreement, [           ]
      shall
      simultaneously resign or be terminated as Securities Administrator.

     

    Master
      Servicer Event of Default:
      Any one
      of the events, conditions or circumstances enumerated in Section
      7.1(f).

     

    Maximum
      Interest Rate:
      [With
      respect to any Distribution Date, an annual rate equal to: (i) in the case
      of
      the Class [A] Certificates, an annual rate equal to (a) the product, expressed
      as a percentage, of (1) the amount, if any, by which the weighted average of
      the
      maximum lifetime Mortgage Rates, as specified in the related Mortgage Notes
      for
      the Pool 1 Mortgage Loans, exceeds the Servicing Fee Rate and (2) a fraction,
      the numerator of which is 30 and the denominator of which is the actual number
      of days in the Accrual Period related to such Distribution Date; plus
      (b)
      the
      product, expressed as a percentage, of (1) [the amount of any Net Swap Payment
      owed by the Swap Counterparty for such Distribution Date allocable to Pool
      1
      (based on the applicable Pool Percentage)] divided by the Pool Balance for
      Pool
      1 as of the beginning of the related Collection Period and (2) a fraction,
      the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the Accrual Period related to such Distribution Date; minus
      (c)
      the
      product, expressed as a percentage, of (1) [the amount of any Net Swap Payment
      owed to the Swap Counterparty for such Distribution Date allocable to Pool
      1
      (based on the applicable Pool Percentage)] divided by the Pool Balance for
      Pool
      1 as of the beginning of the related Collection Period and (2) a fraction,
      the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the Accrual Period related to such Distribution Date; (ii) in the case
      of the Class [A] Certificates, an annual rate equal to (a) the product,
      expressed as a percentage, of (1) the amount, if any, by which the weighted
      average of the maximum lifetime Mortgage Rates, as specified in the related
      Mortgage Notes for the Pool 2 Mortgage Loans, exceeds the Servicing Fee Rate
      and
      (2) a fraction, the numerator of which is 30 and the denominator of which is
      the
      actual number of days in the Accrual Period related to such Distribution Date;
      plus
      (b)
      the
      product, expressed as a percentage, of (1) [the amount of any Net Swap Payment
      owed by the Swap Counterparty for such Distribution Date allocable to Pool
      2
      (based on the applicable Pool Percentage)] divided by the Pool Balance for
      Pool
      2 as of the beginning of the related Collection Period and (2) a fraction,
      the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the Accrual Period related to such Distribution Date; minus
      (c)
      the
      product, expressed as a percentage, of (1) [the amount of any Net Swap Payment
      owed to the Swap Counterparty for such Distribution Date allocable to Pool
      2
      (based on the applicable Pool Percentage)] divided by the Pool Balance for
      Pool
      2 as of the beginning of the related Collection Period and (2) a fraction,
      the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the Accrual Period related to such Distribution Date; and (iii) in
      the
      case of the Class [M] and Class [B] Certificates, an annual rate equal to the
      weighted average of (a) the Maximum Interest Rate for the Class [A]
      Certificates, weighted on the basis of the Pool Subordinate Amount for Pool
      1,
      and (b) the Maximum Interest Rate for the Class [A] Certificates, weighted
      on
      the basis of the Pool Subordinate Amount for Pool 2.]

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    MERS:
      Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
      any
      successor in interest thereto.

     

    MERS
      Mortgage Loan:
      Any
      Mortgage Loan as to which the related Mortgage, or an Assignment of Mortgage,
      has been or will be recorded in the name of MERS, as nominee for the holder
      from
      time to time of the Mortgage Note.

     

    Monthly
      Excess Cashflow:
      With
      respect to any Distribution Date, the sum, of (i) the Pool 1 Monthly Excess
      Interest and the Pool 2 Monthly Excess Interest for such date, (ii) the
      Aggregate Overcollateralization Release Amount for such date and (iii) any
      remaining Principal Distribution Amount from either Mortgage Pool after making
      the distributions in Section 4.1(d) for such date.

     

    Moody’s:
      Moody’s
      Investors Service, Inc., or any successor in interest.

     

    Mortgage:
      A
      mortgage, deed of trust or other instrument encumbering a fee simple interest
      in
      real property securing a Mortgage Note, together with improvements
      thereto.

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.1(b) pertaining to a particular Mortgage
      Loan required to be delivered to the Custodian on behalf of the Trustee pursuant
      to this Agreement.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

     

    Mortgage
      Loan:
      A
      Mortgage and the related notes or other evidences of indebtedness secured by
      each such Mortgage conveyed, transferred, sold, assigned to or deposited with
      the Trustee pursuant to Section 2.1 or Section 2.3, including without limitation
      each [Mortgage Loan] [Initial Mortgage Loan and [Subsequent Mortgage
      Loan][Additional Mortgage Loan]] listed on the Mortgage Loan Schedule, as
      amended from time to time.

     

    Mortgage
      Loan Document Requirements:
      As
      defined in Section 2.2 hereof.

     

    Mortgage
      Loan Documents:
      As
      defined in Section 2.1 hereof.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule I, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to [(including the addition of any [Subsequent][Additional]
      Mortgage Loans)], or the deletion of Mortgage Loans from, the Trust Fund.
The
      Depositor shall be responsible for providing the Master Servicer and the
      Custodian on behalf of the Trustee with all amendments to the Mortgage Loan
      Schedule[, including as a consequence of the addition of [Subsequent]
      [Additional] Mortgage Loans on a Transfer Date].

     

    Mortgage
      Note:
      The
      note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage
      under a Mortgage Loan.

     

    Mortgage
      Pool:
      Either
      of Pool 1 or Pool 2.

     

    Mortgage
      Rate:
      With
      respect to any Mortgage Loan, the per annum rate at which interest accrues
      on
      such Mortgage Loan, as determined under the related Mortgage Note as reduced
      by
      any application of the Relief Act.

     

    Mortgaged
      Property:
      The fee
      simple (or leasehold) interest in real property, together with improvements
      thereto including any exterior improvements to be completed within 120 days
      of
      disbursement of the related Mortgage Loan proceeds.

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Net
      Excess Spread:
      With
      respect to any Distribution Date, (A) the fraction, expressed as a percentage,
      the numerator of which is equal to the product of (i) the amount, if any, by
      which (a) the aggregate of the Interest Remittance Amounts for each Mortgage
      Pool for such Distribution Date [(as reduced by the sum of the Credit Risk
      Manager’s Fee)] exceeds (b) the Current Interest payable with respect to the
      Certificates for such date and (ii) twelve, and the denominator of which is
      the
Aggregate
      Pool Balance
      for such
      Distribution Date, multiplied by (B) a fraction, the numerator of which is
      thirty and the denominator of which is the greater of thirty and the actual
      number of days in the immediately preceding calendar month.

     

    Net
      Funds Cap:
      The
      Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap or the Subordinate Net Funds
      Cap,
      as the context requires.

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds net
      of
      (i) unreimbursed expenses, (ii) unreimbursed Advances, if any, and (iii) in
      the
      case of a liquidated Junior Lien Mortgage Loan, the amount necessary to repay
      the related senior lien mortgage loan, received and retained in connection
      with
      the liquidation of defaulted Mortgage Loans, through insurance or condemnation
      proceeds, by foreclosure or otherwise, together with any net proceeds received
      on a monthly basis with respect to any Mortgaged Properties acquired by
      foreclosure or deed in lieu of foreclosure.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the Servicing
      Fee Rate for such Mortgage Loan.

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Distribution Date, the excess, if any, of any Prepayment Interest
      Shortfalls for such date over Compensating Interest, if any, paid by the
      Servicer with respect to such Distribution Date.

     

    [Net
      Swap Payment:
      With
      respect to each Distribution Date, the net payment required to be made pursuant
      to the terms of the Swap Agreement, as calculated by the Swap Counterparty,
      which net payment shall not take into account any Swap Termination
      Payment.]

     

    Net
      WAC Rate:
      With
      respect to any Distribution Date (and the related Accrual Period), a per annum
      rate equal to the weighted average of the Net Mortgage Rates of the Mortgage
      Loans as of the first day of the related Collection Period (not including for
      this purpose Mortgage Loans for which prepayments in full have been received
      and
      distributed in the month prior to that Distribution Date).

     

    NIMS
      Agreement:
      Any
      agreement pursuant to which NIM Securities, if any, are issued.

     

    NIMS
      Insurer:
      Not
      applicable.

     

    NIM
      Securities:
      Any net
      interest margin securities issued subsequent to the Closing Date by a trust
      or
      other special purpose entity, the principal assets of such trust including
      the
      Class P and Class X Certificates and the payments received thereon, which
      principal assets back such securities.

     

    Non-Book-Entry
      Certificate:
      Any
      Certificate other than a Book-Entry Certificate.

     

    Non-MERS
      Mortgage Loan:
      Any
      Mortgage Loan other than a MERS Mortgage Loan.

     

    [Non-passive
      Derivative:
      A
      derivative contract that provides the Seller with discretionary options, such
      as
      the option to call or put other financial instruments.]

     

    Nonrecoverable
      Advance:
      Any
      portion of any Advance previously made or proposed to be made by or on behalf
      of
      the Servicer that, in the good faith judgment of the Servicer, will not be
      ultimately recoverable from the related Mortgagor, related Liquidation Proceeds
      or otherwise from amounts in respect of the related Mortgage Loan.

     

    Notice
      Address:
      For
      purposes hereof, the addresses of the Depositor, the Seller, the Master
      Servicer, the Securities Administrator, the Custodian, the Servicer, the
      Trustee, [the Credit Risk Manager], the NIMS Insurer, if any, each Rating Agency
      and [the Swap Counterparty] are as follows:

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

    

    
      	 	
              (i)

            	
              If
                to the Depositor:

            

    

     

    Aegis
      Asset Backed Securities Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

    

    
      	 	
              (ii)

            	
              If
                to the
                Seller:

            

    

     

    Aegis
      Mortgage Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

    

    
      	 	
              (iii)

            	
              If
                to the Master Servicer:

            

    

     

    [           ]

    [           ],
      [           ]

    Attention:
      [Corporate Trust Services] (AEGIS
      20[   ]-[   ])

     

    or
      for
      overnight delivery to:

     

    [           ]

    [           ],
      [           ]

    Attention:
      [Corporate Trust Services] (AEGIS
      20[   ]-[   ])

     

    
      	 	
              (iv)

            	
              If
                to the Securities Administrator, to its [Corporate Trust
                Office].

            

    

     

    
      	 	
              (v)

            	
              If
                to the Custodian:

            

    

     

    [           ]

    [           ],
      [           ]

    Attention:
      AEGIS 20[   ]-[   ]

     

    
      	 	
              (vi)

            	
              If
                to the Servicer:

            

    

     

    [           ] 

    [           ]

    [           ],
      [           ]

    Attention:
      [Secretary]

    With
      a
      copy to:

     

    Aegis
      Mortgage Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

     

    
      	 	
              (vii)

            	
              If
                to the Trustee, to its [Corporate Trust
                Office].

            

    

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (viii)

            	
              [If
                to the Credit Risk Manager:

            

    

     

    [           ]

    [           ],
      [           ]

    Attention:
      [           ]

    

    With
      a
      copy to:

    [           ]

    [           ],
      [           ]

    Attention:
      [           ]]

     

    
      	 	
              (ix)

            	
              If
                to the NIMS Insurer: Not
                applicable.

            

    

     

    
      	 	
              (x)

            	
              [If
                to Moody’s:

            

    

     

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street, 4th Floor

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages]

    

    
      	 	
              (xi)

            	
              [If
                to S&P:

            

    

     

    Standard
      & Poor’s Ratings Services,

    a
      division of The McGraw-Hill Companies, Inc.

    55
      Water
      Street, 41st Floor

    New
      York,
      New York 10041

    Attention:
      RMBS Surveillance]

    

    
      	 	
              (xii)

            	
              [If
                to Fitch:

            

    

     

    Fitch,
      Inc.

    One
      State
      Street Plaza

    30th
      Floor

    New
      York,
      New York 10004

    Attention:
      Residential Mortgages]

     

    
      	 	
              (xiii)

            	
              [If
                to the Swap Counterparty:

            

    

     

    [           ]

    [           ],
      [           ]

    Attention:
      [           ]]

     

    Notional
      Amount:
      Not
      applicable.

     

    Notional
      Certificate:
      Not
      applicable.

     

    Offering
      Document:
      The
      Prospectus.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    

     

    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board, any Vice Chairman, the
      President, any Vice President or any Assistant Vice President of a Person,
      and
      in each case delivered to the Trustee.

     

    Operative
      Documents:
      This
      Agreement, the Sale Agreement, the Depository Agreement, [the Swap Agreement],
      the Certificates and each other document contemplated by any of the foregoing
      to
      which the Depositor, the Seller, the Master Servicer, the Servicer, the
      Securities Administrator, the Trustee or the Custodian is a party.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee, the Securities Administrator and the NIMS Insurer, if any, and which
      may be in-house or outside counsel to the Depositor, the Master Servicer, the
      Trustee or the Securities Administrator but which must be Independent outside
      counsel with respect to any such opinion of counsel concerning the transfer
      of
      any Residual Certificate or concerning certain matters with respect to ERISA,
      or
      the taxation, or the federal income tax status, of each REMIC.

     

    [Original
      Capitalized Interest Amount:
      $[         ].]

     

    Original
      Value:
      With
      respect to any Mortgage Loan, the lesser of (a) the Appraised Value of the
      related Mortgaged Property at the time such Mortgage Loan was originated and
      (b)
      if the Mortgage Loan was made to finance the acquisition of the related
      Mortgaged Property, the purchase price paid for the Mortgaged Property by the
      Mortgagor at the time the related Mortgage Loan was originated.

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Aggregate
      Pool
      Balance
      for such
      Distribution Date exceeds (y) the aggregate Class
      Principal Amount of the Class [A], Class [M] and Class [B] Certificates
after
      giving effect to distributions on such Distribution Date.

     

    Overcollateralization
      Cumulative Loss Trigger Event:
      An
“Overcollateralization Cumulative Loss Trigger Event” shall have occurred with
      respect to any Distribution Date commencing with the Distribution Date in
[           ]
      20[   ], if the fraction, expressed as a percentage, obtained by
      dividing (x) the aggregate amount of Cumulative Realized Losses incurred from
      the Cut-off Date through the last day of the related Collection Period by (y)
      the Cut-off Date Balance, exceeds the applicable percentage set forth below
      with
      respect to such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              Loss
                Percentage

            
	
              [           ]
                20[   ] through [           ]
                20[   ] 

            	
              [           ]%

            
	
              [           ]
                20[   ] through [           ]
                20[   ] 

            	
              [           ]%

            
	
              [           ]
                20[   ] through [           ]
                20[   ] 

            	
              [           ]%

            
	
              [           ]
                20[   ] through [           ]
                20[   ] 

            	
              [           ]%

            
	
               [           ]
                20[   ] and thereafter

            	
              [           ]%

            
	 	 

    

    Overcollateralization
      Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Targeted
      Overcollateralization Amount for such Distribution Date exceeds (y) the
      Overcollateralization Amount for such Distribution Date, calculated for this
      purpose after giving effect to the reduction on such Distribution Date of the
      Class
      Principal Amounts of the Class [A], Class [M] and Class [B] Certificates
resulting
      from the distribution of the Principal Remittance Amount on such Distribution
      Date, but prior to allocation of any Applied Loss Amount on such Distribution
      Date.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    

     

    [Passive
      Derivative:
      A
      derivative contract that does not offer any options to the Seller or other
      parties.]

     

    Payahead:
      With
      respect to any Mortgage Loan and any Due Date therefor, any Scheduled Payment
      received by the Servicer during any Collection Period in addition to the
      Scheduled Payment due on such Due Date, intended by the related Mortgagor to
      be
      applied on a subsequent Due Date or Due Dates.

     

    Paying
      Agent:
      Initially, the Securities Administrator, and thereafter any subsequent paying
      agent appointed by the Trustee.

     

    Percentage
      Interest:
      With
      respect to any Certificate, its percentage interest in the undivided beneficial
      ownership interest in the Trust Fund evidenced by all Certificates of the same
      Class as such Certificate. With respect to any Certificate other than the
      Class X, Class P, Class R Certificates, the Percentage Interest evidenced
      thereby shall equal the initial Certificate Principal Amount thereof divided
      by
      the initial Class Principal Amount of all Certificates of the same Class. With
      respect to the Class X, Class P and Class R Certificates, the Percentage
      Interest evidenced thereby shall be as specified on the face thereof, or
      otherwise be equal to 100%.

     

    Permitted
      Transferee:
      Any
      person other than a “disqualified organization” as defined in section 860E(e)(5)
      of the Code.

     

    Person:
      Any
      individual, corporation, partnership, joint venture, association, joint-stock
      company, limited liability company, trust, unincorporated organization or
      government or any agency or political subdivision thereof.

     

    Plan
      Asset Regulations:
      The
      Department of Labor regulations set forth in 29 C.F.R. 2510.3-101.

     

    PMI
      Insurance Premium:
      Not
      applicable.

     

    PMI
      Insurer:
      Not
      applicable.

     

    Pool
      Balance:
      With
      respect to each Mortgage Pool, the aggregate of the Scheduled Principal Balances
      of all Mortgage Loans in such Mortgage Pool at the date of determination [plus,
      during the [Pre-Funding Period] [Revolving Period], the amount of the
      [Pre-Funding Amount] [Revolving Amount] applicable to such Mortgage Pool which
      has not been previously applied towards the purchase of [Subsequent Mortgage
      Loans] [Additional Mortgage Loans].

     

    Pool
      1:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 1.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    

     

    Pool
      1
      Monthly Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 1 remaining after application pursuant to clauses (i) through (xix)
      of
      Section 4.1(b) on such date.

     

    Pool
      1
      Net Funds Cap:
      [With
      respect to any Distribution Date and the Class [A] Certificates, a per annum
      rate equal to (a) a fraction, expressed as a percentage, the numerator of which
      is the product of (1) (i) the Pool 1 Optimal Interest Remittance Amount for
      such Distribution Date minus
      (ii) the
      lesser of (x) the product of (A) [any Net Swap Payment or Swap Termination
      Payment (to the extent not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty for such Distribution Date] and (B) the Pool Percentage for
      Pool 1 for such Distribution Date and (y) the Pool 1 Optimal Interest Remittance
      Amount and (2) 12, and the denominator of which is the Pool Balance for Pool
      1
      as of the first day of the related Collection Account multiplied by (b) a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date.]

     

    Pool
      1
      Optimal Interest Remittance Amount:
      With
      respect to each Distribution Date, an amount equal to the product of (a) the
      quotient of (i) the weighted average of the Net Mortgage Rates of the Mortgage
      Loans in Pool 1 as of the first day of the related Collection Period and
      adjusted for prepayments received and distributed on a prior Distribution Date,
      and (ii) 12 and (b) the Pool Balance for Pool 1 as of the first day of the
      related Collection Period.

     

    Pool
      2:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 2.

     

    Pool
      2
      Monthly Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 2 remaining after application pursuant to clauses (i) through (xx)
      of
      Section 4.1(c) on such date.

     

    Pool
      2
      Net Funds Cap:
      [With
      respect to any Distribution Date and the Class [A] Certificates, a per annum
      rate equal to (i) (a) a fraction, expressed as a percentage, the numerator
      of
      which is the product of (1) (i) the Pool 2 Optimal Interest Remittance
      Amount for such Distribution Date minus
      (ii) the
      lesser of (x) the product of (A) [any Net Swap Payment or Swap Termination
      Payment (to the extent not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty for such Distribution Date] and (B) the Pool Percentage for
      Pool 2 for such Distribution Date and (y) the Pool 2 Optimal Interest Remittance
      Amount and (2) 12, and the denominator of which is the Pool Balance for Pool
      2
      as of the first day of the related Collection Period multiplied by (b) a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date.]

     

    Pool
      2
      Optimal Interest Remittance Amount:
      With
      respect to each Distribution Date, an amount equal to the product of (a) the
      quotient of (i) the weighted average of the Net Mortgage Rates of the Mortgage
      Loans in Pool 2 as of the first day of the related Collection Period and
      adjusted for prepayments received and distributed on a prior Distribution Date,
      and (ii) 12 and (b) the Pool Balance for Pool 2 as of the first day of the
      related Collection Period.

     

    Pool
      Percentage:
      With
      respect to each Mortgage Pool and any Distribution Date, the fraction, expressed
      as a percentage, the numerator of which is the Pool Balance for such Mortgage
      Pool for such date and the denominator of which is the Aggregate Pool Balance
      for such date.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    

     

    Pool
      Subordinate Amount:
      As to
      any Mortgage Pool and any Distribution Date, the excess of the Pool Balance
      as
      of the first day of the preceding calendar month, as reduced by Scheduled
      Payments due on such day for such Mortgage Pool over the aggregate Class
      Principal Amount of the Class [A] Certificates (in the case of Pool 1) or the
      Class Principal Amount of the Class [A] Certificates (in the case of Pool 2),
      in
      each case, immediately before such Distribution Date.

     

    Pre
      Cut-off Date Servicing Advances:
      None.

     

    [Pre-Funding
      Account:
      The
      pre-funding account established by the Securities Administrator pursuant to
      Section [     ].]

     

    [Pre-Funding
      Amount:
      The
      amount deposited by the Securities Administrator into the Pre-Funding Account
      on
      the Closing Date.]

     

    [Pre-Funding
      Period:
      The
      period beginning on the Closing Date and ending on
      [      ].]

     

    Prepayment
      Interest Shortfall:
      With
      respect to any full or partial Principal Prepayment of a Mortgage Loan, the
      excess, if any, of (i) one full month’s interest at the applicable Mortgage Rate
      (as reduced by the Servicing Fee, in the case of Principal Prepayments in full)
      on the outstanding principal balance of such Mortgage Loan immediately prior
      to
      such prepayment over (ii) the amount of interest actually received with respect
      to such Mortgage Loan in connection with such Principal Prepayment.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date, the calendar month immediately preceding
      the
      month in which such Distribution Date occurs.

     

    Prepayment
      Penalty:
      Any
      prepayment fees and penalties to be paid by the Mortgagor on a Mortgage
      Loan.

     

    Primary
      Mortgage Insurance Policy:
      Any
      mortgage guaranty insurance, if any, on an individual Mortgage Loan (excluding
      any Bulk PMI Policy) as evidenced by a policy or certificate, whether such
      policy is obtained by the originator, the lender, the Mortgagor or the Seller
      on
      behalf of the Trust Fund.

     

    Prime
      Rate:
      The
      prime rate of the United States money center commercial banks as published
      in
The
      Wall Street Journal,
      Northeast Edition.

     

    Principal
      Distribution Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, an amount equal to
      the
      Principal Remittance Amount for such Mortgage Pool for such date minus
      the
      Aggregate Overcollateralization Release Amount, if any, allocable to such
      Mortgage Pool for such Distribution Date (based on the Pool
      Percentage).

     

    Principal
      Prepayment:
      Any
      Mortgagor payment of principal (other than a Balloon Payment) or other recovery
      of principal on a Mortgage Loan that is recognized as having been received
      or
      recovered in advance of its scheduled Due Date and applied to reduce the
      principal balance of the Mortgage Loan in accordance with the terms of the
      Mortgage Note.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    

     

    Principal
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, (a) the sum of
      (i) all principal collected (other than Payaheads) or advanced in respect
      of Scheduled Payments on the Mortgage Loans in such Mortgage Pool during the
      related Collection Period (less unreimbursed Advances due to the Servicer or
      the
      Master Servicer with respect to the related Mortgage Loans, to the extent
      allocable to principal), (ii) all Principal Prepayments in full or in part
      received during the related Prepayment Period on the Mortgage Loans in such
      Mortgage Pool, in the case of any Principal Prepayments in full, or during
      the
      related Collection Period, in the case of any Principal Prepayments in part,
      (iii) the outstanding principal balance of each Mortgage Loan in such Mortgage
      Pool that was purchased from the Trust Fund during the related Prepayment
      Period, (iv) the portion of any Substitution Adjustment Amount paid with respect
      to any Deleted Mortgage Loan in such Mortgage Pool during the related Prepayment
      Period, to the extent allocable to principal and (v) all Net Liquidation
      Proceeds, Insurance Proceeds, Subsequent Recoveries and other recoveries
      collected with respect to such Mortgage Loans in such Mortgage Pool during
      the
      related Prepayment Period, to the extent allocable to principal, as reduced
      by,
      for each Mortgage Pool, (b) to the extent not reimbursed pursuant to clause
      (a) above or from amounts allocable to interest on the Mortgage Loans, the
      product of (i) the applicable Pool Percentage for such Distribution Date and
      (ii) any costs,
      expenses or liabilities reimbursable to the Trustee, the Master Servicer, the
      Securities Administrator, the Custodian and the Servicer to the extent provided
      in this Agreement or any other Operative Document; and to
      the
      extent such amounts allocable to interest on the Mortgage Loans are less than
      amounts reimbursable to the Trustee pursuant to Section 3.8, the product of
      (x)
      the applicable Pool Percentage for such Distribution Date and (y) any amounts
      reimbursable during the related Anniversary Year to the Trustee therefrom and
      not reimbursed from such amounts allocable to interest on the Mortgage Loans,
      or
      otherwise (provided,
      however,
      that
      such reimbursable amounts from such
      amounts allocable to interest or principal on the Mortgage Loans,
      may not
      exceed $200,000 in the aggregate during any Anniversary Year; provided,
      further,
      that in
      the event that the Trustee incurs reimbursable amounts in excess of $200,000,
      it
      may seek reimbursement from the amounts
      allocable to principal on the Mortgage Loans for
      such
      amounts in subsequent Anniversary Years, but in no event shall such
      amounts allocable to interest and principal on the Mortgage Loans
      in the
      aggregate be reduced in respect of reimbursements to the Trustee in excess
      of
      $200,000 per Anniversary Year; and provided,
      further,
      that
      notwithstanding the foregoing, costs and expenses incurred by the Trustee
      pursuant to Section 7.1 in connection with any transfer of servicing shall
      be
      excluded from the $200,000 per Anniversary Year limit on reimbursable amounts).
      [On
      the
      first Distribution Date after the end of the Revolving Period, the Principal
      Remittance Amount shall include amounts allocable to principal that were
      deposited in the Revolving Account during the Revolving Period and not withdrawn
      to purchase Additional Mortgage Loans.] [On the first Distribution Date after
      the end of the Pre-Funding Period, the Principal Remittance Amount shall include
      amounts allocable to principal that were deposited in the Pre-Funding Account
      during the Pre-Funding Period and not withdrawn to purchase Subsequent Mortgage
      Loans.]

     

    Private
      Certificate:
      Not
      applicable.

     

    
      
        
        

      

      
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    Proceeding:
      Any
      suit in equity, action at law or other judicial or administrative
      proceeding.

     

    Proprietary
      Lease:
      With
      respect to any Cooperative Unit, a lease or occupancy agreement between a
      Cooperative Corporation and a holder of related Cooperative Shares.

     

    Prospectus:
      The
      prospectus supplement dated [           ],
      20[   ], together with the accompanying prospectus dated
[           ],
      20[   ], relating to the Class
      [A], Class [M] and Class [B] Certificates.

     

    Purchase
      Price:
      With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
      balance of such Mortgage Loan, (b) accrued interest thereon at the applicable
      Mortgage Rate, from the date as to which interest was last paid to (but not
      including) the Due Date in the Collection Period immediately preceding the
      related Distribution Date, plus any unreimbursed Servicing Advances, (c) the
      amount of any costs and damages incurred by the Trust Fund in connection with
      any violation of any applicable federal, state or local predatory or abusive
      lending law in connection with the origination of such Mortgage Loan, (d) the
      fair market value of all other property being purchased, (e) any outstanding
      amounts due to the Master Servicer, the Securities Administrator, the Custodian
      and the Trustee and (f) [any Swap Termination Payment payable to the Swap
      Counterparty]. The Servicer (or any other party making Advances, if applicable)
      shall be reimbursed from the Purchase Price for any Mortgage Loan or related
      REO
      Property for any Advances made or other amounts advanced with respect to such
      Mortgage Loan that are reimbursable to the Servicer under this Agreement (or
      to
      the Master Servicer hereunder), together with any accrued and unpaid
      compensation due to the Servicer or the Master Servicer hereunder.

     

    Qualified
      GIC:
      A
      guaranteed investment contract or surety bond providing for the investment
      of
      funds in the Distribution Account and insuring a minimum, fixed or floating
      rate
      of return on investments of such funds, which contract or surety bond
      shall:

     

    (xiv) be
      an
      obligation of an insurance company or other corporation whose long-term debt
      is
      rated by each Rating Agency in one of its two highest rating categories or,
      if
      such insurance company has no long-term debt, whose claims paying ability is
      rated by each Rating Agency in one of its two highest rating categories, and
      whose short-term debt is rated by each Rating Agency in its highest rating
      category;

     

    (xv) provide
      that the Securities Administrator may exercise all of the rights under such
      contract or surety bond without the necessity of taking any action by any other
      Person;

     

    (xvi) provide
      that if at any time the then current credit standing of the obligor under such
      guaranteed investment contract is such that continued investment pursuant to
      such contract of funds would result in a downgrading of any rating of the
      Certificates or the NIM Securities, the Securities Administrator shall terminate
      such contract without penalty and be entitled to the return of all funds
      previously invested thereunder, together with accrued interest thereon at the
      interest rate provided under such contract to the date of delivery of such
      funds
      to the Trustee;

     

    
      
        
        

      

      
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    (xvii) provide
      that the Securities Administrator’s interest therein shall be transferable to
      any successor securities administrator hereunder; and

     

    (xviii) provide
      that the funds reinvested thereunder and accrued interest thereon be returnable
      to Distribution Account, as the case may be, not later than the Business Day
      prior to any Distribution Date.

     

    Qualified
      Insurer:
      An
      insurance company duly qualified as such under the laws of the states in which
      the related Mortgaged Properties are located, duly authorized and licensed
      in
      such states to transact the applicable insurance business and to write the
      insurance provided. 

     

    Qualified
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to
      the
      terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
      (i) has an outstanding Scheduled Principal Balance (or in the case of a
      substitution of more than one mortgage loan for a Deleted Mortgage Loan, an
      aggregate Scheduled Principal Balance), after application of all Scheduled
      Payments due during or prior to the month of substitution, not in excess of,
      and
      not more than 5.0% less than, the outstanding Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage Rate
      on
      the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate
      not
      less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has
      a
      minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted
      Mortgage Loan, (v) has a gross margin equal to or greater than the gross margin
      of the Deleted Mortgage Loan, (vi) has a next adjustment date not later than
      the
      next adjustment date on the Deleted Mortgage Loan, (vii) has the same Due Date
      as the Deleted Mortgage Loan, (viii) has a remaining term to maturity not
      greater than (and not more than one year less than) that of the Deleted Mortgage
      Loan, (ix) is current as of the date of substitution, (x) has a Loan-to-Value
      Ratio as of the date of substitution equal to or lower than the Loan-to-Value
      Ratio of the Deleted Mortgage Loan as of such date, (xi) has been underwritten
      in accordance with substantially the same underwriting criteria and guidelines
      as the Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller
      at least equal to the risk grading assigned on the Deleted Mortgage Loan,
      (xiii) is secured by the same property type as the Deleted Mortgage Loan,
      (xiv) conforms to each representation and warranty applicable to the Deleted
      Mortgage Loan made in the Sale Agreement, (xv) has the same or higher lien
      position as the Deleted Mortgage Loan, (xvi) is covered by a primary mortgage
      insurance policy if the Deleted Mortgage Loan was so covered,
      (xvii) contains provisions covering the payment of Prepayment Penalties by
      the Mortgagor for early prepayment of the Mortgage Loan at least as favorable
      as
      the Deleted Mortgage Loan and (xviii) for any Mortgage Loan to be substituted
      into Pool 2, has an original principal balance within the maximum dollar amount
      limitations prescribed by Freddie Mac for conforming one- to four-family
      residential mortgage loans. In the event that one or more mortgage loans are
      substituted for one or more Deleted Mortgage Loans, the amounts described in
      clause (i) hereof shall be determined on the basis of aggregate Scheduled
      Principal Balances, the Mortgage Rates described in clause (ii) hereof shall
      be
      determined on the basis of weighted average Mortgage Rates, the risk gradings
      described in clause (xii) hereof shall be satisfied as to each such mortgage
      loan, the terms described in clause (viii) hereof shall be determined on the
      basis of weighted average remaining term to maturity, the Loan-to-Value Ratios
      described in clause (x) hereof shall be satisfied as to each such mortgage
      loan
      and, except to the extent otherwise provided in this sentence, the
      representations and warranties described in clause (xiv) hereof must be
      satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
      as
      the case may be.

     

    
      
        
        

      

      
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    Rating
      Agency:
      Each of
      [Moody’s], [S&P] and [Fitch].

     

    Rating
      Agency Condition:
      With
      respect to any action to which the Rating Agency Condition applies, that each
      Rating Agency shall have been given 10 days (or such shorter period as is
      acceptable to each Rating Agency) prior notice thereof and that each Rating
      Agency shall have notified the Depositor and the Trustee in writing that such
      action will not result in a reduction or withdrawal of the then current rating
      of the rated Certificates.

     

    Realized
      Loss:
      With
      respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation,
minus
      (ii)
      Liquidation Proceeds received, to the extent allocable to principal, net of
      amounts that are reimbursable therefrom to the Servicer with respect to such
      Mortgage Loan (other than Advances of principal) including expenses of
      liquidation, and with respect to a Mortgage Loan that is not a liquidated
      Mortgage Loan, any amount of principal that the Mortgagor is no longer required
      to pay. In determining whether a Realized Loss is a Realized Loss of principal,
      Liquidation Proceeds shall be allocated, first,
      to
      payment of expenses related to such Liquidated Mortgage Loan, then
      to
      accrued unpaid interest, and finally
      to
      reduce the principal balance of the Mortgage Loan.

     

    Recognition
      Agreement:
      With
      respect to any Cooperative Loan, an agreement between the Cooperative
      Corporation and the originator of such Mortgage Loan which establishes the
      rights of such originator in the Cooperative Property.

     

    Record
      Date:
      With
      respect to the LIBOR Certificates and any Distribution Date, the close of
      business on the Business Day immediately preceding such Distribution Date.
      With
      respect to the Class X, Class P and Class R Certificates and any Distribution
      Date, the close of business on the last Business Day of the month immediately
      preceding the month in which the Distribution Date occurs (or, in the case
      of
      the first Distribution Date, the Closing Date).

     

    Regulation
      AB:
      Regulation AB promulgated under the Securities Act and the Exchange Act, as
      the
      same may be amended from time to time; and all references to any rule, item,
      section or subsection of, or definition or term contained in, Regulation AB
      mean
      such rule, item, section, subsection, definition or term, as the case may be,
      or
      any successor thereto, in each case as the same may be amended from time to
      time.

     

    Related
      Senior Principal Distribution Amount:
      For
      each Mortgage Pool and any Distribution Date an amount equal to the lesser
      of
      (x) the aggregate Class Principal Amount of the Class [A] Certificates (with
      respect to Pool 1) or the aggregate Class Principal Amount of the Class [A]
      Certificates (with respect to Pool 2) immediately prior to that Distribution
      Date and (y) the product of (a) the Senior Principal Distribution Amount and
      (b)
      the related Senior Proportionate Percentage, in each case for such
      date.

     

    
      
        
        

      

      
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    Relief
      Act:
      The
      Servicemembers Civil Relief Act, as such may be amended from time to time,
      and
      any similar state or local laws.

     

    Relief
      Act Shortfall:
      With
      respect to any Mortgage Loan as to which there has been a reduction in the
      amount of interest collectible thereon as a result of application of the Relief
      Act, any amount by which interest collectible on such Mortgage Loan for the
      Due
      Date in the related Collection Period is less than interest accrued thereon
      for
      the applicable one-month period at the Net Mortgage Rate without giving effect
      to such reduction.

     

    REMIC:
      Each
      pool of assets in the Trust Fund designated as a REMIC pursuant to the
      Preliminary Statement.

     

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

    REMIC
      2 Net Funds Cap:
      For any
      Distribution Date (and the related Accrual Period) and any Class of
      Certificates, an amount equal to (i) the weighted average of the interest rates
      on the Lower Tier Interests in REMIC 2 (other than the Class LT2-IO Interests),
      weighted in proportion to their Class Principal Amounts as of the beginning
      of
      the related Accrual Period, multiplied by (ii) an amount equal to (a) 30,
      divided by (b) the actual number of days in the Accrual Period.

     

    REMIC
      3:
      As
      described in the Preliminary Statement.

     

    REMIC
      Provisions:
      The
      provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at sections 860A through 860G of Subchapter
      M
      of Chapter 1 of the Code, and related provisions, and regulations, including
      proposed regulations and rulings, and administrative pronouncements promulgated
      thereunder, as the foregoing may be in effect from time to time.

     

    [REMIC
      Swap Rate:
      For
      each Distribution Date (and the related Accrual Period), a per annum rate equal
      to the product of: (i)
      [           ]%, and (ii)
      the quotient of (a) the actual number of days in the related Accrual Period
      and
      (b) 30.]

     

    REO
      Property:
      A
      Mortgaged Property acquired by the Servicer on behalf of the Trust Fund through
      foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
      Mortgage Loan or otherwise treated as having been acquired pursuant to the
      REMIC
      Provisions.

     

    Required
      Insurance Policies:
      Any
      Insurance Policy required to be maintained by the Servicer under this
      Agreement.

     

    Required
      Recordation States:
      The
      states of Florida and Mississippi.

     

    
      
        
        

      

      
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    Required
      Reserve Fund Amount:
      With
      respect to any Distribution Date on which the Net Excess Spread for such date
      is
      less than 0.25%, the excess, if any, of (i) the product of 0.50% and the
      aggregate Scheduled Principal Balance of the Mortgage Loans over (ii) the amount
      of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto
      on
      such Distribution Date. With respect to any Distribution Date on which the
      Net
      Excess Spread for such date is equal to or greater than 0.25%, the amount,
      if
      any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis
      Risk Reserve Fund immediately prior to such date; provided,
      however,
      that on
      any Distribution Date on which the Class Principal Amount of each Class of
      LIBOR
      Certificates has been reduced to zero, the Required Reserve Fund Amount shall
      be
      zero.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee or the Securities Administrator, any Vice
      President, Assistant Vice President, the Secretary, any assistant secretary,
      or
      any officer, working in its Corporate Trust Office and having responsibility
      for
      the administration of this Agreement, and any other officer to whom a matter
      arising under this Agreement may be referred. 

     

    Restricted
      Certificate:
      Any
      Class [B], Class X, Class P or Class R Certificate.

     

    [Revolving
      Account:
      The
      revolving account maintained by the Securities Administrator in which Revolving
      Deposits are deposited by the Securities Administrator to be used to acquire
      Additional Mortgage Loans during the Revolving Period.]

     

    [Revolving
      Amount:
      With
      respect to each Payment Date during the Revolving Period, the total amount
      of
      Revolving Deposits deposited in the Revolving Account on such Payment
      Date.]

     

    [Revolving
      Credit Loan:
      An
      individual Revolving Credit Loan that is the subject of this Agreement, each
      Revolving Credit Loan subject to this Agreement being identified on the
      Revolving Credit Loan Schedule, which Revolving Credit Loan includes without
      limitation the Revolving Credit Loan documents, the monthly payments, Principal
      Prepayments, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds,
      REO disposition proceeds, and all other rights, benefits, proceeds and
      obligations arising from or in connection with such Revolving Credit
      Loan.]

     

    [Revolving
      Credit Loan Schedule:
      A
      schedule of the Revolving Credit Loans setting forth information with respect
      to
      such Revolving Credit Loans (including any MERS identification number (if
      available) with respect to each MERS Mortgage Loan and a Prepayment Penalty
      schedule), attached hereto as [Schedule I], which may be amended from time
      to
      time to include additional mortgage loans which are transferred to the Servicer
      by a predecessor Servicer.]

     

    [Revolving
      Deposits:
      With
      respect to any Payment Date during the Revolving Period, all payments that
      would
      otherwise be made to Certificateholders in respect of principal [and excess
      interest] that is deposited in the Revolving Account on such Payment
      Date.]

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    

     

    Rolling
      Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      equal
      to the average of the Delinquency Rates for each of the three (or one and two,
      in the case of the first and second Distribution Dates, respectively)
      immediately preceding calendar months.

     

    S&P:
      Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc., or any successor in interest.

     

    Sale
      Agreement:
      The
      Sale Agreement dated as of the Cut-off Date between the Depositor and Seller
      for
      the sale of the Mortgage Loans.

     

    Scheduled
      Payment:
      Each
      scheduled payment of principal and interest (or of interest only, if applicable)
      to be paid by the Mortgagor on a Mortgage Loan, as reduced (except where
      otherwise specified herein) by the amount of any related Debt Service Reduction
      (excluding all amounts of principal and interest that were due on or before
      the
      Cut-off Date whenever received) and, in the case of an REO Property, an amount
      equivalent to the Scheduled Payment that would have been due on the related
      Mortgage Loan if such Mortgage Loan had remained in existence.

     

    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan as of any Distribution Date, the principal
      balance of such Mortgage Loan at the close of business on the Cut-off Date
      [(with respect to the Initial Mortgage Loans) or Subsequent Cut-off Date (with
      respect to the Subsequent mortgage Loans),] after giving effect to principal
      payments due on or before the Cut-off Date [or Subsequent Cut-off Date, as
      applicable], whether or not received, less an amount equal to principal payments
      due after the Cut-off Date [or Subsequent Cut-off Date, as applicable], and
      on
      or before the Due Date in the related Collection Period, whether or not received
      from the Mortgagor or advanced by or on behalf of the Servicer, and all amounts
      allocable to unscheduled principal payments (including Principal Prepayments,
      Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each
      case
      to the extent identified and applied prior to or during the related Prepayment
      Period) and (ii) any REO Property as of any Distribution Date, the Scheduled
      Principal Balance of the related Mortgage Loan on the Due Date immediately
      preceding the date of acquisition of such REO Property by or on behalf of the
      Trustee (reduced by any amount applied as a reduction of principal on the
      Mortgage Loan). With respect to any Mortgage Loan as of the Cut-off Date [or
      Subsequent Cut-off Date, as applicable], as specified in the Mortgage Loan
      Schedule.

     

    SEC
      Rules:
      As
      defined in Section 6.5.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended.

     

    Securities
      Administrator:
      As of
      the Closing Date, [           ],
      20[   ] and thereafter, any successor in interest or assign that
      meets the requirements of this Agreement. So long as [           ],
      20[   ] shall be the Securities Administrator, if [           ],
      20[   ] shall resign or be terminated as Securities Administrator
      under this Agreement, [           ],
      20[   ] shall simultaneously resign or be terminated as Master
      Servicer.

     

    Seller:
      Aegis
      Mortgage Corporation or any successor in interest.

     

    
      
        
        

      

      
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    Senior
      Certificate:
      Any
Class
      A
Certificate.

     

    Senior
      Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Class M and Class B Certificates and the Overcollateralization Amount (which
      amount, for purposes of this definition only, shall not be less than zero)
      and
      the denominator of which is the Aggregate Pool Balance for such Distribution
      Date, in each case after giving effect to distributions or such Distribution
      Date.

     

    Senior
      Principal Distribution Amount:
      With
      respect to any Distribution Date (a) prior to the Stepdown Date or if a
      Trigger Event is
      in
      effect with
      respect to such Distribution Date, an amount equal to 100% of the Principal
      Distribution Amount for both Mortgage Pools and (b) on or after the
      Stepdown Date and as long as a Trigger Event is
      not in
      effect with
      respect to such Distribution Date, the lesser of (x) the Principal Distribution
      Amount for both Mortgage Pools and (y) the amount, if any, by which (x) the
      aggregate Class Principal Amount of the Class
      [A]
Certificates
      immediately prior to such Distribution Date exceeds (y) the Senior Target
      Amount.

     

    Senior
      Priority:
      With
      respect to Pool 1, to the Class [A] Certificates, sequentially, in that order,
      in reduction of their Class Principal Amounts, until the Class Principal Amount
      of each such Class has been reduced to zero.

     

    Senior
      Proportionate Percentage:
      With
      respect to Pool 1 and any Distribution Date, the fraction, expressed as a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      1
      for such Distribution Date and the denominator of which is the aggregate of
      the
      Principal Remittance Amounts for Pool 1 and Pool 2 for such Distribution Date.
      With respect to Pool 2 and any Distribution Date, the fraction, expressed as
      a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      2
      for such Distribution Date and the denominator of which is the aggregate of
      the
      Principal Remittance Amounts for Pool 1 and Pool 2 for such Distribution
      Date.

     

    Senior
      Target Amount:
      With
      respect to each Distribution Date, an amount equal to the lesser of (a) the
      product of (i) [           ]%
      and
      (ii) the Aggregate Pool Balance for such Distribution Date and (b) the amount,
      if any, by which (i) the Aggregate Pool Balance for such Distribution Date
      exceeds (ii) 0.50% of the Cut-off Date Balance.

     

    Servicer:
      [           ]
      or
      any
      successor in interest, or if any successor servicer shall be appointed as herein
      provided, then such successor servicer.

     

    Servicer
      Event of Default:
      Any one
      of the events, conditions or circumstances enumerated in Section
      7.1(a).

     

    Servicer
      Remittance Date:
      The day
      in each calendar month on which the Servicer is required to remit payments
      to
      the Collection Account, which is the 19th
      day of
      each calendar month no later than 1:00 p.m. (New York City time) (or, if such
      19th
      day is
      not a Business Day, the immediately preceding Business Day).

     

    
      
        
        

      

      
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    [Servicer
      Termination Event:
      So long
      as [           ]
      (or an
      Affiliate of [           ])
      remains
      the Servicer, a Servicer Termination Event shall have occurred if either (a)
      the
      Delinquency Rate for any month exceeds 20.00 percent or (b) Cumulative Realized
      Losses as of any date exceed [           ]
      percent.]

     

    Servicing
      Advances:
      All
      customary, reasonable and necessary “out of pocket” costs and expenses other
      than Delinquency Advances (including reasonable attorneys’ fees and
      disbursements) incurred in the performance by the Servicer of its servicing
      obligations, including, but not limited to, the cost of (a) the preservation,
      inspection, restoration and protection of the Mortgaged Property, (b) any
      enforcement or administrative or judicial proceedings, including foreclosures,
      (c) the management and liquidation of the Mortgaged Property if the Mortgaged
      Property is acquired in satisfaction of the Mortgage, (d) taxes, assessments,
      water rates, sewer rents and other charges which are or may become a lien upon
      the Mortgaged Property, and Bulk PMI Policy premiums and fire and hazard
      insurance coverage, (e) any losses sustained by a Servicer with respect to
      the
      liquidation of the Mortgaged Property and (f) executing and recording
      instruments of satisfaction, deeds of reconveyance or Assignments to the extent
      not recovered from the related borrower or otherwise payable under this
      Agreement.

     

    Servicing
      Criteria:
      The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
      amended from time to time.

     

    Servicing
      Fee:
      With
      respect to any Distribution Date and each Mortgage Loan, an amount equal to
      the
      product of (a) one-twelfth of the Servicing Fee Rate and (b) the outstanding
      principal balance of such Mortgage Loan as of the first day of the related
      Collection Period.

     

    Servicing
      Fee Rate:
      0.50%
      per annum.

     

    Servicing
      Officer:
      Any of
      the President, any Vice President (however denominated), or Assistant Vice
      President of the Servicer or Master Servicer, as applicable, involved in, or
      responsible for, the administration and servicing or master servicing, if
      applicable, of one or more Mortgage Loans at the time of performance of the
      relevant activity of the Servicer or Master Servicer.

     

    Servicing
      Standard:
      The
      Servicer shall service and administer the Mortgage Loans (a) in the same manner
      in which, and with the same care, skill, prudence and diligence with which,
      the
      Servicer generally services and administers similar mortgage loans with similar
      mortgagors (i) for other third parties, giving due consideration to customary
      and usual standards of practice of prudent institutional residential mortgage
      lenders servicing their own loans or (ii) held in the Servicer’s own portfolio,
      whichever standard is higher; (b) with a view to the maximization of recoveries
      with respect to such Mortgage Loans on a net present value basis and the best
      interests of the Trust Fund and any Person to which Mortgage Loans may be
      transferred by the Trustee; (c) without regard to (i) any relationship that
      the
      Servicer or any Affiliate thereof may have with the related Mortgagor or any
      other party to the transaction, (ii) the right of the Servicer to receive
      compensation or other fees for its services rendered pursuant to this Agreement,
      (iii) the obligation of the Servicer to make Servicing Advances, (iv) the
      ownership, servicing or management by the Servicer or any Affiliate thereof
      for
      others of any other mortgage loans or mortgaged properties, and (v) any debt
      that the Servicer or any Affiliate thereof has extended to any Mortgagor or
      any
      affiliate of such Mortgagor; and (d) in accordance with applicable federal,
      state and local laws, rules and regulations.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    

     

    Special
      Servicer:
      The
      person designated by the Seller (with the prior consent of the Trustee, the
      Master Servicer and the NIMS Insurer, if any) to assume the servicing of
      Distressed Mortgage Loans pursuant to Section 3.22 hereof.

     

    [Specially
      Serviced Revolving Credit Loan:
      A
      Revolving Credit Loan as to which a Servicing Event (as defined in Section
      3.11[(n)]) has occurred and is continuing.]

     

    Startup
      Day:
      The day
      designated as such in the Preliminary Statement.

     

    Stepdown
      Date:
      [The
      earlier to occur of (a) the Distribution Date on which the aggregate Class
      Principal Amount of the Class A Certificates has been reduced to zero and (b)
      the later to occur of (x) the Distribution Date in [           ]
      20[   ] and (y) the first Distribution Date on which the Senior
      Enhancement Percentage (calculated for this purpose after
      giving
      effect to payments or other recoveries in respect of the Mortgage Loans during
      the related Collection Period but before
      giving
      effect to distributions on the Certificates on such Distribution Date) is
      greater than or equal to [           ]%.]

     

    Subcontractor:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of Mortgage Loans but performs one or more
      discrete functions identified in Item 1122(d) of Regulation AB with respect
      to
      Mortgage Loans under the direction or authority of the Servicer or a
      Subservicer.

     

    Subordinate
      Certificate:
      Any
      Class [M], Class [B] or Class X Certificate.

     

    Subordinate
      Net Funds Cap:
      With
      respect to any Distribution Date will equal the weighted average of the Pool
      1
      Net Funds Cap and the Pool 2 Net Funds Cap, weighted on the basis of the Pool
      Subordinate Amount for each Mortgage Pool.

     

    [Subsequent
      Cut-off Date:
      The
      date specified as the Cut-off Date with respect to a [Subsequent Mortgage Loan]
      [Additional Mortgage Loan] in the related Transfer Supplement, which shall
      be no
      later than [      ].]

     

    [Subsequent
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed as of the Transfer Date to the Trustee by the
      Depositor pursuant to a Transfer Supplement to the Sale Agreement, which
      Mortgage Loan shall be identified in such Transfer Supplement as a Subsequent
      Mortgage Loan and added by the Depositor to the Mortgage Loan
      Schedule.]

     

    Subsequent
      Recovery:
      With
      respect to any Mortgage Loan, any collection or other recovery of amounts owed
      thereunder after such Mortgage Loan becomes a Liquidated Mortgage
      Loan.

     

    [Subservicer:
      Aegis
      Mortgage Corporation or any successor in interest.]

     

    
      
        
        

      

      
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    Substitution
      Adjustment Amount:
      The
      amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
      Loan exceeds the Scheduled Principal Balance of the related Qualified Substitute
      Mortgage Loan, or aggregate Scheduled Principal Balance, if applicable,
plus
      unpaid
      interest thereon, and any related unpaid Advances or unpaid Servicing Fees,
      and
      the amount of any costs and damages incurred by the Trust Fund in connection
      with any violation of any applicable federal, state or local predatory or
      abusive lending laws in connection with the origination of such Deleted Mortgage
      Loan.

     

    [Supplemental
      Interest Trust:
      The
      corpus of a trust created pursuant to Section 4.7 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of [the Swap
      Agreement], [the Supplemental Interest Trust Account], the right to receive
      the
      Class X Distributable Amount as provided in Section 4.1(e)(xviii), the Class
      LT4-I interest in REMIC 4 and the right to receive Class I
      Shortfalls.]

     

    [Supplemental
      Interest Trust Account:
      The
      account created pursuant to Section 4.7 of this Agreement.]

     

    [Supplemental
      Interest Trust Amount:
      With
      respect to any Distribution Date, the sum of any Net Swap Payment and any Swap
      Termination Payment deposited into the Supplemental Interest Trust
      Account.]

     

    [Swap
      Agreement:
      The
      interest rate swap agreement entered into by the Supplemental Interest Trust,
      which agreement provides for a Net Swap Payment to be paid pursuant to the
      conditions provided therein, together with any schedules, confirmations or
      other
      agreements relating thereto, attached hereto as Exhibit O.]

     

    [Swap
      Counterparty:
      The
      counterparty to the Supplemental Interest Trust either (a) entitled to receive
      payments from the Supplemental Interest Trust or (b) required to make payments
      to the Supplemental Interest Trust, in either case pursuant to the terms of
      the
      Swap Agreement, and any successor in interest or assign. Initially, the Swap
      Counterparty shall be[           ].]

     

    [Swap
      Counterparty Trigger Event:
      A Swap
      Counterparty Trigger Event shall have occurred if any of a Swap Default with
      respect to which the Swap Counterparty is a Defaulting Party, a Termination
      Event with respect to which the Swap Counterparty is the sole Affected Party
      or
      an Additional Termination Event with respect to which the Swap Counterparty
      is
      the sole Affected Party has occurred.]

     

    [Swap
      Default:
      Any of
      the circumstances constituting an “Event of Default” under the Swap
      Agreement.]

     

    [Swap
      LIBOR:
      With
      respect to any Distribution Date (and the related Accrual Period), and as
      calculated by the Swap Counterparty, the product of (i) LIBOR as defined in
      the
      Swap Agreement, (ii) two, and (iii) the quotient of (a) the actual number of
      days in the accrual period for the LIBOR Certificates divided by (b)
      30.]

     

    
      
        
        

      

      
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    [Swap
      Termination Payment:
      Upon
      the designation of an “Early Termination Date” as defined in the Swap Agreement,
      the payment to be made by the Supplemental Interest Trust to the Swap
      Counterparty, or by the Swap Counterparty to the Supplemental Interest Trust,
      as
      applicable, pursuant to the terms of the Swap Agreement.]

     

    Target
      Amount:
      With
      respect to any Distribution Date, an amount equal to the Aggregate Pool Balance
      for such Distribution Date minus
      the
      Targeted Overcollateralization Amount for such Distribution Date.

     

    Targeted
      Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Stepdown Date,
      $[           ],
      (y) on
      or after the Stepdown Date, and provided
      that an
      Overcollateralization Trigger Event is not in effect, the greater of
      (i) $[           ]
      and (ii)
[           ]%
      of the
      Aggregate Pool Balance for such Distribution Date and (z) on or after the
      Stepdown Date and provided
      that an
      Overcollateralization Trigger Event is in effect, the Targeted
      Overcollateralization Amount for the immediately preceding Distribution
      Date.

     

    Tax
      Matters Person:
      Initially, Aegis Mortgage Corporation or its designated affiliate; thereafter,
      and for each taxable year beginning with the taxable year ending [           ],
      20[   ], the holder of the largest Percentage Interest in the
      Residual Certificates. 

     

    Telerate
      Page 3750:
      The
      display currently so designated as “Page 3750” on the Bridge Telerate Service
      (or such other page selected by the Servicer as may replace Page 3750 on that
      service for the purpose of displaying daily comparable rates on
      prices).

     

    [Termination
      Event:
      As
      defined in the Swap Agreement.]

     

    Title
      Insurance Policy:
      A title
      insurance policy maintained with respect to a Mortgage Loan.

     

    Total
      Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the aggregate of the
      Interest Remittance Amounts for such date, (ii) the aggregate of the Principal
      Remittance Amounts for such date, and (iii) all Prepayment Penalties collected
      during the related Prepayment Period or Collection Period, as
      applicable.

     

    Transferee
      Affidavit:
      As
      defined in Section 5.2.

     

    Transferor
      Affidavit:
      As
      defined in Section 5.2.

     

    [Transfer
      Date:
      Any
      date during the [Pre-Funding Period] [Revolving Period] on which [Subsequent
      Mortgage Loans] [Additional Mortgage Loans] are conveyed by the Depositor to
      the
      Trustee pursuant to Section [      ], as specified
      in the applicable Transfer Supplement.

     

    [Transfer
      Price:
      With
      respect to any [Subsequent Mortgage Loan] [Additional Mortgage Loan], the price
      specified in the Transfer Supplement which shall be no less than the outstanding
      principal balance of such [Subsequent Mortgage Loan] [Additional Mortgage Loan]
      as of the Subsequent Cut-off Date specified in the Transfer
      Supplement.]

     

    
      
        
        

      

      
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    [Transfer
      Supplement:
      With
      respect to each sale of [Subsequent Mortgage Loans] [Additional Mortgage Loans]
      from the Seller to the Depositor pursuant to the Mortgage Loan Purchase
      Agreement, the transfer supplement entered into between the Seller and the
      Depositor, substantially in the form of Exhibit [    ] to
      the Sale Agreement.

     

    Trigger
      Event:
      A
      Trigger Event shall have occurred with respect to any Distribution Date if
      (i) a
      Delinquency Event or (ii) an Overcollateralization Cumulative Loss Trigger
      Event
      shall have occurred.

     

    Trust
      Fund:
      The
      corpus of a trust created pursuant to this Agreement and designated as the
      “Trust Fund,” consisting of the Mortgage Loans, the assignment of the
      Depositor’s rights under the Sale Agreement, such amounts as shall from time to
      time be held in the Collection Account, the Distribution Account and any Escrow
      Account, the Basis Risk Reserve Fund, [the Pre-Funding Account, the Capitalized
      Interest Account,] any Insurance Policies, any REO Property and the other items
      referred to in, and conveyed to the Trustee under, Section 2.1(a). 

     

    Trustee:
      [           ],
      not in
      its individual capacity but solely as Trustee, or any successor in interest,
      or
      if any successor trustee or any co-trustee shall be appointed as herein
      provided, then such successor trustee and such co-trustee, as the case may
      be.

     

    Trustee
      Fee:
      The
      annual fee payable by the Master Servicer on behalf of the Trust Fund to the
      Trustee from income on funds held in the Collection Account as provided in
      Section 3.8 and pursuant to the terms of Section II of the separate fee letter
      agreement for Aegis Asset Backed Securities Trust Mortgage Pass-Through
      Certificates, Series 20[   ]-[   ], a copy of
      which has been provided to the Master Servicer and the Securities
      Administrator.

     

    Trustee
      Fee Rate:
      Not
      applicable..

     

    UCC:
      The
      Uniform Commercial Code as in effect in any applicable jurisdiction from time
      to
      time.

     

    Underwriters:
      [           ],
      [           ],
      [           ]
      and
[           ].

     

    Underwriter’s
      Exemption:
      Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487 (2002), as amended
      (or any successor thereto), or any substantially similar administrative
      exemption granted by the U.S. Department of Labor.

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any LIBOR Certificate, the aggregate of
      all
      Basis Risk Shortfalls with respect to such Certificate remaining unpaid from
      previous Distribution Dates, plus interest accrued thereon at the applicable
      Certificate Interest Rate (calculated without giving effect to the applicable
      Net Funds Cap but limited to a rate no greater than the Maximum Interest
      Rate).

     

    Upper
      Tier REMIC:
      REMIC
      3.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement, 98% of all Voting Interests shall
      be
      allocated to the Class [A], Class [M] and Class [B] Certificates. Voting
      Interests shall be allocated among such Certificates based on the product of
      (i)
      98% and (ii) the fraction, expressed as a percentage, the numerator of which
      is
      the aggregate Class Principal Amount of all Certificates then outstanding and
      the denominator of which is the Pool Balance then outstanding. The remainder
      of
      the Voting Interests not otherwise allocated below shall be allocated to the
      Class R Certificates. At all times during the term of this Agreement, 1% of
      all
      Voting Interests shall be allocated to each Class of the Class P and Class
      X
      Certificates, while they remain outstanding. Voting Interests shall be allocated
      among the other Classes of Certificates (and among the Certificates within
      each
      such Class) in proportion to their Class Principal Amounts (or Certificate
      Principal Amounts) or Percentage Interests.

     

    
      	 	
              Section
                1.2

            	
              Calculations
                Respecting Mortgage Loans. 

            

    

     

    Calculations
      required to be made pursuant to this Agreement with respect to any Mortgage
      Loan
      in the Trust Fund shall be made based upon current information as to the terms
      of the Mortgage Loans and reports of payments received from the Mortgagor on
      such Mortgage Loans and payments to be made to the Master Servicer and then
      to
      the Securities Administrator as supplied to the Master Servicer by the Servicer
      and to the Securities Administrator by the Master Servicer. The Securities
      Administrator shall not be required to recompute, verify or recalculate the
      information supplied to it by the Master Servicer or [the Credit Risk
      Manager].

     

    
      	 	
              Section
                1.3

            	
              Calculations
                Respecting Accrued Interest. 

            

    

     

    Accrued
      interest, if any, on any LIBOR Certificate shall be calculated based upon a
      360-day year and the actual number of days in each Accrual Period. Accrued
      interest, if any, on the Class X Certificates and each class of Lower Tier
      Interests shall be calculated based upon a 360-day year consisting of twelve
      30-day months.

     

    
      	 	
              Section
                1.4

            	
              Rights
                of the NIMS Insurer.

            

    

     

    Each
      of
      the rights of the NIMS Insurer, if any, set forth in this Agreement shall be
      in
      effect only so long as any NIM Securities are issued and remain outstanding
      or
      the NIMS Insurer, if any, is owed amounts in respect of its guarantee of payment
      on such NIM Securities.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

     

    
      	 	
              Section
                2.1

            	
              Conveyance
                of Mortgage Loans.

            

    

     

    
      
        
        

      

      
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    (a) [Initial
      Mortgage Loans] To provide for the distribution of the principal of and interest
      on the Certificates in accordance with their terms, the distribution of all
      other sums distributable hereunder with respect to the Certificates and the
      performance of the covenants contained herein, the Depositor hereby sells,
      conveys, assigns and transfers to the Trustee, in trust, without recourse,
      subject to Section 2.3, in trust, and for the exclusive benefit of the
      Certificateholders as their respective interests may appear, all the Depositor’s
      right, title and interest in and to any and all benefits accruing to the
      Depositor from: (A) (i) the Mortgage Loans (and all Qualified Substitute
      Mortgage Loans substituted therefor) exclusive of the servicing rights related
      thereto, in respect of which the Depositor is causing to be delivered to the
      Trustee (or the Custodian) herewith the related Mortgage Files, and the
      Depositor’s interest in any collateral pledged to secure a Mortgage Loan, and
      all Scheduled Payments due after the Cut-off Date and all Principal Prepayments
      received with respect to the Mortgage Loans paid by the borrower after the
      Cut-off Date and proceeds of the conversion, voluntary or involuntary, of the
      foregoing; (ii) each Insurance Policy; (iii) the Sale Agreement (and delegates
      its obligations thereunder) and (iv) all proceeds of any of the foregoing
      (including, but not limited to, all proceeds of any mortgage insurance, hazard
      insurance, or title insurance policy relating to the Mortgage Loans, cash
      proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
      paper, checks, deposit accounts, rights to payment of any and every kind, and
      other forms of obligations and receivables, which at any time constitute all
      or
      part or are included in the proceeds of any of the foregoing); to pay the
      Certificates as specified herein (items (i) through (iv) above, collectively,
      the “Trust Fund”) and [(B) the Swap Agreement and the right to receive cash and
      all other assets constituting property of the Supplemental Interest Trust].
      

     

    [[Subsequent
      Mortgage Loans] [Additional Mortgage Loans].
      On each
      Transfer Date occurring during the [Pre-Funding Period] [Revolving Period],
      provided that each condition set forth in this Section 2.1(a) is satisfied,
      the
      Depositor shall convey to the Trustee, and the Trustee shall purchase pursuant
      to this Section 2.1(a), all [Subsequent Mortgage Loans] [Additional Mortgage
      Loans] which satisfy the criteria set forth in this Section 2.1(a) then offered
      for sale by the Depositor; provided,
      however,
      that
      the related aggregate Transfer Price shall not exceed the [Pre-Funding Amount]
      [Revolving Amount].

     

    Subject
      to the conditions set forth in this Section 2.1(a), in consideration of the
      Securities Administrator’s delivery on the related Transfer Date to the
      Depositor or its designee, or upon the order of the Depositor, of the Transfer
      Price for the related [Subsequent Mortgage Loans] [Additional Mortgage Loans]
      from amounts on deposit in the related [Pre-Funding Account] [Revolving Amount],
      the Depositor shall, on each Transfer Date, sell, transfer, assign, set over
      and
      otherwise convey to the Trustee, without recourse, but subject to the other
      terms and provisions of this Agreement, all of the right, title and interest
      of
      the Depositor in and to each [Subsequent Mortgage Loan] [Additional Mortgage
      Loan] (including all interest and principal thereon received after the related
      Subsequent Cut-off Date specified in the Transfer Supplement) identified in
      the
      Addition Notice delivered by the Depositor on such Transfer Date and all items
      in the related Mortgage File. In connection therewith, the Depositor shall
      amend
      the Mortgage Loan Schedule to reflect the inclusion of such [Subsequent Mortgage
      Loan] [Additional Mortgage Loan] in the Mortgage Pool as part of the assets
      of
      the Trust Fund. The Depositor shall promptly deliver to the Trustee, the
      Custodian, the Securities Administrator and the Master Servicer a copy of the
      Mortgage Loan Schedule as so amended. 

     

    Concurrently
      with the execution and delivery of each Transfer Supplement, the Depositor
      does
      hereby assign to the Trustee all of its rights and interest under the Sale
      Agreement with respect to the [Subsequent Mortgage Loans] [Additional Mortgage
      Loans] added to the Sale Agreement pursuant to such Transfer Supplement, but
      only to the extent assigned under the Sale Agreement. The Trustee hereby accepts
      such assignment, and shall be entitled to exercise all the rights of the
      Depositor under the Sale Agreement as amended by the related Transfer Supplement
      as if, for such purpose, it were the Depositor.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    

     

    The
      Depositor shall on any Transfer Date transfer to the Trustee the applicable
      [Subsequent Mortgage Loans] [Additional Mortgage Loans] and the other property
      and rights related thereto described in the immediately preceding paragraph,
      as
      applicable, and the Trustee shall purchase such [Subsequent Mortgage Loans]
      [Additional Mortgage Loans], property and rights only upon the satisfaction
      of
      each of the following conditions on or prior to the related Transfer
      Date:

     

    (i) [                                                                                           ];

     

    (ii) [                                                                                           ]; and

     

    (iii) [                                                                                           ].

     

    [To
      be
      added for each transaction with Subsequent Mortgage Loans or Additional Mortgage
      Loans]

     

    [Concurrently
      with the execution of this Agreement, the Swap Agreement shall be delivered
      to
      the Securities Administrator on behalf of the Trustee. In connection therewith,
      the Depositor hereby directs the Trustee (solely in its capacity as such) to
      execute and deliver the Swap Agreement on behalf of, and for the benefit of,
      the
      Certificateholders. The Seller, the Master Servicer, the Securities
      Administrator, the Depositor, the Servicer and the Certificateholders (by their
      acceptance of such Certificates) acknowledge and agree that the Trustee is
      executing and delivering the Swap Agreement solely in its capacity as Trustee
      of
      the Trust Fund and not in its individual capacity.]

     

    It
      is
      agreed and understood by the Depositor and the Trustee (and the Seller has
      so
      represented and recognized in the Sale Agreement) that it is not intended that
      any Mortgage Loan to be included in the Trust Fund be (i) a “High-Cost Home
      Loan” as defined in the New Jersey Home Ownership Act effective November 27,
      2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico Home Loan
      Protection Act effective January 1, 2004, (iii) a “High-Risk Home Loan” as
      defined in the Illinois High-Risk Home Loan Act effective January 1, 2004,
      (iv)
      a “High-Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home
      Loan Practices Act effective November 7, 2004, or (v) a “High Cost Home Loan” as
      defined in the Indiana Home Loan Practices Act effective January 1, 2005.

     

    (b) In
      connection with such transfer, the Depositor has delivered or caused to be
      delivered to the Trustee (or the Custodian acting on the Trustee’s behalf) for
      the benefit of the Certificateholders the following documents or instruments
      (collectively, the “Mortgage Loan Documents”) with respect to each Mortgage Loan
      so transferred (as to each, a “Mortgage File”):

     

    (i) (A)
      the
      original Mortgage Note endorsed by manual or facsimile signature to the Trustee
      or in blank, without recourse, with all intervening endorsements showing a
      complete chain of endorsement from the originator to the Person endorsing the
      Mortgage Note (the “Last Endorsee”) (each such endorsement being sufficient to
      transfer all right, title and interest of the party so endorsing, as noteholder
      or assignee thereof, in and to that Mortgage Note); or

     

    
      
        
        

      

      
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    (B)
      with
      respect to any Lost Mortgage Note, a lost note affidavit from the Depositor
      stating that the original Mortgage Note was lost or destroyed, together with
      a
      copy of such Mortgage Note;

     

    (ii) except
      with respect to any Cooperative Loan, the original recorded Mortgage or a copy
      of such Mortgage certified by the Seller, the originating lender, settlement
      agent, or escrow company as being a true and complete copy of the
      Mortgage;

     

    (iii) except
      with respect to any Cooperative Loan and any MERS Mortgage Loans and except
      with
      respect to any Mortgage Loan for which the related Mortgage names the
      originating lender as beneficiary or mortgagee, either (A) a duly executed
      assignment of the Mortgage in blank, or (B) an original recorded assignment
      of
      the Mortgage from the Last Endorsee to the Trustee or a copy of such assignment
      of Mortgage certified by the Depositor, the originating lender, settlement
      agent, or escrow company as being a true and complete copy thereof which in
      either case may be included in a blanket assignment or assignments;

     

    (iv) except
      with respect to any Cooperative Loan and any MERS Mortgage Loans, each interim
      recorded assignment of such Mortgage, or a copy of each such interim recorded
      assignment of Mortgage certified by the Depositor, the originating lender,
      settlement agent, or escrow company as being a true and complete copy thereof;
      

     

    (v) the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any;

     

    (vi) except
      with respect to any Cooperative Loan, either the original or duplicate original
      title policy (including all riders thereto) with respect to the related
      Mortgaged Property, if available, provided
      that the
      title policy (including all riders thereto) will be delivered as soon as it
      becomes available, and if the title policy is not available, and to the extent
      required pursuant to the second paragraph below or otherwise in connection
      with
      the rating of the Certificates, a written commitment or interim binder or
      preliminary report of the title issued by the title insurance or escrow company
      with respect to the Mortgaged Property; and

     

    (vii) in
      the
      case of a Cooperative Loan, the originals of the following documents or
      instruments (in addition to the documents required by clauses (i) and (iii)
      above):

    

      (A) The
        Cooperative Shares, together with a stock power in blank;

       

      (B) The
        executed Security Agreement;

       

      (C) The
        executed Proprietary Lease;

       

      (D) The
        executed Recognition Agreement;

       

      (E) The
        executed UCC original financing statement with evidence of recording thereon;
        and

       

    

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    (F) Executed
      UCC amendments or other appropriate UCC financing statements required by state
      law, evidencing a complete and unbroken line from the mortgagee to the Trustee
      (or in blank) with evidence of recording thereon (or in a form suitable for
      recordation).

     

    (viii) [all
      Revolving Credit Loan documents.]

     

    In
      the
      event that with respect to any Mortgage Loan the Depositor cannot deliver (a)
      the original recorded Mortgage or (b) any recorded assignments or interim
      assignments satisfying the requirements of clause (iii) or (iv) above,
      respectively, concurrently with the execution and delivery hereof because such
      document or documents have not been returned from the applicable public
      recording office, the Depositor shall deliver such documents to the Custodian
      on
      behalf of the Trustee as promptly as possible upon receipt thereof and, in
      any
      event, within 720 days following the Closing Date [(or, in the case of
      [Subsequent] [Additional] Mortgage Loan, the Transfer Date)]. The Depositor
      or
      the Servicer shall forward or cause to be forwarded to the Custodian on behalf
      of the Trustee (a) from time to time additional original documents evidencing
      an
      assumption or modification of a Mortgage Loan and (b) any other documents
      required to be delivered by the Depositor or the Servicer to the Trustee or
      the
      Custodian. In the case where a public recording office retains the original
      recorded Mortgage or in the case where a Mortgage is lost after recordation
      in a
      public recording office, the Depositor shall deliver to the Trustee or the
      Custodian a copy of such Mortgage certified (to the extent such certification
      is
      reasonably obtainable) by such public recording office to be a true and complete
      copy of the original recorded Mortgage.

     

    In
      addition, in the event that with respect to any Mortgage Loan the Depositor
      cannot deliver the original or duplicate original lender’s title policy
      (together with all riders thereto), satisfying the requirements of clause (vi)
      above, concurrently with the execution and delivery hereof because the related
      Mortgage or a related assignment has not been returned from the applicable
      public recording office, the Depositor shall promptly deliver to the Custodian
      on behalf of the Trustee such original or duplicate original lender’s title
      policy (together with all riders thereto) upon receipt thereof from the
      applicable title insurer, and in any event, within 720 days following the
      Closing Date [(or, in the case of [Subsequent] [Additional] Mortgage Loan,
      the
      Transfer Date)]. 

     

    Subject
      to the immediately following sentence, as promptly as practicable subsequent
      to
      the transfer pursuant to clause (a) of this Section 2.1, and in any event within
      30 days thereafter, the Servicer, at the expense of the Depositor, shall as
      to
      any Non-MERS Mortgage Loan with respect to which the Depositor delivers an
      assignment of the Mortgage in blank pursuant to clause (b)(iii)(A) of this
      Section 2.1, (i) complete each such assignment of Mortgage to conform to clause
      (b)(iii)(B) of this Section 2.1, (ii) cause such assignment to be in proper
      form
      for recording in the appropriate public office for real property records, and
      (iii) cause to be delivered for recording in the appropriate public office
      for
      real property records each such assignment of the Mortgages, except that, with
      respect to any assignments of Mortgage as to which the Servicer has not received
      the information required to prepare such assignments in recordable form, the
      Servicer’s obligation to do so and to deliver the same for such recording shall
      be as soon as practicable after receipt of such information and in any event
      within 30 days after receipt thereof. Notwithstanding the foregoing, the
      Servicer need not cause to be recorded any assignment which relates to a
      Non-MERS Mortgage Loan with respect to which the Mortgaged Property is located
      in any state other than the Required Recordation States.

     

    
      
        
        

      

      
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    With
      respect to each MERS Mortgage Loan, the Servicer, at the expense of the
      Depositor, shall take such actions as are necessary to cause the Trustee to
      be
      clearly identified as the owner of each such Mortgage Loan on the records of
      MERS for purposes of the system of recording transfers of beneficial ownership
      of mortgages maintained by MERS. 

     

    In
      the
      case of Mortgage Loans that have been prepaid in full as of the Closing Date
      [(or, in the case of [Subsequent] [Additional] Mortgage Loan, the Transfer
      Date)], the Depositor, in lieu of delivering the above documents to the
      Custodian on behalf of the Trustee, will deposit in the Custodial Account the
      portion of such payment that is required to be deposited in the Custodial
      Account pursuant to Section 3.5 hereof.

     

    The
      Seller shall at its expense deliver to the Servicer copies of all trailing
      documents required to be included in the Mortgage File at the same time the
      originals or certified copies thereof are delivered to the Custodian on behalf
      of the Trustee, such documents to include but not be limited to the mortgagee
      policy of title insurance and any mortgage loan documents upon their return
      from
      the recording office.

     

    
      	 	
              Section
                2.2

            	
              Acceptance
                by Trustee of the Mortgage Loans; Review of
                Documentation.

            

    

     

    Subject
      to the provisions of Section 2.1, the Trustee acknowledges receipt of the assets
      transferred by the Depositor of the assets included in the Trust Fund and has
      directed that the documents referred to in Section 2.1 and all other assets
      included in the definition of “Trust Fund” be delivered to the Custodian on
      behalf of the Trustee.

     

    The
      Custodian, by execution and delivery, hereof, and on behalf of the Trustee
      acknowledges receipt of the documents identified in the initial certification
      in
      the form annexed hereto as Exhibit C (the “Initial Certification”) and the
      Custodian declares that it holds and will hold such documents and the other
      documents delivered to it constituting the Mortgage Files, and that the
      Custodian holds or will hold such other assets as are included in the Trust
      Fund, in trust for the exclusive use and benefit of all present and future
      Certificateholders and the NIMS Insurer, if any.

     

    The
      Custodian agrees to execute and deliver on the Closing Date [(or, in the case
      of
      [Subsequent] [Additional] Mortgage Loan, the Transfer Date)] to the Depositor,
      the Seller, the Master Servicer, the Servicer and the NIMS Insurer, if any,
      an
      Initial Certification in the form annexed hereto as Exhibit C. Based on the
      Custodian’s review and examination, and only as to the documents identified in
      such Initial Certification and subject to any exceptions noted in the schedule
      attached to such certification, the Custodian on behalf of the Trustee
      acknowledges that such documents appear regular on their face and relate to
      such
      Mortgage Loan. Neither the Trustee nor the Custodian shall be under any duty
      or
      obligation to inspect, review or examine said documents, instruments,
      certificates or other papers to determine that the same are genuine, enforceable
      or appropriate for the represented purpose or that they have actually been
      recorded in the real estate records or that they are other than what they
      purport to be on their face.

     

    
      
        
        

      

      
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    Not
      later
      than 90 days after the Closing Date [(or, in the case of [Subsequent]
      [Additional] Mortgage Loan, the Transfer Date)], the Custodian shall deliver
      to
      the Depositor, the Seller, the Master Servicer, the Servicer and the NIMS
      Insurer, if any, a Final Certification in the form annexed hereto as Exhibit
      D,
      with any applicable exceptions noted thereon. Notwithstanding anything to the
      contrary contained herein, in the event there are exceptions to the Final
      Certification, the Custodian may transmit such exceptions electronically (via
      email) to the Depositor, the Seller, the Master Servicer, the Servicer, the
      Trustee and the NIMS Insurer, if any, subject to the prior approval of the
      Depositor, the Seller, the Master Servicer, the Servicer, the Trustee and the
      NIMS Insurer, if any.

     

    If,
      in
      the course of such review, the Custodian on behalf of the Trustee finds any
      document constituting a part of a Mortgage File which does not meet the
      requirements of Section 2.1 hereof (the “Mortgage Loan Document Requirements”),
      the Custodian shall list such as an exception in the Final Certification;
provided,
      however,
      that
      neither the Trustee nor the Custodian shall make any determination as to whether
      (i) any endorsement is sufficient to transfer all right, title and interest
      of
      the party so endorsing, as noteholder or assignee thereof, in and to that
      Mortgage Note or (ii) any assignment is in recordable form or is sufficient
      to
      effect the assignment of and transfer to the assignee thereof under the mortgage
      to which the assignment relates. The Seller shall promptly correct or cure
      such
      defect within 90 days from the date it was so notified of such defect and,
      if
      the Seller does not correct or cure such defect within such period, the Seller
      shall either (a) substitute for the related Mortgage Loan a Qualified Substitute
      Mortgage Loan, which substitution shall be accomplished in the manner and
      subject to the conditions set forth in Section 2.3 hereof, or (b) purchase
      such
      Mortgage Loan from the Trustee within 90 days from the date the Seller was
      notified of such defect in writing at the Purchase Price of such Mortgage Loan;
      provided,
      however,
      that in
      no event shall such substitution or purchase occur more than 540 days from
      the
      Closing Date, except that if the substitution or purchase of a Mortgage Loan
      pursuant to this provision is required by reason of a delay in delivery of
      any
      documents by the appropriate recording office, and there is a dispute between
      either the Servicer or the Seller and the Trustee over the location or status
      of
      the recorded document, then such substitution or purchase shall occur within
      720
      days from the Closing Date. Any such substitution pursuant to (a) above shall
      not be effected prior to the delivery to the Trustee and the NIMS Insurer,
      if
      any, of the Opinion of Counsel required by Section 2.4 hereof, if any, and
      any
      substitution pursuant to (a) above shall not be effected prior to the additional
      delivery to the Trustee of a Request for Release substantially in the form
      of
      Exhibit J. No substitution is permitted to be made in any calendar month after
      the Determination Date for such month. The Purchase Price for any such Mortgage
      Loan shall be deposited by the Seller in the Collection Account on or prior
      to
      the Deposit Date for the Distribution Date in the month following the month
      of
      repurchase and, upon receipt of written certification from the Servicer of
      such
      deposit, the Trustee shall cause the Custodian to release the related Mortgage
      File to the Seller and shall execute and deliver at the Seller’s request such
      instruments of transfer or assignment prepared by the Seller, in each case
      without recourse, as shall be necessary to vest in the Seller, or a designee,
      the Trustee’s interest in any Mortgage Loan released pursuant hereto. The
      foregoing remedy against the Seller for failure to deliver Mortgage Loans that
      satisfy the Mortgage Loan Document Requirements is provided in the Sale
      Agreement (which, in turn, has been assigned to the Trustee pursuant to Section
      2.1 hereof). 

     

    
      
        
        

      

      
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    The
      Custodian shall retain possession and custody of each Mortgage File in
      accordance with and subject to the terms and conditions set forth herein. The
      Servicer shall promptly deliver to the Custodian on behalf of the Trustee,
      upon
      the execution or receipt thereof, the originals of such other documents or
      instruments constituting the Mortgage File as come into the possession of the
      Servicer from time to time.

     

    It
      is
      understood and agreed that the obligation of the Seller to substitute for or
      to
      purchase any Mortgage Loan which does not meet the requirements of Section
      2.1
      hereof shall constitute the sole remedy respecting such defect available to
      the
      Trustee, any Certificateholder and the NIMS Insurer, if any, against the
      Depositor or the Seller.

     

    Section
      2.3 Representations,
      Warranties and Covenants of the Servicer, the Master Servicer, the Seller and
      the Depositor.

     

    (a) The
      Servicer represents and warrants to the Master Servicer, the Securities
      Administrator, the Depositor, the Seller and the Trustee, for the benefit of
      the
      Certificateholders and the NIMS Insurer, if any, that, as of the Closing Date
      :

     

    (i) the
      Servicer is a duly organized, validly existing, and in good standing under
      the
      laws of the jurisdiction of its organization and has, and had at all relevant
      times, full corporate power to service the Mortgage Loans, to own its property,
      to carry on its business as presently conducted and to enter into and perform
      its obligations under this Agreement. The Servicer has all necessary licenses
      and is qualified to transact business in and is in good standing under the
      laws
      of each state where any Mortgaged Property is located or is otherwise exempt
      under applicable law from such qualification or is otherwise not required under
      applicable law to effect such qualification and no demand for such qualification
      has been made upon the Servicer by any state having jurisdiction;

     

    (ii) the
      execution and delivery of this Agreement by the Servicer and the performance
      by
      it and compliance with the terms of this Agreement will not (A) violate the
      Servicer’s charter or by-laws or constitute a default (or an event which, with
      notice or lapse of time or both, would constitute a default) under, or result
      in
      the breach or acceleration of, any material contract, agreement or other
      instrument to which the Servicer is a party or which may be applicable to the
      Servicer or any of its assets or (B) result in the creation or imposition of
      any
      lien, charge or encumbrance upon any of its properties pursuant to the terms
      of
      any such contract, agreement or other instrument;

     

    (iii) the
      Servicer has the full power and authority to enter into and consummate all
      transactions contemplated by this Agreement to be consummated by it, has duly
      authorized the execution, delivery and performance of this Agreement, and has
      duly executed and delivered this Agreement. This Agreement, assuming due
      authorization, execution and delivery by the other parties hereto, constitutes
      a
      valid, legal and binding obligation of the Servicer, enforceable against it
      in
      accordance with the terms hereof, except as such enforcement may be limited
      by
      bankruptcy, insolvency, reorganization, receivership, moratorium or other
      similar laws relating to or affecting the rights of creditors generally, and
      by
      general equity principles (regardless of whether such enforcement is considered
      in a proceeding in equity or at law);

     

    
      
        
        

      

      
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    (iv) the
      Servicer is not in violation of, and the execution and delivery of this
      Agreement by the Servicer and the performance by it and compliance with the
      terms of this Agreement will not constitute a violation with respect to any
      order or decree of any court or any order or regulation of any federal, state,
      municipal or governmental agency having jurisdiction, which violation would
      materially and adversely affect the condition (financial or otherwise) or
      operations of the Servicer or any of its properties or materially and adversely
      affect the performance of any of its duties hereunder; 

     

    (v) there
      are
      no actions or proceedings against, or investigations of, the Servicer pending
      or, to the knowledge of the Servicer, threatened, before any court,
      administrative agency or other tribunal (A) that, if determined adversely,
      would
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of any of the transactions contemplated by this Agreement or (C)
      that, if determined adversely, would prohibit or materially and adversely affect
      the performance by the Servicer of any of its obligations under, or the validity
      or enforceability of, this Agreement; 

     

    (vi) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer; 

     

    (vii) the
      Servicer does not believe, nor does it have any reason or cause to believe,
      that
      it cannot perform each and every covenant contained in this Agreement;

     

    (viii) no
      consent, approval, authorization, license or order of any court or governmental
      agency or body is required for the execution, delivery and performance by the
      Servicer of or compliance by the Servicer with this Agreement, or if required,
      such consent, approval, authorization, license or order has been obtained prior
      to the Closing Date; and

     

    (ix) the
      Servicer is an approved seller/servicer of residential mortgage loans of the
      same type as the Mortgage Loans, with the facilities, procedures and experienced
      personnel necessary for the sound servicing of mortgage loans of the same type
      as the Mortgage Loans. The Servicer is in
      good
      standing to service mortgage loans, and no event has occurred, including a
      change in insurance coverage, which would make the Servicer unable to service
      the Mortgage Loans; and 

     

    (x) 
      neither
      this Agreement nor any statement, report or other document furnished or to
      be
      furnished pursuant to this Agreement or in connection with the transactions
      contemplated hereby contains any untrue material statement of fact or omits
      to
      state a material fact necessary to make the statements contained therein not
      misleading.

     

    (b) The
      Master Servicer hereby represents and warrants to the Servicer, the Depositor,
      the Seller and the Trustee, for the benefit of the Certificateholders and the
      NIMS Insurer, if any, that as of the Closing Date:

     

    (i) the
      Master Servicer is a national banking association duly formed, validly existing
      and in good standing under the laws of the United States of America and is
      duly
      authorized and qualified to transact any and all business contemplated by this
      Agreement to be conducted by the Master Servicer;

     

    
      
        
        

      

      
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    (ii) the
      Master Servicer has the full power and authority to conduct its business as
      presently conducted by it and to execute, deliver and perform, and to enter
      into
      and consummate, all transactions contemplated by this Agreement. The Master
      Servicer has duly authorized the execution, delivery and performance of this
      Agreement, has duly executed and delivered this Agreement, and this Agreement,
      assuming due authorization, execution and delivery by the other parties hereto,
      constitutes a legal, valid and binding obligation of the Master Servicer,
      enforceable against it in accordance with its terms except as the enforceability
      thereof may be limited by bankruptcy, insolvency, reorganization or similar
      laws
      affecting the enforcement of creditors’ rights generally and by general
      principles of equity;

     

    (iii) the
      execution and delivery of this Agreement by the Master Servicer, the
      consummation by the Master Servicer of any other of the transactions herein
      contemplated, and the fulfillment of or compliance with the terms hereof are
      in
      the ordinary course of business of the Master Servicer and will not (A) result
      in a breach of any term or provision of charter and by-laws of the Master
      Servicer or (B) conflict with, result in a breach, violation or acceleration
      of,
      or result in a default under, the terms of any other material agreement or
      instrument to which the Master Servicer is a party or by which it may be bound,
      or any statute, order or regulation applicable to the Master Servicer of any
      court, regulatory body, administrative agency or governmental body having
      jurisdiction over the Master Servicer; and the Master Servicer is not a party
      to, bound by, or in breach or violation of any indenture or other agreement
      or
      instrument, or subject to or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it, which materially and adversely affects or, to the Master
      Servicer’s knowledge, would in the future materially and adversely affect, (x)
      the ability of the Master Servicer to perform its obligations under this
      Agreement or (y) the business, operations, financial condition, properties
      or
      assets of the Master Servicer taken as a whole;

     

    (iv) the
      Master Servicer does not believe, nor does it have any reason or cause to
      believe, that it cannot perform each and every covenant made by it and contained
      in this Agreement;

     

    (v) no
      litigation is pending against the Master Servicer that would materially and
      adversely affect the execution, delivery or enforceability of this Agreement
      or
      the ability of the Master Servicer to perform any of its other obligations
      hereunder in accordance with the terms hereof;

     

    (vi) there
      are
      no actions or proceedings against, or investigations known to it of, the Master
      Servicer before any court, administrative or other tribunal (A) that might
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of the transactions contemplated by this Agreement or (C) that
      might prohibit or materially and adversely affect the performance by the Master
      Servicer of its obligations under, or validity or enforceability of, this
      Agreement; and

     

    
      
        
        

      

      
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    (vii) no
      consent, approval, authorization, license or order of any court or governmental
      agency or body is required for the execution, delivery and performance by the
      Master Servicer of, or compliance by the Master Servicer with, this Agreement
      or
      the consummation by it of the transactions contemplated by this Agreement,
      except for such consents, approvals, authorizations, licenses or orders, if
      any,
      that have been obtained prior to the Closing Date.

     

    (c) The
      Seller represents and warrants to the Depositor, the Securities Administrator,
      the Master Servicer, the Servicer and the Trustee, for the benefit of the
      Certificateholders and the NIMS Insurer, if any, that, as of the Closing
      Date:

     

    (i) the
      Seller is a corporation licensed as a mortgage banker duly organized, validly
      existing and in good standing under the laws of the state of its incorporation
      and has, and had at all relevant times, full corporate power to service the
      Mortgage Loans, to own its property, to carry on its business as presently
      conducted and to enter into and perform its obligations under this Agreement.
      The Seller has all necessary licenses and is qualified to transact business
      in
      and is in good standing under the laws of each state where a Mortgaged Property
      is located or is otherwise exempt under applicable law from such qualification
      or is otherwise not required under applicable law to effect such qualification
      and no demand for such qualification has been made upon the Seller by any state
      having jurisdiction;

     

    (ii) the
      execution and delivery of this Agreement by the Seller and the performance
      by it
      of and compliance with the terms of this Agreement will not (A) violate the
      Seller’s articles of incorporation or by-laws or constitute a default (or an
      event which, with notice or lapse of time or both, would constitute a default)
      under, or result in the breach or acceleration of, any material contract,
      agreement or other instrument to which the Seller is a party or which may be
      applicable to the Seller or any of its assets or (B) result in the creation
      or
      imposition of any lien, charge or encumbrance upon any of its properties
      pursuant to the terms of any such contract, agreement or other
      instrument;

     

    (iii) the
      Seller has the full power and authority to enter into and consummate all
      transactions contemplated by this Agreement to be consummated by it, has duly
      authorized the execution, delivery and performance of this Agreement, and has
      duly executed and delivered this Agreement. This Agreement, assuming due
      authorization, execution and delivery by the other parties hereto, constitutes
      a
      valid, legal and binding obligation of the Seller, enforceable against it in
      accordance with the terms hereof, except as such enforcement may be limited
      by
      bankruptcy, insolvency, reorganization, receivership, moratorium or other
      similar laws relating to or affecting the rights of creditors generally, and
      by
      general equity principles (regardless of whether such enforcement is considered
      in a proceeding in equity or at law);

     

    (iv) the
      Seller is not in violation of, and the execution and delivery of this Agreement
      by the Seller and the performance by it and compliance with the terms of this
      Agreement will not constitute a violation with respect to, any order or decree
      of any court or any order or regulation of any federal, state, municipal or
      governmental agency having jurisdiction, which violation would materially and
      adversely affect the condition (financial or otherwise) or operations of the
      Seller or any of its properties or materially and adversely affect the
      performance of any of its duties hereunder; and

     

    
      
        
        

      

      
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    (v) there
      are
      no actions or proceedings against, or investigations of, the Seller pending
      or,
      to the knowledge of the Seller, threatened, before any court, administrative
      agency or other tribunal (A) that, if determined adversely, would prohibit
      its
      entering into this Agreement, (B) seeking to prevent the consummation of any
      of
      the transactions contemplated by this Agreement or (C) that, if determined
      adversely, would prohibit or materially and adversely affect the performance
      by
      the Seller of any of its obligations under, or the validity or enforceability
      of, this Agreement.

     

    (d) The
      Depositor represents and warrants to the Seller, the Securities Administrator,
      the Master Servicer, the Servicer and the Trustee, for the benefit of the
      Certificateholders and the NIMS Insurer, if any, that, as of the Closing
      Date:

     

    (i) the
      Depositor is a corporation, duly organized, validly existing and in good
      standing under the laws of the state of its incorporation and has, and had
      at
      all relevant times, full corporate power to own its property, to carry on its
      business as presently conducted and to enter into and perform its obligations
      under this Agreement;

     

    (ii) the
      execution and delivery of this Agreement by the Depositor and the performance
      by
      it of and compliance with the terms of this Agreement will not (A) violate
      the
      Depositor’s articles of incorporation or by-laws or constitute a default (or an
      event which, with notice or lapse of time or both, would constitute a default)
      under, or result in the breach or acceleration of, any material contract,
      agreement or other instrument to which the Depositor is a party or which may
      be
      applicable to the Depositor or any of its assets or (B) result in the creation
      or imposition of any lien, charge or encumbrance upon any of its properties
      pursuant to the terms of any such contract, agreement or other
      instrument;

     

    (iii) the
      Depositor has the full power and authority to enter into and consummate all
      transactions contemplated by this Agreement to be consummated by it, has duly
      authorized the execution, delivery and performance of this Agreement, and has
      duly executed and delivered this Agreement. This Agreement, assuming due
      authorization, execution and delivery by the other parties hereto, constitutes
      a
      valid, legal and binding obligation of the Depositor, enforceable against it
      in
      accordance with the terms hereof, except as such enforcement may be limited
      by
      bankruptcy, insolvency, reorganization, receivership, moratorium or other
      similar laws relating to or affecting the rights of creditors generally, and
      by
      general equity principles (regardless of whether such enforcement is considered
      in a proceeding in equity or at law);

     

    (iv) the
      Depositor is not in violation of, and the execution and delivery of this
      Agreement by the Depositor and the performance by it and compliance with the
      terms of this Agreement will not constitute a violation with respect to, any
      order or decree of any court or any order or regulation of any federal, state,
      municipal or governmental agency having jurisdiction, which violation would
      materially and adversely affect the condition (financial or otherwise) or
      operations of the Depositor or any of its properties or materially and adversely
      affect the performance of any of its duties hereunder; and

     

    
      
        
        

      

      
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    (v) there
      are
      no actions or proceedings against, or investigations of, the Depositor pending
      or, to the knowledge of the Depositor, threatened, before any court,
      administrative agency or other tribunal (A) that, if determined adversely,
      would
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of any of the transactions contemplated by this Agreement or (C)
      that, if determined adversely, would prohibit or materially and adversely affect
      the performance by the Depositor of any of its obligations under, or the
      validity or enforceability of, this Agreement.

     

    (e) Pursuant
      to Section 2.1(a) hereof, the Depositor has assigned to the Trustee, for the
      benefit of Certificateholders and the NIMS Insurer, if any, its rights under
      the
      Sale Agreement, including each representation and warranty of the Seller (and
      the applicable remedies) set forth in the Sale Agreement in respect of the
      Mortgage Loans. 

     

    (f) Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty made by the Seller in respect of the Mortgage Loans that materially
      and
      adversely affects the interests of the Certificateholders in any such Mortgage
      Loan, the party discovering such breach shall give prompt notice thereof to
      the
      other parties hereto and the NIMS Insurer, if any. The Seller hereby covenants
      that within 90 days of the earlier of its discovery or its receipt of written
      notice from any party of a breach such of any representation or warranty which
      materially and adversely affects the interests of the Certificateholders or
      the
      NIMS Insurer, if any, in any Mortgage Loan (it being understood that any such
      breach shall be deemed to materially and adversely affect the value of such
      Mortgage Loan or the interest of the Trust Fund therein, if the Trust Fund
      incurs a loss as the result of such breach), it shall cure such breach in all
      material respects, and if such breach is not so cured, shall, (i) if such 90-day
      period expires prior to the second anniversary of the Closing Date, remove
      such
      Mortgage Loan from the Trust Fund and substitute in its place a Qualified
      Substitute Mortgage Loan, in the manner and subject to the conditions set forth
      in this Section; or (ii) repurchase the affected Mortgage Loan or Mortgage
      Loans
      from the Trustee at the Purchase Price in the manner set forth below;
provided,
      however,
      that
      any such substitution pursuant to clause (i) above shall not be effected prior
      to the delivery to the Trustee and the Securities Administrator of the Opinion
      of Counsel required by Section 2.4 hereof, if any, and any such substitution
      pursuant to clause (i) above shall not be effected prior to the additional
      delivery to the Custodian on behalf of the Trustee of a Request for Release
      substantially in the form of Exhibit J and the Mortgage File for any such
      Qualified Substitute Mortgage Loan. The Seller shall promptly reimburse the
      Servicer, the Trustee and the NIMS Insurer, if any, for any expenses reasonably
      incurred by the Servicer, the Trustee or the NIMS Insurer, if any, in respect
      of
      enforcing the remedies against the Seller. With respect to the representations
      and warranties described in this Section which are made to the best of the
      Seller’s knowledge, if it is discovered by either the Servicer, the Trustee or
      the NIMS Insurer, if any, that the substance of such representation and warranty
      is inaccurate and such inaccuracy materially and adversely affects the value
      of
      the related Mortgage Loan or the interests of the Certificateholders or the
      NIMS
      Insurer, if any, therein, notwithstanding the Seller’s lack of knowledge with
      respect to the substance of such representation or warranty, such inaccuracy
      shall be deemed a breach of the applicable representation or
      warranty.

     

    
      
        
        

      

      
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    With
      respect to any Qualified Substitute Mortgage Loan, the Seller shall deliver
      to
      the Custodian on behalf of the Trustee for the benefit of the Certificateholders
      the Mortgage Note, the Mortgage, the related assignment of the Mortgage, and
      such other documents and agreements as are required by Section 2.1, with the
      Mortgage Note endorsed and the Mortgage assigned as required by Section 2.1.
      No
      substitution is permitted to be made in any calendar month after the
      Determination Date for such month. Scheduled Payments due with respect to
      Qualified Substitute Mortgage Loans in the month of substitution shall not
      be
      part of the Trust Fund and will be retained by the Seller on the next succeeding
      Distribution Date. For the month of substitution, distributions to
      Certificateholders will include the monthly payment due on any Deleted Mortgage
      Loan for such month and thereafter the Seller shall be entitled to retain all
      amounts received in respect of such Deleted Mortgage Loan. The Servicer shall
      amend the Mortgage Loan Schedule for the benefit of the Certificateholders
      to
      reflect the removal of such Deleted Mortgage Loan and the substitution of the
      Qualified Substitute Mortgage Loan or Loans and the Servicer shall deliver
      the
      amended Mortgage Loan Schedule to the Custodian on behalf of the Trustee, the
      Master Servicer and the NIMS Insurer, if any. Upon such substitution, the
      Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of
      this Agreement in all respects, and the Seller shall be deemed to have made
      with
      respect to such Qualified Substitute Mortgage Loan or Loans, as of the date
      of
      substitution, the representations and warranties made by Seller pursuant to
      the
      Sale Agreement with respect to such Mortgage Loan. Upon any such substitution
      and the deposit to the Collection Account of the amount required to be deposited
      therein in connection with such substitution as provided in the following
      paragraph, the Custodian shall release the Mortgage File held for the benefit
      of
      the Certificateholders relating to such Deleted Mortgage Loan to the Seller
      and
      the Trustee shall execute and deliver at the Seller’s direction such instruments
      of transfer or assignment prepared by the Seller, in each case without recourse,
      as shall be necessary to vest title in the Seller, or its designee, the
      Trustee’s interest in any Deleted Mortgage Loan substituted for pursuant to this
      Section 2.3.

     

    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Servicer will determine the
      amount (if any) by which the aggregate principal balance of all such Qualified
      Substitute Mortgage Loans as of the date of substitution is less than the
      aggregate unpaid principal balance of all such Deleted Mortgage Loans (after
      application of the scheduled principal portion of the monthly payments due
      in
      the month of substitution). The amount of such shortage (the “Substitution
      Adjustment Amount”) plus an amount equal to the aggregate of any unreimbursed
      Advances with respect to such Deleted Mortgage Loans shall be deposited in
      the
      Collection Account by the Seller on or before the Deposit Date for the
      Distribution Date in the month succeeding the calendar month during which the
      related Mortgage Loan became required to be purchased or replaced
      hereunder.

     

    In
      the
      event that the Seller shall have repurchased a Mortgage Loan, the Purchase
      Price
      therefor shall be deposited in the Distribution Account prior to the
      Distribution Date in the month following the month during which the Seller
      became obligated hereunder to repurchase or replace such Mortgage Loan and
      upon
      such deposit of the Purchase Price, the delivery of the Opinion of Counsel
      required by Section 2.4 hereof and receipt of a Request for Release in the
      form
      of Exhibit J hereto, the Custodian on behalf of the Trustee shall release the
      related Mortgage File held for the benefit of the Certificateholders and the
      NIMS Insurer, if any, to the Seller, and the Trustee shall execute and deliver
      or shall cause the Custodian to execute and deliver at the Seller’s direction
      such instruments of transfer or assignment prepared by such Person, in each
      case
      without recourse, as shall be necessary to transfer title from the Trustee.
      It
      is understood and agreed that the obligation under this Agreement of the Seller
      to cure, repurchase or replace any Mortgage Loan as to which a breach has
      occurred and is continuing shall constitute the sole remedy respecting such
      breach available to Certificateholders, the NIMS Insurer, if any, or the Trustee
      on their behalf.

     

    
      
        
        

      

      
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    The
      representations and warranties made pursuant to this Section 2.3 (and the
      representations and warranties with respect to the Mortgage Loans made in the
      Sale Agreement) shall survive delivery of the respective Mortgage Files to
      the
      Trustee or the Custodian for the benefit of the Certificateholders and the
      NIMS
      Insurer, if any.

     

    (g) Upon
      discovery by the Depositor, the Servicer, the Seller, the Master Servicer,
      the
      Securities Administrator or the Trustee that any Mortgage Loan does not
      constitute a “qualified mortgage” within the meaning of Section 860G(a)(3) of
      the Code, the party discovering such fact shall promptly (and in any event
      within five (5) Business Days of discovery) give written notice thereof to
      the
      other parties and the NIMS Insurer, if any. In connection therewith, the
      Securities Administrator shall require the Seller, at the Seller’s option, to
      either (i) substitute, if the conditions in Section 2.3(e) with respect to
      substitutions are satisfied, a Qualified Substitute Mortgage Loan for the
      affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within
      90
      days of such discovery in the same manner as it would a Mortgage Loan for a
      breach of representation or warranty made pursuant to this Section 2.3. The
      Custodian on behalf of the Trustee shall reconvey to the Seller the Mortgage
      Loan to be released pursuant hereto in the same manner, and on the same terms
      and conditions, as it would a Mortgage Loan repurchased for breach of a
      representation or warranty contained in this Section 2.3.

     

    
      	 	
              Section
                2.4

            	
              Delivery
                of Opinion of Counsel in Connection with
                Substitutions.

            

    

     

    Notwithstanding
      any contrary provision of this Agreement, no substitution pursuant to Section
      2.2 or Section 2.3 shall be made more than 90 days after the Closing Date unless
      the Depositor or Seller delivers to the Trustee, the Securities Administrator
      and the NIMS Insurer, if any, an Opinion of Counsel, which Opinion of Counsel
      shall not be at the expense of either the Trustee or the Trust Fund, addressed
      to the Trustee and the NIMS Insurer, if any, to the effect that such
      substitution will not result in an Adverse REMIC Event.

     

    
      	 	
              Section
                2.5

            	
              Execution
                and Delivery of Certificates.

            

    

     

    The
      Trustee acknowledges the transfer and assignment to it of the Trust Fund and,
      concurrently with such transfer and assignment, has caused the Securities
      Administrator to execute and deliver to or upon the order of the Depositor,
      the
      Certificates in authorized denominations evidencing directly or indirectly
      the
      entire ownership of the Trust Fund. The Trustee agrees to hold the Trust Fund
      and exercise the rights referred to above for the benefit of all present and
      future Holders of the Certificates and the NIMS Insurer, if any, and to perform
      the duties set forth in this Agreement to the best of its ability, to the end
      that the interests of the Holders of the Certificates may be adequately and
      effectively protected.

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

     

    
      	 	
              Section
                3.1

            	
              Servicer
                to Service Mortgage Loans.

            

    

     

    [(a)]
      For
      and on behalf of the Certificateholders and the NIMS Insurer, if any, the
      Servicer shall service and administer the Mortgage Loans in accordance with
      the
      terms of this Agreement and the Servicing Standard. In connection with such
      servicing and administration, the Servicer shall have full power and authority,
      acting alone and/or through subservicers as provided in Section 3.2 hereof,
      to
      do or cause to be done any and all things that it may deem necessary or
      desirable in connection with such servicing and administration, including but
      not limited to, the power and authority, subject to the terms hereof (i) to
      execute and deliver, on behalf of the Certificateholders, the NIMS Insurer,
      if
      any, and the Trustee, customary consents or waivers and other instruments and
      documents, (ii) to consent to transfers of any Mortgaged Property and
      assumptions of the Mortgage Notes and related Mortgages (but only in the manner
      provided in this Agreement), (iii) to collect any Insurance Proceeds and other
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other
      conversion of the ownership of the Mortgaged Property securing any Mortgage
      Loan; provided
      that the
      Servicer shall not take any action that is inconsistent with or prejudices
      the
      interests of the Trust Fund, the Certificateholders or the NIMS Insurer, if
      any,
      in any Mortgage Loan or the rights and interests of the Depositor, the Trustee
      and the Certificateholders under this Agreement; and provided,
      further,
      that
      unless (x) the Mortgagor is in default with respect to the Mortgage Loan, or
      such default is, in the judgment of the Servicer, imminent or (y) in the absence
      of default or imminent default, any such waiver, modification, postponement
      or
      indulgence would not cause an Adverse REMIC Event, the Servicer may not permit
      any modification with respect to any Mortgage Loan. The Servicer shall represent
      and protect the interests of the Trust Fund (or the Trustee on behalf of the
      Trust Fund) in full compliance with the Servicing Standard in any claim,
      proceeding or litigation regarding a Mortgage Loan. Without limiting the
      generality of the foregoing, the Servicer in the name of the Depositor and
      the
      Trustee, is hereby authorized and empowered by the Depositor and the Trustee,
      when the Servicer believes it appropriate in its reasonable judgment, to execute
      and deliver, on behalf of the Trustee, the Depositor, the Certificateholders,
      the NIMS Insurer, if any, or any of them, any and all instruments of
      satisfaction or cancellation, or of partial or full release or discharge and
      all
      other comparable instruments, with respect to the Mortgage Loans, and with
      respect to the Mortgaged Properties held for the benefit of the
      Certificateholders and the NIMS Insurer, if any.

     

    In
      accordance with the Servicing Standard, the Servicer shall make or cause to
      be
      made Servicing Advances as necessary for the purpose of effecting the payment
      of
      taxes and assessments on the Mortgaged Properties, which Servicing Advances
      shall be reimbursable in the first instance from related collections from the
      Mortgagors pursuant to Section 3.6 hereof, and further as provided in Section
      3.8 hereof. The costs incurred by the Servicer, if any, in effecting the timely
      payments of taxes and assessments on the Mortgaged Properties and related
      insurance premiums shall not, for the purpose of calculating monthly
      distributions to the Certificateholders, be added to the unpaid principal
      balances of the related Mortgage Loans, notwithstanding that the terms of such
      Mortgage Loans so permit. The parties to this Agreement acknowledge that
      Servicing Advances shall be reimbursable pursuant to Section 3.8 of this
      Agreement, and agree that no Servicing Advance shall be rejected or disallowed
      by any party unless it has been shown that such Servicing Advance was not made
      in accordance with the terms of this Agreement. Notwithstanding the foregoing,
      the Servicer shall be reimbursed for any Pre Cut-off Date Servicing Advances
      in
      the same manner and to the same extent as any other Servicing Advance is
      reimbursable hereunder.

     

    
      
        
        

      

      
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    The
      Trustee shall furnish the Servicer and/or the Master Servicer with any limited
      powers of attorney (substantially in the form of Exhibit M) and other documents
      in form as provided to it that are necessary or appropriate to enable the
      Servicer and/or the Master Servicer to execute in the name of the Trustee or
      the
      Custodian, as applicable, all documents reasonably required to perform the
      servicing functions described in this Article III or Article IIIA. The Trustee
      shall have no responsibility for any action of the Master Servicer or the
      Servicer pursuant to any such limited power of attorney and shall be indemnified
      by the Master Servicer or the Servicer, as applicable, for any cost, liability
      or expense incurred by the Trustee in connection with such Person’s misuse of
      any such power of attorney.

     

    [(b)
      The
      Servicer shall, in accordance with the customary and usual standards of practice
      of prudent mortgage servicers of fixed and adjustable rate open-end home equity
      mortgage loans, approve and make disbursements of principal in connection with
      Mortgagor drafts upon the Credit Line approved in connection with each Revolving
      Credit Loan. The Servicer shall provide to the Mortgagors all checks, drafts
      or
      other documentation necessary for such Mortgagors to obtain a Credit Line
      Advance. On each Servicer Remittance Date, with respect to each Credit Line
      Advance disbursed by the Servicer and reported to the [Trustee and the
      Securities Administrator], the Servicer shall be entitled to reimburse itself,
      from amounts on deposit in the Custodial Account, in an amount equal to (i)
      the
      principal amount of each unreimbursed Credit Line Advance disbursed by Servicer
      with respect to a Revolving Credit Loan and (ii) interest, at the Credit Advance
      Rate, on the principal amount of each such Credit Line Advance from the date
      such Credit Line Advance was disbursed by Servicer to but not including such
      date reimbursement is received by the Servicer. In the event that there are
      insufficient funds on deposit in the Custodial Account on any Servicer
      Remittance Date to reimburse the Servicer as provided in the preceding sentence
      (such shortfall, an “Advance Reimbursement Shortfall Amount”), the Servicer
      shall deliver to [Trustee and the Securities Administrator] a request for
      reimbursement of the amount of such Advance Reimbursement Shortfall Amount
      at
      least three Business Days prior to such Servicer Remittance Date. The
      [Securities Administrator] shall promptly reimburse the Servicer on such
      Servicer Remittance Date for such Advance Reimbursement Shortfall
      Amount.]

     

    [(c)
      The
      Servicer, at its discretion and in accordance with the customary and usual
      standards of practice of prudent mortgage servicers of fixed and adjustable
      rate
      open-end home equity mortgage loans, may perform any of the following actions
      in
      connection with a Revolving Credit Loan:

     

    (i)
      with
      the approval of the [Trustee and the Securities Administrator], increase the
      amount of the related Credit Line;

     

    
      
        
        

      

      
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    (ii)
       with
      the
      approval of the [Trustee and the Securities Administrator], terminate a dormant
      Revolving Credit Loan, to the extent permitted under the related Mortgage Note;
      

     

    (iii)
       permit
      payments from the Mortgagor of interest only during the period when Credit
      Line
      Advances may be made; or

     

    (iv)
       with
      the
      approval of the [Trustee and the Securities Administrator], eliminate the
      ability of the Mortgagor to make future drafts upon the Credit Line, or reduce
      the Credit Line, to the extent permitted under the related Mortgage
      Note.]

     

    [(d)
      Notwithstanding anything to the contrary contained herein, the Servicer shall,
      in servicing the Revolving Credit Loans, follow and comply with the servicing
      guidelines established by Fannie Mae, and, consistent with Home Equity Accepted
      Servicing Practices, the Servicer may waive, modify or vary any term of any
      Revolving Credit Loan or consent to the postponement of strict compliance with
      any such term or in any manner grant indulgence to any Mortgagor if in the
      Servicer’s reasonable and prudent determination such waiver, modification,
      postponement or indulgence is in the best interests of the Certificateholders
      and is consistent with the terms of this Agreement; provided,
      however,
      that if
      the Mortgagor is in default with respect to the Revolving Credit Loan or such
      default is, in the judgment of the Servicer, reasonably foreseeable, the
      Servicer shall not permit any modification of any material term of any Revolving
      Credit Loan, including any modification that would change the Mortgage Interest
      Rate, defer or forgive the payment of principal or interest, reduce or increase
      the outstanding principal balance (except for actual payments of principal)
      or
      change the final maturity date on such Revolving Credit Loan. In the event
      of
      any such modification which permits the deferral of interest or principal
      payments on any Revolving Credit Loan, the Servicer shall, on the Business
      Day
      immediately preceding the Servicer Remittance Date in any month in which any
      such principal or interest payment has been deferred, make a Delinquency Advance
      pursuant to the provisions of Section 3.19, in an amount equal to the difference
      between (i) such month’s principal and one month’s interest at the Mortgage Rate
      on the unpaid principal balance of such Revolving Credit Loan and (ii) the
      amount paid by the Mortgagor. The Servicer shall be entitled to reimbursement
      for such Delinquency Advances to the same extent as for all other Delinquency
      Advances made pursuant to Section 3.19. Without limiting the generality of
      the
      foregoing, the Servicer shall continue, and is hereby authorized and empowered,
      to execute and deliver on behalf of itself and the [Trustee and Securities
      Administrator], all instruments of satisfaction or cancellation, or of partial
      or full release, discharge and all other comparable instruments, with respect
      to
      the Revolving Credit Loans and with respect to the Mortgaged Properties. Upon
      the request of the Servicer, the [Trustee and the Securities Administrator]
      shall execute and deliver to the Servicer any powers of attorney and other
      documents, furnished to it by the Servicer and reasonably satisfactory to the
      [Trustee and the Securities Administrator], necessary or appropriate to enable
      the Servicer to carry out its servicing and administrative duties under this
      Agreement. Notwithstanding anything contained herein to the contrary, the
      Servicer shall not, without the [Trustee’s and the Securities Administrator’s]
      written consent: (i) initiate any action suit or proceeding solely under the
      [Trustee’s or the Securities Administrator’s] name without indicating the
      Servicer’s representative capacity; or (ii) take any action with the intent to
      cause, and that actually causes, the [Trustee or the Securities Administrator]
      to be registered to do business in any state. Promptly after the execution
      of
      any assumption, modification, consolidation or extension of any Revolving Credit
      Loan, the Servicer shall forward to the [Master Servicer] copies of any
      documents evidencing such assumption, modification, consolidation or extension.
      Notwithstanding anything to the contrary contained in this Servicing Agreement,
      the Servicer shall not make or permit any modification, waiver or amendment
      of
      any term of any Revolving Credit Loan that would cause any REMIC created under
      the Trust Agreement to fail to qualify as a REMIC or result in the imposition
      of
      any tax under Section 860F(a) or Section 860G(d) of the Code. Notwithstanding
      anything to the contrary herein, the Servicer shall not, without specifically
      notifying the Trustee and Master Servicer in writing and obtaining the Trustee’s
      prior written consent: 

     

    
      
        
        

      

      
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    (i)
       make
      any
      future Delinquency Advances with respect to a Revolving Credit Loan in excess
      of
      the Credit Line with respect to such Revolving Credit Loan; 

     

    (ii)
       make
      any
      Servicing Advance in excess of
      $[      ];

     

    (iii)
       permit
      any modification with respect to any Revolving Credit Loan that would change
      the
      Mortgage Rate, defer or forgive the payment of principal or interest, reduce
      or
      increase the outstanding principal balance or change the final maturity date
      on
      such Revolving Credit Loan; 

     

    (iv)
       sell
      any
      Specially Serviced Revolving Credit Loan; 

     

    (v)
       forgive
      any principal or interest on, or permitting to be satisfied at a discount,
      any
      Revolving Credit Loan; or 

     

    (vi)
       accept
      substitute or additional collateral, or release any collateral, for a Revolving
      Credit Loan. 

     

    Notwithstanding
      anything to the contrary in this Agreement, the Servicer shall not (unless
      the
      Servicer determines, in its own discretion, that there exists a situation of
      extreme hardship to the Mortgagor), waive any premium or penalty in connection
      with a prepayment of principal of any Revolving Credit Loan, and shall not
      consent to the modification of any Mortgage Note to the extent that such
      modification relates to payment of a prepayment premium or penalty.

     

    In
      servicing and administering the Revolving Credit Loans, the Servicer shall
      employ procedures (including collection procedures) and exercise the same care
      that it customarily employs and exercises in servicing and administering
      mortgage loans for its own account, giving due consideration to Accepted
      Servicing Practices where such practices do not conflict with the requirements
      of this Agreement, the Fannie Mae Guides, and the Seller’s reliance on the
      Servicer.]

     

    
      	 	
              Section
                3.2

            	
              Subservicing;
                Enforcement of the Obligations of the Servicer;
                Subcontractors.

            

    

     

    
      
        
        

      

      
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    (a) The
      Servicer may arrange for the subservicing of any Mortgage Loan by a subservicer,
      which may be an affiliate of the Servicer, pursuant to a subservicing agreement;
      provided,
      however,
      that
      such subservicing arrangement and the terms of the related subservicing
      agreement must provide for the servicing of such Mortgage Loans in a manner
      consistent with the servicing arrangements contemplated hereunder. Unless the
      context otherwise requires, references in this Agreement to actions taken or
      to
      be taken by the Servicer in servicing the Mortgage Loans include actions taken
      or to be taken by a subservicer on behalf of the Servicer and rights of the
      Servicer to reimbursement of Advances shall constitute rights of the Subservicer
      to the extent any such Advances are made by or on behalf of the Servicer.
      Notwithstanding the provisions of any subservicing agreement, any of the
      provisions of this Agreement relating to agreements or arrangements between
      the
      Servicer and a subservicer or other subcontractor or reference to actions taken
      through a subservicer or otherwise, (i) the Servicer shall remain obligated
      and
      liable to the Depositor, the Trustee, the Certificateholders and the NIMS
      Insurer, if any, for the servicing and administration of the Mortgage Loans
      in
      accordance with the provisions of this Agreement without diminution of such
      obligation or liability by virtue of such subservicing agreements or
      arrangements or by virtue of indemnification from the subservicer and to the
      same extent and under the same terms and conditions as if the Servicer alone
      were servicing and administering the Mortgage Loans and (ii) any subservicer
      or
      other subcontractor that performs any of the functions identified in Item
      1122(d) of Regulation AB must agree in writing that, if the [Securities
      Administrator] or the Depositor determines that such subcontractor was
“participating in the servicing function” within the meaning of Item 1122, such
      subcontractor will comply with the provisions of Sections 3.16(b), 3.17(b)
      and
      3.17(c) to the same extent as if such subservicer were the Servicer. All actions
      of each subservicer performed pursuant to the related subservicing agreement
      shall be performed as an agent of the Servicer with the same force and effect
      as
      if performed directly by the Servicer.

     

    (b) For
      purposes of this Agreement, the Servicer shall be deemed to have received any
      collections, recoveries or payments with respect to the Mortgage Loans that
      are
      received by a subservicer or other subcontractor regardless of whether such
      payments are remitted by the subservicer or other subcontractor to the
      Servicer.

     

    (c) As
      a
      condition to the utilization of any Subservicer determined to be “participating
      in the servicing function” within the meaning of Item 1122 of Regulation AB, the
      Servicer shall obtain from any such Subservicer used by the Servicer for the
      benefit of the Depositor such Subservicer’s written agreement (in form and
      substance satisfactory to the Depositor) to comply with the provisions of
      Sections [      ] of this Agreement to the same
      extent as if such Subservicer were the Servicer.

     

    (d) As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicer shall obtain from any such Subcontractor used by
      the
      Servicer (or by any Subservicer) for the benefit of the Depositor such
      Subcontractor’s written agreement (in form and substance satisfactory to the
      Depositor) to comply with the provisions of Sections
      [      ] of this Agreement to the same extent as
      if such Subcontractor were the Servicer.

     

    
      	 	
              Section
                3.3

            	
              Rights
                of the Depositor and the Trustee in Respect of the
                Servicer.

            

    

     

    The
      Depositor may, but is not obligated to, enforce the obligations of the Servicer
      hereunder and may, but is not obligated to, perform, or cause a designee to
      perform, any defaulted obligation of the Servicer hereunder and in connection
      with any such defaulted obligation to exercise the related rights of the
      Servicer hereunder; provided
      that the
      Servicer shall not be relieved of any of its obligations hereunder by virtue
      of
      such performance by the Depositor or its designee. Neither the Trustee nor
      the
      Depositor shall have any responsibility or liability for any action or failure
      to act by the Servicer nor shall the Trustee or the Depositor be obligated
      to
      supervise the performance of the Servicer hereunder or otherwise.

     

    
      
        
        

      

      
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              Section
                3.4

            	
              Successor
                Servicer or Master Servicer to Act as
                Servicer.

            

    

     

    (a) In
      the
      event that the Servicer shall for any reason no longer be the Servicer hereunder
      (including by reason of a Servicer Termination Event or a Servicer Event of
      Default), the Seller shall appoint, subject to subsection (b) hereof, a
      successor Servicer acceptable to the Master Servicer and the Rating Agencies,
      as
      evidenced by a letter from each Rating Agency to the effect that such an
      appointment will not result in a qualification, withdrawal or downgrade of
      the
      rating of any of the Certificates. Such successor Servicer shall thereupon
      assume all of the rights and obligations of the Servicer hereunder arising
      thereafter (provided
      that
      such successor Servicer shall not be (i) liable for losses of the predecessor
      Servicer pursuant to Section 3.5(e) hereof or any acts or omissions of the
      predecessor Servicer hereunder, (ii) obligated to make Advances if it is
      prohibited from doing so by applicable law or (iii) deemed to have made any
      representations and warranties of the predecessor Servicer hereunder). If the
      Servicer shall for any reason no longer be the Servicer (including by reason
      of
      a Servicer Termination Event or any Servicer Event of Default), the successor
      Servicer shall succeed to any rights and obligations of the predecessor Servicer
      under any subservicing agreement then in force.

     

    (b) In
      the
      event that the Servicer shall for any reason no longer be the Servicer hereunder
      (including by reason of a Servicer Termination Event or a Servicer Event of
      Default), the Seller shall appoint a successor Servicer within fourteen (14)
      calendar days following notification to the Servicer of termination pursuant
      to
      Article VII, or within thirty (30) calendar days of the date on which the Seller
      receives notification that the Servicer shall for any reason no longer be the
      Servicer.

     

    (c) In
      the
      event that (i) the Servicer shall for any reason no longer be the Servicer
      hereunder (including by reason of a Servicer Termination Event or a Servicer
      Event of Default as defined in Section 7.1 herein) and (ii) the Seller shall
      not
      have appointed a successor Servicer acceptable to the Master Servicer and the
      Rating Agencies, the Master Servicer shall succeed as Servicer and assume all
      of
      the rights and obligations of the Servicer hereunder arising thereafter;
provided,
      however,
      that,
      without affecting the immediate termination of the rights of the Servicer
      hereunder, it is understood and acknowledged by the parties hereto that there
      will be a period of transition not to exceed 90 days (the “Transition Period”)
      before any such servicing transfer to the Master Servicer is fully effected.
      During the Transition Period, the Master Servicer shall not be responsible
      for
      the lack of information and documents that it cannot reasonably obtain on a
      practicable basis under the circumstances. If the Master Servicer shall become
      the successor Servicer pursuant to this Section 3.4(c), the Master Servicer
      shall succeed to any rights and obligations of the predecessor Servicer under
      any subservicing agreement then in force.

     

    (d) In
      the
      event that a successor Servicer assumes the rights and obligations of the
      Servicer pursuant to paragraphs (a) through (c) of this Section 3.4, the
      predecessor Servicer shall, upon request of the Trustee, the Securities
      Administrator, the Master Servicer or the successor Servicer, but at the expense
      of the predecessor Servicer or at the expense of the Trust Fund if not paid
      by
      the predecessor Servicer (or at the expense of the successor Servicer or the
      Seller in the case of a termination of the Servicer pursuant to Section 7.1(c)),
      deliver to the assuming party all documents and records relating to any
      subservicing agreement or substitute subservicing agreement and the Mortgage
      Loans then being serviced thereunder and an accounting of amounts collected
      or
      held by it and otherwise use its best efforts to effect the orderly and
      efficient transfer of the substitute subservicing agreement to the assuming
      party.

     

    
      
        
        

      

      
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    (e) Notwithstanding
      anything in this Agreement to the contrary, in no event shall the resignation,
      removal or termination of the Servicer become effective until a successor
      Servicer, appointed in accordance with the provisions of this Agreement, shall
      have been appointed and shall have assumed in writing all of the obligations
      of
      the Servicer under this Agreement to be performed by the Servicer from and
      after
      the date of such resignation, removal or termination, as applicable, and
      assumption; pending such date, the Servicer shall remain obligated to service
      and administer the Mortgage Loans in accordance with the provisions of this
      Agreement.

     

    (f) Notwithstanding
      anything in this Agreement to the contrary, in the event that the Servicer
      has
      received a notice of termination in accordance with Article VII of this
      Agreement as a result of the occurrence of a Servicer Event of Default or a
      Servicer Termination Event, if the Master Servicer shall be obligated to make,
      and makes, any Delinquency Advances pursuant to Section 3.19 prior to the
      appointment of a successor Servicer or the assumption of servicing obligations
      by the Master Servicer, then the Master Servicer shall be entitled to be
      reimbursed for all such Delinquency Advances by the successor Servicer or,
      if
      not by the successor Servicer, then at the same time and in the same manner
      as
      the Servicer is entitled to be reimbursed for Delinquency Advances
      hereunder.

     

    (g) Following
      any transfer of servicing as provided in this Section 3.4, the predecessor
      Servicer and any successor Servicer (including, without limitation, the Master
      Servicer) shall take such action, consistent with this Agreement, as shall
      be
      necessary to effect any such succession of servicing, including, without
      limitation, providing servicing transfer notices to borrowers and to other
      interested parties as requested by the successor Servicer (any such notices
      to
      be in a format acceptable to the successor Servicer). The predecessor Servicer
      agrees to deliver promptly to such successor, electronically or physically,
      as
      the case may be, all files, data and funds related to the Mortgage Loans, of
      the
      types provided for in this Agreement. The predecessor Servicer agrees to
      cooperate with the Trustee, the Securities Administrator, the Master Servicer
      and any successor Servicer in effecting the termination of the predecessor
      Servicer’s servicing responsibilities and rights under this Agreement and shall
      promptly provide the Securities Administrator, the Master Servicer or such
      successor Servicer, as applicable, all documents and records reasonably
      requested by the successor Servicer to enable it to assume the predecessor
      Servicer’s functions under this Agreement. The predecessor Servicer shall
      promptly transfer to the successor Servicer all amounts that then have been
      or
      should have been deposited in the Custodial Account, the Collection Account
      and
      any escrow account by the predecessor Servicer or that are thereafter received
      with respect to the Mortgage Loans. Any collections received by the predecessor
      Servicer after such removal or resignation shall be endorsed by it to the
      successor Servicer and remitted directly to such successor Servicer. All costs
      and expenses associated with the provisions of this Section 3.4(g) shall be
      borne by the predecessor Servicer, provided,
      that
      in
      the event the Servicer is terminated pursuant to Section 7.1(c), the Seller
      shall cause any successor Servicer appointed pursuant to the provisions of
      this
      Agreement to pay (or the Seller shall pay, if the successor Servicer does not)
      such costs and expenses; provided,
      further, that
      in
      the event the Master Servicer is not reimbursed for any such costs and expenses
      it incurred in connection with any servicing transfer pursuant to Section 7.1(a)
      by the predecessor Servicer, the successor Servicer or the Seller, the Master
      Servicer shall be entitled to reimbursement of such costs and expenses from
      funds in the Collection Account.

     

    
      
        
        

      

      
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    Section
      3.5 Collection
      of Mortgage Loan Payments; Custodial Account; Collection Account; Distribution
      Account.

     

    (a) The
      Servicer shall make reasonable efforts (or shall cause each subservicer to
      make
      reasonable efforts) in accordance with the Servicing Standard to collect all
      payments called for under the terms and provisions of the Mortgage Loans to
      the
      extent such procedures shall be consistent with this Agreement. Consistent
      with
      the foregoing, and subject to the provisions of Section 3.1 hereof, the Servicer
      may in its discretion (i) waive any late payment charge or penalty interest
      and
      (ii) extend the due dates for payments due on a Mortgage Note for a period
      not
      greater than 180 days; provided,
      however,
      that
      the Servicer cannot extend the maturity of any such Mortgage Loan past the
      date
      on which the final payment is due on the latest maturing Mortgage Loan as of
      the
      Cut-off Date. In the event of any such arrangement, any Delinquency Advance
      required to be made by the Servicer on the related Mortgage Loan in accordance
      with the provisions hereof (i) with respect to the Prepayment Period in which
      such arrangement became effective shall be made in accordance with the
      amortization schedule of such Mortgage Loan without giving effect to the
      modification thereof by reason of such arrangements and (ii) with respect to
      any
      Prepayment Period thereafter shall be made in accordance with the amortization
      schedule of such Mortgage Loan as so modified. The Servicer shall not be
      required to institute or join in litigation with respect to collection of any
      payment (whether under a Mortgage, Mortgage Note or otherwise or against any
      public or governmental authority with respect to a taking or condemnation)
      if it
      reasonably believes that enforcing the provision of the Mortgage or other
      instrument pursuant to which such payment is required is prohibited by
      applicable law.

     

    The
      Servicer shall comply with the provisions of Section 3.21 hereof with respect
      to
      each Prepayment Penalty related to the Mortgage Loans.

     

    (b) The
      Servicer shall establish and maintain (or shall cause each subservicer to
      establish and maintain) a Custodial Account entitled “[Name of Servicer or such
      subservicer] in Trust for
      [           ], as Trustee
      for Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates,
      Series 20[   ]-[   ],” for the benefit of the
      Certificateholders into which the Servicer shall deposit or cause to be
      deposited as soon as practicable following receipt but in no event later than
      two Business Days after receipt, except as otherwise specifically provided
      herein, the following payments and collections remitted by subservicers or
      received by it in respect of Mortgage Loans subsequent to the Cut-off Date
      (other than in respect of principal and interest due on the Mortgage Loans
      on or
      before the Cut-off Date) and the following amounts required to be deposited
      hereunder:

     

    (i) all
      payments on account of principal on the Mortgage Loans, including Principal
      Prepayments;

     

    
      
        
        

      

      
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    (ii) all
      payments on account of interest on the Mortgage Loans, net of the related
      Servicing Fee and any Compensating Interest payments required to be deposited
      by
      the Servicer hereunder;

     

    (iii) any
      Prepayment Penalty required to be deposited by the Servicer
      hereunder;

     

    (iv) all
      Insurance Proceeds and Liquidation Proceeds, other than proceeds to be applied
      to the restoration or repair of the Mortgaged Property or released to the
      Mortgagor in accordance with the Servicer’s normal servicing
      procedures;

     

    (v) any
      amount required to be deposited by the Servicer pursuant to Section 3.5(e)
      in
      connection with any losses on Eligible investments;

     

    (vi) any
      amounts required to be deposited by the Servicer pursuant to Section 3.9(b)
      and
      (d) hereof, and in respect of net monthly rental income from REO Property
      pursuant to Section 3.11 hereof;

     

    (vii) all
      Substitution Adjustment Amounts; and

     

    (viii) all
      Delinquency Advances made by or on behalf of the Servicer pursuant to Section
      3.19 hereof.

     

    The
      foregoing requirements for remittance by the Servicer shall be exclusive, it
      being understood and agreed that, without limiting the generality of the
      foregoing, amounts in respect of the Servicing Fee (subject to reduction as
      provided in Section 3.14), payments in the nature of late payment charges and
      assumption fees, if collected, need not be remitted by the Servicer. For so
      long
      as the Initial Advance Facility has not been terminated, amounts attributable
      to
      reimbursements of Advances, if collected, shall be remitted by the Servicer
      (or
      the Subservicer on its behalf) as provided above and shall not under any
      circumstances be retained by the Servicer (or the Subservicer on its behalf).
      If
      the Initial Advance Facility is terminated, amounts attributable to
      reimbursements of Advances need not be remitted by the Servicer. In the event
      that the Servicer shall remit any amount not required to be remitted, it may
      at
      any time withdraw or direct the institution maintaining the Custodial Account
      to
      withdraw such amount from the Custodial Account, any provision herein to the
      contrary notwithstanding. Such withdrawal or direction may be accomplished
      by
      delivering written notice thereof to the Trustee or such other institution
      maintaining the Custodial Account which describes the amounts deposited in
      error
      in the Custodial Account. The Servicer shall maintain adequate records with
      respect to all withdrawals made pursuant to this Section. All funds deposited
      in
      the Custodial Account shall be held in trust for the Certificateholders and
      the
      NIMS Insurer, if any, until withdrawn in accordance with Section
      3.8.

     

    If
      the
      Custodial Account ceases to be an Eligible Account, the Servicer shall establish
      a new Custodial Account that is an Eligible Account within 15 days and transfer
      all funds and investment property on deposit in such existing Custodial Account
      into such new Custodial Account. 

     

    
      
        
        

      

      
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    (c) The
      Master Servicer shall establish and maintain, on behalf of the
      Certificateholders and the NIMS Insurer, if any, a Collection Account entitled
      “[           ]
      in
      trust
      for [           ],
      as
      Trustee for Aegis Asset Backed Securities Trust Mortgage Pass-Through
      Certificates, Series 20[   ]-[   ].” On each
      Deposit Date, the Master Servicer shall remit to the Securities Administrator
      for deposit in the Distribution Account the Total Distribution Amount for such
      date, to the extent received by it or required to be funded by it. In addition,
      the Master Servicer shall deposit in the Collection Account any amounts required
      to be deposited by it pursuant to Section 3.5(e) in connection with losses
      on
      Eligible Investments in the Collection Account.

     

    In
      the
      event that the Servicer shall remit any amount not required to be remitted
      by
      it, it may at any time direct the Master Servicer to withdraw such amount from
      the Collection Account, any provision herein to the contrary notwithstanding.
      Such direction may be accomplished by delivering an Officer’s Certificate to the
      Master Servicer, which describes the amounts deposited in error in the
      Collection Account. All funds deposited in the Collection Account shall be
      held
      by the Master Servicer in escrow for the Certificateholders until disbursed
      in
      accordance with this Agreement or withdrawn in accordance with Section 3.8.
      In
      no event shall the Master Servicer incur liability for withdrawals from the
      Collection Account at the direction of the Servicer.

     

    If
      the
      Collection Account ceases to be an Eligible Account, the Master Servicer shall
      establish a new Collection Account that is an Eligible Account within 15 days
      and transfer all funds and investment property on deposit in such existing
      Collection Account into such new Collection Account.

     

    (d) The
      Securities Administrator shall establish and maintain, on behalf of
      Certificateholders and the NIMS Insurer, if any, the Distribution Account.
      On
      each Deposit Date, the Master Servicer shall remit to the Securities
      Administrator, on behalf of the Trustee, for deposit in the Distribution Account
      the Total Distribution Amount for such date. In addition, the Securities
      Administrator shall deposit in the Distribution Account any amounts required
      to
      be deposited by it pursuant to Section 3.5(e) in connection with losses on
      Eligible Investments in the Distribution Account.

     

    In
      the
      event that the Master Servicer shall remit any amount not required to be
      remitted by it, it may at any time direct the Securities Administrator to
      withdraw such amount from the Distribution Account, any provision herein to
      the
      contrary notwithstanding. Such direction may be accomplished by delivering
      an
      Officer’s Certificate to the Securities Administrator and the NIMS Insurer, if
      any, which describes the amounts deposited in error in the Distribution Account.
      All funds deposited in the Distribution Account shall be held by the Securities
      Administrator in trust for the Certificateholders and the NIMS Insurer, if
      any,
      until disbursed in accordance with this Agreement or withdrawn in accordance
      with Section 3.8. In no event shall the Securities Administrator incur liability
      for withdrawals from the Distribution Account at the direction of the Master
      Servicer.

     

    If
      the
      Distribution Account ceases to be an Eligible Account, the Securities
      Administrator shall establish a new Distribution Account that is an Eligible
      Account within 15 days and transfer all funds and investment property on deposit
      in such existing Distribution Account into such new Distribution Account.

     

    
      
        
        

      

      
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    (e) Amounts
      on deposit in the Custodial Account shall be invested as directed by the
      Servicer; amounts on deposit in the Collection Account shall be invested as
      directed by the Master Servicer; and amounts on deposit in the Distribution
      Account shall be invested as directed by the Securities Administrator, in each
      case in Eligible Investments which shall mature not later than (i) in the case
      of the Custodial Account, the Business Day next preceding the related Servicer
      Remittance Date (except that if such Permitted Investment is an obligation
      of
      the institution that maintains such account, then such Permitted Investment
      shall mature not later than such Servicer Remittance Date), (ii) in the case
      of
      the Collection Account, the Business Day next preceding the related Deposit
      Date
      (except that if such Permitted Investment is an obligation of the institution
      that maintains such account, then such Permitted Investment shall mature not
      later than such Deposit Date) and (iii) in the case of the Distribution Account,
      the Business Day next preceding the related Distribution Date (except that
      if
      such Permitted Investment is an obligation of the institution that maintains
      such fund or account, then such Permitted Investment shall mature not later
      than
      such Distribution Date) and, in each case, shall not be sold or disposed of
      prior to its maturity. All such Eligible Investments shall be made in the name
      of the Trustee, for the benefit of the Certificateholders and the NIMS Insurer,
      if any. All income and gain net of any losses realized from any such investment
      of funds on deposit in the Custodial Account shall be for the benefit of the
      Servicer as servicing compensation; all income and gain net of any losses
      realized from any such investment of funds on deposit in the Collection Account
      shall be for the benefit of the Master Servicer as master servicing
      compensation; and all income and gain net of any losses realized from any such
      investment of funds on deposit in the Distribution Account shall be for the
      benefit of the Securities Administrator. The amount of any realized losses
      in
      the Custodial Account in respect of any such investments shall promptly be
      deposited by the Servicer in the Custodial Account, the amount of any realized
      losses in the Collection Account in respect of any such investments shall
      promptly be deposited by the Master Servicer in the Collection Account and
      the
      amount of any realized losses in the Distribution Account in respect of any
      such
      investments shall promptly be deposited therein by the Securities Administrator.
      The Trustee in its fiduciary capacity shall not be liable for the amount of
      any
      loss incurred in respect of any investment or lack of investment of funds held
      in the Custodial Account, the Collection Account or the Distribution Account
      and
      made in accordance with this Section 3.5.

     

    
      	 	
              Section
                3.6

            	
              Collection
                of Taxes, Assessments and Similar Items; Escrow
                Accounts.

            

    

     

    (a) To
      the
      extent required by the related Mortgage Note and not violative of current law,
      the Servicer shall establish and maintain one or more accounts (each, an “Escrow
      Account”) and deposit and retain therein all collections from the Mortgagors (or
      advances by or on behalf of the Servicer) for the payment of taxes, assessments,
      hazard insurance premiums or comparable items for the account of the Mortgagors.
      Nothing herein shall require the Servicer to compel a Mortgagor to establish
      an
      Escrow Account in violation of applicable law.

     

    (b) Withdrawals
      of amounts so collected from the Escrow Accounts may be made only to effect
      timely payment of taxes, assessments, hazard insurance premiums, condominium
      or
      PUD association dues, or comparable items, to reimburse the Servicer out of
      related collections for any payments made pursuant to Sections 3.1 hereof (with
      respect to taxes and assessments and insurance premiums) and 3.9 hereof (with
      respect to hazard insurance), to refund to any Mortgagors any sums determined
      to
      be overages, to pay interest, if required by law or the terms of the related
      Mortgage or Mortgage Note, to Mortgagors on balances in the Escrow Account
      or to
      clear and terminate the Escrow Account at the termination of this Agreement
      in
      accordance with Section 9.1 hereof. The Escrow Accounts shall not be a part
      of
      the Trust Fund.

     

    
      
        
        

      

      
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    (c) The
      Servicer shall advance or cause to be advanced, as Servicing Advances, any
      payments referred to in Section 3.6(a) that are not timely paid by the
      Mortgagors on the date when the tax, premium or other cost for which such
      payment is intended is due, provided,
      however,
      that the
      Servicer shall not be required to make or cause to be made any such Servicing
      Advance if such Servicing Advance, in the good faith judgment of the Servicer,
      would constitute a Nonrecoverable Advance.

     

    Section
      3.7     Access
      to Certain Documentation and Information Regarding the Mortgage
      Loans.

     

    The
      Servicer shall afford the Depositor, the Seller, the Trustee, the Securities
      Administrator, the Master Servicer and the NIMS Insurer, if any, reasonable
      access to all records and documentation regarding the Mortgage Loans and all
      accounts, insurance information and other matters relating to this Agreement,
      such access being afforded without charge, but only upon five Business Days’
prior written notice and during normal business hours at the office designated
      by the Servicer.

     

    Upon
      five
      Business Days’ prior written notice, the Servicer shall provide to each
      Certificateholder that is a savings and loan association, bank or insurance
      company and the NIMS Insurer, if any, certain reports and reasonable access
      to
      information and documentation regarding the Mortgage Loans sufficient to permit
      such Certificateholder to comply with applicable regulations of the OTS or
      other
      regulatory authorities with respect to investment in the Certificates;
provided
      that the
      Servicer shall be entitled to be reimbursed by each such Certificateholder
      for
      actual expenses incurred by the Servicer in providing such reports and
      access.

     

    Nothing
      in this Section shall limit the obligation of the Servicer to observe any
      applicable law prohibiting disclosure of information regarding the Mortgagors
      and the failure of the Servicer to provide access as provided in this Section
      as
      a result of such obligation shall not constitute a breach of this Section.
      Nothing in this Section 3.7 shall require the Servicer to collect, create,
      collate or otherwise generate any information that it does not generate in
      its
      usual course of business, except to the extent otherwise provided in this
      Agreement. Unless otherwise provided in this Agreement, the Servicer shall
      not
      be required to make copies of or ship documents to any party unless provisions
      have been made for the reimbursement of the costs thereof.

     

    
      	 	
              Section
                3.8

            	
              Permitted
                Withdrawals from the Custodial Account, the Collection Account and
                the
                Distribution Account. 

            

    

     

    (a) The
      Servicer may from time to time make withdrawals from the Custodial Account
      for
      the following purposes:

     

    
      
        
        

      

      
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    (i) to
      the
      extent not previously retained to pay to itself the servicing compensation
      to
      which it is entitled pursuant to Section 3.14, and earnings on or investment
      income with respect to funds in or credited to the Custodial Account as
      additional servicing compensation;

     

    (ii) if
      the
      Initial Advance Facility has been terminated, to the extent not previously
      retained by the Servicer, to reimburse the Servicer for unreimbursed Advances
      made by or on behalf of it, such right of reimbursement pursuant to this
      subclause (ii) being limited to amounts received on any Mortgage Loan in respect
      of which any such Advance was made;

     

    (iii) if
      the
      Initial Advance Facility has been terminated, to reimburse the Servicer for
      any
      Nonrecoverable Advance previously made;

     

    (iv) to
      reimburse the Servicer for Insured Expenses from the related Insurance
      Proceeds;

     

    (v) to
      reimburse the Servicer for unpaid Servicing Fees as provided in Section 3.11
      hereof;

     

    (vi) to
      pay to
      the purchaser, with respect to each Mortgage Loan or property acquired in
      respect thereof that has been purchased pursuant to Section 2.2, 2.3 or 3.11,
      all amounts received thereon after the date of such purchase;

     

    (vii) to
      reimburse the Servicer, the Seller or the Depositor for expenses incurred by
      any
      of them and reimbursable pursuant to Section 6.3 hereof;

     

    (viii) to
      withdraw any amount deposited in the Custodial Account and not required to
      be
      deposited therein;

     

    (ix) on
      or
      prior to each Servicer Remittance Date, to withdraw an amount equal to the
      amount then on deposit in the Custodial Account with respect to the related
      Distribution Date (minus
      any
      withdrawals permitted to be made by the Servicer pursuant to this Section 3.8
      and amounts permitted to be retained in the Custodial Account for remittance
      on
      subsequent Servicer Remittance Dates) and remit such amount to the Master
      Servicer for deposit in the Collection Account; provided
      that
      with
      respect to any remittance received by the Master Servicer after the Business
      Day
      on which such payment was due, the Servicer shall pay to the Master Servicer
      interest on any such late payment at the Prime Rate, adjusted as of the date
      of
      each change, plus three percentage points, but in no event shall such interest
      be greater than the maximum amount permitted by applicable law, from and
      including the date on which such remittance was due to and including the date
      on
      which such remittance was paid; 

     

    (x) [to
      reimburse itself for the amount of any Credit Line Advances made by or on behalf
      of the Servicer and not timely reimbursed by the Securities Administrator in
      accordance with Section 3.1 hereof]; and

     

    
      
        
        

      

      
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    (xi) to
      clear
      and terminate the Custodial Account upon termination of this Agreement pursuant
      to Section 9.1 hereof.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Custodial Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi).
      Prior to making any withdrawal from the Custodial Account pursuant to subclause
      (iii), the Servicer shall deliver to the Master Servicer an Officer’s
      Certificate of a Servicing Officer indicating the amount of any previous
      Delinquency Advance determined by the Servicer to be a Nonrecoverable Advance
      and identifying the related Mortgage Loan(s), and their respective portions
      of
      such Nonrecoverable Advance.

     

    (b) The
      Master Servicer may from time to time withdraw funds from the Collection Account
      for the following purposes:

     

    (i) to
      pay to
      the Trustee the Trustee Fee, on the Distribution Date each year in the month
      in
      which such Trustee Fee, is due and payable pursuant to the terms of the fee
      letter agreement with the Trustee;

     

    (ii) to
      the
      extent not previously retained, to reimburse itself for reasonable expenses
      and
      any indemnities to which it is owed pursuant to Section 3A.8 hereof, and
      earnings on or investment income with respect to funds in or credited to the
      Collection Account as master servicing compensation;

     

    (iii) to
      the
      extent not previously retained by the Master Servicer, to reimburse the Master
      Servicer (A) for unreimbursed Delinquency Advances made by it, such right of
      reimbursement pursuant to this subclause (ii) being limited to amounts received
      on any Mortgage Loan in respect of which any such Delinquency Advance was made
      and (B) for any Nonrecoverable Advance;

     

    (iv) to
      the
      extent not previously retained by the Servicer, to pay to the Servicer the
      servicing compensation to which it is entitled pursuant to Section
      3.14;

     

    (v) to
      pay
      any monthly Bulk PMI policy premium;

     

    (vi) to
      withdraw and return to the Servicer or itself, as applicable, any amount
      deposited in the Collection Account and not required to be deposited therein,
      including any amounts owed to the Servicer as part of the Servicing Fee, in
      accordance with the terms hereunder; 

     

    (vii) on
      or
      prior to each Deposit Date, to withdraw an amount equal to the amount then
      on
      deposit in the Collection Account with respect to the related Distribution
      Date
      (minus
      any
      withdrawals permitted to be made by the Master Servicer pursuant to this Section
      3.8) and remit such amount to the Securities Administrator for deposit in the
      Distribution Account; and

     

    (viii) to
      clear
      and terminate the Collection Account upon termination of the Agreement pursuant
      to Section 9.1 hereof.

     

    
      
        
        

      

      
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    (c) The
      Securities Administrator shall withdraw funds from the Distribution Account
      for
      distributions to Certificateholders in the manner specified in this Agreement.
      In addition, the Securities Administrator (1) shall, until the first
      Distribution Date following the date on which the Initial Advance Facility
      has
      been terminated, on each Distribution Date prior to making the payments required
      pursuant to Section 4.1, make a withdrawal from the Distribution Account, based
      solely on information received from the Subservicer and the Servicer, in the
      amount of the Advance Reimbursement Payment for such Distribution Date and
      pay
      such amount by wire transfer of immediately available funds to the account
      specified by the Initial Advance Facility Counterparty, and (2) may prior to
      making the payments required pursuant to Section 4.1 from time to time make
      withdrawals from the Distribution Account for the following
      purposes:

     

    (i) to
      reimburse itself, the Master Servicer, the Custodian and the Trustee for
      reasonable expenses and costs and any indemnities to which each such party
      is
      owed pursuant to the Operative Documents, for the related Distribution
      Date;

     

    (ii) to
      the
      extent not previously retained by the Servicer, to pay to the Servicer the
      servicing compensation to which it is entitled pursuant to Section
      3.14;

     

    (iii) to
      pay to
      itself or the Master Servicer earnings on or investment income with respect
      to
      funds in the Distribution Account;

     

    (iv) to
      pay
      any monthly Bulk PMI policy premium;

     

    (v) to
      withdraw and return to the Servicer or the Master Servicer, as applicable,
      any
      amount deposited in the Distribution Account and not required to be deposited
      therein, including any amounts owed to the Servicer or the Master Servicer
      as
      part of the Servicing Fee or the Master Servicing Fee, as applicable, in
      accordance with the terms hereunder; and

     

    (vi) to
      clear
      and terminate the Distribution Account upon termination of the Agreement
      pursuant to Section 9.1 hereof.

     

    Section
      3.9     Maintenance
      of Hazard Insurance; Maintenance of Primary Insurance Policies.

     

    (a) The
      Servicer shall cause to be maintained, for each Mortgage Loan, hazard insurance
      with extended coverage in an amount that is at least equal to the lesser of
      (i)
      the maximum insurable value of the improvements securing such Mortgage Loan;
      (ii) the outstanding principal balance of the Mortgage Loan; and (iii) the
      maximum amount available in the locality of the related Mortgaged Property
      from
      insurers generally acceptable to institutional residential mortgage lenders
      without payment of extraordinary premium. Each such policy of standard hazard
      insurance shall contain, or have an accompanying endorsement that contains,
      a
      standard mortgagee clause. Any amounts collected by the Servicer under any
      such
      policies (other than the amounts to be applied to the restoration or repair
      of
      the related Mortgaged Property or amounts released to the Mortgagor in
      accordance with the Servicer’s normal servicing procedures) shall be deposited
      in the Collection Account. Any cost incurred by the Servicer in maintaining
      any
      such insurance shall not, for the purpose of calculating monthly distributions
      to the Certificateholders or remittances to the Securities Administrator for
      their benefit, be added to the principal balance of the Mortgage Loan,
      notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
      be recoverable by the Servicer as Servicing Advances or, if applicable, as
      Nonrecoverable Advances. It is understood and agreed that no earthquake or
      other
      additional insurance is to be required of any Mortgagor or maintained on
      property acquired in respect of a Mortgage other than pursuant to such
      applicable laws and regulations as shall at any time be in force and as shall
      require such additional insurance. If the Mortgaged Property is located at
      the
      time of origination of the Mortgage Loan in a federally designated special
      flood
      hazard area and such area is participating in the national flood insurance
      program, the Servicer shall cause flood insurance to be maintained with respect
      to such Mortgage Loan. Such flood insurance shall be in an amount equal to
      the
      least of (i) the original principal balance of the related Mortgage Loan, (ii)
      the replacement value of the improvements which are part of such Mortgaged
      Property, and (iii) the maximum amount of such insurance available for the
      related Mortgaged Property under the national flood insurance
      program.

     

    
      
        
        

      

      
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    (b) In
      the
      event that the Servicer shall obtain and maintain a blanket policy insuring
      against hazard losses on any or all of the Mortgage Loans, it shall conclusively
      be deemed to have satisfied its obligations as set forth in the first sentence
      of this Section with respect to all of the Mortgage Loans so covered, it being
      understood and agreed that such policy may contain a deductible clause on terms
      substantially equivalent to those commercially available and maintained by
      comparable servicers. If such policy contains a deductible clause, the Servicer
      shall, in the event that there shall not have been maintained on the related
      Mortgaged Property a policy complying with the first sentence of this Section,
      and there shall have been a loss that would have been covered by such policy,
      deposit in the Collection Account the amount not otherwise payable under the
      blanket policy because of such deductible clause. In connection with its
      activities as Servicer of the Mortgage Loans, the Servicer agrees to present,
      on
      behalf of itself, the Depositor, and the Trustee for the benefit of the
      Certificateholders and the NIMS Insurer, if any, claims under any such blanket
      policy.

     

    (c) The
      Servicer shall not take any action which would result in non-coverage under
      any
      applicable Primary Mortgage Insurance Policy of any loss which, but for the
      actions of the Servicer, would have been covered thereunder. The Servicer shall
      not cancel or refuse to renew any such Primary Mortgage Insurance Policy that
      is
      in effect at the date of the initial issuance of the Certificates and is
      required to be kept in force hereunder unless the replacement Primary Mortgage
      Insurance Policy for such canceled or non-renewed policy is maintained with
      a
      Qualified Insurer.

     

    The
      Servicer shall not be required to maintain any Primary Mortgage Insurance Policy
      (i) with respect to any Mortgage Loan with a Loan-to-Value Ratio less than
      or
      equal to 80% (or such lower Loan-to-Value Ratio as may be provided by applicable
      law) as of any date of determination or, based on a new appraisal, the principal
      balance of such Mortgage Loan represents 80% or less of the new appraised value
      (or other method of determination as may be provided by applicable law) or
      (ii)
      if maintaining such Primary Mortgage Insurance Policy is otherwise prohibited
      by
      applicable law.

     

    The
      Servicer agrees to effect the timely payment of the premiums on each Primary
      Mortgage Insurance Policy (other than any Bulk PMI Policy premium), and such
      costs not otherwise recoverable shall be recoverable by the Servicer as
      Servicing Advances or, if applicable, as Nonrecoverable Advances.

     

    
      
        
        

      

      
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    (d) In
      connection with its activities as Servicer of the Mortgage Loans, the Servicer
      agrees to present on behalf of itself, the Trustee, Certificateholders and
      the
      NIMS Insurer, if any, claims to the insurer under any Primary Insurance Policies
      and, in this regard, to take such reasonable action as shall be necessary to
      permit recovery under any Primary Insurance Policies respecting defaulted
      Mortgage Loans. Any amounts collected by the Servicer under any Primary
      Insurance Policies shall be deposited in the Collection Account.

     

    
      	 	
              Section
                3.10

            	
              Enforcement
                of Due-on-Sale Clauses; Assumption
                Agreements.

            

    

     

    (a) Except
      as
      otherwise provided in this Section, when any property subject to a Mortgage
      has
      been conveyed by the Mortgagor, the Servicer shall to the extent that it has
      knowledge of such conveyance enforce any due-on-sale clause contained in any
      Mortgage Note or Mortgage, to the extent, in the Servicer’s reasonable judgment,
      enforcement is permitted under applicable law and governmental regulations,
      provided,
      however,
      that
      the Servicer shall not be required to take such action if, in its sole business
      judgment, the Servicer believes it is not in the best interests of the Trust
      Fund. Notwithstanding the foregoing, the Servicer is not required to exercise
      such rights with respect to a Mortgage Loan if the Person to whom the related
      Mortgaged Property has been conveyed or is proposed to be conveyed satisfies
      the
      terms and conditions contained in the Mortgage Note and Mortgage related thereto
      and the consent of the mortgagee under such Mortgage Note or Mortgage is not
      otherwise so required under such Mortgage Note or Mortgage as a condition to
      such transfer. In the event that the Servicer is prohibited by law from
      enforcing any such due-on-sale clause, or if nonenforcement is otherwise
      permitted hereunder, the Servicer is authorized, subject to Section 3.10(b),
      to
      take or enter into an assumption and modification agreement from or with the
      person to whom such property has been or is about to be conveyed, pursuant
      to
      which such person becomes liable under the Mortgage Note and, unless prohibited
      by applicable state law, the Mortgagor remains liable thereon, provided
      that the
      Mortgage Loan shall continue to be covered (if so covered before the Servicer
      enters such agreement) by the applicable Required Insurance Policies. The
      Servicer, subject to Section 3.10(b), is also authorized with the prior approval
      of the insurers under any Required Insurance Policies to enter into a
      substitution of liability agreement with such Person, pursuant to which the
      original Mortgagor is released from liability and such Person is substituted
      as
      Mortgagor and becomes liable under the Mortgage Note. Notwithstanding the
      foregoing, the Servicer shall not be deemed to be in default under this Section
      by reason of any transfer or assumption which the Servicer reasonably believes
      it is restricted by law from preventing, for any reason whatsoever.

     

    
      
        
        

      

      
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    (b) Subject
      to the Servicer’s duty to enforce any due-on-sale clause to the extent set forth
      in Section 3.10(a) hereof, in any case in which a Mortgaged Property has been
      conveyed to a Person by a Mortgagor, and such Person is to enter into an
      assumption agreement or modification agreement or supplement to the Mortgage
      Note or Mortgage that requires the signature of the Trustee, or if an instrument
      of release signed by the Trustee is required releasing the Mortgagor from
      liability on the Mortgage Loan, the Servicer shall prepare and deliver or cause
      to be prepared and delivered to the Trustee for signature and shall direct,
      in
      writing, the Trustee to execute the assumption agreement with the Person to
      whom
      the Mortgaged Property is to be conveyed and such modification agreement or
      supplement to the Mortgage Note or Mortgage or other instruments as are
      reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
      or otherwise to comply with any applicable laws regarding assumptions or the
      transfer of the Mortgaged Property to such Person. In connection with any such
      assumption, no material term of the Mortgage Note may be changed. In addition,
      the substitute Mortgagor and the Mortgaged Property must be acceptable to the
      Servicer in accordance with its underwriting standards as then in effect.
      Together with each such substitution, assumption or other agreement or
      instrument delivered to the Trustee for execution by it, the Servicer shall
      deliver an Officer’s Certificate signed by a Servicing Officer stating that the
      requirements of this subsection have been met in connection therewith. The
      Servicer shall notify the Trustee that any such substitution or assumption
      agreement has been completed by forwarding to the Trustee the original of such
      substitution or assumption agreement, which in the case of the original shall
      be
      added to the related Mortgage File and shall, for all purposes, be considered
      a
      part of such Mortgage File to the same extent as all other documents and
      instruments constituting a part thereof. Any fee collected by the Servicer
      for
      entering into an assumption or substitution of liability agreement will be
      retained by the Servicer as additional servicing compensation.

     

    Section
      3.11     Realization
      Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage
      Loans.

     

    (a) Subject
      to the limitations set forth in Sections 3.5(a), 3.11(b), 3.11(f), and 3.11(i),
      the Servicer shall use reasonable efforts to foreclose upon or otherwise
      comparably convert the ownership of properties securing such of the Mortgage
      Loans as come into and continue in default and as to which no satisfactory
      arrangements can be made for collection of delinquent payments. In connection
      with such foreclosure or other conversion, the Servicer shall follow such
      practices and procedures as it shall deem necessary or advisable and as shall
      be
      normal and usual in its general mortgage servicing activities; provided,
      however,
      that
      the Servicer shall not be required to expend its own funds in connection with
      any foreclosure or towards the restoration of any property unless it shall
      determine (i) that such restoration and/or foreclosure will increase the
      proceeds of liquidation of the Mortgage Loan after reimbursement to itself
      of
      such expenses and (ii) that such expenses will be recoverable to it through
      Liquidation Proceeds (respecting which it shall have priority for purposes
      of
      withdrawals from the Collection Account). The Servicer shall be responsible
      for
      all other costs and expenses incurred by it in any such proceedings;
provided,
      however,
      that it
      shall be entitled to reimbursement thereof from the Liquidation Proceeds with
      respect to the related Mortgaged Property, as Servicing Advances or, if
      applicable, as Nonrecoverable Advances.

     

    (b) If
      the
      Servicer has actual knowledge that a Mortgaged Property which the Servicer
      is
      contemplating acquiring in foreclosure or by deed in lieu of foreclosure is
      located within a one mile radius of any site with material environmental or
      hazardous waste risks known to the Servicer, the Servicer will, prior to
      acquiring the Mortgaged Property, consider such risks and shall proceed with
      such in foreclosure or by deed in lieu of foreclosure only if the Servicer
      reasonably determines that doing so shall more like than not be in the best
      interests of the Trust Fund, considering all relevant factors including such
      environmental matters. For the purpose of this Section, actual knowledge of
      the
      Servicer means actual knowledge of a Servicing Officer involved in the servicing
      of the relevant Mortgage Loan at the time such knowledge was acquired. Actual
      knowledge of the Servicer does not include knowledge imputable by virtue of
      the
      availability of or accessibility to information relating to environmental or
      hazardous waste sites or the locations thereof.

     

    
      
        
        

      

      
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    (c) With
      respect to any REO Property, the deed or certificate of sale shall be taken
      in
      the name of the Trustee for the benefit of the Certificateholders, or its
      nominee, on behalf of the Certificateholders. The Trustee’s name shall be placed
      on the title to such REO Property solely as the Trustee hereunder and not in
      its
      individual capacity. The Servicer shall ensure that the title to such REO
      Property references this Agreement and the Trustee’s capacity thereunder.
      Pursuant to its efforts to sell such REO Property, the Servicer shall either
      itself or through an agent selected by the Servicer protect and conserve such
      REO Property in the same manner and to such extent as is customary in the
      locality where such REO Property is located and may, incident to its
      conservation and protection of the interests of the Certificateholders and
      the
      NIMS Insurer, if any, in its sole discretion, rent or decline to rent the same,
      or any part thereof, as the Servicer deems to be in the best interest of the
      Certificateholders and the NIMS Insurer, if any, for the period prior to the
      sale of such REO Property. The Servicer shall prepare for and deliver to the
      Master Servicer and the NIMS Insurer, if any, a statement with respect to any
      REO Property that has been rented showing the aggregate rental income received
      and all expenses incurred in connection with the management and maintenance
      of
      such REO Property at such times as is necessary to enable the Securities
      Administrator to comply with the reporting requirements of the REMIC Provisions.
      The net monthly rental income, if any, from such REO Property shall be deposited
      in the Collection Account no later than the close of business on each
      Determination Date. The Servicer shall perform the tax reporting and withholding
      required by Sections 1445 and 6050J of the Code with respect to foreclosures
      and
      abandonments, the tax reporting required by Section 6050H of the Code with
      respect to the receipt of mortgage interest from individuals and any tax
      reporting required by Section 6050P of the Code with respect to the cancellation
      of indebtedness by certain financial entities, by preparing and filing such
      tax
      and information returns as may be required.

     

    (d) In
      the
      event that the Trust Fund acquires any Mortgaged Property as aforesaid or
      otherwise in connection with a default or imminent default on a Mortgage Loan,
      the Servicer shall dispose of such Mortgaged Property prior to the close of
      the
      third taxable year after its acquisition by the Trust Fund unless the Trustee,
      the Securities Administrator and the NIMS Insurer, if any, shall have been
      supplied with an Opinion of Counsel (which shall not be at the expense of any
      such recipient) to the effect that the holding by the Trust Fund of such
      Mortgaged Property subsequent to such three-year period will not result in
      an
      Adverse REMIC Event, in which case the Trust Fund may continue to hold such
      Mortgaged Property (subject to any conditions contained in such Opinion of
      Counsel). Notwithstanding any other provision of this Agreement, no Mortgaged
      Property acquired by the Trust Fund shall be rented (or allowed to continue
      to
      be rented) or otherwise used for the production of income by or on behalf of
      the
      Trust Fund in such a manner or pursuant to any terms that would (i) cause such
      Mortgaged Property to fail to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Code or (ii) cause an Adverse REMIC Event,
      unless the Servicer has agreed to indemnify and hold harmless the Trust Fund
      with respect to the imposition of any such taxes.

     

    
      
        
        

      

      
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    (e) In
      the
      event of a default on a Mortgage Loan one or more of whose obligor is not a
      “United States person,” as that term is defined in Section 7701(a)(30) of the
      Code, in connection with any foreclosure or acquisition of a deed in lieu of
      foreclosure (together, “foreclosure”) in respect of such Mortgage Loan, the
      Servicer will cause compliance with the provisions of Treasury Regulation
      Section 1.1445-2(d)(3) (or any successor thereto) necessary to assure that
      no
      withholding tax obligation arises with respect to the proceeds of such
      foreclosure except to the extent, if any, that proceeds of such foreclosure
      are
      required to be remitted to the obligor on such Mortgage Loan.

     

    (f) The
      decision of the Servicer to foreclose, or to continue the foreclosure process,
      on a defaulted Mortgage Loan shall be subject to a determination by the Servicer
      that the related Mortgaged Property will not fail to qualify as “foreclosure
      property” within meaning of Section 860G(a)(8) of the Code and that the proceeds
      of such foreclosure would more likely than not exceed the costs and expenses
      of
      bringing such a proceeding and liquidating the REO expected to be obtained
      through such foreclosure. Promptly upon making any determination in accordance
      with the preceding sentence not to foreclose, or to discontinue the foreclosure
      process, as to any Mortgage Loan, the Servicer shall deliver to the Master
      Servicer an Officer’s Certificate signed by a Servicing Officer identifying the
      Mortgage Loans as to which such determination has been made setting forth the
      basis for such determination in a form acceptable to the Master
      Servicer.

     

    (g) The
      income earned from the management of any REO Properties, net of reimbursement
      to
      the Servicer for expenses incurred (including any property or other taxes)
      in
      connection with such management and net of unreimbursed Master Servicing Fees
      and Advances, shall be applied to the payment of principal of and interest
      on
      the related defaulted Mortgage Loans (with interest accruing as though such
      Mortgage Loans were still current) and all such income shall be deemed, for
      all
      purposes in this Agreement, to be payments on account of principal and interest
      on the related Mortgage Notes and shall be deposited into the Collection
      Account. To the extent the net income received during any calendar month is
      in
      excess of the amount attributable to amortizing principal and accrued interest
      at the related Mortgage Rate on the related Mortgage Loan for such calendar
      month, such excess shall be considered to be a partial prepayment of principal
      of the related Mortgage Loan.

     

    (h) The
      proceeds from any liquidation of a Mortgage Loan, as well as any income from
      an
      REO Property, will be applied in the following order of priority: first,
      to
      reimburse the Servicer for any related unreimbursed Servicing Advances and
      Servicing Fees; second,
      to
      reimburse the Servicer for any unreimbursed Delinquency Advances; third,
      to
      reimburse the Collection Account for any Nonrecoverable Advances (or portions
      thereof) that were previously withdrawn by the Servicer pursuant to Section
      3.8(a)(iii) that related to such Mortgage Loan; fourth,
      to
      accrued and unpaid interest (to the extent no Delinquency Advance has been
      made
      for such amount or any such Delinquency Advance has been reimbursed) on the
      Mortgage Loan or related REO Property, at the Mortgage Rate (net of the
      Servicing Fee Rate) to the Due Date occurring in the month in which such amounts
      are required to be distributed; and fifth,
      as a
      recovery of principal of the Mortgage Loan. Excess Proceeds, if any, from the
      liquidation of a Liquidated Mortgage Loan will be part of Monthly Excess
      Cashflow.

     

    (i) Notwithstanding
      any provision hereof, in connection with the foreclosure or other conversion
      of
      defaulted assets, the Servicer shall follow such practices and procedures as
      it
      shall deem necessary or advisable in its sole discretion, and as shall be normal
      and usual in its general mortgage servicing activities. 

     

    
      
        
        

      

      
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    The
      Servicer shall not conduct any such disposition that would result in an Adverse
      REMIC Event at any time that any Certificates are outstanding.

     

    (j) The
      Majority Class X Certificateholders, in their sole discretion, shall have the
      right to purchase for their own account from the Trust Fund any Distressed
      Mortgage Loan at a price equal to the Purchase Price; provided,
      however,
      that
      any REO Property may be disposed of pursuant to the preceding Section 3.11(i).
      The total price calculated pursuant to the preceding sentence for any Distressed
      Mortgage Loan purchased hereunder shall be deposited in the Collection Account
      and the Custodian, upon receipt of the Request for Release from the Servicer
      in
      the form of Exhibit J hereto, shall release or cause to be released to the
      purchaser of such Mortgage Loan the related Mortgage File and shall execute
      and
      deliver such instruments of transfer or assignment prepared by the purchaser
      of
      such Mortgage Loan, in each case without recourse, as shall be necessary to
      vest
      in the purchaser of such Mortgage Loan any Mortgage Loan released pursuant
      hereto and the purchaser of such Mortgage Loan shall succeed to all the
      Trustee’s right, title and interest in and to such Mortgage Loan and all
      security and documents related thereto. Such assignment shall be an assignment
      outright and not for security. The purchaser of such Mortgage Loan shall
      thereupon own such Mortgage Loan, and all security and documents, free of any
      further obligation to the Trustee, the Securities Administrator, the
      Certificateholders or the NIMS Insurer, if any, with respect
      thereto.

     

    (k) The
      Depositor shall have the option to purchase, at any one time (but only one
      time
      during the period in which the Agreement is in effect), 1.0% (and in any case,
      at least five Mortgage Loans) of the Mortgage Loans, by aggregate principal
      balance of the Mortgage Loans as of such date, at a purchase price equal to
      the
      greater of (A) the aggregate Purchase Price of such Mortgage Loans and (B)
      the
      aggregate fair market value of such Mortgage Loans. The Mortgage Loans that
      may
      be purchased by the Depositor pursuant to this paragraph will be selected by
      the
      Depositor in its sole discretion. If at any time the Depositor exercises such
      option, the Depositor shall immediately notify or cause to be notified the
      Trustee and the Custodian by a certification (which shall include a statement
      to
      the effect that all amounts required to be deposited in the Collection Account
      pursuant to Section 3.5 have been or will be so deposited) of a Servicing
      Officer and shall request delivery to it of the Mortgage File.

     

    (l) Any
      reasonable out-of-pocket costs incurred by the Servicer in connection with
      transferring the servicing of any Mortgage Loans pursuant to paragraphs (j)
      and
      (k) shall be the responsibility of the party purchasing such Mortgage
      Loans.

     

    (m) Upon
      receipt of such certification and request, the Custodian on behalf of the
      Trustee shall promptly release the related Mortgage Files to the Depositor
      or
      its designee. Any Adverse REMIC Event created hereunder related to the exercise
      of the option provided by this paragraph (k) shall in no event be payable by
      the
      Securities Administrator but shall be paid by the Depositor.

     

    
      
        
        

      

      
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    [(n)
      Subject to Section 3.1 hereof, the Servicer shall foreclose upon or otherwise
      comparably convert the ownership of properties securing such of the Specially
      Serviced Revolving Credit Loans as come into and continue in default and as
      to
      which (a) in the reasonable judgment of the Servicer, no satisfactory
      arrangements can, in accordance with prudent lending practices, be made for
      collection of delinquent payments pursuant to Section 3.1 and (b) such
      foreclosure or other conversion is otherwise in accordance with Section 3.1.
      The
      Servicer shall not be required to expend its own funds in connection with any
      foreclosure or towards the restoration, repair, protection or maintenance of
      any
      property unless it shall determine that such expenses will be recoverable to
      it
      as Servicing Advances either through Liquidation Proceeds or through Insurance
      Proceeds or from any other source relating to the Specially Serviced Revolving
      Credit Loan. The Servicer shall be required to advance funds for all other
      costs
      and expenses incurred by it in any such foreclosure proceedings (including
      funds
      necessary to pay off the first lien, if any, on the related Mortgaged Property;
      provided that it shall be entitled to reimbursement thereof from the proceeds
      of
      liquidation of the related Mortgaged Property.]

     

    
      	 	
              Section
                3.12

            	
              Securities
                Administrator to Cooperate; Release of Mortgage
                Files.

            

    

     

    Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full will be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the Custodian by delivering,
      or causing to be delivered (or the Securities Administrator may deliver), to
      the
      Custodian two copies of a Request for Release substantially in the form of
      Exhibit J, which shall be signed by a Servicing Officer, or a Responsible
      Officer of the Securities Administrator, as the case may be, or in mutually
      agreeable electronic format which will, in lieu of a signature on its face,
      originate from a Servicing Officer, or a Responsible Officer of the Securities
      Administrator, as the case may be. Upon receipt of such request, the Custodian
      shall promptly release the related Mortgage File to the Servicer, and the
      Trustee shall at the Servicer’s direction execute and deliver to the Servicer
      the request for reconveyance, deed of reconveyance or release or satisfaction
      of
      mortgage or such instrument releasing the lien of the Mortgage, in each case
      as
      provided by the Servicer, together with the Mortgage Note with written evidence
      of cancellation thereon. In lieu of the document execution process described
      in
      the preceding two sentences, the Servicer shall be authorized to execute each
      request for reconveyance, deed of reconveyance, and release, satisfaction of
      mortgage, or such instrument releasing the lien of the Mortgage as attorney
      in
      fact for the Trustee pursuant to the powers of attorney described in Section
      3.1. Expenses incurred in connection with any instrument of satisfaction or
      deed
      of reconveyance shall be chargeable to the related Mortgagor. From time to
      time
      and as shall be appropriate for the servicing or foreclosure of any Mortgage
      Loan, including for such purpose, collection under any policy of flood
      insurance, any fidelity bond or errors or omissions policy, or for the purposes
      of effecting a partial release of any Mortgaged Property from the lien of the
      Mortgage or the making of any corrections to the Mortgage Note or the Mortgage
      or any of the other documents included in the Mortgage File, the Custodian
      shall, upon delivery to it of two copies of a Request for Release in the form
      of
      Exhibit J, which shall be signed by a Servicing Officer, or a Responsible
      Officer of the Securities Administrator, as the case may be, or in mutually
      agreeable electronic format which will, in lieu of a signature on its face,
      originate from a Servicing Officer, or a Responsible Officer of the Securities
      Administrator, as the case may be, release the Mortgage File to the Servicer.
      Subject to the further limitations set forth below, the Servicer shall cause
      the
      Mortgage File or documents so released to be returned to the Custodian when
      the
      need therefor by the Servicer no longer exists, unless the Mortgage Loan is
      liquidated and the proceeds thereof are deposited in the Collection Account,
      in
      which case the Servicer shall deliver to the Custodian a Request for Release
      in
      the form of Exhibit J, signed by a Servicing Officer.

     

    
      
        
        

      

      
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            	Section
              3.13	
              Documents,
                Records and Funds in Possession of Servicer to be Held for the
                Trustee.

            

    

     

    Notwithstanding
      any other provisions of this Agreement, the Servicer shall transmit to the
      Custodian on behalf of the Trustee, all documents and instruments described
      in
      Section 2.1(b), and shall hold as Servicer and agent of the Trustee all other
      documents, in respect of a Mortgage Loan coming into the possession of the
      Servicer from time to time and shall account fully to the Trustee for any funds
      received by the Servicer or which otherwise are collected by the Servicer as
      Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan.
      All
      Mortgage Files and funds collected or held by, or under the control of, the
      Servicer in respect of any Mortgage Loans, whether from the collection of
      principal and interest payments or from Liquidation Proceeds, including but
      not
      limited to, any funds on deposit in the Collection Account, shall be held by
      the
      Servicer for and on behalf of the Trustee and shall be and remain the sole
      and
      exclusive property of the Trustee, subject to the applicable provisions of
      this
      Agreement. The Servicer also agrees that it shall not create, incur or subject
      any Mortgage File or any funds that are deposited in the Collection Account,
      Distribution Account or any Escrow Account, or any funds that otherwise are
      or
      may become due or payable to the Securities Administrator for the benefit of
      the
      Certificateholders, to any claim, lien, security interest, judgment, levy,
      writ
      of attachment or other encumbrance, or assert by legal action or otherwise
      any
      claim or right of setoff against any Mortgage File or any funds collected on,
      or
      in connection with, a Mortgage Loan, except, however, that the Servicer shall
      be
      entitled to set off against and deduct from any such funds any amounts that
      are
      properly due and payable to the Servicer under this Agreement.

     

    
      	 	
              Section
                3.14

            	
              Servicing
                Compensation.

            

    

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      retain or withdraw from the Custodial Account an amount equal to the Servicing
      Fee for each Mortgage Loan, provided
      that the
      aggregate Servicing Fee with respect to any Distribution Date shall be reduced
      (but not below zero) by the amount of any Compensating Interest paid by the
      Servicer with respect to such Distribution Date.

     

    Additional
      servicing compensation in the form of (i) all income and gain net of any losses
      realized from Eligible Investments and (ii) assumption fees, late payment
      charges, all ancillary income and other receipts not required to be deposited
      to
      the Custodial Account pursuant to Section 3.5 hereof, excluding any Excess
      Proceeds and Prepayment Penalties, shall be retained by the Servicer as
      additional servicing compensation. The Servicer, the Master Servicer, the
      Securities Administrator and the Trustee shall be required to pay all expenses
      incurred by them respectively in connection with their respective activities
      hereunder to the extent such expenses do not constitute Delinquency Advances
      or
      Nonrecoverable Advances as defined in this Agreement and shall not be entitled
      to reimbursement therefor except as specifically provided in this
      Agreement.

     

    
      
        
        

      

      
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              Section
                3.15

            	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the OTS and the FDIC and to comparable regulatory
      authorities supervising Holders of Subordinate Certificates and the examiners
      and supervisory agents of the OTS, the FDIC and such other authorities, access
      to the documentation regarding the Mortgage Loans required by applicable
      regulations of the OTS and the FDIC. Such access shall be afforded without
      charge, but only upon reasonable and prior written request submitted on at
      least
      5 Business Days’ notice (or such shorter interval as is necessary to comply with
      applicable law or regulation) and during normal business hours at the offices
      designated by the Servicer. Nothing in this Section shall limit the obligation
      of the Servicer to observe any applicable law prohibiting disclosure of
      information regarding the Mortgagors and the failure of the Servicer to provide
      access as provided in this Section as a result of such obligation shall not
      constitute a breach of this Section. Nothing in this Section 3.15 shall require
      the Servicer to collect, create, collate or otherwise generate any information
      that it does not generate in its usual course of business, except to the extent
      otherwise provided in this Agreement. The Servicer shall not be required to
      make
      copies of or ship documents to any party unless provisions have been made for
      the reimbursement of the costs thereof.

     

    
      	 	
              Section
                3.16

            	
              Annual
                Statements as to Compliance.

            

    

     

    (a) [With
      respect to the Master Servicer:

     

    (i) The
      Master Servicer shall deliver to the Depositor, the Servicer, the Subservicer
      and the Securities Administrator on or before March 1 of each applicable
      calendar year, commencing in 20[   ], an Officer’s Certificate
      stating, as to the signer thereof, that (i) a review of the activities of the
      Master Servicer during the preceding fiscal year and of the performance of
      the
      Master Servicer under this Agreement has been made under such officer’s
      supervision and (ii) to the best of such officer’s knowledge, based on such
      review, the Master Servicer has fulfilled all of its material obligations under
      this Agreement throughout such year, or, if there has been a material default
      in
      the fulfillment of any such obligation, specifying each such default known
      to
      such officer and the nature and status thereof. Upon request, the Securities
      Administrator shall forward a copy of each such statement to each Rating Agency
      and each Underwriter.

     

    (ii) On
      or
      before March 1 of each calendar year, the Master Servicer shall deliver to
      the
      Depositor, the Servicer, the Subservicer and the Securities Administrator a
      report regarding its assessment of compliance with the servicing criteria
      specified in paragraph (d) of Item 1122 of Regulation AB (§ 229.1122(d)), as of
      and for the period ending the end of each fiscal year, with respect to
      asset-backed security transactions taken as a whole involving the Master
      Servicer, and that are backed by the same asset type as the Mortgage Loans.
      Each
      such report shall include all of the statements required under paragraph (a)
      of
      Item 1122 of Regulation AB (§ 229.1122(a)), including a statement that a
      registered public accounting firm has issued the attestation report required
      under Section 3.17(a) of this Agreement.

     

    (iii) Copies
      of
      such statements shall be provided to any Certificateholder upon request, by
      the
      Master Servicer or by the Securities Administrator at the Master Servicer’s
      expense if the Master Servicer failed to provide such copies (unless (i) the
      Master Servicer shall have failed to provide the Securities Administrator with
      such statement or (ii) the Securities Administrator shall be unaware of the
      Master Servicer’s failure to provide such statement).

     

    
      
        
        

      

      
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    (iv) The
      Master Servicer shall promptly notify the Depositor,
      the
      Servicer, the Subservicer and
      the
      Securities Administrator
      (i) of
      any legal proceedings pending against the Master Servicer of the type described
      in Item 1117 (§
      229.1117) of
      Regulation AB and (ii) if the Master Servicer shall become (but only to the
      extent not previously disclosed to the Securities
      Administrator
      and the
      Depositor) at any time an affiliate of any of the Sponsor, the Trustee, the
      Servicer, the Securities
      Administrator, any Originator contemplated by Item 1110 (§
      229.1110) of
      Regulation AB, any significant obligor contemplated by Item 1112 (§
      229.1112) of
      Regulation AB, any enhancement or support provider contemplated by Items 1114
      or
      1115 (§§
      229.1114-1115) of
      Regulation AB or any other material party to the Trust Fund contemplated by
      Item
      1100(d)(1) (§
      229.1100(d)(1)) of
      Regulation AB.]

     

    (b) [With
      respect to the Servicer:

     

    (i) The
      Servicer shall deliver to the Depositor, the Master Servicer, the Subservicer
      and the Securities Administrator on or before March 1 of each applicable
      calendar year, commencing in 20[   ], an Officer’s Certificate
      stating, as to the signer thereof, that (i) a review of the activities of the
      Servicer during the preceding fiscal year and of the performance of the Servicer
      under this Agreement has been made under such officer’s supervision and (ii) to
      the best of such officer’s knowledge, based on such review, the Servicer has
      fulfilled all of its material obligations under this Agreement throughout such
      year, or, if there has been a material default in the fulfillment of any such
      obligation, specifying each such default known to such officer and the nature
      and status thereof. Upon request, the Securities Administrator shall forward
      a
      copy of each such statement to each Rating Agency and each
      Underwriter.

     

    (ii) On
      or
      before March 1 of each calendar year, the Servicer shall deliver to the
      Depositor, the Master Servicer, the Subservicer and the Securities Administrator
      a report regarding its assessment of compliance with the servicing criteria
      specified in paragraph (d) of Item 1122 of Regulation AB (§ 229.1122(d)), as of
      and for the period ending the end of each fiscal year, with respect to
      asset-backed security transactions taken as a whole involving the Servicer,
      and
      that are backed by the same asset type as the Mortgage Loans. Each such report
      shall include all of the statements required under paragraph (a) of Item 1122
      of
      Regulation AB (§ 229.1122(a)), including a statement that a registered public
      accounting firm has issued the attestation report required under Section 3.17(b)
      of this Agreement.

     

    (iii) Copies
      of
      such statements shall be provided to any Certificateholder upon request, by
      the
      Servicer or by the Securities Administrator at the Servicer’s expense if the
      Servicer failed to provide such copies (unless (i) the Servicer shall have
      failed to provide the Securities Administrator with such statement or (ii)
      the
      Securities Administrator shall be unaware of the Servicer’s failure to provide
      such statement).

     

    
      
        
        

      

      
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    (iv) The
      Servicer shall promptly notify Depositor,
      the Master Servicer, the Subservicer and the Securities
      Administrator
      (i) of
      any legal proceedings pending against the Servicer of the type described in
      Item
      1117 (§
      229.1117) of
      Regulation AB and (ii) if the Servicer shall become (but only to the extent
      not
      previously disclosed to the Securities
      Administrator
      and the
      Depositor) at any time an affiliate of any of the Sponsor, Trustee, the
      Servicer, the Securities
      Administrator,
      any Originator contemplated by Item 1110 (§
      229.1110) of
      Regulation AB, any significant obligor contemplated by Item 1112 (§
      229.1112) of
      Regulation AB, any enhancement or support provider contemplated by Items 1114
      or
      1115 (§§
      229.1114-1115) of
      Regulation AB or any other material party to the Trust Fund contemplated by
      Item
      1100(d)(1) (§
      229.1100(d)(1)) of
      Regulation AB.]

     

    Section
      3.17     Annual
      Independent Public Accountants’ Servicing Statement; Financial
      Statements.

     

    (a) [On
      or
      before March 1 of each calendar year, the Master Servicer shall deliver to
      the
      Securities Administrator and the Depositor a report by a registered public
      accounting firm that attests to, and reports on, the assessment made by the
      Master Servicer pursuant to Section 3.16(a)(ii). Such report shall be made
      in
      accordance with standards for attestation engagements issued or adopted by
      the
      Public Company Accounting Oversight Board.]

     

    (b) [On
      or
      before March 1 of each calendar year, the Servicer shall deliver to the
      Securities Administrator and the Depositor a report by a registered public
      accounting firm that attests to, and reports on, the assessment made by the
      Servicer pursuant to Section 3.16(b)(ii). Such report shall be made in
      accordance with standards for attestation engagements issued or adopted by
      the
      Public Company Accounting Oversight Board.]

     

    (c) On
      or
      before March 1 of each applicable year, commencing in 20[   ],
      the Servicer (and the Master Servicer, if the Master Servicer (or any of its
      Affiliates) has, during the course of any fiscal year, directly serviced, as
      a
      successor Servicer, any of the Mortgage Loans) at its expense shall cause a
      nationally or regionally recognized firm of Independent public accountants
      (who
      may also render other services to the Servicer, the Depositor or any affiliate
      thereof) which is a member of the American Institute of Certified Public
      Accountants to furnish a statement to the Master Servicer, the Securities
      Administrator and the Depositor to the effect that such firm has examined
      certain documents and records relating to the servicing of mortgage loans under
      pooling and servicing agreements substantially similar in material respects
      to
      this Agreement and substantially in compliance with the Uniform Single
      Attestation Program for Mortgage Bankers or alternatively, if the Securities
      Administrator has so elected, the Audit Program for Mortgages serviced for
      FNMA
      and FHLMC, and setting forth such firm’s conclusions relating thereto in
      accordance with the applicable attestation program or audit program. In
      rendering such statement, such firm may rely, as to matters relating to direct
      servicing of mortgage loans by subservicers, upon comparable statements for
      examinations conducted substantially in compliance with the Uniform Single
      Attestation Program for Mortgage Bankers or the Audit Program for Mortgages
      serviced for FNMA and FHLMC (rendered within one year of such statement) of
      Independent public accountants with respect to the related subservicer. Copies
      of such statement shall be provided by the Securities Administrator to the
      NIMS
      Insurer, if any, and to any Certificateholder upon request at the Servicer’s
      expense, provided
      such
      statement is delivered by the Servicer to the Securities Administrator. Delivery
      of such statement to the Securities Administrator is for informational purposes
      only and the Securities Administrator’s receipt of such shall not constitute
      constructive notice of any information contained therein, including the
      Servicer’s compliance with any of its covenants hereunder (as to which the
      Securities Administrator is entitled to rely exclusively on Officer’s
      Certificates).

     

    
      
        
        

      

      
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              Section
                3.18

            	
              Errors
                and Omissions Insurance; Fidelity
                Bonds.

            

    

     

    The
      Servicer shall for so long as it acts as Servicer under this Agreement, obtain
      and maintain in force (a) a policy or policies of insurance covering errors
      and
      omissions in the performance of its obligations as Servicer hereunder and (b)
      a
      fidelity bond in respect of its officers, employees and agents. Each such policy
      or policies and bond shall be acceptable to FNMA or FHLMC. In the event that
      any
      such policy or bond ceases to be in effect, the Servicer shall obtain a
      comparable replacement policy or bond from an insurer or issuer, meeting the
      requirements set forth above as of the date of such replacement.

     

    
      	 	
              Section
                3.19

            	
              Delinquency
                Advances.

            

    

     

    The
      Servicer shall determine on or before each Determination Date whether it is
      required to make a Delinquency Advance. The Servicer shall advance funds in
      the
      amount of any Scheduled Payment that was due during the related Collection
      Period and not received by the Servicer as of the related Determination Date;
      provided
      that in
      no event shall the Servicer be required to make any such Delinquency Advance
      that, if made, would in the good faith judgment of the Servicer be a
      Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency
      Advance is required to be made hereunder, the Servicer shall on or before the
      Servicer Remittance Date either (i) deposit in the Collection Account from
      its
      own funds an amount equal to such Delinquency Advance, (ii) cause to be made
      an
      appropriate entry in the records of the Custodial Account that funds in such
      account being held for future distribution or withdrawal have been, as permitted
      by this Section 3.19, used by the Servicer to make such Delinquency Advance
      or
      (iii) make Delinquency Advances in the form of any combination of clauses (i)
      and (ii) aggregating the amount of such Delinquency Advance. Any such funds
      being held in the Custodial Account for future distribution and so used shall
      be
      replaced by the Servicer from its own funds by deposit in such Custodial Account
      to the extent required on or before any future Servicer Remittance Date in
      which
      such funds would be due. The Servicer shall be entitled to be reimbursed for
      all
      Delinquency Advances of its own funds made pursuant to this Section as provided
      in Section 3.8 hereof. Subject to and in accordance with the provisions of
      Article VII, in the event that the Servicer fails to remit a Delinquency Advance
      required to be made pursuant to this Section 3.19, the Master Servicer shall,
      unless it determines that such Delinquency Advance would constitute a
      Nonrecoverable Advance, itself make, or shall cause the successor Servicer
      or
      the Seller (as owner of the servicing rights with respect to the Mortgage Loans)
      to make, such Delinquency Advance on or before the Distribution Date following
      the Servicer Remittance Date on which such Delinquency Advance should have
      been
      made. 

     

    The
      obligation to make Delinquency Advances with respect to any Mortgage Loan shall
      continue if such Mortgage Loan has been foreclosed or otherwise terminated
      and
      the related Mortgaged Property has not been liquidated. The Servicer shall
      deliver to the Master Servicer on the related Servicer Remittance Date an
      Officer’s Certificate of a Servicing Officer indicating the amount of any
      proposed Delinquency Advance that, if made, would in the good faith judgment
      of
      the Servicer be a Nonrecoverable Advance.

     

    
      
        
        

      

      
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              Section
                3.20

            	
              Advance
                Facility.

            

    

     

    (a) Each
      of
      the Securities Administrator and the Trustee is authorized to execute such
      documents and enter into such agreements as shall be necessary or appropriate
      in
      order to effectuate the purposes of the Initial Advance Facility. Until the
      Initial Advance Facility has been terminated, no amendment to this Agreement
      relating to the reimbursement of Advances shall be made without the prior
      written consent of the Initial Advance Facility Counterparty.

     

    (b) The
      Servicer is hereby authorized, following the termination of the Initial Advance
      Facility, to enter into any facility with any Person (any such Person, an
“Advance Facility Counterparty”) under which the Servicer may pledge or sell its
      rights to receive reimbursement of Advances pursuant to this Agreement (“Advance
      Reimbursement Rights”) pursuant to credit facilities, repurchase facilities, or
      similar facilities providing liquidity for the funding of Advances, including
      facilities providing that such Advance Facility Counterparty may make all or
      a
      portion of the Advances (any such facility, an “Advance Facility”), although no
      Advance Facility shall reduce or otherwise affect the Servicer’s obligations to
      fund such Advances. If so required pursuant to the terms of an Advance Facility,
      to the extent that an Advance Facility Counterparty makes all or a portion
      of
      any Delinquency Advance and the Advance Facility Counterparty and the Servicer
      provide the Securities Administrator and the NIMS Insurer, if any, with notice
      acknowledged by the Servicer that such Advance Facility Counterparty is entitled
      to reimbursement, such Advance Facility Counterparty shall be entitled to
      receive reimbursement pursuant to this Agreement for such amount to the extent
      provided. Such notice from the Advance Facility Counterparty, if so required,
      and the Servicer must specify the amount of the reimbursement and must specify
      which Section of this Agreement permits the Delinquency Advance to be
      reimbursed. The Securities Administrator and the NIMS Insurer, if any, shall
      be
      entitled to rely without independent investigation on the Advance Facility
      Counterparty’s statement with respect to the amount of any reimbursement
      pursuant to this Section 3.20 and with respect to the Advance Facility
      Counterparty’s statement with respect to the Section of this Agreement that
      permits the Delinquency Advance to be reimbursed. An Advance Facility
      Counterparty whose obligations are limited to the making of Advances will not
      be
      deemed to be a subservicer under this Agreement.

     

    (c) If
      so
      required pursuant to the terms of an Advance Facility, the Servicer is hereby
      authorized to and shall pay to the Advance Facility Counterparty, or cause
      the
      payment to the Advance Facility Counterparty of, (i) reimbursements for
      Advances; and (ii) all or such portion of the Servicing Fee as may be so
      specified in the Advance Facility, that would otherwise be payable to the
      Servicer pursuant to this Agreement, it being understood that neither the Trust
      Fund nor any party hereto shall have a right or claim (including without
      limitation any right of offset) to the portion of the Servicing Fee or the
      Servicer’s right to reimbursement of Advances so assigned, provided
      that any
      successor Servicer shall have no obligation to pay any portion of the Servicing
      Fee or its right to reimbursement of Advances to any such Advance
      Facility.

     

    
      
        
        

      

      
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    (d) Whether
      or not an Advance Facility is in place, reimbursement amounts allocated to
      reimburse Advances made with respect to any particular Mortgage Loan shall
      be
      allocated to the reimbursement of the unreimbursed Advances made with respect
      to
      that Mortgage Loan on a “first-in, first out” (“FIFO”) basis, such that the
      reimbursement amounts shall be applied to reimburse the Advance for that
      Mortgage Loan that was disbursed earliest in time first, and to reimburse the
      Advance for that Mortgage Loan that was disbursed latest in time last.
      Liquidation Proceeds with respect to a Mortgage Loan shall be applied to
      reimburse Servicing Advances outstanding with respect to that Mortgage Loan
      before being applied to reimburse Delinquency Advances outstanding with respect
      to that Mortgage Loan. The Servicer shall provide to the related Advance
      Facility Counterparty loan-by-loan information with respect to each
      reimbursement amount remitted to such Advance Facility Counterparty, to enable
      the Advance Facility Counterparty to make the FIFO allocation of each such
      reimbursement amount with respect to each Mortgage Loan. 

     

    (e) Upon
      request of the Servicer and provision by the Servicer of all necessary forms,
      the Securities Administrator agrees to execute such reasonable acknowledgments,
      certificates, and other reasonable documents recognizing the interests of any
      Advance Facility Counterparty in such Advance Reimbursement Rights and Servicing
      Fees as the Servicer may cause to be made subject to Advance Facilities pursuant
      to this Section 3.20, and such other documents in connection with such Advance
      Facilities as may be reasonably requested from time to time by any Advance
      Facility Counterparty. The implementation of the arrangement described in this
      Section shall not require the consent of Certificateholders, the NIMS Insurer,
      if any, the Securities Administrator or the Trustee.

     

    (f) The
      Servicer shall indemnify the Trustee, the Securities Administrator, the Master
      Servicer, the Trust Fund, each Certificateholder and any NIMS Insurer for any
      and all claims, losses, liabilities, damages, costs and expenses resulting
      from
      any claim by the Advance Facility Counterparty, except (with respect to the
      Trustee, the Securities Administrator, the Master Servicer and any successor
      Servicer) to the extent that such claim, loss, liability, damages or expense
      results from or arises out of the negligence, recklessness or willful misconduct
      of the Trustee, the Securities Administrator, the Master Servicer or successor
      Servicer, as applicable.

     

    (g) Any
      amendment to this Section 3.20 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section, including amendments to add provisions
      relating to a successor Servicer, may be entered into by the Seller, the
      Depositor, the Servicer, the Master Servicer, the Securities Administrator,
      the
      Custodian, [the Credit Risk Manager] and the Trustee without the consent of
      any
      Certificateholder, provided
      that
      such amendment is otherwise effected in compliance with the provisions of
      Section 10.1. All reasonable costs and expenses (including attorneys’ fees)
      incurred by each party hereto or incurred by (or that would otherwise be
      incurred by) the Trust Fund shall be borne solely by the Servicer. The parties
      hereto acknowledge and agree that (i) any Advances financed by and/or pledged
      to
      an Advance Facility Counterparty under any Advance Facility are obligations
      owed
      to the Servicer payable only from the cash flows and proceeds received under
      this Agreement for reimbursement of Advances to the extent provided herein,
      and
      none of the Master Servicer, the Securities Administrator or the Trustee is,
      as
      a result of the existence of any Advance Facility, obligated or liable to repay
      any Advances financed by the Advance Facility Counterparty; (ii) the Servicer
      will be responsible for remitting to the Advance Facility Counterparty the
      applicable amounts collected by it as reimbursement for Advances funded by
      the
      Advance Facility Counterparty, subject to the provisions of this Agreement;
      and
      (iii) none of the Master Servicer, the Securities Administrator or the Trustee
      shall have any responsibility to track or monitor the administration of the
      financing arrangement between the Servicer and any Advance Facility
      Counterparty.

     

    
      
        
        

      

      
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              Section
                3.21

            	
              Prepayment
                Penalties.

            

    

     

    The
      Servicer or any designee of the Servicer shall not waive any Prepayment Penalty
      with respect to any Mortgage Loan that contains a Prepayment Penalty that
      prepays during the term of the penalty. If the Servicer or its designee fails
      to
      collect the Prepayment Penalty upon any prepayment of any Mortgage Loan that
      contains a Prepayment Penalty, the Servicer shall, at the time of such
      prepayment, deposit into the Custodial Account from the Servicer’s own funds an
      amount equal to the Prepayment Penalty that was not collected. Notwithstanding
      the above, the Servicer or its designee may waive a Prepayment Penalty without
      depositing the amount thereof into the Custodial Account the amount of the
      Prepayment Penalty if (i) the Mortgage Loan is in default or default by the
      related Mortgagor is, in the reasonable judgment of the Servicer, reasonably
      foreseeable and such waiver would maximize recovery of total proceeds taking
      into account the value of such Prepayment Penalty and the related Mortgage
      Loan
      or (ii) the prepayment is not a result of a refinance by the Servicer or any
      of
      its Affiliates and (a) the Mortgage Loan is foreseen to be in default and such
      waiver would maximize recovery of total proceeds taking into account the value
      of such Prepayment Penalty and the related Mortgage Loan, (b) the collection
      of
      the Prepayment Penalty would be in violation of applicable laws or (c) the
      collection of such Prepayment Penalty would be considered “predatory” pursuant
      to written guidance published or issued by any applicable federal, state or
      local regulatory authority acting in its official capacity and having
      jurisdiction over such matters.
      The
      Servicer shall be obligated to collect Prepayment Penalties under the terms
      of
      the related Mortgage Loan without regard to the amount of Prepayment Penalty
      set
      forth for such loan in the Mortgage Loan Schedule.

     

    
      	 	
              Section
                3.22

            	
              Actions
                with Respect to Distressed Mortgage Loans.  

            

    

     

    The
      Servicer will exercise its discretion, consistent with the
      Servicing Standard and
      the
      terms of this Agreement, with respect to the enforcement and servicing of
      Distressed Mortgage Loans in such manner as will maximize the receipt of
      principal and interest with respect thereto, including but not limited to the
      sale of such Mortgage Loan to a third party, the modification of such Mortgage
      Loan, or foreclosure upon the related Mortgaged Property and disposition
      thereof. The Majority Class X Certificateholders shall have the option to
      purchase any such loans from the Trust Fund at the Purchase Price.

    

    The
      Seller may appoint, with the written consent of the Depositor, the Master
      Servicer, the Securities Administrator and the NIMS Insurer, if any, a Special
      Servicer to special service any Distressed Mortgage Loans and any such Special
      Servicer so appointed shall report directly to the Master Servicer in executing
      its duties and obligations under this Section 3.22 or Article IIIA. Any
      applicable termination fee related to the termination of the Servicer and the
      appointment of any Special Servicer shall be paid by the Seller. Any fees paid
      to any such Special Servicer shall not exceed the Servicing Fee Rate. The
      Special Servicer shall have the same discretion as is granted to the Servicer
      above with respect to Distressed Mortgage Loans. The Servicer shall be entitled
      to be reimbursed pursuant to Section 3.8(a) for any unreimbursed Advances or
      accrued and unpaid Servicing Fees relating to any such Distressed Mortgage
      Loan
      that is transferred to a Special Servicer pursuant to this
      Section.

    
      
        
        

      

      
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              Section
                3.23

            	
              [Duties
                of the Credit Risk Manager.] 

            

    

     

    (a) [The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint [           ] as
      Credit Risk Manager. For and on behalf of the Depositor, the Credit Risk Manager
      will provide reports and recommendations concerning certain delinquent and
      defaulted Mortgage Loans, and as to the collection of Prepayment Penalties
      with
      respect to the Mortgage Loans. Such reports and recommendations will be based
      upon information provided pursuant to the Credit Risk Management Agreements.
      The
      Credit Risk Manager shall look solely to the Servicer (or a subservicer on
      behalf of the Servicer) and the Master Servicer for all information and data
      (including loss and delinquency information and data) and loan level information
      and data relating to the servicing of the Mortgage Loans and the Trustee shall
      have no obligation to provide any such information to the Credit Risk
      Manager.]

     

    (b) [On
      or
      before March 1 of each calendar year (or if such day is not a Business Day,
      the
      immediately preceding Business Day), the Credit Risk Manager shall deliver
      a
      signed certification, in the form attached hereto as Exhibit
      [           ] (the
“Credit Risk Manager Certification”), to the Depositor and the Securities
      Administrator and for the benefit of the Person(s) signing the Form 10-K
      Certification, a report regarding its assessment of compliance with the
      servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB
      (§
229.1122(d)), as of and for the period ending the end of each fiscal year,
      with
      respect to asset-backed security transactions taken as a whole involving the
      Credit Risk Manager, and that are backed by the same asset type as the Mortgage
      Loans, and Credit Risk Manager Certification shall include all of the statements
      required under paragraph (a) of Item 1122 of Regulation AB (§
229.1122(a)).]

     

    (c) [On
      or
      before March 1 of each calendar year, the Credit Risk Manager shall deliver
      to
      the Securities Administrator, the Trustee and the Depositor a report by a
      registered public accounting firm that attests to, and reports on, the
      assessment made by the Credit Risk Manager pursuant to subsection (b) above.
      Each such report shall be made in accordance with standards for attestation
      engagements issued or adopted by the Public Company Accounting Oversight
      Board.]

     

    
      	 	
              Section
                3.24

            	
              [Limitation
                Upon Liability of the Credit Risk Manager.  

            

    

     

    Neither
      the Credit Risk Manager, nor any of the directors, officers, employees or agents
      of the Credit Risk Manager, shall be under any liability to the Trustee, the
      Securities Administrator, the Certificateholders, the NIMS Insurer, if any,
      or
      the Depositor for any action taken or for refraining from the taking of any
      action in good faith pursuant to this Agreement, in reliance upon information
      provided by the Servicer (or a subservicer on behalf of the Servicer) and the
      Master Servicer under the Credit Risk Management Agreements or for errors in
      judgment; provided,
      however,
      that
      this provision shall not protect the Credit Risk Manager or any such Person
      against liability that would otherwise be imposed by reason of willful
      malfeasance, bad faith or gross negligence in its performance of its duties
      or
      by reason of reckless disregard for its obligations and duties under this
      Agreement or the Credit Risk Management Agreements. The Credit Risk Manager
      and
      any director, officer, employee or agent of the Credit Risk Manager may rely
      in
      good faith on any document of any kind prima facie properly executed and
      submitted by any Person respecting any matters arising hereunder, and may rely
      in good faith upon the accuracy of information furnished by the Servicer (or
      a
      subservicer on behalf of the Servicer) and the Master Servicer pursuant to
      the
      Credit Risk Management Agreements in the performance of its duties thereunder
      and hereunder.]

     

    
      
        
        

      

      
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              Section
                3.25

            	
              [Removal
                of Credit Risk Manager.

            

    

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by the Depositor,
      in
      the exercise of its sole discretion, at any time, without cause, upon 90 days
      prior written notice. The Depositor shall provide such written notice to the
      Trustee and the Securities Administrator, and upon receipt of such notice,
      the
      Securities Administrator shall provide written notice to the Credit Risk Manager
      of its removal, effective upon receipt of such notice.]

     

    ARTICLE
      IIIA

    

    ADMINISTRATION
      AND MASTER SERVICING OF MORTGAGE LOANS

    

    
      	
            	Section
              3A.1	
              Master
                Servicer.

            

    

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicer to service and administer the Mortgage Loans in accordance with the
      terms of this Agreement and shall have full power and authority to do any and
      all things which it may deem necessary or desirable in connection with such
      master servicing and administration. In performing its obligations hereunder,
      the Master Servicer shall act in a manner consistent with Accepted Master
      Servicing Practices. Furthermore, the Master Servicer shall oversee and consult
      with the Servicer as necessary from time to time to carry out the Master
      Servicer’s obligations hereunder, shall receive, review and evaluate all
      reports, information and other data provided to the Master Servicer by the
      Servicer and shall cause the Servicer to perform and observe the covenants,
      obligations and conditions to be performed or observed by the Servicer under
      this Agreement. The Master Servicer shall independently and separately monitor
      the Servicer’s servicing activities with respect to each related Mortgage Loan,
      reconcile the results of such monitoring with such information provided in
      the
      previous sentence on a monthly basis and coordinate corrective adjustments
      to
      the Servicer’s and Master Servicer’s records, and based on such reconciled and
      corrected information, prepare the statements specified in Section 4.4 and
      any
      other information and statements required to be provided by the Master Servicer
      hereunder. The Master Servicer shall reconcile the results of its Mortgage
      Loan
      monitoring with the actual remittances of the Servicer to the Collection Account
      pursuant to the terms hereof based on information provided to the Master
      Servicer by the Servicer. For the purposes of this Article 3A, the term
“Servicer” shall include any Special Servicer appointed pursuant to Section
      3.22.

     

    The
      Trustee shall furnish the Servicer and/or the Master Servicer with any limited
      powers of attorney and other documents in form as provided to it necessary
      or
      appropriate to enable the Servicer and/or the Master Servicer to execute in
      the
      name of the Trustee or the Custodian, as applicable, all documents reasonably
      required to perform the servicing functions described in Article III or this
      Article IIIA. The Trustee shall have no responsibility for any action of the
      Master Servicer or the Servicer pursuant to any such limited power of attorney
      and shall be indemnified by the Master Servicer or the Servicer, as applicable,
      for any cost, liability or expense incurred by the Trustee in connection with
      such Person’s misuse of any such power of attorney.

     

    
      
        
        

      

      
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    The
      Trustee, the Custodian and the Securities Administrator shall provide access
      to
      the records and documentation in possession of the Trustee, the Custodian or
      the
      Securities Administrator regarding the related Mortgage Loans and REO Property
      and the servicing thereof to the Certificateholders, the FDIC, and the
      supervisory agents and examiners of the FDIC, such access being afforded only
      upon reasonable prior written request and during normal business hours at the
      office of the Trustee, the Custodian or the Securities Administrator;
provided,
      however,
      that,
      unless otherwise required by law, none of the Trustee, the Custodian or the
      Securities Administrator shall be required to provide access to such records
      and
      documentation if the provision thereof would violate the legal right to privacy
      of any Mortgagor. The Trustee, the Custodian and the Securities Administrator
      shall allow representatives of the above entities to photocopy any of the
      records and documentation and shall provide equipment for that purpose at a
      charge that covers the Trustee’s, the Custodian’s or the Securities
      Administrator’s actual costs.

     

    The
      Trustee shall execute and deliver to the Servicer or the Master Servicer upon
      request any court pleadings, requests for Trustee’s sale or other documents
      necessary or desirable to (i) the foreclosure or Trustee’s sale with respect to
      a Mortgaged Property; (ii) any legal action brought to obtain judgment against
      any Mortgagor on the Mortgage Note or any other Mortgage Loan Document; (iii)
      obtain a deficiency judgment against the Mortgagor; or (iv) enforce any other
      rights or remedies provided by the Mortgage Note or any other Mortgage Loan
      Document or otherwise available at law or equity.

     

    Section
      3A.2     REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat such REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the Seller,
      the Servicer or the Master Servicer to assure such continuing treatment. In
      particular, the Trustee shall not (a) sell or permit the sale of all or any
      portion of the Mortgage Loans or of any investment of deposits in an Account
      unless such sale is as a result of a repurchase of the Mortgage Loans pursuant
      to this Agreement or the Securities Administrator has received an Opinion of
      Counsel prepared at the expense of the Trust Fund; and (b) other than with
      respect to a substitution pursuant to the Sale Agreement or Section 2.3 of
      this
      Agreement, as applicable, accept any contribution to any REMIC without receipt
      of an Opinion of Counsel stating that such contribution will not result in
      an
      Adverse REMIC Event.

     

    Section
      3A.3     Monitoring
      of Servicer.

     

    (a) The
      Master Servicer shall be responsible for monitoring the compliance by the
      Servicer with its duties under this Agreement. In the review of the Servicer’s
      activities, the Master Servicer may rely upon an Officer’s Certificate of the
      Servicer with regard to the Servicer’s compliance with the terms of this
      Agreement. In the event that the Master Servicer, in its judgment, determines
      that the Servicer should be terminated in accordance with the terms hereof,
      or
      that a notice should be sent pursuant to the terms hereof with respect to the
      occurrence of an event that, unless cured, would constitute a Servicer Event
      of
      Default, the Master Servicer shall notify the Servicer, the Seller and the
      Trustee thereof and the Master Servicer shall issue such notice or take such
      other action as it deems appropriate.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Servicer under this Agreement and shall,
      in
      the event that the Servicer fails to perform its obligations in accordance
      with
      this Agreement, subject to the preceding paragraph, Section 3.4 and Article
      VII,
      terminate the rights and obligations of the Servicer hereunder in accordance
      with the provisions of Article VII. Such enforcement, including, without
      limitation, the legal prosecution of claims and the pursuit of other appropriate
      remedies, shall be in such form and carried out to such an extent and at such
      time as the Master Servicer, in its good faith business judgment, would require
      were it the owner of the related Mortgage Loans. The Master Servicer shall
      pay
      the costs of such enforcement at its own expense, provided
      that the
      Master Servicer shall not be required to prosecute or defend any legal action
      except to the extent that the Master Servicer shall have received reasonable
      indemnity for its costs and expenses in pursuing such action.

     

    (c) The
      Master Servicer shall be entitled to be reimbursed by the Servicer (or from
      amounts on deposit in the Collection Account if the Servicer is unable to
      fulfill its obligations hereunder) for all reasonable out-of-pocket or third
      party costs associated with the transfer of servicing from a predecessor
      Servicer (or if the predecessor Servicer is the Master Servicer, from the
      Servicer immediately preceding the Master Servicer), including, without
      limitation, any reasonable out-of-pocket or third party costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      Master Servicer to correct any errors or insufficiencies in the servicing data
      or otherwise to enable the Master Servicer to service the Mortgage Loans
      properly and effectively, upon presentation of reasonable documentation of
      such
      costs and expenses.

     

    (d) The
      Master Servicer shall require the Servicer to comply with the remittance
      requirements and other obligations set forth in this Agreement.

     

    (e) If
      the
      Master Servicer acts as successor to the Servicer, it will not assume liability
      for the representations and warranties of the terminated Servicer.

     

    Section
      3A.4     Fidelity
      Bond.

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

     

    Section
      3A.5     Power
      to
      Act; Procedures.

     

    
      
        
        

      

      
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    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the provisions of Article VII, to do any and
      all
      things that it may deem necessary or desirable in connection with the master
      servicing and administration of the Mortgage Loans, including but not limited
      to
      the power and authority (i) to execute and deliver, on behalf of the
      Certificateholders, the Trustee and the Securities Administrator, customary
      consents or waivers and other instruments and documents, (ii) to consent to
      transfers of any Mortgaged Property and assumptions of the Mortgage Notes and
      related Mortgages, (iii) to collect any Insurance Proceeds and Liquidation
      Proceeds, and (iv) to effectuate foreclosure or other conversion of the
      ownership of the Mortgaged Property securing any Mortgage Loan, in each case
      in
      accordance with the provisions of this Agreement and Accepted Master Servicing
      Practices; provided,
      however,
      that
      the Master Servicer shall not (and, consistent with its responsibilities under
      Section 3A.3, shall not permit the Servicer to) knowingly or intentionally
      take
      any action, or fail to take (or fail to cause to be taken) any action reasonably
      within its control and the scope of duties more specifically set forth herein,
      that, if taken or not taken, as the case may be, would result in an Adverse
      REMIC Event unless the Master Servicer has received an Opinion of Counsel (but
      not at the expense of the Master Servicer) to the effect that the contemplated
      action will not result in an Adverse REMIC Event. The Trustee shall furnish
      the
      Master Servicer, upon written request from a Servicing Officer, with any powers
      of attorney prepared and delivered to it and reasonably acceptable to it
      empowering the Master Servicer or the Servicer to execute and deliver
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge, and to foreclose upon or otherwise liquidate Mortgaged Property,
      and
      to appeal, prosecute or defend in any court action relating to the Mortgage
      Loans or the Mortgaged Property, in accordance with this Agreement, and the
      Trustee shall execute and deliver such other documents prepared and delivered
      to
      it and reasonably acceptable to it, as the Master Servicer or the Servicer
      may
      request, to enable the Master Servicer to master service and administer the
      Mortgage Loans and carry out its duties hereunder, in each case in accordance
      with Accepted Master Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      the Servicer and shall be indemnified by the Master Servicer or the Servicer,
      as
      applicable, for any cost, liability or expense incurred by the Trustee in
      connection with such Person’s use or misuse of any such power of attorney). If
      the Master Servicer or the Trustee has been advised that it is likely that
      the
      laws of the state in which action is to be taken prohibit such action if taken
      in the name of the Trustee or that the Trustee would be adversely affected
      under
      the “doing business” or tax laws of such state if such action is taken in its
      name, the Master Servicer shall join with the Trustee in the appointment of
      a
      co-trustee pursuant to Section 8.10. In the performance of its duties hereunder,
      the Master Servicer shall be an independent contractor and shall not, except
      in
      those instances where it is taking action in the name of the Trustee, be deemed
      to be the agent of the Trustee.

     

    Section
      3A.6 Documents,
      Records and Funds in Possession of Master Servicer To Be Held for
      Trustee.

     

    The
      Master Servicer shall transmit to the Trustee or Custodian such documents and
      instruments coming into the possession of the Master Servicer from time to
      time
      as are required by the terms hereof to be delivered to the Trustee or Custodian.
      Any funds received by the Master Servicer in respect of any Mortgage Loan or
      which otherwise are collected by the Master Servicer as Liquidation Proceeds
      or
      Insurance Proceeds in respect of any Mortgage Loan shall be remitted to the
      Securities Administrator on the next Deposit Date for deposit in the
      Distribution Account. The Master Servicer shall, and, subject to Section 3.15,
      shall cause the Servicer to, provide access to information and documentation
      regarding the Mortgage Loans to the Trustee, its agents and accountants at
      any
      time upon reasonable request and during normal business hours, and to
      Certificateholders that are savings and loan associations, banks or insurance
      companies, the Office of Thrift Supervision, the FDIC and the supervisory agents
      and examiners of such Office and Corporation or examiners of any other federal
      or state banking or insurance regulatory authority if so required by applicable
      regulations of the Office of Thrift Supervision or other regulatory authority,
      such access to be afforded without charge but only upon reasonable request
      in
      writing and during normal business hours at the offices of the Master Servicer
      designated by it. In fulfilling such a request the Master Servicer shall not
      be
      responsible for determining the sufficiency of such information.

     

    
      
        
        

      

      
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    All
      funds
      collected or held by, or under the control of, the Master Servicer, in respect
      of any Mortgage Loans, whether from the collection of principal and interest
      payments or from Liquidation Proceeds or Insurance Proceeds, shall be remitted
      to the Securities Administrator on the next Deposit Date for deposit in the
      Distribution Account.

     

    Section
      3A.7     Trustee
      to Retain Possession of Certain Insurance Policies and Documents.

     

    The
      Custodian on behalf of the Trustee shall retain possession and custody of the
      originals (to the extent available) of any primary mortgage insurance policies,
      or certificate of insurance if applicable, and any certificates of renewal
      as to
      the foregoing as may be issued from time to time as contemplated by this
      Agreement. Until all amounts distributable in respect of the Certificates have
      been distributed in full and the Master Servicer and the Servicer have otherwise
      fulfilled their respective obligations under this Agreement, the Trustee or
      the
      Custodian shall also retain possession and custody of each Mortgage File in
      accordance with and subject to the terms and conditions of this Agreement.
      The
      Master Servicer shall promptly deliver or cause to be delivered to the
      Custodian, upon the execution or receipt thereof, the originals of any primary
      mortgage insurance policies, any certificates of renewal and such other
      documents or instruments that constitute Mortgage Loan Documents that come
      into
      the possession of the Master Servicer from time to time.

     

    Section
      3A.8     Compensation
      for the Master Servicer and the Securities Administrator.

     

    As
      compensation for the activities of the Master Servicer and the Securities
      Administrator hereunder, the Master Servicer and the Securities Administrator
      shall be entitled to the income from investment of or earnings on the funds
      from
      time to time in the Collection Account, as provided in Sections 3.5 and 3.8.
      Each of the Master Servicer and the Securities Administrator shall be required
      to pay all expenses incurred by it in connection with its activities hereunder
      and shall not be entitled to reimbursement therefor except as provided in this
      Agreement.

     

    Section
      3A.9     Annual
      Officer’s Certificate as to Compliance.
      

     

    
      
        
        

      

      
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    (a) The
      Master Servicer shall deliver to the Depositor, the Trustee and the Securities
      Administrator on or before March 15 of each year, commencing on March 15,
      20[   ], an Officer’s Certificate, certifying that with respect
      to the period ending December 31 of the prior year: (i) such Servicing Officer
      has reviewed the activities of such Master Servicer during the preceding
      calendar year or portion thereof and its performance under this Agreement,
      (ii)
      to the best of such Servicing Officer’s knowledge, based on such review, such
      Master Servicer has performed and fulfilled its duties, responsibilities and
      obligations under this Agreement in all material respects throughout such year,
      or, if there has been a default in the fulfillment of any such duties,
      responsibilities or obligations, specifying each such default known to such
      Servicing Officer and the nature and status thereof, (iii) nothing has come
      to
      the attention of such Servicing Officer to lead such Servicing Officer to
      believe that the Master Servicer has failed to perform any of its duties,
      responsibilities and obligations under this Agreement in all material respects
      throughout such year, or, if there has been a material default in the
      performance or fulfillment of any such duties, responsibilities or obligations,
      specifying each such default known to such Servicing Officer and the nature
      and
      status thereof. Upon request, the Securities Administrator shall forward a
      copy
      of each such statement to each Rating Agency and each Underwriter.

     

    Copies
      of
      such statements shall be provided to any Certificateholder, upon request, by
      the
      Master Servicer at the Master Servicer’s expense if the Master Servicer failed
      to provide such copies (unless (i) the Master Servicer shall have failed to
      provide the Trustee with such statement or (ii) the Trustee shall be unaware
      of
      the Master Servicer’s failure to provide such statement).

     

    
      	
            	Section
              3A.10	
              UCC.

            

    

     

    The
      Depositor agrees to file continuation statements for any Uniform Commercial
      Code
      financing statements which the Seller has informed the Depositor were filed
      on
      the Closing Date in connection with the Trust Fund. The Depositor shall file
      any
      financing statements or amendments thereto required by any change in the Uniform
      Commercial Code.

     

    
      	
            	Section
              3A.11	
              Obligation
                of the Master Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    In
      the
      event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit
      into the Distribution Account not later than the related Distribution Date
      an
      amount equal to the lesser of (i) the aggregate amounts required to be paid
      by
      the Servicer with respect to Prepayment Interest Shortfalls attributable to
      Principal Prepayments on the related Mortgage Loans for the related Distribution
      Date, and not so paid by the Servicer, and (ii) the aggregate amount of
      compensation earned by the Master Servicer pursuant to Section
      3.A.8.

     

    ARTICLE
      IV

     

    DISTRIBUTIONS

     

    
      	 	
              Section
                4.1

            	
              Distributions.

            

    

     

    (a) On
      each
      Distribution Date the Securities Administrator (or the Paying Agent on behalf
      of
      the Securities Administrator) shall withdraw from the Distribution Account,
      to
      the extent of funds on deposit therein, all amounts that are available for
      distribution to Certificateholders and [amounts that are available for payment
      to the Swap Counterparty], and shall allocate such amount to the interests
      issued in respect of each REMIC created hereby, and shall distribute such amount
      as specified in this Section. All allocations and distributions made between
      and
      with respect to Pool 1 and Pool 2 in this Section shall be made
      concurrently.

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    

     

    (b) On
      each
      Distribution Date, the Securities Administrator shall distribute the Interest
      Remittance Amount for Pool 1 for such date in the following order of
      priority:

     

    (i) [for
      deposit into the Supplemental Interest Trust Account the product of (A) the
      amount (to the extent such amount shall not be greater than the aggregate amount
      calculated pursuant to clause (a) of the definition of “Interest Remittance
      Amount,” as reduced by the amount calculated pursuant to clause (b)(i) thereof)
      of any Net Swap Payment or Swap Termination Payment owed to the Swap
      Counterparty (including amounts remaining unpaid for previous Distribution
      Dates) and (B) the Pool Percentage for Pool 1 for such Distribution Date, to
      the
      extent that any such Swap Termination Payment is not due to a Swap Counterparty
      Trigger Event;]

     

    (ii) [for
      deposit into the Supplemental Interest Trust Account the product of (A) the
      amount (to the extent such amount shall not be greater than the aggregate amount
      calculated pursuant to clause (a) of the definition of “Interest Remittance
      Amount,” as reduced by the amount calculated pursuant to clause (b)(i) thereof)
      of any Net Swap Payment or Swap Termination Payment owed to the Swap
      Counterparty (including amounts remaining unpaid for previous Distribution
      Dates) and (B) the Pool Percentage for Pool 2 for such Distribution Date, to
      the
      extent that any such Swap Termination Payment is not due to a Swap Counterparty
      Trigger Event;]

     

    (iii) concurrently,
      pro
      rata, to
      the
      Class [A] Certificates, Current Interest for such Classes and such Distribution
      Date and any Carryforward Interest for such Classes and such Distribution Date;
      provided,
      however,
      that
      any shortfall in Current Interest shall be allocated among such Classes in
      proportion to the amount of Current Interest that would otherwise be
      distributable thereon;

     

    (iv) to
      the
      Class [A] Certificates, Current Interest (after taking into account
      distributions pursuant to subsection 4.1(c)(iii) below), for such Class and
      such
      Distribution Date and any Carryforward Interest for such Class and such
      Distribution Date;

     

    (v) to
      the
      Class [M] Certificates, Current Interest and any Carryforward Interest for
      such
      Class and such Distribution Date;

     

    (vi) to
      the
      Class [B] Certificates, Current Interest and any Carryforward Interest for
      such
      Class and such Distribution Date;

     

    (vii) [to
      the
      Credit Risk Manager, the product of (A) the Credit Risk Manager’s Fee and (B)
      the Pool Percentage for Pool 1 for such Distribution Date;]

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    

     

    (viii) to
      the
      Trustee, any amounts reimbursable pursuant to this Agreement and not previously
      reimbursed to the Trustee due to application of the limitations on amounts
      reimbursable in any Anniversary Year; and

     

    (ix) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (e) of this Section, any Interest Remittance Amount
      for
      Pool 1 remaining after application pursuant to clauses (i) through (viii)
      above.

     

    [To
      be
      provided in accordance with the specific structure of each
      takedown.]

     

    (c) On
      each
      Distribution Date, the Securities Administrator shall distribute the Interest
      Remittance Amount for Pool 2 for such date in the following order of
      priority:

     

    (i) [for
      deposit into the Supplemental Interest Trust Account the product of (A) the
      amount (to the extent such amount shall not be greater than the aggregate amount
      calculated pursuant to clause (a) of the definition of “Interest Remittance
      Amount,” as reduced by the amount calculated pursuant to clause (b)(i) thereof)
      of any Net Swap Payment or Swap Termination Payment owed to the Swap
      Counterparty (including amounts remaining unpaid from previous Distribution
      Dates) and (B) the Pool Percentage for Pool 2 for such Distribution Date, to
      the
      extent that any such Swap Termination Payment is not due to a Swap Counterparty
      Trigger Event;]

     

    (ii) [for
      deposit into the Supplemental Interest Trust Account the product of (A) the
      amount (to the extent such amount shall not be greater than the aggregate amount
      calculated pursuant to clause (a) of the definition of “Interest Remittance
      Amount,” as reduced by the amount calculated pursuant to clause (b)(i) thereof)
      of any Net Swap Payment or Swap Termination Payment owed to the Swap
      Counterparty (including amounts remaining unpaid from previous Distribution
      Dates) and (B) the Pool Percentage for Pool 1 for such Distribution Date, to
      the
      extent that any such Swap Termination Payment is not due to a Swap Counterparty
      Trigger Event;]

     

    (iii) to
      the
      Class [A] Certificates, Current Interest, for such Class and such Distribution
      Date and any Carryforward Interest for such Class and such Distribution
      Date;

     

    (iv) concurrently,
      pro
      rata, to
      the
      Class [A] Certificates, Current Interest (after taking into account
      distributions pursuant to subsection 4.1(b)(iii) above) for such Classes and
      such Distribution Date and any Carryforward Interest for such Classes and such
      Distribution Date; provided,
      however,
      that
      any shortfall in Current Interest shall be allocated among such Classes in
      proportion to the amount of Current Interest that would otherwise be
      distributable thereon;

     

    (v) to
      the
      Class [M] Certificates, Current Interest and any Carryforward Interest for
      such
      Class and such Distribution Date;

     

    (vi) to
      the
      Class [B] Certificates, Current Interest and any Carryforward Interest for
      such
      Class and such Distribution Date;

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    

     

    (vii) [to
      the
      Credit Risk Manager, the product of (A) the Credit Risk Manager’s Fee and (B)
      the Pool Percentage for Pool 2 for such Distribution Date;]

     

    (viii) to
      the
      Trustee, any amounts reimbursable pursuant to this Agreement and not previously
      reimbursed to the Trustee due to application of the limitations on amounts
      reimbursable in any Anniversary Year; and

     

    (ix) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (e) of this Section, any Interest Remittance Amount
      for
      Pool 2 remaining after application pursuant to clauses (i) through (viii)
      above.

     

    [To
      be
      provided in accordance with the specific structure of each
      takedown.]

     

    (d) On
      each
      Distribution Date, the Securities Administrator shall distribute the Principal
      Distribution Amount with respect to each Mortgage Pool for such date as
      follows:

     

    (i) On
      each
Distribution
      Date (a)
      prior to the Stepdown Date or (b) with respect to which a Trigger Event is
      in
      effect, the
      Securities Administrator shall make the following distributions,
      concurrently:

     

    (A) For
      Pool 1:
      Until
      the aggregate Class Principal Amount of the Class [A], Class [M] and Class
      [B]
      Certificates equals the Target Amount for such Distribution Date, the Principal
      Distribution Amount for Pool 1 will be distributed in the following order of
      priority:

     

    (1) [for
      deposit into the Supplemental Interest Trust Account the product of (A) the
      amount (to the extent such amount shall not be greater than the aggregate amount
      calculated pursuant to clause (a) of the definition of “Principal Remittance
      Amount,” as reduced by the amount calculated pursuant to clause (b)(i) thereof)
      of any Net Swap Payment or Swap Termination Payment owed to the Swap
      Counterparty (to the extent not paid on previous Distribution Dates or from
      the
      Interest Remittance Amount) and (B) the Pool Percentage for Pool 1 for such
      Distribution Date;]

     

    (2) [for
      deposit into the Supplemental Interest Trust Account the product of (A) the
      amount (to the extent such amount shall not be greater than the aggregate amount
      calculated pursuant to clause (a) of the definition of “Principal Remittance
      Amount,” as reduced by the amount calculated pursuant to clause (b)(i) thereof)
      of any Net Swap Payment or Swap Termination Payment owed to the Swap
      Counterparty (to the extent not paid on previous Distribution Dates, paid from
      the Interest Remittance Amount or paid from the Principal Distribution Amount
      for Pool 2) and (B) the Pool Percentage for Pool 2 for such Distribution
      Date;]

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    

     

    (3) to
      the
      Class [A] Certificates, sequentially, in that order, in reduction of their
      Class
      Principal Amounts, until the Class Principal Amount of each such Class has
      each
      been reduced to zero;

     

    (4) to
      the
      Class [A] Certificates, after giving effect to distributions pursuant to
      subsection 4.1(d)(i)(B)(3) below, until the Class Principal Amount of such
      Class
      has been reduced to zero;

     

    (5) to
      the
      Class [M] Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount of such Class has been reduced to zero;

     

    (6) to
      the
      Class [B] Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount of such Class has been reduced to zero; and

     

    (7) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (e) of this Section, any Principal Distribution Amount
      for Pool 1 remaining after application pursuant to clauses (1) through (6)
      of
      this Section 4.1(d)(i)(A).

     

    [To
      be
      provided in accordance with the specific structure of each
      takedown.]

    

    (B) For
      Pool 2:
      Until
      the aggregate Class Principal Amount of the Class [A], Class [M] and Class
      [B]
      Certificates equals the Target Amount for such Distribution Date, the Principal
      Distribution Amount for Pool 2 will be distributed in the following order of
      priority:

     

    (1) [for
      deposit into the Supplemental Interest Trust the product of (A) the amount
      (to
      the extent such amount shall not be greater than the aggregate amount calculated
      pursuant to clause (a) of the definition of “Principal Remittance Amount,” as
      reduced by the amount calculated pursuant to clause (b)(i) thereof) of any
      Net
      Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to
      the
      extent not paid on previous Distribution Dates or from the Interest Remittance
      Amount) and (B) the Pool Percentage for Pool 2 for such Distribution
      Date;]

     

    (2) [for
      deposit into the Supplemental Interest Trust the product of (A) the amount
      (to
      the extent such amount shall not be greater than the aggregate amount calculated
      pursuant to clause (a) of the definition of “Principal Remittance Amount,” as
      reduced by the amount calculated pursuant to clause (b)(i) thereof) of any
      Net
      Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to
      the
      extent not paid on previous Distribution Dates, from the Interest Remittance
      Amount or from the Principal Distribution Amount for Pool 1) and (B) the Pool
      Percentage for Pool 1 for such Distribution Date;]

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    

     

    (3) to
      the
      Class [A] Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (4) to
      the
      Class [A] Certificates, after giving effect to distributions pursuant to
      subsection 4.1(d)(i)(A)(3) above, sequentially, in that order, in reduction
      of
      their Class Principal Amounts, until the Class Principal Amount of each such
      Class has each been reduced to zero;

     

    (5) to
      the
      Class [M] Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (6) to
      the
      Class [B] Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero; and

     

    (7) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (e) of this Section, any Principal Distribution Amount
      for Pool 2 remaining after application pursuant to clauses (1) through (6)
      of
      this Section 4.1(d)(i)(B).

     

    [To
      be
      provided in accordance with the specific structure of each
      takedown.]

    

    Any
      Principal Distribution Amount remaining on any Distribution Date after the
      Target Amount is achieved will be applied as part of Monthly Excess Cashflow
      for
      such Distribution Date as provided in subsection (e) of this
      Section.

    

    (ii) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) with respect to
      which a Trigger Event is not in effect, the Trustee shall make the following
      distributions, concurrently:

     

    (A) [for
      deposit into the Supplemental Interest Trust Account the product of (1) the
      amount (to the extent such amount shall not be greater than the aggregate amount
      calculated pursuant to clause (a) of the definition of “Principal Remittance
      Amount,” as reduced by the amount calculated pursuant to clause (b)(i) thereof)
      of any Net Swap Payment or Swap Termination Payment owed to the Swap
      Counterparty (to the extent not paid on previous Distribution Dates or from
      the
      Interest Remittance Amount) and (B) the Pool Percentage for the related Mortgage
      Pool for such Distribution Date;]

     

    (B) [for
      deposit into the Supplemental Interest Trust Account the product of (1) the
      amount (to the extent such amount shall not be greater than the aggregate amount
      calculated pursuant to clause (a) of the definition of “Principal Remittance
      Amount,” as reduced by the amount calculated pursuant to clause (b)(i) thereof)
      of any Net Swap Payment or Swap Termination Payment owed to the Swap
      Counterparty (to the extent not paid on previous Distribution Dates or from
      the
      Interest Remittance Amounts for each other Pool) and (B) the Pool Percentage
      for
      the related Mortgage Pool for such Distribution Date;]

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    

     

    (C) to
      the
      Class [A] Certificates in accordance with the Senior Priority (from amounts
      generated by Pool 1, except as provided below) and to the Class [A] Certificates
      (from amounts generated by Pool 2, except as provided below), an amount equal
      to
      the lesser of (x) the excess of (A) the Principal Distribution Amount for the
      related Mortgage Pool for such Distribution Date over (B) the amount deposited
      into the Supplemental Interest Trust Account with respect to such Distribution
      Date pursuant to clauses (A) and (B) of this Section 4.1(d)(ii), and (y) the
      related Senior Principal Distribution Amount for such Mortgage Pool for such
      Distribution Date, in each case until the Class Principal Amount of each such
      Class has been reduced to zero; provided,
      however,
      to the
      extent that the Principal Distribution Amount for the Class [A] Certificates,
      in
      the case of Pool 1, and the Class [A] Certificates, in the case of Pool 2,
      exceeds the Related Senior Principal Distribution Amount for such Mortgage
      Pool,
      such excess shall be applied to the Senior Certificates related to the other
      Mortgage Pool (in accordance with Senior Priority with respect to Pool 1),
      but
      in an amount not to exceed the Senior Principal Distribution Amount for such
      Distribution Date (as reduced by any distributions pursuant to subclauses (x)
      or
      (y) of this clause (C) on such Distribution Date);

     

    (D) to
      the
      Class [M] Certificates, in reduction of their Class Principal Amount, an amount
      equal to the lesser of (x) the excess of (a) the aggregate of the Principal
      Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over
      (b)
      the amount distributed to the Class [A] Certificates on such date pursuant
      to
      clause (C) above, and (y) the [M] Principal Distribution Amount for such date,
      until the Class Principal Amount of such Class has been reduced to
      zero;

     

    (E) to
      the
      Class [B] Certificates, in reduction of their Class Principal Amount, an amount
      equal to the lesser of (x) the excess of (a) the aggregate of the Principal
      Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over
      (b)
      the amount distributed to the Class [A] and Class [M] Certificates on such
      date
      pursuant to clauses (C) and (D) above, and (y) the [B] Principal Distribution
      Amount for such date, until the Class Principal Amount of such Class has been
      reduced to zero; and

     

    (F) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (e) of this Section, any Principal Distribution Amount
      remaining after application pursuant to clauses (A) through (P) above,
      respectively.

     

    [To
      be
      provided in accordance with the specific structure of each
      takedown.]

    

    Notwithstanding
      the foregoing, on any Distribution Date on which the Class Principal Amount
      of
      each Class of Certificates having a higher priority of distribution has been
      reduced to zero, any remaining Principal Distribution Amount shall be
      distributed to the remaining Certificates in the order of priority set forth
      above until the Class Principal Amount of each such Class has been reduced
      to
      zero. 

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    

     

    (e) On
      each
      Distribution Date, the Securities Administrator shall distribute the Monthly
      Excess Cashflow, and for purposes of distributions pursuant to Section
      4.1(e)(iii), any amounts distributable from the Basis Risk Reserve Fund, for
      such date in the following order of priority:

     

    (i) on
      each
      Distribution Date occurring (a) before the Stepdown Date or (b) on or after
      the Stepdown Date but for which a Trigger Event is in effect, then until the
      aggregate Certificate Principal Amount of the LIBOR Certificates equals the
      positive difference between (x) the Aggregate Pool Balance for such Distribution
      Date and (y) the Targeted Overcollateralization Amount for such Distribution
      Date, in the following order of priority,

     

    (A) concurrently,
      in proportion to the Senior Proportionate Percentage related to each Mortgage
      Pool, after giving effect to previous principal distributions on such
      Distribution Date pursuant to subsections 4.1(d)(i)(A) and 4.1(d)(i)(B) above,
      to the Class [A] Certificates in accordance with the Senior Priority and to
      the
      Class [A] Certificates, in reduction of their respective Class Principal
      Amounts, until the Class Principal Amount of each such Class has been reduced
      to
      zero;

     

    (B) to
      the
      Class [M] Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount of such Class has been reduced to zero; and

     

    (C) to
      the
      Class [B] Certificates, in reduction of their Class Principal Amount, until
      the
      Class Principal Amount of such Class has been reduced to zero;

     

    (ii) on
      each
      Distribution Date occurring (a) on or after the Stepdown Date and (b) for which
      a Trigger Event is
      not in
      effect,
      in the
      following order of priority,

     

    (A) concurrently,
      in proportion to the Senior Proportionate Percentage related to each Mortgage
      Pool, after giving effect to previous principal distributions on such
      Distribution Date pursuant to subsection 4.1(d)(ii) above, to the Class [A]
      Certificates in accordance with the Senior Priority and to the Class [A]
      Certificates, in reduction of their respective Class Principal Amounts, until
      the aggregate Class Principal Amount of such Certificates, after giving effect
      to distributions on such Distribution Date, equals the Senior Target Amount;
      

     

    (B) to
      the
      Class [M] Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Class [A] and Class [M] Certificates,
      after giving effect to distributions on such Distribution Date, equals the
      [M]
      Target Amount; and

     

    (C) to
      the
      Class [B] Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Class [A], Class [M] and Class [B]
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the [B] Target Amount;

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

    

     

    (iii) to
      the
      Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such
      Distribution Date, and then from the Basis Risk Reserve Fund in the following
      order of priority,

     

    (A) concurrently,
      pro
      rata,
      in
      proportion to their respective Unpaid Basis Risk Shortfalls, after giving effect
      to distributions pursuant to Section 4.1(e)(i) or 4.1(e)(ii) on such
      Distribution Date, to the Senior Certificates, any applicable Basis Risk
      Shortfall and Unpaid Basis Risk Shortfall for each such Class and such
      Distribution Date;

     

    (B) to
      the
      Class [M] Certificates, any applicable Basis Risk Shortfall and Unpaid Basis
      Risk Shortfall for such Class and such Distribution Date; and

     

    (C) to
      the
      Class [B] Certificates, any applicable Basis Risk Shortfall and Unpaid Basis
      Risk Shortfall for such Class and such Distribution Date;

     

    (D) [to
      the
      Supplemental Interest Trust Account, for application pursuant to Section
      4.1(f)(ix), any amounts remaining in the Basis Risk Reserve Fund, after taking
      into account distributions pursuant to clauses (A) through (C) above, in
      excess of the Required Reserve Fund Amount for such Distribution
      Date;]

     

    (iv) to
      the
      Class [M] Certificates, any Deferred Amount for such Class and such Distribution
      Date;

     

    (v) to
      the
      Class [B] Certificates, any Deferred Amount for such Class and such Distribution
      Date;

     

    (vi) on
      the
      Distribution Date occurring in
      [           ]
      20[   ] (or the next occurring Distribution Date on which
      sufficient funds are available in the Distribution Account) to the Class P
      Certificates, $100 in payment of its Class P Principal Amount;

     

    (vii) [to
      the
      Supplemental Interest Trust Account, the Class X Distributable Amount (less
      any
      Basis Risk Payment for such Distribution Date) for such Distribution Date,
      for
      application pursuant to Section 4.1(f)(x);] and

     

    (viii) to
      the
      Class R Certificates, any amount remaining on such date after application
      pursuant to clauses (i) through (vii) above.

     

    [To
      be
      provided in accordance with the specific structure of each
      takedown.]

     

    (f) On
      each
      Distribution Date, the Securities Administrator shall distribute the
      Supplemental Interest Trust Amount for such date as follows:

     

    (i) [to
      the
      Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant
      to the Swap Agreement for such Distribution Date;]

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

    

     

    (ii) [to
      the
      Swap Counterparty, any Swap Termination Payment not due to a Swap Counterparty
      Trigger Event owed to the Swap Counterparty (to the extent not paid on previous
      Distribution Dates) pursuant to the Swap Agreement;]

     

    (iii) to
      the
      Class [A] Certificates, Current Interest and any Carryforward Interest for
      each
      such Class and such Distribution Date; for application pursuant to the
      priorities set forth in Sections 4.1(b)(ii) through (xi) and 4.1(c)(iii) through
      (xii), to the extent unpaid pursuant to such Sections, such amount to be
      allocated proportionately on the basis of amounts distributable pursuant to
      such
      clauses;

     

    (iv) to
      the
      Class [M] and Class [B] Certificates, Current Interest and any Carryforward
      Interest for each such Class and such Distribution Date; for application
      pursuant to the priorities set forth in Sections 4.1(b)(v) through (xvii) and
      4.1(c)(v) through (xvii), to the extent unpaid pursuant to such Sections, such
      amount to be allocated proportionately on the basis of amounts distributable
      pursuant to such clauses;

     

    (v) to
      the
      LIBOR Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such Class for such Distribution Date, for application pursuant to
      the
      priorities set forth in Sections 4.1(e)(iii)(A) through (D), to the extent
      unpaid pursuant to such Sections;

     

    (vi) to
      the
      LIBOR Certificates, any amount necessary to maintain the applicable
      overcollateralization targets or balance targets specified in Sections 4.1(e)(i)
      and (ii) for such Distribution Date, for application pursuant to the priorities
      set forth in such Sections, after giving effect to distributions pursuant to
      such Sections;

     

    (vii) to
      the
      Class [M] and Class [B] Certificates, any Deferred Amount for each such Class
      and such Distribution Date for application pursuant to the priorities set forth
      in Sections 4.1(e)(iv) through (xvi), to the extent unpaid pursuant to such
      clauses;

     

    (viii) if
      applicable, for application to the purchase of a replacement swap
      agreement;

     

    (ix) [to
      the
      Swap Counterparty, any Swap Termination Payment due to a Swap Counterparty
      Trigger Event owed to the Swap Counterparty (to the extent not paid on previous
      Distribution Dates) pursuant to the Swap Agreement;]

     

    (x) to
      the
      Class X Certificates, any amount deposited into the Supplemental Interest Trust
      pursuant to Section 4.1(e)(iii)(D) or Section 4.1(e)(xviii) and any remaining
      Supplemental Interest Trust Amount; and

     

    (xi) [on
      the
      first Distribution Date on which the Class Principal Amount of each Class of
      Certificates has been reduced to zero, to the Class X Certificates all amounts
      remaining in the Supplemental Interest Trust Account.]

     

    (g) On
      each
      Distribution Date, an amount equal to the aggregate of all Prepayment Penalties
      collected during the preceding Prepayment Period, in the case of Principal
      Prepayments in full, or the preceding Collection Period, in the case of
      Principal Prepayments in part, shall be distributed to the Class P
      Certificates.

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

    

     

    [To
      be
      provided in accordance with the specific structure of each
      takedown.]

     

    
      	 	
              Section
                4.2

            	
              Method
                of Distribution.

            

    

     

    (a) All
      distributions with respect to each Class of Certificates on each Distribution
      Date shall be made pro
      rata
      among
      the outstanding Certificates of such Class, based on the Percentage Interest
      in
      such Class represented by each Certificate. Distributions to the
      Certificateholders on each Distribution Date shall be made by the Securities
      Administrator to the Certificateholders of record on the related Record Date
      by
      check or money order mailed to a Certificateholder at the address appearing
      in
      the Certificate Register, or upon written request by such Certificateholder
      to
      the Securities Administrator made not later than the applicable Record Date,
      by
      wire transfer to a U.S. depository institution acceptable to the Securities
      Administrator, or by such other means of payment as such Certificateholder
      and
      the Securities Administrator shall agree.

     

    (b) Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each financial intermediary
      for
      which it acts as agent. Each such financial intermediary shall be responsible
      for disbursing funds to the Certificate Owners that it represents. All such
      credits and disbursements with respect to a Book-Entry Certificate are to be
      made by the Depository and the Depository Participants in accordance with the
      provisions of the applicable Certificates. The Securities Administrator shall
      not have any responsibility therefor except as otherwise provided by applicable
      law.

     

    (c) The
      Securities Administrator shall withhold or cause to be withheld such amounts
      as
      it reasonably determines are required by the Code (giving full effect to any
      exemptions from withholding and related certifications required to be furnished
      by Certificateholders or Certificate Owners and any reductions to withholding
      by
      virtue of any bilateral tax treaties and any applicable certification required
      to be furnished by Certificateholders or Certificate Owners with respect
      thereto) from distributions to be made to a “Foreign Person” as defined in
      Section 1445(f)(3) of the Code. 

     

    
      	 	
              Section
                4.3

            	
              Allocation
                of Losses.

            

    

     

    On
      each
      Distribution Date, the Securities Administrator (after giving effect to all
      distributions made on such Distribution Date) shall allocate any Applied Loss
      Amount for such date to reduce the Certificate Principal Amounts of the
      Subordinate Certificates in the following order of priority:

     

    (i) to
      the
      Class [B] Certificates, until the Class Principal Amount thereof has been
      reduced to zero; and

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

    

     

    (ii) to
      the
      Class [M] Certificates, until the Class Certificate Amount thereof has been
      reduced to zero.

     

    
      	 	
              Section
                4.4

            	
              Reports
                to the Depositor,
                the Securities Administrator and the Trustee.

            

    

     

    On
      or
      before the Business Day preceding each Distribution Date, the Servicer shall
      notify, or cause to be notified, the Depositor, the Master Servicer, the
      Trustee, [the Credit Risk Manager] and the NIMS Insurer, if any, of the
      following information with respect to such Distribution Date (which notification
      may be given by facsimile, electronic transmission or by telephone promptly
      confirmed in writing):

     

    (i) the
      aggregate amount deposited in the Collection Account and the source thereof
      (identified as interest, scheduled principal or unscheduled principal);
      and

     

    (ii) the
      amount of any Realized Losses and any Applied Loss Amount.

     

    
      	 	
              Section
                4.5

            	
              Reports
                by or on Behalf of the Trustee.

            

    

     

    (a) On
      each
      Distribution Date, based on information received from the Servicer and/or the
      Master Servicer and [the Swap Counterparty], the Securities Administrator shall
      prepare and make available a statement containing the following information:
      

     

    (i) the
      aggregate amount of distributions made on such Distribution Date to the Holders
      of each Class of Certificates other than any Class of Notional Certificates,
      to
      the extent applicable, allocable to principal, including Net Liquidation
      Proceeds and Insurance Proceeds, stating separately the amount attributable
      to
      scheduled principal payments and unscheduled payments in the nature of
      principal;

     

    (ii) the
      aggregate amount of distributions made on such Distribution Date to the Holders
      of each Class of Certificates allocable to interest and the calculation
      thereof;

     

    (iii) the
      aggregate amount of distributions made on such Distribution Date to the Holders
      of each Class of Certificates in respect of Deferred Amounts;

     

    (iv) the
      amount, if any, of any distributions to the Holders of the Class X and the
      Class
      R Certificates;

     

    (v) the
      amount of Delinquency Advances and, to the extent reported by the Servicer,
      Servicing Advances made by or on behalf of the Servicer for the related
      Collection Period, the amount of unrecovered Delinquency Advances and, to the
      extent reported by the Servicer, Servicing Advances outstanding (after giving
      effect to Advances made on such Distribution Date) and the aggregate amount
      of
      Nonrecoverable Advances for such Distribution Date;

     

    (vi) the
      Aggregate Pool Balance as of the close of business on the last day of the
      related Prepayment Period (after giving effect to the principal portion of
      Scheduled Payments due during the related Collection Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period or Collection Period, as applicable);

     

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

    

    

     

    (vii) the
      Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates,
      to
      the extent applicable, as of such Distribution Date after giving effect to
      payments allocated to principal reported under clause (i) above, separately
      identifying any reduction of any of the foregoing Certificate Principal Amounts
      due to Applied Loss Amounts;

     

    (viii) the
      amount of all Prepayment Penalties distributed to the Class P
      Certificates;

     

    (ix) the
      amount of any Realized Losses and Subsequent Recoveries incurred or received
      with respect to the Mortgage Loans (x) in the applicable Prepayment Period
      and
      (y) in the aggregate since the Cut-off Date, and the aggregate Realized Losses
      during the preceding twelve month period expressed as a percentage of the total
      Scheduled Principal Balances of the Mortgage Loans;

     

    (x) the
      amount of the Servicing Fee, [Credit Risk Manager’s Fee] and any PMI Insurance
      Premiums paid with respect to such Distribution Date (or the related Collection
      Period);

     

    (xi) the
      number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported
      to the Master Servicer by the Servicer, (a) remaining outstanding (b) Delinquent
      30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a
      contractual basis, (d) Delinquent 90 or more days on a contractual basis, (e)
      as
      to which foreclosure proceedings have been commenced as of the close of business
      on the last Business Day of the calendar month immediately preceding the month
      in which such Distribution Date occurs, (f) in bankruptcy and (g) that are
      REO
      Properties;

     

    (xii) the
      aggregate Scheduled Principal Balance of any Mortgage Loans with respect to
      which the related Mortgaged Property became a REO Property as of the close
      of
      business on the last Business Day of the calendar month immediately preceding
      the month in which such Distribution Date occurs;

     

    (xiii) with
      respect to substitution of Mortgage Loans in the preceding calendar month,
      the
      Scheduled Principal Balance of each Deleted Mortgage Loan, and of each Qualified
      Substitute Mortgage Loan;

     

    (xiv) the
      aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls,
      Net Prepayment Interest Excess, Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls, if any, for each Class of Certificates, after giving effect to
      distributions on such Distribution Date;

     

    (xv) the
      level
      of LIBOR and the Certificate Interest Rate applicable to each Class of
      Certificates for such Distribution Date (and the related Accrual
      Period);

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

    

     

    (xvi) the
      Interest Remittance Amount and the Principal Remittance Amount for such
      Distribution Date;

     

    (xvii) if
      applicable, the amount of any shortfall (i.e., the difference between the
      aggregate amounts of principal and interest which Certificateholders would
      have
      received if there were sufficient available amounts in the Distribution Account
      and the amounts actually distributed); 

     

    (xviii) the
      amount of any Overcollateralization Deficiency Amount after giving effect to
      the
      distributions made on such Distribution Date; 

     

    (xix) [the
      amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant
      to Section 4.1, any Net Swap Payment to the Swap Counterparty made pursuant
      to
      Section 4.1, any Swap Termination Payment to the Supplemental Interest Trust
      made pursuant to Section 4.1 and any Swap Termination Payment to the Swap
      Counterparty made pursuant to Section 4.1;] and

     

    (xx) the
      level
      of LIBOR and the Interest Rate that shall be applicable to the next Distribution
      Date with respect to each Class of Certificates.

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall (except in the case of the report delivered to the Holders of
      the
      Class X Certificates) be expressed as a dollar amount per $1,000 of original
      principal amount of Certificates.

     

    The
      Securities Administrator shall make such report and additional loan level
      information (and, at its option, any additional files containing the same
      information in an alternative format) available each month to the NIMS Insurer,
      if any, Certificateholders and the Rating Agencies via the Securities
      Administrator’s internet website. The Securities Administrator’s internet
      website shall initially be located at
“www.[           ].com.”
Assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at
      [           ]. Parties
      that are unable to use the website are entitled to have a paper copy mailed
      to
      them via first class mail by calling the customer service desk and indicating
      such. The Securities Administrator shall have the right to change the way such
      statements are distributed in order to make such distribution more convenient
      and/or more accessible to the above parties and the Securities Administrator
      shall provide timely and adequate notification to all above parties regarding
      any such changes.

     

    The
      Servicer shall furnish to the Master Servicer, no later than the Business Day
      next succeeding the Determination Date, a monthly report containing such
      information and data regarding the Mortgage Loans and the related REO
      Properties, in a format as shall be agreed to by the Master Servicer and the
      Servicer. The Master Servicer shall furnish to the Securities Administrator,
      no
      later than the Business Day preceding each Distribution Date, a monthly report
      containing such information and data regarding the Mortgage Loans and the
      related REO Properties as shall be necessary to permit the Securities
      Administrator to prepare the statement described in the first paragraph of
      this
      Section 4.5(a).

     

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

    

    

     

    In
      preparing or furnishing the foregoing information, the Securities Administrator
      shall be entitled to rely conclusively on the accuracy of the information or
      data (i) regarding the Mortgage Loans and the related REO Property that has
      been
      provided to the Securities Administrator by the Master Servicer or the Servicer
      and (ii) [regarding the Swap Agreement provided by [the Swap Counterparty],
      and
      the Securities Administrator shall not be obligated to verify, recompute,
      reconcile or recalculate any such information or data.] The Securities
      Administrator shall be entitled to conclusively rely on the Mortgage Loan data
      provided by the Master Servicer or the Servicer and shall have no liability
      for
      any errors in such Mortgage Loan data.

     

    (b) Within
      90
      days, or such shorter period as may be required by statute or regulation, after
      the end of each calendar year, the Securities Administrator shall make available
      to each Person who at any time during the calendar year was a Certificateholder
      of record a report summarizing the items provided to the Certificateholders
      pursuant to Sections 4.5(a)(i) and 4.5(a)(ii) on an annual basis as may be
      required to enable such Holders to prepare their federal income tax returns;
      provided,
      however,
      that
      this Section 4.5(b) shall not be applicable where relevant reports or summaries
      are required elsewhere in this Agreement. The Securities Administrator shall
      be
      deemed to have satisfied this requirement if it forwards such information in
      any
      other format permitted by the Code.

     

    
      	 	
              Section
                4.6

            	
              Basis
                Risk Reserve Fund.

            

    

     

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      its
      name, in trust for the benefit of the holders of the LIBOR Certificates, the
      Basis Risk Reserve Fund, into which the Depositor shall deposit $1,000. The
      Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit
      therein shall be held separate and apart from, and shall not be commingled
      with,
      any other moneys, including, without limitation, other moneys of the Securities
      Administrator held pursuant to this Agreement. 

     

    (b) The
      Securities Administrator shall make withdrawals from the Basis Risk Reserve
      Fund
      to make distributions pursuant to Section 4.1(e) hereof.

     

    (c) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Eligible Investments. Any
      earnings on such amounts shall be distributed on each Distribution Date to
      the
      Class X Certificateholders. The Class X Certificates shall evidence ownership
      of
      the Basis Risk Reserve Fund for federal income tax purposes and the Holder
      thereof shall direct the Securities Administrator, in writing, as to investment
      of amounts on deposit therein. The Class X Certificateholders shall be liable
      for any losses incurred on such investments. In the absence of written
      instructions from the Class X Certificateholder as to investment of funds on
      deposit in the Basis Risk Reserve Fund, such funds shall be invested in the
      [           ] or
      comparable investment vehicle. Any amounts on deposit in the Basis Risk Reserve
      Fund in excess of the Required Reserve Fund Amount on any Distribution Date
      shall be distributed to the Class X Certificateholders on the following
      Distribution Date. For all Federal income tax purposes, amounts transferred
      by
      the Upper Tier REMIC to the Basis Risk Reserve Fund shall be treated as amounts
      distributed by the Upper Tier REMIC to the Class X
      Certificateholders.

     

    
      
        
        

      

      
        113

        
          

        

      

      
        
        

      

    

    

     

    (d) Upon
      termination of the Trust Fund, any amounts remaining in the Basis Risk Reserve
      Fund shall be distributed to the Class X Certificateholders.

     

    
      	 	
              Section
                4.7

            	
              [Supplemental
                Interest Trust.

            

    

     

    (a) On
      the
      Closing Date, the Securities Administrator, on behalf of the Trustee, shall
      establish and maintain in its name, a separate trust for the benefit of the
      holders of the LIBOR Certificates (the “Supplemental Interest Trust”) and an
      account (the “Supplemental Interest Trust Account”), into which the Depositor
      shall initially deposit $1,000. The Supplemental Interest Trust Account shall
      be
      an Eligible Account, and funds on deposit therein shall be held separate and
      apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Securities Administrator held pursuant
      to this Agreement. 

     

    (b) The
      Securities Administrator shall deposit into the Supplemental Interest Trust
      Account any Net Swap Payment required pursuant to Sections 4.1(b), (c) and
      (d),
      any Swap Termination Payment required pursuant to Sections 4.1(b), (c) and
      (d),
      any amounts received from the Swap Counterparty under the Swap Agreement and
      any
      amounts distributed from the Basis Risk Reserve Fund required pursuant to
      Sections 4.1(e)(iii)(D) and (xviii), and shall distribute from the Supplemental
      Interest Trust Account any Net Swap Payment required pursuant to Section
      4.1(f)(i) or Swap Termination Payment required pursuant to Sections 4.1(f)(ii)
      and 4.1(f)(ix).]

     

    (c) Funds
      in
      the Supplemental Interest Trust Account shall be invested in Eligible
      Investments. Any earnings on such amounts shall be distributed on each
      Distribution Date pursuant to Section 4.1(f). The Class X Certificates shall
      evidence ownership of the Supplemental Interest Trust Account for federal income
      tax purposes and the Holder thereof shall direct the Trustee, in writing, as
      to
      investment of amounts on deposit therein. The Class X Certificateholders shall
      be liable for any losses incurred on such investments. In the absence of written
      instructions from The Class X Certificateholders as to investment of funds
      on
      deposit in the Supplemental Interest Trust Account, such funds shall be invested
      in the [           ] or
      comparable investment vehicle. Any amounts on deposit in the Supplemental
      Interest Trust Account in excess of the Supplemental Interest Trust Amount
      on
      any Distribution Date shall be held for distribution pursuant to Section 4.1(f)
      on the following Distribution Date.

     

    (d) Upon
      termination of the Trust Fund, any amounts remaining in the Supplemental
      Interest Trust Account shall be distributed pursuant to the priorities set
      forth
      in Section 4.1(f).

     

    (e) It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the holder of the Class X Certificates unless and until
      the date when either (a) there is more than one Class X Certificateholder or
      (b)
      any Class of Certificates in addition to the Class X Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes.

     

    To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Trustee, any obligation of the Trustee under the Swap Agreement
      shall be deemed to be an obligation of the Supplemental Interest
      Trust.

     

    
      
        
        

      

      
        114

        
          

        

      

      
        
        

      

    

    

     

    Promptly
      upon receipt of written notice of termination of the Swap Agreement, the
      Securities Administrator shall cause notice thereof to be mailed by first-class
      mail, postage prepaid, to each Rating Agency, the Trustee and the
      Certificateholders at their last addresses appearing upon the Certificate
      Register.]

     

    
      	 	
              Section
                4.8

            	
              [Rights
                of Swap Counterparty. 

            

    

     

    The
      Swap
      Counterparty shall be deemed a third-party beneficiary of this Agreement to
      the
      same extent as if it were a party hereto and shall have the right, upon
      designation of an “Early Termination Date” (as defined in the Swap Agreement),
      to enforce its rights under this Agreement, which rights include but are not
      limited to the obligation of the Securities Administrator (A) to deposit any
      Net
      Swap Payment required pursuant to Section 4.1(b), (c) and (d) and any Swap
      Termination Payment required pursuant to Sections 4.1(b), (c) and (d) into
      the
      Supplemental Interest Trust Account, (B) to deposit any amounts from the Basis
      Risk Reserve Fund required pursuant to Sections 4.1(e)(iii)(O) and (xviii)
      into
      the Supplemental Interest Trust Account, (C) to pay any Net Swap Payment
      required pursuant to Section 4.1(f)(i) or Swap Termination Payment required
      pursuant to Sections 4.1(f)(ii) and 4.1(f)(ix) to the Swap Counterparty and
      (D)
      to establish and maintain the Supplemental Interest Trust and the Supplemental
      Interest Trust Account, to make such deposits thereto, investments therein
      and
      distributions therefrom as are required pursuant to Section 4.7. For the
      protection and enforcement of the provisions of this Section the Swap
      Counterparty shall be entitled to such relief as can be given either at law
      or
      in equity.]

     

    
      	
            	Section
              4.9	
              [The
                Pre-Funding Account] [The Revolving
                Account].

            

    

     

    (a) The
      Securities Administrator shall establish and maintain in its name, as Securities
      Administrator, a trust account entitled “[Pre-Funding Account] [Revolving
      Account], in trust for the benefit of the Holders of “Aegis Asset Backed
      Securities Trust [      ] Mortgage Backed Notes”
and the funds therein shall be used solely for the purchase of [Subsequent
      Mortgage Loans] [Additional Mortgage Loans]. The [Pre-Funding Account]
      [Revolving Account] shall be an Eligible Account and if the account ceases
      to be
      an Eligible Account, the Securities Administrator shall establish a new
      [Pre-Funding Account] [Revolving Account] that is also an Eligible Account
      within five Business Days and transfer all funds and investment property on
      deposit in the [Pre-Funding Account] [Revolving Account] into such new
      [Pre-Funding Account] [Revolving Account]. On the Closing Date, the Depositor
      shall cause to be deposited the [Pre-Funding Amount] [Revolving Amount], into
      the [Pre-Funding Account] [Revolving Account]. On any subsequent Transfer Date,
      provided the conditions set forth in Section 2.1(a) have been fully satisfied,
      the Securities Administrator shall cause to be withdrawn from the [Pre-Funding
      Account ] [Revolving Account] an amount equal to the Transfer Price of any
      [Subsequent Mortgage Loans] [Additional Mortgage Loans] as of any applicable
      Transfer Date sold to the Trustee and to pay such Transfer Price to the
      Depositor. In no event shall the Securities Administrator withdraw from the
      [Pre-Funding Account] [Revolving Account] an amount in excess of the
      [Pre-Funding Amount] [Revolving Amount] or withdraw funds from the [Pre-Funding
      Account] [Revolving Account] during the [Pre-Funding Period] [Revolving Period]
      for any other purpose.

     

    
      
        
        

      

      
        115

        
          

        

      

      
        
        

      

    

    

     

    (b) Funds
      in
      the [Pre-Funding Account] [Revolving Account] may be invested by the Securities
      Administrator in Eligible Investments at the written direction of the Depositor.
      All income and gain on such investments shall be for the benefit of the
      Depositor and shall be subject to withdrawal on order by the Depositor from
      time
      to time. The amount of any losses incurred in respect of any such investments
      shall be paid by the Depositor by a deposit in the [Pre-Funding Account]
      [Revolving Account] out of its own funds, without any right of reimbursement
      therefor, immediately as realized.

     

    On
      the
      Business Day immediately following the end of the [Pre-Funding Period]
      [Revolving Period], the Securities Administrator shall transfer any amounts
      on
      deposit in the [Pre-Funding Account] [Revolving Account] to the Note Payment
      Account for distribution on the Payment Date occurring in
      [             ]
      as principal to the Holders of the Notes in accordance with Article
      IV.]

     

    
      	 	
              Section
                4.10

            	
              [The
                Capitalized Interest Account.

            

    

     

    (a) The
      Securities Administrator shall establish and maintain a trust account (the
      “Capitalized Interest Account”). The Capitalized Interest Account shall be
      entitled “Capitalized Interest Account, in trust for the benefit of the Holders
      of Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates,
      Series [      ].” The Capitalized Interest Account
      shall be an Eligible Account. On the Closing Date, the Seller shall deposit
      in
      the Capitalized Interest Account the Original Capitalized Interest Amount.
      On
      the Business Day preceding any Distribution Date occurring during the
      Pre-Funding Period, the Securities Administrator shall withdraw from the
      Capitalized Interest Account an amount equal to the Capitalized Interest
      Requirement for deposit into the Distribution Account for distribution to
      Certificateholders in accordance with Article IV on such Distribution Date.
      

     

    (b) Amounts
      on deposit in the Capitalized Interest Account may be invested by the Securities
      Administrator in Eligible Investments at the written direction of the Seller.
      All investment income and other gain on such investments shall be for the
      benefit of the Seller and shall be subject to withdrawal on order of the Seller
      from time to time. The amount of any losses incurred in respect of any such
      investments shall be paid by the Seller by a deposit into the Capitalized
      Interest Account of its own funds, immediately as realized. In the event the
      Seller does not provide written direction to the Securities Administrator
      pursuant to this Section, all funds on deposit in the Capitalized Interest
      Account shall be invested in a money market or common trust fund as described
      in
      paragraph [(viii)] of the definition of “Eligible Investments” set forth in
      Article I. 

     

    (c) On
      the
      Distribution Date in [      ], all amounts, if
      any, on deposit in the Capitalized Interest Account shall be withdrawn by the
      Securities Administrator and distributed to the Seller and the Capitalized
      Interest Account shall be terminated.]

     

    
      
        
        

      

      
        116

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	 	
              Section
                5.1

            	
              The
                Certificates.

            

    

     

    The
      Certificates shall be substantially in the forms attached as Exhibit A hereto.
      The Certificates shall be issuable in registered form, in the minimum
      denominations per Class set forth in the Preliminary Statement and, to the
      extent applicable, in integral multiples of $1 in excess thereof.

     

    Subject
      to Section 9.2 hereof respecting the final distribution on the Certificates,
      on
      each Distribution Date the Securities Administrator shall make distributions
      to
      each Certificateholder of record on the preceding Record Date either (x) by
      wire
      transfer in immediately available funds to the account of such Holder at a
      bank
      or other entity having appropriate facilities therefor, if (i) such Holder
      has
      so notified the Securities Administrator not later than the applicable Record
      Date and (ii) such Holder shall hold (A) 100% of the Class Principal Amount
      of
      any Class of Certificates or (B) Certificates of any Class with aggregate
      principal Denominations of not less than $1,000,000 or (y) by check mailed
      by
      first class mail to such Certificateholder at the address of such Holder
      appearing in the Certificate Register.

     

    The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Securities Administrator by an authorized signatory of the Securities
      Administrator. Certificates bearing the manual or facsimile signatures of
      individuals who were, at the time when such signatures were affixed, authorized
      to sign on behalf of the Securities Administrator shall bind the Securities
      Administrator, notwithstanding that such individuals or any of them have ceased
      to be so authorized prior to the countersignature and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement, or be valid
      for any purpose, unless countersigned by the Securities Administrator by manual
      signature, and such countersignature upon any Certificate shall be conclusive
      evidence, and the only evidence, that such Certificate has been duly executed
      and delivered hereunder. All Certificates shall be dated the date of their
      countersignature. On the Closing Date, the Securities Administrator shall
      countersign the Certificates to be issued at the direction of the Depositor,
      or
      any Affiliate thereof.

     

    The
      Depositor shall provide, or cause to be provided, to the Securities
      Administrator on a continuous basis, an adequate inventory of specimen
      Certificates to facilitate transfers.

     

    
      	
            	Section
              5.2	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            

    

     

    (a) The
      Securities Administrator shall maintain, or cause to be maintained, a
      Certificate Register for the Trust Fund in which, subject to the provisions
      of
      subsections (b) and (c) below and to such reasonable regulations as it may
      prescribe, the Securities Administrator shall provide for the registration
      of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      Upon surrender for registration of transfer of any Certificate, the Securities
      Administrator shall execute and deliver, in the name of the designated
      transferee or transferees, one or more new Certificates of the same Class and
      aggregate Percentage Interest.

     

    
      
        
        

      

      
        117

        
          

        

      

      
        
        

      

    

    

     

    At
      the
      option of a Certificateholder, Certificates may be exchanged for other
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest upon surrender of the Certificates to be
      exchanged at the office or agency of the Securities Administrator. Whenever
      any
      Certificates are so surrendered for exchange, the Securities Administrator
      shall
      execute, authenticate and deliver the Certificates which the Certificateholder
      making the exchange is entitled to receive. Every Certificate presented or
      surrendered for registration of transfer or exchange shall be accompanied by
      a
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by the Holder thereof or his attorney duly
      authorized in writing.

     

    No
      service charge to the Certificateholders shall be made for any registration
      of
      transfer or exchange of Certificates, but payment of a sum sufficient to cover
      any tax or governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates may be required.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled and subsequently destroyed by the Securities Administrator in
      accordance with the Securities Administrator’s customary
      procedures.

     

    (b) No
      Person
      shall transfer a Restricted Certificate unless such transfer (i) is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws, (ii) is exempt from the registration
      requirements under said Act and such state securities laws and (iii) is made
      in
      compliance with the provisions of this Section. In the event that a transfer
      is
      to be made in reliance upon an exemption from the Securities Act and such laws,
      in order to assure compliance with the Securities Act and such laws, the
      Certificateholder desiring to effect such transfer and such Certificateholder’s
      prospective transferee shall each certify to the Securities Administrator in
      writing the facts surrounding the transfer in substantially the forms set forth
      in Exhibit F (the “Transferor Certificate”) and deliver a letter in
      substantially the form of either Exhibit G-1 (the “Investment Letter”) or
      Exhibit G-2 (the “Rule 144A Letter”). The Depositor shall provide to any Holder
      of a Restricted Certificate and any prospective transferee designated by any
      such Holder, information regarding the related Certificates and the Mortgage
      Loans and such other information as shall be necessary to satisfy the condition
      to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate
      without registration thereof under the Securities Act pursuant to the
      registration exemption provided by Rule 144A. The Securities Administrator
      shall
      cooperate with the Depositor in providing the Rule 144A information referenced
      in the preceding sentence, including providing to the Depositor such information
      regarding the Certificates, the Mortgage Loans and other matters regarding
      the
      Trust Fund as the Depositor shall reasonably request to meet its obligation
      under the preceding sentence. Each Holder of a Restricted Certificate desiring
      to effect such transfer shall, and does hereby agree to, indemnify the
      Securities Administrator, the Trustee, the Depositor, the Seller, the Servicer,
      the Master Servicer and the NIMS Insurer, if any, against any liability that
      may
      result if the transfer is not so exempt or is not made in accordance with such
      federal and state laws.

     

    
      
        
        

      

      
        118

        
          

        

      

      
        
        

      

    

    

     

    No
      transfer of an ERISA-Restricted Certificate shall be made unless the Securities
      Administrator shall have received either (i) a representation from the
      transferee of such Certificate acceptable to and in form and substance
      satisfactory to the Securities Administrator (in the event such Certificate
      is a
      Restricted Certificate, such requirement is satisfied only by the Securities
      Administrator’s receipt of a representation letter from the transferee
      substantially in the form set forth in Exhibit H (or Exhibit E-2, in the case
      of
      a Residual Certificate)), to the effect that such transferee is not an employee
      benefit plan or other retirement arrangement subject to Section 406 of ERISA
      or
      Section 4975 of the Code (collectively, a “Plan”), nor a Person acting on behalf
      of any such Plan or using the assets of any such Plan to effect such transfer,
      (ii) if the ERISA-Restricted Certificate was the subject of an ERISA-Qualifying
      underwriting and the purchaser is an insurance company, a representation
      substantially in the form set forth in Exhibit H, to the effect that the
      purchaser is an insurance company which is purchasing such Certificate with
      funds contained in an “insurance company general account” (as such term is
      defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE
      95-60”)) and the acquisition and holding of the ERISA-Restricted Certificate are
      covered under Sections I and III of PTCE 95-60; or (iii) in the case of any
      such
      ERISA-Restricted Certificate presented for registration in the name of a Plan
      or
      a Person acting on behalf of such Plan or using such Plan’s assets, an Opinion
      of Counsel satisfactory to the Trustee and the Securities Administrator to
      the
      effect that the acquisition or holding of such ERISA-Restricted Certificate
      will
      not result in prohibited transactions under Section 406 of ERISA and Section
      4975 of the Code and will not subject the Trustee, the Securities Administrator,
      the Depositor, the Seller, the Master Servicer, the Servicer or the NIMS
      Insurer, if any, to any obligation in addition to those expressly undertaken
      in
      this Agreement, which Opinion of Counsel will not be at the expense of any
      of
      the above parties or the Trust Fund. Notwithstanding anything else to the
      contrary herein, any purported transfer of an ERISA-Restricted Certificate
      to or
      on behalf of a Plan without the delivery to the Securities Administrator of
      a
      representation letter or an Opinion of Counsel satisfactory to the Securities
      Administrator as described above shall be void and of no effect. If the
      ERISA-Restricted Certificate is a Book-Entry Certificate, the transferee will
      be
      deemed to have made a representation as provided in (i) or (ii) of this
      paragraph, as applicable. 

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      the Securities Administrator shall be under no liability to any Person for
      any
      registration of transfer of any ERISA-Restricted Certificate that is in fact
      not
      permitted by this Section 5.2(b) or for making any payments due on such
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the transfer
      was
      registered by the Securities Administrator in accordance with the foregoing
      requirements.

     

    [No
      transfer of an ERISA-Restricted Swap Certificate shall be made unless the
      Securities Administrator shall have received a representation letter from the
      transferee of such Certificate, substantially in the form set forth in Exhibit
      H, to the effect that either (i) such transferee is neither a Plan nor a Person
      acting on behalf of any such Plan or using the assets of any such Plan to effect
      such transfer or (ii) the acquisition and holding of the ERISA- Restricted
      Swap
      Certificate are eligible for exemptive relief under Prohibited Transaction
      Class
      Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA-Restricted Swap Certificate to or on behalf of a Plan without the
      delivery to the Securities Administrator of a representation letter as described
      above shall be void and of no effect. If the ERISA-Restricted Swap Certificate
      is a Book-Entry Certificate, the transferee will be deemed to have made a
      representation as provided in clause (i) or (ii) of this paragraph, as
      applicable.]

     

    
      
        
        

      

      
        119

        
          

        

      

      
        
        

      

    

    

     

    [If
      any
      ERISA-Restricted Swap Certificate, or any interest therein, is acquired or
      held
      in violation of the provisions of the preceding paragraph, the next preceding
      permitted beneficial owner will be treated as the beneficial owner of that
      Certificate, retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of an
      ERISA-Restricted Swap Certificate, or interest therein, was effected in
      violation of the provisions of the preceding paragraph shall indemnify to the
      extent permitted by law and hold harmless the Depositor, the Securities
      Administrator, the Trustee, the Master Servicer and the Servicer from and
      against any and all liabilities, claims, costs or expenses incurred by such
      parties as a result of such acquisition or holding.]

     

    [To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      the Securities Administrator shall be under no liability to any Person for
      any
      registration of transfer of any ERISA-Restricted Swap Certificate that is in
      fact not permitted by this Section 5.2(b) or for making any payments due on
      such
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the transfer
      was
      registered by the Trustee in accordance with the foregoing
      requirements.]

     

    (c) Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions, and the rights of each
      Person acquiring any Ownership Interest in a Residual Certificate are expressly
      subject to the following provisions:

     

    (i) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee.

     

    (ii) No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date or thereafter transferred (except for an initial registration on the
      Closing Date of the transfer to the Depositor (or an Affiliate thereof), the
      Trustee or the Securities Administrator), and the Securities Administrator
      shall
      not register the transfer of any Residual Certificate (except for an initial
      registration on the Closing Date of the transfer to the Depositor (or an
      Affiliate thereof), the Trustee or the Securities Administrator) unless, in
      addition to the certificates required to be delivered to the Securities
      Administrator under subparagraph (b) above, the Securities Administrator shall
      have been furnished with an affidavit of the Holder desiring to effect such
      transfer (a “Transferor Affidavit”) in the form attached hereto as Exhibit E-1
      and an affidavit of the proposed transferee (a “Transferee Affidavit”) in the
      form attached hereto as Exhibit E-2.

     

    (iii) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (A) to obtain a Transferee Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Residual
      Certificate, (B) to obtain a Transferee Affidavit from any Person for whom
      such
      Person is acting as nominee, trustee or agent in connection with any transfer
      of
      a Residual Certificate and (C) not to transfer its Ownership Interest in a
      Residual Certificate or to cause the transfer of an Ownership Interest in a
      Residual Certificate to any other Person if it has actual knowledge that such
      Person is not a Permitted Transferee.

     

    
      
        
        

      

      
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    (iv) Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 5.2(c) shall be
      absolutely null and void and shall vest no rights in the purported Transferee.
      If any purported transferee shall become a Holder of a Residual Certificate
      in
      violation of the provisions of this Section 5.2(c), then the last preceding
      Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Securities Administrator shall be under no liability to any
      Person for any registration of transfer of a Residual Certificate that is in
      fact not permitted by Section 5.2(b) and this Section 5.2(c) or for making
      any
      payments due on such Certificate to the Holder thereof or taking any other
      action with respect to such Holder under the provisions of this Agreement so
      long as the transfer was registered after receipt of the related Transferee
      Affidavit, Transferor Affidavit and either the Rule 144A Letter or the
      Investment Letter. The Securities Administrator shall be entitled but not
      obligated to recover from any Holder of a Residual Certificate that was in
      fact
      not a Permitted Transferee at the time it became a Holder or, at such subsequent
      time as it became other than a Permitted Transferee, all payments made on such
      Residual Certificate at and after either such time. Any such payments so
      recovered by the Securities Administrator shall be paid and delivered by the
      Securities Administrator to the last preceding Permitted Transferee of such
      Certificate.

     

    (v) The
      Depositor shall promptly make available, upon receipt of written request from
      the Securities Administrator, all information necessary to compute any tax
      imposed under Section 860E(e) of the Code as a result of a transfer of an
      Ownership Interest in a Residual Certificate to any Holder who is not a
      Permitted Transferee.

     

    The
      restrictions on transfers of a Residual Certificate set forth in this Section
      5.2(c) shall cease to apply (and the applicable portions of the legend on a
      Residual Certificate may be deleted) with respect to transfers occurring after
      delivery to the Securities Administrator and the NIMS Insurer, if any, of an
      Opinion of Counsel, which Opinion of Counsel shall not be an expense of the
      Trust Fund, the Securities Administrator, the NIMS Insurer, if any, or the
      Depositor, to the effect that the elimination of such restrictions will not
      cause an Adverse REMIC Event. Each Person holding or acquiring any Ownership
      Interest in a Residual Certificate hereby consents to any amendment of this
      Agreement which, based on an Opinion of Counsel furnished to the Securities
      Administrator, and the NIMS Insurer, if any, is reasonably necessary (a) to
      ensure that the record ownership of, or any beneficial interest in, a Residual
      Certificate is not transferred, directly or indirectly, to a Person that is
      not
      a Permitted Transferee and (b) to provide for a means to compel the transfer
      of
      a Residual Certificate which is held by a Person that is not a Permitted
      Transferee to a Holder that is a Permitted Transferee.

     

    (d) The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 5.2 in connection with transfer shall be at the expense of the
      parties to such transfers.

     

    
      
        
        

      

      
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    (e) Except
      as
      provided below, the Book-Entry Certificates shall at all times remain registered
      in the name of the Depository or its nominee and at all times: (i) registration
      of the Certificates may not be transferred by the Securities Administrator
      except to another Depository; (ii) the Depository shall maintain book-entry
      records with respect to the Certificate Owners and with respect to ownership
      and
      transfers of such Book-Entry Certificates; (iii) ownership and transfers of
      registration of the Book-Entry Certificates on the books of the Depository
      shall
      be governed by applicable rules established by the Depository; (iv) the
      Depository may collect its usual and customary fees, charges and expenses from
      its Depository Participants; (v) the Securities Administrator shall deal with
      the Depository, Depository Participants and indirect participating firms as
      representatives of the Certificate Owners of the Book-Entry Certificates for
      purposes of exercising the rights of Holders under this Agreement, and requests
      and directions for and votes of such representatives shall not be deemed to
      be
      inconsistent if they are made with respect to different Certificate Owners;
      and
      (vi) the Securities Administrator may rely and shall be fully protected in
      relying upon information furnished by the Depository with respect to its
      Depository Participants and furnished by the Depository Participants with
      respect to indirect participating firms and Persons shown on the books of such
      indirect participating firms as direct or indirect Certificate
      Owners.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owner. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners it represents
      or of brokerage firms for which it acts as agent in accordance with the
      Depository’s normal procedures.

     

    If
      (x)
      (i) the Depository or the Depositor advises the Securities Administrator in
      writing that the Depository is no longer willing or able to properly discharge
      its responsibilities as Depository, and (ii) the Securities Administrator or
      the
      Depositor is unable to locate a qualified successor, or (y) after the occurrence
      of an Event of Default, Certificate Owners representing at least 51% of the
      Certificate Balance of the Book-Entry Certificates together advise the
      Securities Administrator and the Depository through the Depository Participants
      in writing that the continuation of a book-entry system through the Depository
      is no longer in the best interests of the Certificate Owners, the Securities
      Administrator shall notify all Certificate Owners, through the Depository,
      of
      the occurrence of any such event and of the availability of Definitive
      Certificates to Certificate Owners requesting the same. Upon surrender to the
      Securities Administrator of the related Class of Certificates by the Depository,
      accompanied by the instructions from the Depository for registration, the
      Securities Administrator shall issue the Definitive Certificates. Neither the
      Depositor nor the Securities Administrator shall be liable for any delay in
      delivery of such instruction and each may conclusively rely on, and shall be
      protected in relying on, such instructions. The Depositor shall provide the
      Securities Administrator with an adequate inventory of certificates to
      facilitate the issuance and transfer of Definitive Certificates. Upon the
      issuance of Definitive Certificates all references herein to obligations imposed
      upon or to be performed by the Depository shall be deemed to be imposed upon
      and
      performed by the Securities Administrator, to the extent applicable with respect
      to such Definitive Certificates and the Securities Administrator shall recognize
      the Holders of the Definitive Certificates as Certificateholders hereunder;
      provided
      that the
      Securities Administrator shall not by virtue of its assumption of such
      obligations become liable to any party for any act or failure to act of the
      Depository.

     

    
      
        
        

      

      
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              Section
                5.3

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            

    

     

    If
      (a)
      any mutilated Certificate is surrendered to the Securities Administrator, or
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate and (b) there is delivered to
      the
      Depositor and the Securities Administrator such security or indemnity as may
      be
      required by them to save each of them harmless, then, in the absence of notice
      to the Securities Administrator that such Certificate has been acquired by
      a
      bona fide purchaser, the Securities Administrator shall execute, countersign
      and
      deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or
      stolen Certificate, a new Certificate of like Class, tenor and Percentage
      Interest. In connection with the issuance of any new Certificate under this
      Section 5.3, the Securities Administrator may require the payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      relation thereto and any other expenses (including the fees and expenses of
      the
      Securities Administrator) connected therewith. Any replacement Certificate
      issued pursuant to this Section 5.3 shall constitute complete and indefeasible
      evidence of ownership, as if originally issued, whether or not the lost, stolen
      or destroyed Certificate shall be found at any time.

     

    
      	 	
              Section
                5.4

            	
              Persons
                Deemed Owners.

            

    

     

    The
      Securities Administrator and any agent of the Trustee, the Securities
      Administrator and the NIMS Insurer, if any, may treat the Person in whose name
      any Certificate is registered as the owner of such Certificate for the purpose
      of receiving distributions as provided in this Agreement and for all other
      purposes whatsoever, and neither the Securities Administrator nor any agent
      of
      the Securities Administrator shall be affected by any notice to the
      contrary.

     

    
      	 	
              Section
                5.5

            	
              Access
                to List of Certificateholders’ Names and Addresses.

            

    

     

    If
      three
      or more Certificateholders (a) request such information in writing from the
      Securities Administrator, (b) state that such Certificateholders desire to
      communicate with other Certificateholders with respect to their rights under
      this Agreement or under the Certificates, and (c) provide a copy of the
      communication which such Certificateholders propose to transmit, or if the
      Depositor shall request such information in writing from the Securities
      Administrator, then the Securities Administrator shall, within ten Business
      Days
      after the receipt of such request, provide the Depositor or such
      Certificateholders and the NIMS Insurer, if any, at such recipients’ expense the
      most recent list of the Certificateholders of such Trust Fund held by the
      Securities Administrator, if any. The Depositor and every Certificateholder,
      by
      receiving and holding a Certificate, agree that the Securities Administrator
      shall not be held accountable by reason of the disclosure of any such
      information as to the list of the Certificateholders hereunder, regardless
      of
      the source from which such information was derived.

     

    
      	 	
              Section
                5.6

            	
              Maintenance
                of Office or Agency.

            

    

     

    Certificates
      may be surrendered for registration of transfer or exchange at the Corporate
      Trust Office of the Securities Administrator. The Securities Administrator
      will
      give prompt written notice to the Certificateholders of any change in such
      location of any such office or agency.

     

    
      
        
        

      

      
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    ARTICLE
      VI

     

    THE
      DEPOSITOR, THE SERVICER, THE
      MASTER SERVICER, THE SELLER AND [THE CREDIT RISK MANAGER

     

    Section
      6.1     Respective
      Liabilities of the Depositor, the Servicer, the
      Master Servicer, the Seller and [the Credit Risk Manager].

     

    The
      Depositor, the Servicer, the Master Servicer, the Seller and [the Credit Risk
      Manager] shall each be liable in accordance herewith only to the extent of
      the
      obligations specifically and respectively imposed upon and undertaken by them
      herein.

     

    Section
      6.2     Merger
      or
      Consolidation of the Depositor, Servicer, the
      Master Servicer, the Seller and [the Credit Risk Manager].

     

    (a) Other
      than as provided in the following paragraph, the Depositor, the Servicer, the
      Master Servicer, the Seller and [the Credit Risk Manager] will each keep in
      full
      effect its existence, rights and franchises under the laws of the United States
      or under the laws of one of the states thereof and will each obtain and preserve
      its qualification to do business in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, or any of the Mortgage Loans and to perform
      its respective duties under this Agreement.

     

    Any
      Person into which the Depositor, the Servicer, the Master Servicer, the Seller
      or [the Credit Risk Manager] may be merged or consolidated, or any Person
      resulting from any merger or consolidation to which the Depositor, the Servicer,
      the Master Servicer, the Seller or [the Credit Risk Manager] shall be a party,
      or any person succeeding to the business of the Depositor, the Servicer, the
      Master Servicer, the Seller or [the Credit Risk Manager] shall be the successor
      of the Depositor, the Master Servicer, the Servicer, the Seller or [the Credit
      Risk Manager], as the case may be, hereunder, without the execution or filing
      of
      any paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided,
      however,
      that
      the successor or surviving Person to the Servicer shall be qualified to sell
      mortgage loans to, and to service mortgage loans on behalf of, FNMA or
      FHLMC.

     

    
      
        
        

      

      
        124

        
          

        

      

      
        
        

      

    

    

     

    (b) Other
      than as provided in subsection (a) of this Section 6.2, in the event that the
      Servicer determines that it will no longer engage in the business of servicing
      residential mortgage loans, the Servicer shall so notify the Seller and the
      Depositor in writing. Upon receipt of such notice, the Seller may transfer
      the
      servicing of the Mortgage Loans from the Servicer to a successor mortgage loan
      servicing company acceptable to the Master Servicer, each Rating Agency, the
      Class X Certificateholders and the NIMS Insurer, if any, and such mortgage
      loan
      servicing company shall assume, satisfy, perform and carry out all liabilities,
      duties, responsibilities and obligations that are to be, or otherwise were
      to
      have been, satisfied, performed and carried out by the resigning Servicer
      hereunder. If the Seller either (x) does not respond within thirty (30) calendar
      days to the notice delivered to it pursuant to the first sentence of this
      paragraph or (y) advises the Servicer in writing that the Seller does not intend
      to exercise its right to transfer the servicing, then the Servicer may assign
      its rights under this Agreement to a successor mortgage loan servicing company
      acceptable to the Seller, the Depositor, the Master Servicer, the Trustee,
      each
      Rating Agency, the Class X Certificateholders and the NIMS Insurer, if any,
      provided
      that (i)
      each of the Seller, the Depositor, the Master Servicer, the Trustee, each Rating
      Agency, the Class X Certificateholders and the NIMS Insurer, if any, shall
      have
      delivered their consent to such assignment in writing to the Servicer and to
      each other such party, (ii) the consent of each Rating Agency shall be evidenced
      by a letter to the effect that the ratings assigned to any Class of Certificates
      will not be qualified, reduced or withdrawn as a result of such transfer and
      (iii) the Servicer shall be liable for all costs associated with the transfer
      of
      servicing from the resigning Servicer to a successor Servicer; and provided,
      further,
      that the
      resigning Servicer shall indemnify the Trust Fund, the Trustee, the Seller,
      the
      Master Servicer, the Depositor, the Securities Administrator, each
      Certificateholder, the NIMS Insurer (if any), the successor Servicer and any
      subservicer for, and hold each such party harmless against, any and all claims,
      losses, penalties, fines, forfeitures, legal fees and related costs, and
      judgments, and any and all other costs, fees and expenses, that any such party
      may sustain in any related to such assignment. No assignment by the Servicer
      shall become effective until the requirements of this paragraph have been
      satisfied and a successor Servicer shall have entered into an agreement pursuant
      to which such successor shall assume, satisfy, perform and carry out all
      liabilities, duties, responsibilities and obligations that are to be, or
      otherwise were to have been, satisfied, performed and carried out by the
      resigning Servicer hereunder (other than those liabilities arising prior to
      the
      appointment of such successor, which shall continue to be the responsibility
      of
      the resigning Servicer). Any such assignment shall not relieve the resigning
      Servicer of responsibility for any of its liabilities, duties, responsibilities
      and obligations under this Agreement except to the extent that such liabilities,
      duties, responsibilities and obligations have been expressly assumed by the
      successor Servicer.

     

    Section
      6.3     Limitation
      on Liability of the Depositor, the Master Servicer, the Servicer, the Seller
      and
      Others.

     

    None
      of
      the Depositor, the Master Servicer, the Servicer, the Seller, [the Credit Risk
      Manager] or any of the directors, officers, employees or agents of the
      Depositor, the Master Servicer, the Servicer, the Seller or [the Credit Risk
      Manager] shall be under any liability to the Certificateholders for any action
      taken or for refraining from the taking of any action in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Depositor, the Master Servicer, the
      Servicer, the Seller, [the Credit Risk Manager] or any such Person against
      any
      breach of representations or warranties made by it herein or protect the
      Depositor, the Master Servicer, the Servicer, the Seller, or [the Credit Risk
      Manager] or any such Person from any liability which would otherwise be imposed
      by reasons of willful misfeasance, bad faith or negligence in the performance
      of
      duties or by reason of reckless disregard of obligations and duties hereunder.
      The Depositor, the Master Servicer, the Servicer, the Seller, [the Credit Risk
      Manager], the Custodian and any director, officer, employee or agent of the
      Depositor, the Master Servicer, the Servicer, the Seller, [the Credit Risk
      Manager] or the Custodian may rely in good faith on any document of any kind
      prima facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Depositor, the Master Servicer, the Servicer, the Seller,
      [the Credit Risk Manager] and any director, officer, employee or agent of the
      Depositor, the Master Servicer, the Servicer, the Seller, or [the Credit Risk
      Manager] shall be indemnified by the Trust Fund and held harmless against any
      loss, liability or expense incurred in connection with any audit, controversy
      or
      judicial proceeding relating to a governmental taxing authority or any legal
      action relating to this Agreement or the performance of their respective
      obligations hereunder or under the Certificates, other than any loss, liability
      or expense incurred by reason of willful misfeasance, bad faith or negligence
      in
      the performance of duties hereunder or by reason of reckless disregard of
      obligations and duties hereunder. None of the Depositor, the Master Servicer,
      the Servicer, the Seller, or [the Credit Risk Manager] shall be under any
      obligation to appear in, prosecute or defend any legal action that is not
      incidental to its respective duties hereunder and which in its opinion may
      involve it in any expense or liability; provided,
      however,
      that
      any of the Depositor, the Master Servicer, the Servicer, the Seller, or [the
      Credit Risk Manager] may in its discretion undertake any such action that it
      may
      deem necessary or desirable in respect of this Agreement and the rights and
      duties of the parties hereto and interests of the Trustee and the
      Certificateholders hereunder. In such event, the legal expenses and costs of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust Fund, and the Depositor, the Master Servicer, the
      Servicer, the Seller, and [the Credit Risk Manager] shall be entitled to be
      reimbursed therefor out of the Collection Account.

     

    
      
        
        

      

      
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              Section
                6.4

            	
              Limitation
                on Resignation of Servicer.

            

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (a) upon appointment of a successor Servicer and receipt by the Master
      Servicer of a letter from each Rating Agency that such a resignation and
      appointment will not result in a downgrading of the rating of any of the
      Certificates, or (b) upon determination that its duties hereunder are no longer
      permissible under applicable law. Any such determination under clause (b)
      permitting the resignation of the Servicer shall be evidenced by an Opinion
      of
      Counsel to such effect delivered to the Master Servicer and the NIMS Insurer,
      if
      any. No such resignation shall become effective until the Master Servicer or
      a
      successor Servicer shall have assumed the Servicer’s responsibilities, duties,
      liabilities and obligations hereunder.

     

    
      	 	
              Section
                6.5

            	
              Reporting
                Requirements of the Commission and
                Indemnification.

            

    

     

    Notwithstanding
      any other provision of this Agreement, each of the Servicer and the Master
      Servicer (i) agrees to negotiate in good faith any amendment or modification
      (including an indemnification agreed to in connection therewith) to this
      Agreement as may be necessary, in the judgment of the Depositor and its counsel
      (as evidenced by an opinion of such counsel addressed to the Servicer and the
      Master Servicer), to comply with any rules promulgated by the Commission and
      any
      interpretations thereof by the staff of the Commission (collectively, “SEC
      Rules”) and (ii) shall with reasonable notice and upon written request within
      reasonable timeframes intended to comply with the SEC Rules provide to the
      Depositor for inclusion in any periodic report required to be filed under the
      Exchange Act such items of information regarding this Agreement and matters
      related to the Servicer or the Master Servicer, including as applicable (by
      way
      of example and not limitation), a description of any material litigation or
      governmental action or proceeding involving the Servicer, the Master Servicer
      or
      their respective affiliates (collectively, the “Servicer Information”),
      provided, that such information shall be required to be provided by the Servicer
      or the Master Servicer only to the extent that it shall be determined by the
      Depositor and its counsel (as evidenced by an opinion of such counsel addressed
      to the Servicer and the Master Servicer) to be necessary to comply with any
      SEC
      Rules.

     

    
      
        
        

      

      
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    ARTICLE
      VII

     

    DEFAULT

     

    
      	 	
              Section
                7.1

            	
              Events
                of Default.

            

    

     

    (a) “Servicer
      Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i) any
      failure by the Servicer to (a) deposit in the Custodial Account or (b) remit
      to
      the Master Servicer any payment required to be made under the terms of this
      Agreement, which failure (x) in the case of clause (a) above, shall continue
      unremedied for five days, or (y) in the case of clause (b) above, shall continue
      unremedied for one Business Day, after (in each case) the date upon which
      written notice of such failure shall have been given to the Servicer by the
      Master Servicer or the Depositor or to the Master Servicer by the Holders of
      Certificates having not less than 50% of the Voting Interests evidenced by
      the
      Certificates; or

     

    (ii) any
      failure by the Servicer to observe or perform in any material respect any other
      of the covenants or agreements on the part of the Servicer contained in this
      Agreement, which failure materially affects the rights of Certificateholders,
      which failure continues unremedied for a period of 60 days after the date on
      which written notice of such failure shall have been given to the Servicer
      by
      the Master Servicer, the Seller, or the Depositor, or to the Servicer and the
      Master Servicer by the Holders of Certificates evidencing not less than 25%
      of
      the Voting Interests evidenced by the Certificates; provided,
      however,
      that
      the 60-day cure period shall not apply to the initial delivery of the Mortgage
      File for Delay Delivery Mortgage Loans nor the failure to substitute or
      repurchase in lieu thereof; or

     

    (iii) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises for the appointment of a receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged or unstayed for a period of 60 consecutive days;
      or

     

    (iv) the
      Servicer shall consent to the appointment of a receiver or liquidator in any
      insolvency, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings of or relating to the Servicer or all or substantially
      all
      of the property of the Servicer; or

     

    (v) the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of, or commence a voluntary case
      under, any applicable insolvency or reorganization statute, make an assignment
      for the benefit of its creditors, or voluntarily suspend payment of its
      obligations; or

     

    
      
        
        

      

      
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    (vi) failure
      by the Servicer to maintain its license to do business or service residential
      mortgage loans in any jurisdiction, if required by such jurisdiction, where
      the
      Mortgaged Properties are located, which failure continues unremedied for a
      period of 30 days after the date on which written notice of such failure shall
      have been given to the Servicer, except to the extent that such failure does
      not, as evidenced by an Opinion of Counsel provided by the Servicer to the
      Seller, the Depositor, the Master Servicer, the Trustee and the NIMS Insurer
      (if
      any) to the effect that such failure does not have a materially adverse effect
      on the Servicer’s ability to service the related Mortgage Loans, or on the Trust
      Fund; or

     

    (vii) the
      Servicer ceases to meet the qualifications of a Fannie Mae or Freddie Mac
      seller/servicer. 

     

    Upon
      determination by the Master Servicer that a Servicer Event of Default has
      occurred, the Master Servicer (a) may terminate the Servicer hereunder, if
      in
      its judgment such termination is in the best interests of the Trust Fund; or
      (b)
      shall terminate the Servicer hereunder, if instructed to do so by the NIMS
      Insurer, if any, the majority Class X Certificateholders or the Holders of
      Certificates evidencing not less than 50% of the Voting Interests evidenced
      by
      the Certificates exercised in writing following delivery to such Holders by
      the
      Master Servicer of notice of the occurrence of such Servicer Event of Default
      pursuant to Section 7.2(b).

     

    Upon
      any
      such termination, the Seller shall enter into a substitute servicing arrangement
      with another mortgage loan servicing company acceptable to the Master Servicer,
      each Rating Agency, the Class X Certificateholders and the NIMS Insurer, if
      any,
      under which such mortgage loan servicing company shall assume, satisfy, perform
      and carry out all liabilities, duties, responsibilities and obligations that
      are
      to be, or otherwise were to have been, satisfied, performed and carried out
      by
      the terminated Servicer hereunder. In no case shall the termination of the
      Servicer due to a Servicer Event of Default become effective until the successor
      Servicer (which may include the Master Servicer) has succeeded to the
      obligations of Servicer under this Agreement, and the terminated Servicer shall
      be obligated to continue servicing the Mortgage Loans pursuant to this Agreement
      and shall be entitled to all rights and protections provided to the Servicer
      under this Agreement until such time as the successor Servicer shall have
      assumed in writing all of the obligations of the Servicer under this Agreement
      (the “Termination Period”), as provided in Section 3.4(e) of this Agreement.
      During the Termination Period, neither the successor Servicer nor the Master
      Servicer shall be responsible for the lack of information and documents that
      it
      cannot reasonably obtain on a practicable basis under the circumstances. As
      compensation to the Master Servicer or the successor Servicer for any servicing
      obligations fulfilled or assumed by such party, such party shall be entitled,
      following the Termination Period, to any servicing compensation to which the
      terminated Servicer would have been entitled if such Servicer had not been
      terminated. Additionally, the successor Servicer (whether the Master Servicer
      or
      an entity appointed by the Seller) shall be entitled to be reimbursed by the
      Servicer (or from the Trust Fund if the Servicer is unable to fulfill its
      obligations hereunder) for all reasonable “out-of-pocket” costs associated with
      the transfer of servicing from the predecessor Servicer, including, without
      limitation, any reasonable “out-of-pocket” costs or expenses associated with the
      complete transfer of all servicing data and the completion, correction or
      manipulation of such servicing data as may be required by the successor Servicer
      to correct any errors or insufficiencies in the servicing data or otherwise
      to
      enable the successor Servicer to service the Mortgage Loans properly and
      effectively.

     

    
      
        
        

      

      
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    (b) Without
      regard to whether a Servicer Event of Default has occurred, upon the occurrence
      of a Servicer Termination Event, the Seller shall terminate the Servicer
      hereunder and appoint a successor mortgage loan servicing company acceptable
      to
      the Master Servicer, each Rating Agency, the Class X Certificateholders and
      the
      NIMS Insurer, if any, under which such mortgage loan servicing company shall
      assume, satisfy, perform and carry out all liabilities, duties, responsibilities
      and obligations that are to be, or otherwise were to have been, satisfied,
      performed and carried out by the terminated Servicer hereunder.

     

    (c) Without
      regard to whether a Servicer Event of Default or a Servicer Termination Event
      has occurred, the Seller, as owner of the servicing rights with respect to
      the
      Mortgage Loans, shall retain the right, in its sole discretion and at any time
      with 30 days’ advance notice, without cause, to terminate the Servicer
      (including any successor thereto) hereunder and appoint a successor mortgage
      loan servicing company acceptable to the Master Servicer, each Rating Agency,
      the Class X Certificateholders and the NIMS Insurer, if any, under which such
      mortgage loan servicing company shall assume, satisfy, perform and carry out
      all
      liabilities, duties, responsibilities and obligations that are to be, or
      otherwise were to have been, satisfied, performed and carried out by the
      terminated Servicer hereunder. Notwithstanding any provision in this Agreement
      to the contrary, in the event the Servicer is terminated pursuant to this
      Section 7.1(c), as a condition to such termination, the Servicer shall be fully
      reimbursed (i) by the successor Servicer or by the Seller (but not by the Master
      Servicer as successor Servicer) for all unreimbursed Advances, if any, made
      by
      it, and accrued and unpaid Servicing Fees, in each case on or prior to the
      date
      on which the servicing is transferred to a successor Servicer and (ii) by the
      Seller for any “out-of-pocket” costs incurred by the Servicer associated with
      the transfer of servicing by the Servicer.

     

    (d) Upon
      notice of termination of the Servicer pursuant to paragraph (a), (b) or (c)
      of
      this Section 7.1, the Seller shall appoint a successor Servicer pursuant to
      Section 3.4.

     

    (e) Notwithstanding
      any termination of the activities of the Servicer hereunder and except as
      otherwise provided under Section 7.1(c), the Servicer shall be entitled to
      receive, out of any late collection of any payment on a Mortgage Loan which
      was
      due prior to the notice terminating such Servicer’s rights and obligations as
      Servicer hereunder and received after such notice, that portion thereof to
      which
      such Servicer would have been entitled pursuant to Sections 3.8(a)(i) through
      (viii), and any other amounts payable to the Servicer hereunder the entitlement
      to which arose prior to the termination of its activities
      hereunder.

     

    In
      no
      event shall the termination of the Servicer under this Agreement result in
      any
      diminution of the Servicer’s right to reimbursement for any outstanding Advances
      or accrued and unpaid Servicing Fees due such Servicer at the time of
      termination. Except as otherwise provided under Section 7.1(c), the successor
      Servicer shall be obligated to promptly reimburse the terminated Servicer for
      outstanding Advances, if any, made by it, and accrued and unpaid Servicing
      Fees;
provided,
      however,
      that
      such reimbursement obligation shall be limited to the funds available in the
      Custodial Account for such purposes pursuant to Sections 3.8(a)(ii), (iii)
      and
      (v) of this Agreement. In addition, any such reimbursement for outstanding
      Advances and accrued and unpaid Servicing Fees shall be made on a first in,
      first out (“FIFO”) basis no later than the 18th
      day of
      each month, provided
      that the
      successor Servicer has received prior written notice from the appropriate party,
      pursuant to this Agreement, of such reimbursement amount, and provided,
      further, that
      the
      successor Servicer may in its discretion, but shall not be obligated to, fully
      reimburse the predecessor Servicer for any such outstanding Advances and accrued
      and unpaid Servicing Fees from its own funds. The Servicer shall continue to
      be
      entitled to the benefits of Section 6.3, notwithstanding any termination
      hereunder, with respect to events occurring prior to such
      termination.

     

    
      
        
        

      

      
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    (f) “Master
      Servicer Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i) any
      failure by the Master Servicer to remit to the Distribution Account any amounts
      required to be remitted by it pursuant to this Agreement, which failure shall
      continue unremedied for one Business Day, after the date upon which written
      notice of such failure shall have been given to the Master Servicer by the
      Securities Administrator, the Trustee, the Depositor or by the Holders of
      Certificates having not less than 50% of the Voting Interests evidenced by
      the
      Certificates provided,
      however,
      that
      such failure to timely deposit or remit shall not be considered a Master
      Servicer Event of Default if the Master Servicer and the Securities
      Administrator are the same Person and such failure to timely deposit or remit
      does not delay distributions to Certificateholders; or

     

    (ii) any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement, or the breach by the Master
      Servicer of any representation and warranty contained in Section 2.3, which
      continues unremedied for a period of 30 days after the date on which written
      notice of such failure, requiring the same to be remedied, shall have been
      given
      to the Master Servicer by the Depositor or the Trustee or to the Master
      Servicer, the Depositor and the Trustee by the Holders of Certificates entitled
      to at least 25% of the Voting Interests; or

     

    (iii) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Master Servicer
      and such decree or order shall have remained in force undischarged or unstayed
      for a period of 90 days; or

     

    (iv) the
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

    
      
        
        

      

      
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    (v) the
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors, or voluntarily suspend payment of its obligations.

     

    If
      a
      Master Servicer Event of Default shall occur, then, and in each and every such
      case, so long as such Master Servicer Event of Default shall not have been
      remedied, the Depositor or the Trustee may, and at the written direction of
      the
      Holders of Certificates evidencing not less than 50% of Voting Interests
      evidenced by the Certificates, the Trustee shall, by notice in writing to the
      Master Servicer (and to the Depositor if given by the Trustee or to the Trustee
      if given by the Depositor) with a copy to each Rating Agency, terminate all
      of
      the rights and obligations of the Master Servicer in its capacity as Master
      Servicer under this Agreement, to the extent permitted by law, and in and to
      the
      Mortgage Loans and the proceeds thereof. On or after the receipt by the Master
      Servicer of such written notice, all authority and power of the Master Servicer
      under this Agreement, whether with respect to the Certificates (other than
      as a
      Holder of any Certificate) or the Mortgage Loans or otherwise including, without
      limitation, the compensation payable to the Master Servicer under this
      Agreement, shall pass to and be vested in the Trustee pursuant to and under
      this
      Section, and, without limitation, the Trustee is hereby authorized and
      empowered, as attorney-in-fact or otherwise, to execute and deliver, on behalf
      of and at the expense of the Master Servicer, any and all documents and other
      instruments and to do or accomplish all other acts or things necessary or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement or assignment of the Mortgage Loans and
      related documents, or otherwise. The Master Servicer agrees promptly (and in
      any
      event no later than ten Business Days subsequent to such notice) to provide
      the
      Trustee with all documents and records requested by it to enable it to assume
      the Master Servicer’s functions under this Agreement, and to cooperate with the
      Trustee in effecting the termination of the Master Servicer’s responsibilities
      and rights under this Agreement (provided,
      however,
      that
      the Master Servicer shall continue to be entitled to receive all amounts accrued
      or owing to it under this Agreement on or prior to the date of such termination
      and shall continue to be entitled to the benefits of Section 6.3,
      notwithstanding any such termination, with respect to events occurring prior
      to
      such termination). For purposes of this Section 7.1(f), the Trustee shall not
      be
      deemed to have knowledge of a Master Servicer Event of Default unless a
      Responsible Officer of the Trustee assigned to and working in the Trustee’s
      Corporate Trust Office has actual knowledge thereof or unless written notice
      of
      any event which is in fact such a Master Servicer Event of Default is received
      by the Trustee and such notice references the Certificates, the Trust or this
      Agreement. The Trustee shall promptly notify the Rating Agencies of the
      occurrence of a Master Servicer Event of Default of which it has knowledge
      as
      provided above.

     

    To
      the
      extent that the costs and expenses of the Trustee related to the termination
      of
      the Master Servicer, appointment of a successor Master Servicer or the transfer
      and assumption of the master servicing by the Trustee (including, without
      limitation, (i) all legal costs and expenses and all due diligence costs and
      expenses associated with an evaluation of the potential termination of the
      Master Servicer as a result of a Master Servicer Event of Default and (ii)
      all
      costs and expenses associated with the complete transfer of the master
      servicing, including all master servicing files and all master servicing data
      and the completion, correction or manipulation of such master servicing data
      as
      may be required by the successor Master Servicer to correct any errors or
      insufficiencies in the master servicing data or otherwise to enable the
      successor Master Servicer to master service the Mortgage Loans in accordance
      with this Agreement) are not fully and timely reimbursed by the terminated
      Master Servicer, the Trustee shall be entitled to reimbursement of such costs
      and expenses from the Distribution Account.

     

    
      
        
        

      

      
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              Section
                7.2

            	
              Notification
                to Certificateholders.

            

    

     

    (a) Upon
      any
      termination of or appointment of a successor to the Servicer, the Master
      Servicer shall give prompt written notice thereof to Certificateholders, each
      Rating Agency and the NIMS Insurer, if any.

     

    (b) Within
      60
      days after the occurrence of any Event of Default, the Trustee, in the case
      of a
      Master Servicer Event of Default, or the Master Servicer, in the case of a
      Servicer Event of Default, shall transmit by mail to all Certificateholders,
      and
      the NIMS Insurer, if any, notice of each such Event of Default hereunder known
      to the Trustee or the Master Servicer, as applicable, unless such Event of
      Default shall have been cured or waived.

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE
      AND THE
      SECURITIES ADMINISTRATOR; REPORTS

     

    
      	 	
              Section
                8.1

            	
              Duties
                of Trustee
                and the Securities
                Administrator.

            

    

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default of which
      a Responsible Officer of the Trustee has actual knowledge and after the curing
      of all Master Servicer Events of Default that may have occurred, and the
      Securities Administrator each shall undertake to perform such duties and only
      such duties as are specifically set forth in this Agreement. In case a Master
      Servicer Event of Default of which a Responsible Officer of the Trustee has
      actual knowledge has occurred and remains uncured, the Trustee shall exercise
      such of the rights and powers vested in it by this Agreement, and use the same
      degree of care and skill in their exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs.

     

    Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it that are specifically required to be furnished
      pursuant to any provision of this Agreement shall examine them to determine
      whether they are in the form required by this Agreement; provided,
      however,
      that
      the Trustee and the Securities Administrator shall not be responsible for the
      accuracy or content of any such resolution, certificate, statement, opinion,
      report, document, order or other instrument. If any such instrument is found
      not
      to conform in any material respect to the requirements of this Agreement, the
      Trustee or the Securities Administrator shall notify the Certificateholders
      and
      the NIMS Insurer, if any, of such instrument in the event that the Trustee
      or
      the Securities Administrator, after so requesting, does not receive a
      satisfactorily corrected instrument.

     

    
      
        
        

      

      
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    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own willful misconduct; provided,
      however,
      that:

     

    (i) except,
      in the case of the Trustee, if a Master Servicer Event of Default of which
      a
      Responsible Officer of the Trustee has actual knowledge shall have occurred
      and
      be continuing, the duties and obligations of the Trustee and the Securities
      Administrator shall be determined solely by the express provisions of this
      Agreement, neither the Trustee nor the Securities Administrator shall be liable
      except for the performance of such duties and obligations as are specifically
      set forth in this Agreement, no implied covenants or obligations shall be read
      into this Agreement against the Trustee or the Securities Administrator and
      in
      the absence of bad faith on the part of the Trustee or the Securities
      Administrator, respectively, the Trustee or the Securities Administrator,
      respectively, may conclusively rely, as to the truth of the statements and
      the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee or the Securities Administrator, respectively, and
      conforming to the requirements of this Agreement which it believed in good
      faith
      to be genuine and to have been duly executed by the proper authorities
      respecting any matters arising hereunder;

     

    (ii) neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee, or an officer or officers of the Securities Administrator,
      respectively, unless it shall be finally proven by a court having jurisdiction
      that the Trustee or the Securities Administrator was negligent in ascertaining
      the pertinent facts;

     

    (iii) neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of Holders of Certificates evidencing not less than 25%
      of
      the Voting Interests of Certificates relating to the time, method and place
      of
      conducting any proceeding for any remedy available to the Trustee or the
      Securities Administrator, or exercising any trust or power conferred upon the
      Trustee or the Securities Administrator under this Agreement;

     

    (iv) neither
      the Trustee nor the Securities Administrator shall be required to expend or
      risk
      its own funds or otherwise incur financial liability in the performance of
      any
      of its duties hereunder or the exercise of any of its rights or powers if there
      is reasonable ground for believing that the repayment of such funds or adequate
      indemnity against such risk or liability is not assured to it, and none of
      the
      provisions contained in this Agreement shall in any event require the Trustee
      or
      the Securities Administrator to perform, or be responsible for the manner of
      performance of, any of the obligations of the Master Servicer or the Servicer
      under this Agreement except during such time, if any, as the Trustee shall
      be
      the successor to, and be vested with the rights, duties, powers and privileges
      of, the Master Servicer; and

     

    
      
        
        

      

      
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    (v) without
      limiting the generality of this Section 8.1, neither the Trustee nor the
      Securities Administrator shall have any duty (A) to see to any recording,
      filing, or depositing of this Agreement or any agreement referred to herein
      or
      any financing statement or continuation statement evidencing a security
      interest, or to see to the maintenance of any such recording or filing or
      deposit or to any rerecording, refiling or redepositing of any thereof, (B)
      to
      see to the provision of any insurance, (C) to see to the payment or discharge
      of
      any tax, assessment, or other governmental charge or any lien or encumbrance
      of
      any kind owing with respect to, assessed or levied against, any part of the
      Trust Fund other than from funds available in the Distribution Account (D)
      to
      confirm or verify the contents of any reports or certificates of the Master
      Servicer or the Servicer delivered to the Trustee or the Securities
      Administrator pursuant to this Agreement believed by the Trustee or the
      Securities Administrator to be genuine and to have been signed or presented
      by
      the proper party or parties.

     

    
      	 	
              Section
                8.2

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            

    

     

    Except
      as
      otherwise provided in Section 8.1:

     

    (i) the
      Trustee and the Securities Administrator may request and rely upon and shall
      be
      protected in acting or refraining from acting upon any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties and the Trustee and the Securities
      Administrator shall have no responsibility to ascertain or confirm the
      genuineness of any signature of any such party or parties;

     

    (ii) the
      Trustee and the Securities Administrator may consult with counsel, financial
      advisers or accountants and the advice of any such counsel, financial advisers
      or accountants and any advice of counsel shall be full and complete
      authorization and protection in respect of any action taken or suffered or
      omitted by it hereunder in good faith and in accordance with such Opinion of
      Counsel;

     

    (iii) neither
      the Trustee nor the Securities Administrator shall be liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (iv) neither
      the Trustee nor the Securities Administrator shall be bound to make any
      investigation into the facts or matters stated in any resolution, certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      approval, bond or other paper or document, unless requested in writing so to
      do
      by Holders of Certificates evidencing not less than 25% of the Voting Interests
      allocated to each Class of Certificates; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee or the Securities
      Administrator of the costs, expenses or liabilities likely to be incurred by
      it
      in the making of such investigation is, in the opinion of the Trustee or the
      Securities Administrator, as applicable, not reasonably assured to the Trustee
      or the Securities Administrator by the security afforded to it by the terms
      of
      this Agreement, the Trustee or the Securities Administrator, as applicable,
      may
      require indemnity satisfactory to it against such cost, expense or liability
      as
      a condition to taking any such action. 

     

    
      
        
        

      

      
        134

        
          

        

      

      
        
        

      

    

    

     

    (v) the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, accountants or attorneys
      and
      the Trustee shall not be responsible for any misconduct or negligence on the
      part of such agent, accountant or attorney appointed by the Trustee with due
      care;

     

    (vi) neither
      the Trustee nor the Securities Administrator shall be required to risk or expend
      its own funds or otherwise incur any financial liability in the performance
      of
      any of its duties or in the exercise of any of its rights or powers hereunder
      if
      it shall have reasonable grounds for believing that repayment of such funds
      or
      adequate indemnity against such risk or liability is not assured to
      it;

     

    (vii) the
      Trustee shall not be liable for any loss on any investment of funds pursuant
      to
      this Agreement (other than as issuer of the investment security);

     

    (viii) the
      Trustee shall not be deemed to have knowledge of any default, Master Servicer
      Event of Default or Servicer Event of Default until a Responsible Officer of
      the
      Trustee shall have received written notice thereof and in the absence of such
      notice, the Trustee may conclusively assume that there is no Event of
      Default;

     

    (ix) the
      Trustee shall be under no obligation to exercise any of the trusts, rights
      or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto at the request, order or direction
      of
      any of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders shall have offered to the Trustee reasonable
      security or indemnity satisfactory to the Trustee against the costs, expenses
      and liabilities which may be incurred therein or thereby;

     

    (x) the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;
      and

     

    (xi) the
      Trustee shall not be required to give any bond or surety in respect of the
      execution of the Trust Fund created hereby or the powers granted
      hereunder.

     

    
      	 	
              Section
                8.3

            	
              Neither
                Trustee nor Securities Administrator Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates shall be taken as the
      statements of the Depositor, the Seller or Servicer, as the case may be, and
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness. Neither the Trustee nor the Securities Administrator
      makes any representations as to the validity or sufficiency of this Agreement,
      [the Swap Agreement] or of the Certificates or of any Mortgage Loan or related
      document other than with respect to the Trustee’s execution and
      counter-signature of the Certificates. Neither the Trustee nor the Securities
      Administrator shall be accountable for the use or application by the Depositor,
      the Master Servicer or the Servicer of any funds paid to the Depositor, the
      Master Servicer or the Servicer in respect of the Mortgage Loans or deposited
      in
      or withdrawn from the Collection Account by the Depositor, the Master Servicer
      or the Servicer. 

     

    
      
        
        

      

      
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              Section
                8.4

            	
              Trustee
                and Securities Administrator May Own
                Certificates.

            

    

     

    Each
      of
      the Trustee and the Securities Administrator in its individual or any other
      capacity may become the owner or pledgee of Certificates with the same rights
      as
      it would have if it were not the Trustee or the Securities
      Administrator.

     

    
      	 	
              Section
                8.5

            	
              Fees
                and Expenses of the Trustee, the Securities Administrator and
                Others.

            

    

     

    The
      Trustee, as compensation for its activities hereunder, shall be paid the Trustee
      Fee by the Master Servicer on behalf of the Trust Fund. The Securities
      Administrator, as compensation for its activities hereunder, shall be entitled
      to retain any earnings on or investment income with respect to funds in the
      Distribution Account as provided in Section 3.8.

     

    The
      Trustee and the Securities Administrator shall, subject to the limitation on
      amounts reimbursable to the Trustee in any Anniversary Year as provided in
      this
      Agreement, also be entitled to reimbursement from the Distribution Account
      for
      reasonable expenses, except for expenses, disbursements and advances incurred
      by
      the Trustee and/or the Securities Administrator in the routine administration
      of
      their respective duties in accordance with this Agreement and any such expenses,
      disbursements or advances arising from their respective negligence, bad faith
      or
      willful misconduct. The Trust Fund shall, subject to the limitation on amounts
      reimbursable to the Trustee in any Anniversary Year as provided in this
      Agreement, indemnify and hold harmless the Trustee, the Securities
      Administrator, the Custodian or the Paying Agent and any director, officer,
      employee or agent thereof against any loss, liability and expense, including
      reasonable attorney’s fees, incurred in connection with or arising out of this
      Agreement, any custodial agreement or the Certificates, including, but not
      limited to, any such loss, liability or expense incurred in connection with
      any
      legal action against the Trust Fund or the Trustee, the Securities
      Administrator, the Paying Agent or the Custodian or any director, officer,
      employee or agent thereof, or the performance of any of the duties of the
      Trustee, the Securities Administrator, the Custodian or the Paying Agent under
      this Agreement or the duties of the Custodian under any custodial agreement
      (including, but not limited to, the execution and delivery of documents in
      connection with a foreclosure sale, trustee’s sale, or deed in lieu of
      foreclosure of a Mortgage Loan, including, but not, limited to, any deed of
      reconveyance, any substitution of trustee documents or any other documents
      to
      release, satisfy, cancel or discharge any Mortgage Loan), other than, in each
      case, any loss, liability or expense incurred by the Trustee, the Securities
      Administrator, the Paying Agent or the Custodian by reason of the willful
      misfeasance, bad faith or negligence of such party in the performance of its
      duties under this Agreement or by reason of the willful misfeasance, bad faith
      or gross negligence of the Custodian under any custodial agreement (including
      specifically any loss, liability or expense incurred by the Custodian by reason
      of simple negligence). The provisions of this Section 8.5 shall survive the
      resignation or removal of the Trustee, the Securities Administrator, the
      Custodian or the Paying Agent and the termination of this Agreement and the
      resignation or removal of the Custodian under any custodial
      agreement.

     

    The
      Trustee may receive an additional indemnity from a party acceptable to the
      Trustee.

     

    
      
        
        

      

      
        136

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Section
                8.6

            	
              Eligibility
                Requirements for the Trustee
                and the Securities
                Administrator.

            

    

     

    The
      Trustee and the Securities Administrator hereunder shall at all times (i) be
      a
      corporation or an association organized and doing business under the laws of
      a
      state or the United States of America, (ii) be authorized under such laws to
      exercise corporate trust powers, (iii) have a combined capital and surplus
      of at
      least $50,000,000, (iv) be subject to supervision or examination by federal
      or
      state authority, (v) have a credit rating which would not cause any of the
      Rating Agencies to reduce its respective then-current ratings of the
      Certificates (or have provided such security from time to time as is sufficient
      to avoid such reduction) and (vi) not be an affiliate of the Servicer or any
      successor Servicer. If such corporation or association publishes reports of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.6 the combined capital and surplus of such corporation or association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of condition so published. In case at any time the Trustee or
      the
      Securities Administrator shall cease to be eligible in accordance with the
      provisions of this Section 8.6, the Trustee or the Securities Administrator,
      as
      the case may be, shall resign immediately in the manner and with the effect
      specified in Section 8.7 hereof. The entity serving as Trustee or Securities
      Administrator may have normal banking and trust relationships with the Depositor
      and its affiliates.

     

    
      	 	
              Section
                8.7

            	
              Resignation
                and Removal of Trustee
                or
                Securities Administrator.

            

    

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving written notice of resignation
      to the Depositor, the Master Servicer, the Servicer, each Rating Agency and
      the
      NIMS Insurer, if any, not less than 60 days before the date specified in such
      notice when, subject to Section 8.8, such resignation is to take effect, and
      acceptance by a successor trustee or securities administrator, as applicable,
      in
      accordance with Section 8.8 meeting the qualifications set forth in Section
      8.6.
      If no successor trustee meeting such qualifications shall have been so appointed
      and have accepted appointment within 30 days after the giving of such notice
      or
      resignation, the resigning Trustee or the Securities Administrator, as the
      case
      may be, may petition any court of competent jurisdiction for the appointment
      of
      a successor trustee or successor securities administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 8.6 hereof and shall fail to resign
      after written request thereto by the Depositor, or if at any time the Trustee
      or
      the Securities Administrator shall become incapable of acting, or shall be
      adjudged as bankrupt or insolvent, or a receiver of the Trustee or the
      Securities Administrator or of its property shall be appointed, or any public
      officer shall take charge or control of the Trustee or the Securities
      Administrator or of its property or affairs for the purpose of rehabilitation,
      conservation or liquidation, or a tax is imposed with respect to the Trust
      Fund
      by any state in which the Trustee or the Trust Fund is located and the
      imposition of such tax would be avoided by the appointment of a different
      trustee, then the Depositor may remove the Trustee and appoint a successor
      trustee by written instrument, in triplicate, one copy of which instrument
      shall
      be delivered to each of the Trustee, the Servicer and the successor
      trustee.

     

    
      
        
        

      

      
        137

        
          

        

      

      
        
        

      

    

    

     

    The
      NIMS
      Insurer, if any, and the Holders of Certificates entitled to at least 51% of
      the
      Voting Interests each may at any time remove the Trustee or the Securities
      Administrator and appoint a successor trustee or securities administrator by
      written instrument or instruments, in triplicate, signed by the NIMS Insurer,
      if
      any, or such Holders or their attorneys-in-fact duly authorized, one complete
      set of which instruments shall be delivered by the successor trustee to the
      Servicer, one complete set to the Trustee so removed and one complete set to
      the
      successor so appointed. Notice of any removal of the Trustee shall be given
      to
      each Rating Agency and the NIMS Insurer, if any, by the successor
      trustee.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section 8.7 shall become effective
      upon acceptance by the successor trustee of appointment as provided in Section
      8.8 hereof.

     

    
      	 	
              Section
                8.8

            	
              Successor
                Trustee
                or
                Securities Administrator.

            

    

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 8.7 hereof shall execute, acknowledge and deliver to the Depositor,
      the
      Seller, the NIMS Insurer, if any, its predecessor trustee and the Servicer
      an
      instrument accepting such appointment hereunder and thereupon the resignation
      or
      removal of the predecessor trustee or predecessor securities administrator
      shall
      become effective and such successor trustee or successor securities
      administrator, without any further act, deed or conveyance, shall become fully
      vested with all the rights, powers, duties and obligations of its predecessor
      hereunder, with the like effect as if originally named as trustee or securities
      administrator herein. The Depositor, the Servicer, the Seller, and the NIMS
      Insurer, if any, and the predecessor trustee or predecessor securities
      administrator shall execute and deliver such instruments and do such other
      things as may reasonably be required for more fully and certainly vesting and
      confirming in the successor trustee or successor securities administrator all
      such rights, powers, duties, and obligations.

     

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section 8.8 unless at the time of such acceptance such
      successor trustee or successor securities administrator shall be eligible under
      the provisions of Section 8.6 hereof, and such appointment shall not adversely
      affect the then current rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator as provided in this Section 8.8, the Depositor shall mail notice
      of the succession of such trustee or securities administrator hereunder to
      all
      Holders of Certificates. If the Depositor fails to mail such notice within
      10
      days after acceptance of appointment by the successor trustee or successor
      securities administrator, the successor trustee or successor securities
      administrator shall cause such notice to be mailed at the expense of the
      Depositor.

     

    
      	 	
              Section
                8.9

            	
              Merger
                or Consolidation of Trustee
                or
                Securities Administrator.

            

    

     

    Any
      corporation into which the Trustee or the Securities Administrator may be merged
      or converted or with which it may be consolidated or any corporation resulting
      from any merger, conversion or consolidation to which the Trustee or the
      Securities Administrator shall be a party, or any corporation succeeding to
      the
      business of the Trustee or the Securities Administrator, shall be the successor
      of the Trustee or the Securities Administrator hereunder, provided
      that
      such corporation shall be eligible under the provisions of Section 8.6 hereof,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Fund
      or property securing any Mortgage Note may at the time be located, the Servicer
      and the Trustee acting jointly shall have the power and shall execute and
      deliver all instruments to appoint one or more Persons approved by the Trustee
      to act as co-trustee or co-trustees jointly with the Trustee, or separate
      trustee or separate trustees, of all or any part of the Trust Fund, and to
      vest
      in such Person or Persons, in such capacity and for the benefit of the
      Certificateholders and the NIMS Insurer, if any, such title to the Trust Fund
      or
      any part thereof, whichever is applicable, and, subject to the other provisions
      of this Section 8.10, such powers, duties, obligations, rights and trusts as
      the
      Servicer and the Trustee may consider necessary or desirable. If the Servicer
      shall not have joined in such appointment within 15 days after the receipt
      by it
      of a request to do so, or in the case an Event of Default shall have occurred
      and be continuing, the Trustee alone shall have the power to make such
      appointment. No co-trustee or separate trustee hereunder shall be required
      to
      meet the terms of eligibility as a successor trustee under Section 8.6 and
      no
      notice to Certificateholders of the appointment of any co-trustee or separate
      trustee shall be required under Section 8.8.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i) To
      the
      extent necessary to effectuate the purposes of this Section 8.10, all rights,
      powers, duties and obligations conferred or imposed upon the Trustee shall
      be
      conferred or imposed upon and exercised or performed by the Trustee and each
      such separate trustee or co-trustee jointly (it being understood that each
      such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      applicable Trust Fund or any portion thereof in any such jurisdiction) shall
      be
      exercised and performed singly by such separate trustee or co-trustee, but
      solely at the direction of the Trustee;

     

    (ii) No
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder and such appointment shall not, and
      shall not be deemed to, constitute any such separate trustee or co-trustee
      as
      agent of the Trustee;

     

    (iii) The
      Trustee may at any time accept the resignation of or remove any separate trustee
      or co-trustee; and

     

    
      
        
        

      

      
        139

        
          

        

      

      
        
        

      

    

    

     

    (iv) The
      Trust
      Fund, and not the Trustee, shall be liable for the payment of reasonable
      compensation, reimbursement and indemnification to any such separate trustee
      or
      co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the separate trustees and co-trustees at the same time,
      as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Agreement and the conditions
      of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
      of the trusts conferred, shall be vested with the estates or property specified
      in its instrument of appointment, either jointly with the Trustee or separately,
      as may be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Servicer, the Depositor and the NIMS Insurer, if any.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    
      	 	
              Section
                8.11

            	
              Tax
                Matters.

            

    

     

    (a) It
      is
      intended that the assets with respect to which the REMIC elections are to be
      made, as set forth in the Preliminary Statement, shall constitute, and that
      the
      conduct of matters relating to such assets shall be such as to qualify such
      assets as, REMICs as defined in and in accordance with the REMIC Provisions.
      In
      furtherance of such intention, the Tax Matters Person covenants and agrees
      that
      it shall act as agent (and the Tax Matters Person is hereby appointed to act
      as
      agent) on behalf of each such REMIC and that in such capacity it shall: (i)
      prepare and file, or cause to be prepared and filed, in a timely manner, a
      U.S.
      Real Estate Mortgage Investment Conduit Income Tax Return (Form 1066 or any
      successor form adopted by the Internal Revenue Service) and prepare and file
      or
      cause to be prepared and filed with the Internal Revenue Service and applicable
      state or local tax authorities income tax or information returns for each
      taxable year with respect to each such REMIC (including IRS Form 8811, or any
      successor form adopted by the Internal Revenue Service, in the time and manner
      specified in Treasury Regulation Section 1.6049-7(b)(1)), containing such
      information and at the times and in the manner as may be required by the Code
      or
      state or local tax laws, regulations, or rules and prepare, or cause to be
      prepared, and make available, or cause to be made available, to the
      Certificateholders and the Securities Administrator the schedules, statements
      or
      information at such times and in such manner as may be required thereby,
      including the information described in Treasury Regulation Section
      1.6049-7(e)(2) in the time and manner specified in Treasury Regulation Section
      1.6049-7(e)(3); (ii) provide information necessary for the computation of tax
      imposed on the transfer of a Residual Certificate to a Person that is not a
      Permitted Transferee, or an agent (including a broker, nominee or other
      middleman) of a Non-Permitted Transferee, or a pass-through entity in which
      a
      Non-Permitted Transferee is the record holder of an interest (the reasonable
      cost of computing and furnishing such information may be charged to the Person
      liable for such tax); (iii) pay, or cause to be paid,
      the
      amount of any federal, state or local tax, including prohibited transaction
      taxes as described below, imposed on any such REMIC prior to its termination
      when and as the same shall be due and payable (but such obligation shall not
      prevent the Tax Matters Person, on behalf of the Trustee, or any other
      appropriate Person from contesting any such tax in appropriate proceedings
      and
      shall not prevent the Tax Matters Person, on behalf of the Trustee, from
      withholding payment of such tax, if permitted by law, pending the outcome of
      such proceedings); (iv) ensure that federal, state or local income tax or
      information returns shall be signed by the Trustee or such other person as
      may
      be required to sign such returns by the Code or state or local laws, regulations
      or rules; (v) maintain, or cause to be maintained, records relating to any
      such
      REMIC, including but not limited to the income, expenses, assets and liabilities
      thereof and the fair market value and adjusted basis of the assets determined
      at
      such intervals as may be required by the Code, as may be necessary to prepare
      the foregoing returns, schedules, statements or information; and (vi) as and
      when necessary and appropriate, represent, or arrange for the representation
      of,
      any such REMIC in any administrative or judicial proceedings relating to an
      examination or audit by any governmental taxing authority, request an
      administrative adjustment as to any taxable year of any such REMIC, enter into
      settlement agreements with any governmental taxing agency, extend any statute
      of
      limitations relating to any tax item of any such REMIC, and otherwise act on
      behalf of any such REMIC in relation to any tax matter or controversy involving
      it.

    
      
        
        

      

      
        140

        
          

        

      

      
        
        

      

    

     

    The
      Securities Administrator covenants and agrees that it shall (i) prepare and
      forward, or cause to be prepared and forwarded, to the Certificateholders,
      the
      NIMS Insurer, if any, the Internal Revenue Service and, if necessary, state
      tax
      authorities, all information returns on IRS Form 1099 as and when required
      to be
      provided to them in accordance with the REMIC Provisions; (ii) to the extent
      that they are under its control, conduct matters relating to such assets at
      all
      times that any Certificates are outstanding so as to maintain the status of
      each
      REMIC created hereunder under the REMIC Provisions; and (iii) not knowingly
      or
      intentionally take any action or omit to take any action that would cause an
      Adverse REMIC Event.

     

    To
      enable
      the Tax Matters Person, on behalf of the Trustee, to perform its duties as
      set
      forth herein, the Depositor shall provide, or cause to be provided, to the
      Tax
      Matters Person within 10 days after the Closing Date all information or data
      that the Tax Matters Person requests in writing and determines to be relevant
      for tax purposes to the valuations and offering prices of the Certificates,
      including, without limitation, the price, yield, prepayment assumption and
      projected cash flows of the Certificates and the Mortgage Loans. Thereafter,
      the
      Depositor shall provide to the Tax Matters Person promptly upon written request
      therefor, any such additional information or data that the Tax Matters Person
      may, from time to time, reasonably request in order to enable the Tax Matters
      Person to perform its duties as set forth herein. The Depositor hereby
      indemnifies the Tax Matters Person for any losses, liabilities, damages, claims
      or expenses of the Tax Matters Person arising from any errors or miscalculations
      of the Tax Matters Person that result from any failure of the Depositor to
      provide, or to cause to be provided, accurate information or data to the Tax
      Matters Person on a timely basis. The
      indemnification of this subsection shall survive the termination of this
      Agreement and the resignation or removal of the Tax
      Matters Person.

     

    
      
        
        

      

      
        141

        
          

        

      

      
        
        

      

    

    

     

    Each
      of
      the Tax Matters Person, the Depositor and the Servicer covenants and agrees
      that
      (i) it shall, to the extent such matters are under its control, conduct matters
      relating to the assets of the Trust Fund at all times that any Certificates
      are
      outstanding so as to maintain the status of each REMIC created hereunder under
      the REMIC Provisions (and, with respect to matters that are under its control
      and which are otherwise required to be performed by the Tax Matters Person
      pursuant to this Agreement, the Tax Matters Person shall maintain the treatment
      of each of the Basis Risk Reserve Fund and the Supplemental Interest Trust
      and
      the rights with respect to payments from each of the Basis Risk Reserve Fund
      and
      the Supplemental Interest Trust as provided in paragraph (b) below), and (ii)
      it
      shall not knowingly or intentionally take any action or omit to take any action
      that would cause an Adverse REMIC Event.

     

    (b) The
      Tax
      Matters Person shall treat each of the Basis Risk Reserve Fund and the
      Supplemental Interest Trust as an outside reserve fund within the meaning of
      Treasury Regulation Section 1.860G-2(h) that is owned by the Holders of the
      Class X Certificates and that is not an asset of any REMIC and all amounts
      deposited into the Basis Risk Reserve Fund or the Supplemental Interest Trust
      shall be treated as amounts distributed to the Class X Certificateholders.
      

     

    (c) The
      Tax
      Matters Person shall treat the Owners of Certificates (other than the Class
      P,
      Class X and Class R Certificates) as having entered into a notional principal
      contract with respect to the Owners of the Class X Certificates. Pursuant to
      each such notional principal contract, all Owners of LIBOR Certificates shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Owners of
      the
      Class X Certificates an aggregate amount equal to the excess, if any, of (i)
      the
      amount payable on such Distribution Date on the interest in the Upper Tier
      REMIC
      corresponding to such Class of Certificates over
      (ii)
      the
      amount payable on such Class of Certificates on such Distribution Date (such
      excess, a “Class I Shortfall”). A Class I Shortfall payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the amount of interest otherwise payable to such
      Certificates, and a Class I Shortfall payable from principal collections shall
      be allocated to the most subordinate Class of Certificates with an outstanding
      principal balance to the extent of such balance. In addition, pursuant to such
      notional principal contract, the Owner of the Class X Certificates shall be
      treated as having agreed to pay Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls to the Owners of the LIBOR Certificates in accordance with the terms
      of this Agreement. Any
      payments to the Certificates in light of the foregoing shall not be payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860G(a)(1). However, any payment from the Certificates of a Class I
      Shortfall shall be treated for tax purposes as having been received by the
      Owners
      of such
      Certificates in respect of their Interests in the Upper Tier REMIC and as having
      been paid by such Owners
      to the
      Supplemental Interest Trust pursuant to the notional principal
      contract. Thus,
      each LIBOR Certificate shall be treated as representing not only ownership
      of
      regular interests in the Upper Tier REMIC, but also ownership of an interest
      in
      (and obligations with respect to) a notional principal contract. For tax
      purposes, the notional principal contract shall be deemed to have a value of
      $10,000.

     

    (d) Notwithstanding
      the priority and sources of payments set forth in Article IV hereof or
      otherwise, the Tax Matters Person shall account for all distributions on the
      Certificates as set forth in this section. In no event shall any payments of
      Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls provided for in this
      section be treated as payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860G(a)(1).

     

    
      
        
        

      

      
        142

        
          

        

      

      
        
        

      

    

    

     

    (e) The
      Preliminary Statement to this Agreement sets forth the designations and “latest
      possible maturity date” for federal income tax purposes of all interests in each
      of the REMICs created hereby. Each REMIC’s fiscal year shall be the calendar
      year.”

     

    
      	 	
              Section
                8.12

            	
              Filings.

            

    

     

    (a) [The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, within 15 days (or, if applicable, within such shorter
      period of time as is required under the SEC Rules) after each Distribution
      Date,
      the Securities Administrator shall, in accordance with industry standards,
      file
      with the Commission via the Electronic Data Gathering and Retrieval System
      (EDGAR), a
      Form
      10-D with (i) a copy of the statement to the Certificateholders for such
      Distribution Date as an exhibit thereto, [(ii)
      a
      copy of each report made available by the Credit Risk Manager (provided each
      such report is made available to the Securities
      Administrator
      in a
      format compatible with EDGAR filing requirements)] and (iii) such other
      information as is required by Form 10-D, including, but not limited to, the
      information required by Item 1121 (§ 229.1121) of Regulation AB, so long as such
      information is made available to the Securities Administrator in a format
      compatible with EDGAR filing requirements.
      Prior
      to January 30, 20[   ], the Securities Administrator shall, in
      accordance with industry standards, file a Form 15 Suspension Notification
      with
      respect to the Trust Fund, if applicable. On or prior to March 20,
      20[   ] (or if such day is not a Business Day, the preceding
      Business Day), the Securities Administrator shall prepare a Form 10-K, and
      submit it to the Depositor. The Depositor shall execute the Form 10-K and return
      it to the Securities Administrator no later than March 25,
      20[   ] (or if such day is not a Business Day, the preceding
      Business Day). Prior to March 30, 20[   ], the Securities
      Administrator shall file the Form 10-K, in substance conforming to industry
      standards, with respect to the Trust Fund. The Form 10-K shall include (w)
      the
      certification required pursuant to Rule 13a-14 under the Exchange Act and any
      future guidance from the Commission (the “Form 10-K Certification”) signed by or
      on behalf of the Depositor, (x)
      the
      annual certifications delivered by the Trustee, the Securities
      Administrator, the Master Servicer, [the Credit Risk Manager], the Servicer
      (or
      the Subservicer on its behalf) and the Custodian pursuant to this Agreement
      and
      the Subservicing Agreement, (y) the related public accounting firm attestation
      reports and (z) such other information as is required by the SEC Rules and
      Regulation AB.
      If
      any
      party’s report on assessment of compliance with servicing criteria required by
      clause (x) in the immediately preceding sentence, or the related public
      accounting firm attestation report required by clause (y) in the immediately
      preceding sentence, identifies any material instance of noncompliance with
      the
      servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB
      (§
229.1122(d)), the Securities
      Administrator shall identify the material instance of noncompliance in such
      report in the Form 10-K; and in the event that the Securities
      Administrator is unable to include any report required by either clause (x)
      or
      (y) in the immediately preceding sentence in the Form 10-K, the Securities
      Administrator shall disclose such fact in the Form 10-K together with an
      explanation as to why such report is not included as an exhibit to the Form
      10-K. The Securities
      Administrator shall have no liability for any delay in filing the Form 10-D,
      Form 10-K or Form 10-K Certification due to the failure of any party to sign
      such Form 10-D, Form 10-K or Form 10-K Certification. The
      Depositor hereby grants to the Securities Administrator a limited power of
      attorney to execute and file each Form 10-D on behalf of the Depositor. Such
      power of attorney shall continue until either the earlier of (i) receipt by
      the
      Securities Administrator from the Depositor of written termination of such
      power
      of attorney and (ii) the termination of the Trust. The
      Depositor agrees to promptly furnish to the Securities Administrator, from
      time
      to time upon request, such further information, reports, and financial
      statements within its control related to this Agreement and the Mortgage Loans
      as the Securities Administrator reasonably deems appropriate to prepare and
      file
      all necessary reports with the Commission. The Securities Administrator shall
      have no responsibility to file any items other than those specified in this
      section.]

     

    
      
        
        

      

      
        143

        
          

        

      

      
        
        

      

    

    

     

    (b) If
      so
      requested, the Securities Administrator shall sign a certification (in the
      form
      attached hereto as Exhibit L) for the benefit of the Person(s) signing the
      Form
      10-K Certification regarding certain aspects of such Form 10-K Certification
      (provided,
      however,
      that
      the Securities Administrator shall not be required to undertake an analysis
      of
      the accountant’s report attached as an exhibit to the Form 10-K).

     

    (c) Each
      Person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Fund for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s own bad faith,
      negligence or willful misconduct. The provisions of this subsection shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

     

    (d) Upon
      any
      filing with the Commission, the Securities Administrator shall promptly deliver
      to the Depositor a copy of any executed report, statement or
      information.

     

    (e) The
      fiscal year of the Trust Fund for all filing purposes shall be the calendar
      year.

     

    (f) For
      so
      long as a certificate under the Sarbanes-Oxley Act of 2002, as amended
      (“Sarbanes-Oxley”) is required to be delivered on behalf of the Trust Fund, a
      Servicing Officer shall execute and deliver on March 15 of each applicable
      year,
      commencing in 20[   ], an Officer’s Certificate to the Depositor
      for the benefit of the Depositor and its officers, directors and affiliates,
      in
      the form of Exhibit K hereto (or such other form as may be prescribed by the
      Commission).

     

    
      	 	
              Section
                8.13

            	
              Reporting
                Requirements of the Commission and
                Indemnification

            

    

     

    (a) [On
      or
      before March 1 of each calendar year, the Securities Administrator and the
      Trustee shall each deliver to the Master Servicer, the Servicer, the Subservicer
      and the Depositor a report regarding its assessment of compliance with the
      servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB
      (§
229.1122(d)), as of and for the period ending the end of each fiscal year,
      with
      respect to asset-backed security transactions taken as a whole involving the
      Securities Administrator and the Trustee, as applicable, and that are backed
      by
      the same asset type as the Mortgage Loans. Each such report shall include all
      of
      the statements required under paragraph (a) of Item 1122 of Regulation AB (§
229.1122(a)).]

     

    (b) [On
      or
      before March 1 of each calendar year, the Securities Administrator and the
      Trustee shall each deliver to the Master Servicer, the Servicer, the Subservicer
      and the Depositor (and in the case of the Trustee, to the Securities
      Administrator) a report by a registered public accounting firm that attests
      to,
      and reports on, the assessment made by such asserting party pursuant to
      subsection (a) above. Each such report shall be made in accordance with
      standards for attestation engagements issued or adopted by the Public Company
      Accounting Oversight Board.]

     

    
      
        
        

      

      
        144

        
          

        

      

      
        
        

      

    

    

     

    [The Securities
      Administrator and the Trustee shall each notify the Master Servicer, the
      Servicer, the Subservicer and the Depositor (and in the case of the Trustee,
      shall additionally notify the Securities Administrator)
      (i) of
      any legal proceedings pending against the Securities
      Administrator or the Trustee, as applicable,
      of the
      type described in Item 1117 (§
      229.1117) of
      Regulation AB and (ii) if the Securities
      Administrator or the Trustee, as applicable, shall
      become (but only to the extent not previously disclosed) at any time an
      affiliate of any of the Sponsor, the Trustee, the Master Servicer, the Servicer,
      any Originator contemplated by Item 1110 (§
      229.1110) of
      Regulation AB, any significant obligor contemplated by Item 1112 (§
      229.1112) of
      Regulation AB, any enhancement or support provider contemplated by Items 1114
      or
      1115 (§§
      229.1114-1115) of
      Regulation AB or any other material party to the Trust Fund contemplated by
      Item
      1100(d)(1) (§
      229.1100(d)(1)) of
      Regulation AB, as applicable.]

     

    
      	 	
              Section
                8.14

            	
              The
                Custodian and the Securities
                Administrator.

            

    

     

    The
      Custodian shall be entitled to all of the benefits, rights (including any rights
      of indemnification and any rights of resignation) and immunities set forth
      in
      this Article VIII with respect to the Trustee and/or the Securities
      Administrator to the same extent as though each reference to the Trustee or
      the
      Securities Administrator referred to the Custodian. Notwithstanding the
      foregoing, (i) the Custodian shall not be entitled to receive any additional
      compensation for serving as custodian hereunder and (ii) so long as
      [           ] is the
      Master Servicer, the Custodian and the Securities Administrator shall be
      entitled to resign upon the resignation or removal of the Master
      Servicer.

     

    ARTICLE
      IX

     

    TERMINATION

     

    
      	 	
              Section
                9.1

            	
              Termination
                upon Liquidation or Purchase of all Mortgage Loans.

            

    

     

    (a) Subject
      to Section 9.3, the obligations and responsibilities of the Depositor, the
      Master Servicer, the Servicer, the Seller, the Securities Administrator and
      the
      Trustee created hereby with respect to the Trust Fund shall terminate upon
      the
      earlier of:

     

    (i) the
      purchase by the Majority Class X Certificateholders or their designee (or the
      NIMS Insurer or the Servicer, to the extent provided herein) of all Mortgage
      Loans (including REO Properties not otherwise disposed of pursuant to Section
      3.11(i)) remaining in the Trust Fund at a price equal to the sum of (A) 100%
      of
      the unpaid principal balance of each Mortgage Loan, (B) the lesser of (x) the
      appraised value of any REO Property as determined by a real estate broker
      meeting the qualifications, and applying broker’s price opinion methodology,
      generally acceptable to residential mortgage servicers, or other property
      valuation opinion methodology customarily used by residential mortgage servicers
      with respect to defaulted loans and (y) the unpaid principal balance of each
      Mortgage Loan related to any REO Property, (C) any costs and damages incurred
      by
      the Trust Fund as a result of violation of any applicable federal, state or
      local predatory or abusive lending law in connection with the origination of
      any
      Mortgage Loan, (D) [any Swap Termination Payment payable to the Swap
      Counterparty as a result of a termination pursuant to this Section 9.1]. In
      addition, such purchase price shall include with respect to the Mortgage Loans
      (including REO Properties) accrued and unpaid interest thereon, as determined
      by
      the Servicer, at the applicable Mortgage Rate, except to the extent the Servicer
      was not or would not be required to make a Delinquency Advance hereunder, and
      any and all amounts payable or reimbursable to the Servicer, the Master
      Servicer, the Custodian, the Securities Administrator and/or the Trustee
      pursuant to the provisions of this Agreement; and 

     

    
      
        
        

      

      
        145

        
          

        

      

      
        
        

      

    

    

     

    (ii) the
      later
      of (A) the maturity or other liquidation (or any Delinquency Advance with
      respect thereto) of the last Mortgage Loan remaining in the Trust Fund and
      the
      disposition of all REO Property and (B) the distribution to Certificateholders
      and [the Swap Counterparty] of all amounts required to be distributed to them
      pursuant to this Agreement. In no event shall the trusts created hereby continue
      beyond the earlier of (i) the expiration of 21 years from the death of the
      survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
      United States to the Court of St. James’s, living on the date hereof, and (ii)
      the Latest Possible Maturity Date. 

     

    The
      right
      to purchase all Mortgage Loans and REO Properties pursuant to clause (i) above
      shall be conditioned upon the Pool Balance, at the time of any such repurchase,
      aggregating less than ten percent of the Cut-off Date Balance.

     

    If
      the
      Majority Class X Certificateholders fail to exercise their option to purchase
      the Mortgage Loans on the first Distribution Date on which they are entitled
      to
      do so, the NIMS Insurer, if any, so long as either the NIM Securities remain
      outstanding and are covered by the NIMS Insurer’s, if any, guaranty or if the
      NIMS Insurer, if any, is owed amounts in respect of its guaranty of the NIM
      Securities, may exercise such option. In addition, at any time after the Pool
      Balance aggregates less than ten percent of the Cut-off Date Balance,
provided
      that the
      NIM Securities are no longer outstanding, the Servicer may notify the Majority
      Class X Certificateholders in writing that the Servicer intends to purchase
      all
      of the Mortgage Loans and REO Properties for the purchase price specified in
      clause (i) above. If the Majority Class X Certificateholders do not exercise
      their option to purchase the Mortgage Loans and REO Properties as provided
      in
      this Section within 30 days following receipt of such notice, the Servicer
      may
      effect such purchase.

     

    Each
      of
      the Majority Class X Certificateholders (by the purchase and acceptance of
      the
      Class X Certificates) and the NIMS Insurer, if any, will agree, and the Servicer
      hereby agrees, not to cause the liquidation of the Trust Fund pursuant to this
      Section 9.1(a) so long as any NIM Securities remain outstanding.

     

    (b) With
      respect to any purchase pursuant to subsection (a), upon deposit of the price
      determined pursuant to subsection (a)(i) in the Distribution Account, the
      Custodian on behalf of the Trustee shall release or cause to be released to
      the
      purchaser of each such Mortgage Loan the related Mortgage File and shall execute
      and deliver such instruments of transfer or assignment prepared by the purchaser
      of such Mortgage Loan (including appropriate instruments with respect to any
      REO
      Property), in each case without recourse, as shall be necessary to vest in
      the
      purchaser of such Mortgage Loan any Mortgage Loan sold pursuant hereto, and
      the
      purchaser of such Mortgage Loan shall succeed to all the Trustee’s right, title
      and interest in and to such Mortgage Loan and all security and documents related
      thereto. Such assignment shall be an assignment outright and not for security.
      The purchaser of such Mortgage Loan shall thereupon own such Mortgage Loan,
      and
      all security and documents, free of any further obligation to the Trustee or
      the
      Certificateholders with respect thereto.

     

    
      
        
        

      

      
        146

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Section
                9.2

            	
              Final
                Distribution on the Certificates.

            

    

     

    If
      on any
      Determination Date the Securities Administrator determines that there are no
      outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Collection Account, the Securities Administrator shall
      promptly send a final distribution notice to each Certificateholder and the
      NIMS
      Insurer, if any. If the Majority Class X Certificateholders or the NIMS Insurer,
      if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section
      9.1, at least 20 days prior to the date notice is to be mailed to the affected
      Certificateholders, the Majority Class X Certificateholders shall notify the
      Depositor, the Trustee and the Securities Administrator of the date the Majority
      Class X Certificateholders intend to terminate the Trust Fund and of the
      applicable repurchase price of the Mortgage Loans and REO
      Properties.

     

    Notice
      of
      any termination of the Trust Fund, specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Securities
      Administrator by letter to Certificateholders, the NIMS Insurer, if any, and
      [the Swap Counterparty], mailed not earlier than the 10th
      day and
      no later than the 15th
      day of
      the month next preceding the month of such final distribution. Any such notice
      shall specify (a) the Distribution Date upon which final distribution on the
      Certificates will be made upon presentation and surrender of Certificates at
      the
      office therein designated, (b) the amount of such final distribution, (c) the
      location of the office or agency at which such presentation and surrender must
      be made, and (d) that the Record Date otherwise applicable to such Distribution
      Date is not applicable, distributions being made only upon presentation and
      surrender of the Certificates at the office therein specified. The Securities
      Administrator will give such notice to each Rating Agency at the time such
      notice is given to Certificateholders.

     

    In
      the
      event such notice is given, the Securities Administrator shall cause all funds
      in the Collection Account to be remitted to the Securities Administrator for
      deposit in the Distribution Account on the Business Day prior to the applicable
      Distribution Date in an amount equal to the sum of (i) an amount sufficient
      to
      reimburse the Master Servicer, the Trustee and the Servicer (or subservicer)
      for
      any amounts to be reimbursed to such Persons pursuant to this Agreement and
      (ii)
      the final distribution in respect of the Certificates and [any Swap Termination
      Payment owed to the Swap Counterparty] (to the extent not paid on previous
      Distribution Dates). Upon such final deposit with respect to the Trust Fund
      and
      the receipt by the Custodian of a Request for Release therefor, the Custodian
      shall promptly release to the Majority Class X Certificateholders, the NIMS
      Insurer, if any, or the Servicer, as applicable, the Mortgage Files for the
      Mortgage Loans.

     

    
      
        
        

      

      
        147

        
          

        

      

      
        
        

      

    

    

     

    Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall cause to be distributed to the Certificateholders of each Class, in the
      order set forth in Section 4.2 hereof, on the final Distribution Date, in the
      case of the Certificateholders, in proportion to their respective Percentage
      Interests, with respect to Certificateholders of the same Class, an amount
      equal
      to (i) as to each Class of Regular Certificates, the Class Principal Balance
      thereof plus accrued interest thereon (or on their Class Notional Amount, if
      applicable) in the case of an interest bearing Certificate, and (ii) as to
      the
      Residual Certificates, the amount, if any, which remains on deposit in the
      Distribution Account (other than the amounts retained to meet claims) after
      application pursuant to clause (i) above.

     

    In
      the
      event that any affected Certificateholders shall not surrender Certificates
      for
      cancellation within six months after the date specified in the above-mentioned
      written notice, the Securities Administrator shall give a second written notice
      to the remaining Certificateholders to surrender their Certificates for
      cancellation and receive the final distribution with respect thereto. If within
      six months after the second notice all the applicable Certificates shall not
      have been surrendered for cancellation, the Securities Administrator may take
      appropriate steps, or may appoint an agent to take appropriate steps, to contact
      the remaining Certificateholders concerning surrender of their Certificates,
      and
      the cost thereof shall be paid out of the funds and other assets which remain
      a
      part of the Trust Fund. If within one year after the second notice all
      Certificates shall not have been surrendered for cancellation, the holder of
      each of the Class R Certificates shall be entitled to all unclaimed funds and
      other assets of the REMICs held for distribution to such Certificateholders,
      which remain subject hereto.

     

    
      	 	
              Section
                9.3

            	
              Additional
                Termination Requirements.

            

    

     

    (a) In
      the
      event the Majority Class X Certificateholders exercise their purchase option
      or
      the Servicer exercises its purchase option, each as provided in Section 9.1,
      the
      Trust Fund shall be terminated in accordance with the following additional
      requirements, unless the Securities Administrator and the NIMS Insurer, if
      any,
      have been supplied with an Opinion of Counsel, at the expense of the Securities
      Administrator, to the effect that the failure to comply with the requirements
      of
      this Section 9.3 will not result in an adverse REMIC Event:

     

    (i) The
      Trustee shall sell all of the assets that constitute the Trust Fund for cash
      as
      provided in Section 9.1(a)(i), and, within 90 days of such sale (such period
      the
“90-day liquidation period”), shall distribute to (or credit to the account of)
      the Holders of the Certificates the proceeds of such sale together with other
      cash on hand (less amounts retained to meet claims) in complete liquidation
      of
      the Trust Fund and each REMIC created hereunder; and

     

    (ii) The
      Tax
      Matters Person shall attach (or cause to be attached) a statement to the final
      federal income tax return for each REMIC created hereunder stating that pursuant
      to Treasury Regulation § 1.860F-1, the first day of the 90-day liquidation
      period for each such REMIC was the date on which the Trustee sold the assets
      of
      the Trust Fund pursuant to Section 9.1(a)(i).

     

    (b) Notwithstanding
      anything herein to the contrary, the portion of the purchase price required
      to
      be paid by Section 9.1(a)(i) that is contained in clause (D) thereof shall
      not
      be paid to any REMIC formed hereby. Instead, such amount shall be paid by the
      purchaser directly to the holder of the Class X Certificates pursuant to a
      cash
      settled option contract. As a result, such amount shall not be paid to any
      REMIC
      or distributed by any REMIC.

     

    
      
        
        

      

      
        148

        
          

        

      

      
        
        

      

    

    

     

    (c) By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the Tax
      Matters Person, the Trustee and the Securities Administrator to undertake the
      above-described actions.

     

     

    ARTICLE
      X

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	 	
              Section
                10.1

            	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Seller, the
      Servicer, the Master Servicer, the Securities Administrator, the Custodian,
      [the
      Credit Risk Manager] and the Trustee without the consent of any of the
      Certificateholders, the NIMS Insurer, if any, or [the Swap Counterparty] (i)
      to
      cure any ambiguity or mistake, (ii) to cause the provisions herein to conform
      to
      or be consistent with or in furtherance of the statements made with respect
      to
      the Certificates, the Trust Fund or this Agreement in any disclosure document
      pursuant to which any Certificates were offered; to correct any defective
      provision herein or to supplement any provision herein which may be inconsistent
      with any other provision herein, (iii) to add, with such Person’s consent, to
      the duties of the Depositor, the Seller, the Servicer, the Master Servicer,
      the
      Securities Administrator, the Custodian, [the Credit Risk Manager] or the
      Trustee, (iv) to add any other provisions with respect to matters or questions
      arising hereunder, (v) to modify, alter, amend, add to or rescind any of the
      terms or provisions contained in this Agreement or (vi) to comply with any
      SEC
      Rules promulgated by the Commission; provided
      that any
      action pursuant to clauses (iv) or (v) above shall not, as evidenced by an
      Opinion of Counsel addressed and delivered to the Trustee, the Securities
      Administrator and the NIMS Insurer, if any, and [the Swap Counterparty] (which
      Opinion of Counsel shall not be an expense of the Trustee or the Trust Fund),
      adversely affect in any material respect the interests of any Certificateholder,
      the NIMS Insurer, if any, or [the Swap Counterparty]; provided,
      however,
      that
      the amendment shall not be deemed to adversely affect in any material respect
      the interests of the Certificateholders or the NIMS Insurer, if any, if the
      Person requesting the amendment obtains a letter from each Rating Agency stating
      that the amendment would not result in the downgrading or withdrawal of the
      respective ratings then assigned to the Certificates; it being understood and
      agreed that any such letter in and of itself will not represent a determination
      as to the materiality of any such amendment and will represent a determination
      only as to the credit issues affecting any such rating. The Depositor, the
      Seller, the Servicer, the Master Servicer, the Securities Administrator, the
      Custodian, [the Credit Risk Manager] and the Trustee also may at any time and
      from time to time amend this Agreement without the consent of the
      Certificateholders, the NIMS Insurer, if any, or [the Swap Counterparty], to
      modify, eliminate or add to any of its provisions to such extent as shall be
      necessary or helpful to (i) maintain the qualification of each REMIC
      created hereunder as a REMIC under the Code, (ii) avoid or minimize the
      risk of the imposition of any tax on any such REMIC pursuant to the Code that
      would be a claim at any time prior to the final redemption of the Certificates
      or (iii) comply with any other requirements of the Code, provided
      that the
      Trustee has been provided an Opinion of Counsel, which opinion shall be an
      expense of the party requesting such opinion but in any case shall not be an
      expense of the Trustee or the Trust Fund, to the effect that such action is
      necessary or helpful to, as applicable, (i) maintain such qualification, (ii)
      avoid or minimize the risk of the imposition of such a tax or (iii) comply
      with
      any such requirements of the Code.

     

    
      
        
        

      

      
        149

        
          

        

      

      
        
        

      

    

    

     

    This
      Agreement may also be amended from time to time by the Depositor, the Seller,
      the Servicer, the Master Servicer, the Securities Administrator, the Custodian,
      [the Credit Risk Manager] and the Trustee with the consent of the NIMS Insurer,
      if any, [the Swap Counterparty] and the Holders of a Majority Interest of each
      Class of Certificates affected thereby for the purpose of adding any provisions
      to or changing in any manner or eliminating any of the provisions of this
      Agreement or of modifying in any manner the rights of the Holders of
      Certificates; provided,
      however,
      that no
      such amendment shall (i) reduce in any manner the amount of, or delay the timing
      of, payments required to be distributed on any Certificate without the consent
      of the Holder of such Certificate, (ii) adversely affect in any material respect
      the interests of the Holders of any Class of Certificates in a manner other
      than
      as described in (i), without the consent of the Holders of Certificates of
      such
      Class evidencing, as to such Class, Percentage Interests aggregating 66%, or
      (iii) reduce the aforesaid percentages of Certificates the Holders of which
      are
      required to consent to any such amendment, without the consent of the Holders
      of
      all such Certificates then outstanding.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel, which opinion shall not be an expense of the Trustee or the Trust
      Fund,
      to the effect that such amendment will not cause an Adverse REMIC
      Event.

     

    Promptly
      after the execution of any amendment to this Agreement requiring the consent
      of
      Certificateholders, the NIMS Insurer, if any, [the Swap Counterparty], the
      Trustee and the Securities Administrator shall furnish written notification
      of
      the substance or a copy of such amendment to each Certificateholder and each
      Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section to
      approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    Nothing
      in this Agreement shall require the Trustee to enter into an amendment without
      receiving an Opinion of Counsel (which Opinion shall not be an expense of the
      Trustee or the Trust Fund), satisfactory to the Trustee and the NIMS Insurer,
      if
      any, that (i) such amendment is permitted and is not prohibited by this
      Agreement and that all requirements for amending this Agreement have been
      complied with; and (ii) either (A) the amendment does not adversely affect
      in
      any material respect the interests of any Certificateholder or (B) the
      conclusion set forth in the immediately preceding clause (A) is not required
      to
      be reached pursuant to this Section 10.1.

     

    
      
        
        

      

      
        150

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Section
                10.2

            	
              Recordation
                of Agreement; Counterparts.

            

    

     

    This
      Agreement is subject to recordation in all appropriate public offices for real
      property records in all the counties or other comparable jurisdictions in which
      any or all of the properties subject to the Mortgages are situated, and in
      any
      other appropriate public recording office or elsewhere, such recordation to
      be
      effected by the Securities Administrator at its expense, but only upon direction
      by the NIMS Insurer, if any, or by a majority of the Certificateholders to
      the
      effect that such recordation materially and beneficially affects the interests
      of the Certificateholders or the NIMS Insurer, if any. However, the foregoing
      sentence notwithstanding, the Servicer may provide copies hereof to counsel,
      judicial officers and government agencies, or may cause this Agreement to be
      recorded, in any jurisdiction in which, in the Servicer’s judgment, such
      disclosure or recording may facilitate foreclosure or other recovery with
      respect to any one or more of the Mortgage Loans. 

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed (by facsimile or otherwise)
      simultaneously in any number of counterparts, each of which counterparts shall
      be deemed to be an original, and such counterparts shall constitute but one
      and
      the same instrument.

     

    
      	 	
              Section
                10.3

            	
              Governing
                Law.

            

    

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    
      	 	
              Section
                10.4

            	
              Intention
                of Parties.

            

    

     

    It
      is the
      express intent of the Seller (as provided in the Sale Agreement) and the
      Depositor that the conveyance of the Trust Fund by the Depositor to the Trustee
      be, and be construed as, an absolute sale thereof to the Trustee. It is,
      further, not the intention of the parties that such conveyance be deemed a
      pledge thereof by the Depositor to the Trustee. However, in the event that,
      notwithstanding the intent of such parties, such assets are held to be the
      property of the Depositor, or if for any other reason this Agreement is held
      or
      deemed to create a security interest in such assets, then (i) this Agreement
      shall be deemed to be a security agreement within the meaning of the Uniform
      Commercial Code of the State of New York and (ii) the conveyance provided for
      in
      this Agreement shall be deemed to be an assignment and a grant by the Depositor
      to the Trustee, for the benefit of the Certificateholders and the NIMS Insurer,
      if any, of a security interest in all of the assets that constitute the Trust
      Fund and [the Supplemental Interest Trust, whether now owned or hereafter
      acquired (such security interest being, to the extent of the assets that
      constitute the Supplemental Interest Trust, pari
      passu
      with the
      security interest as provided in clause (iii) below); and (iii) the Swap
      Counterparty shall be deemed, during the term of such agreement and while such
      agreement is the property of the Trustee, to have a security interest in all
      of
      the assets that constitute the Supplemental Interest Trust, but only to the
      extent of such Swap Counterparty’s right to payment under the Swap Agreement
      (such security interest being pari
      passu
      with the
      security interest as provided in clause (ii) above)].

     

    
      
        
        

      

      
        151

        
          

        

      

      
        
        

      

    

    

     

    The
      Depositor, for the benefit of the Certificateholders, shall, to the extent
      consistent with this Agreement, take such actions as may be necessary to ensure
      that, if this Agreement were deemed to create a security interest in the Trust
      Fund, such security interest would be deemed to be a perfected security interest
      of first priority under applicable law and will be maintained as such throughout
      the term of the Agreement. The Depositor shall arrange for filing any Uniform
      Commercial Code continuation statements in connection with any security interest
      granted or assigned to the Trustee for the benefit of the Certificateholders
      and
      the NIMS Insurer, if any.

     

    
      	 	
              Section
                10.5

            	
              Notices.

            

    

     

    (a) The
      Securities Administrator shall use its best efforts to promptly provide notice
      to each Rating Agency, the NIMS Insurer, if any, and [the Swap Counterparty]
      with respect to each of the following of which it has actual
      knowledge:

     

    (i) any
      material change or amendment to this Agreement;

     

    (ii) the
      occurrence of any Event of Default that has not been cured;

     

    (iii) the
      resignation or termination of the Servicer, the Master Servicer, the Securities
      Administrator or the Trustee and the appointment of any successor;

     

    (iv) the
      repurchase or substitution of Mortgage Loans pursuant to Section 2.3
      hereof;

     

    (v) the
      final
      payment to Certificateholders; and

     

    (vi) any
      rating action involving the long-term credit rating of the Trustee, which notice
      shall be made by first-class mail within two Business Days after the Trustee
      gains actual knowledge thereof.

     

    In
      addition, the Securities Administrator shall promptly furnish to each Rating
      Agency, the NIMS Insurer, if any, and [the Swap Counterparty] copies of the
      following:

     

    (i) Each
      report to Certificateholders described in Section 4.5 hereof;

     

    (ii) Upon
      request, each annual statement as to compliance described in Section 3.16
      hereof;

     

    (iii)
       Upon
      request, each annual Independent public accountants’ servicing report described
      in Section 3.17 hereof; and

     

    (iv) Any
      notice of a purchase of a Mortgage Loan pursuant to Section 2.2, 2.3 or 3.11
      hereof.

     

    
      
        
        

      

      
        152

        
          

        

      

      
        
        

      

    

    

     

    (b) All
      directions, demands, authorizations, consents, waivers, communications and
      notices hereunder shall be in writing and shall be deemed to have been duly
      given when delivered by first class mail, facsimile or courier to the applicable
      Notice Address. Notices to Certificateholders shall be deemed given when mailed,
      first class postage prepaid, to their respective addresses appearing in the
      Certificate Register.

     

    
      	 	
              Section
                10.6

            	
              Severability
                of Provisions.

            

    

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    
      	 	
              Section
                10.7

            	
              Assignment.

            

    

     

    Notwithstanding
      anything to the contrary contained herein, except as provided in Section 6.2,
      this Agreement may not be assigned by the Servicer without the prior written
      consent of the Master Servicer, the Trustee, the Depositor and any NIMS
      Insurer.

     

    
      	 	
              Section
                10.8

            	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the trust created hereby, nor entitle such Certificateholder’s
      legal representative or heirs to claim an accounting or to take any action
      or
      commence any proceeding in any court for a petition or winding up of the trust
      created hereby, or otherwise affect the rights, obligations and liabilities
      of
      the parties hereto or any of them.

     

    No
      Certificateholder shall have any right to vote (except as provided herein)
      or in
      any manner otherwise control the operation and management of the Trust Fund,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third party by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue or by availing itself of any
      provisions of this Agreement to institute any suit, action or proceeding in
      equity or at law upon or under or with respect to this Agreement, unless such
      Holder previously shall have given to the Master Servicer or the Trustee, as
      applicable, and the NIMS Insurer, if any, a written notice of an Event of
      Default and of the continuance thereof, as herein provided, and unless the
      Holders of Certificates evidencing not less than 25% of the Voting Interests
      evidenced by the Certificates shall, with the prior written consent of the
      NIMS
      Insurer, if any, also have made written request to the Master Servicer or the
      Trustee, as applicable, to institute such action, suit or proceeding in its
      own
      name as Trustee hereunder and shall have offered to the Master Servicer or
      the
      Trustee, as applicable, such reasonable indemnity as it may require against
      the
      costs, expenses, and liabilities to be incurred therein or thereby, and the
      Master Servicer or the Trustee, as applicable, for 60 days after its receipt
      of
      such notice, request and offer of indemnity shall have neglected or refused
      to
      institute any such action, suit or proceeding; it being understood and intended,
      and being expressly covenanted by each Certificateholder with every other
      Certificateholder and the Master Servicer or the Trustee, as applicable, that
      no
      one or more Holders of Certificates shall have any right in any manner whatever
      by virtue or by availing itself or themselves of any provisions of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of the Certificates or the NIMS Insurer, if any, or to obtain or seek to obtain
      priority over or preference to any other such Holder or the NIMS Insurer, if
      any, or to enforce any right under this Agreement, except in the manner herein
      provided and for the common benefit of all Certificateholders and the NIMS
      Insurer, if any. For the protection and enforcement of the provisions of this
      Section 10.8, each and every Certificateholder, the NIMS Insurer, if any, and
      the Trustee shall be entitled to such relief as can be given either at law
      or in
      equity.

     

    
      
        
        

      

      
        153

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Section
                10.9

            	
              Inspection
                and Audit Rights.

            

    

     

    The
      Servicer agrees that, on five Business Days’ prior notice, it will permit and
      will cause each subservicer to permit any representative of the Depositor,
      the
      Trustee, the Master Servicer, the Securities Administrator or the NIMS Insurer,
      if any, during the Servicer’s normal business hours, to examine all the books of
      account, records, reports and other papers of the Servicer relating to the
      Mortgage Loans, to make copies and extracts therefrom, to cause such books
      to be
      audited by independent certified public accountants selected by the Depositor,
      the Trustee, the Master Servicer, the Securities Administrator or the NIMS
      Insurer, if any, and to discuss its affairs, finances and accounts relating
      to
      the Mortgage Loans with its officers, employees and independent public
      accountants (and by this provision the Trustee hereby authorizes said
      accountants to discuss with such representative such affairs, finances and
      accounts), all at such reasonable times and as often as may be reasonably
      requested. Any out-of-pocket expense incident to the exercise by the Depositor,
      the Trustee, the Master Servicer, the Securities Administrator or the NIMS
      Insurer, if any, of any right under this Section 10.9 shall be borne by the
      party requesting such inspection (which, in the case of all reasonable
      out-of-pocket expenses of the Trustee, the Master Servicer or the Securities
      Administrator, shall be reimbursable to such Person from funds then on deposit
      in the Distribution Account); all other such expenses shall be borne by the
      Servicer or the related subservicer. The party requesting such inspection agrees
      to hold all such information in confidence and shall not disclose such
      information without the consent of the Servicer (unless required by law or
      a
      court of applicable jurisdiction).

     

    Nothing
      in this Section shall limit the obligation of the Servicer to observe any
      applicable law prohibiting disclosure of information regarding the Mortgagors
      and the failure of the Servicer to provide access as provided in this Section
      as
      a result of such obligation shall not constitute a breach of this Section.
      Nothing in this Section 10.9 shall require the Servicer to collect, create,
      collate or otherwise generate any information that it does not generate in
      its
      usual course of business, except to the extent otherwise provided in this
      Agreement. Unless otherwise provided in this Agreement, the Servicer shall
      not
      be required to make copies of or ship documents to any party unless provisions
      have been made for the reimbursement of the costs thereof.

     

    
      
        
        

      

      
        154

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Section
                10.10

            	
              Certificates
                Nonassessable and Fully Paid.

            

    

     

    It
      is the
      intention of the Depositor that Certificateholders shall not be personally
      liable for obligations of the Trust Fund, that the interests in the Trust Fund
      represented by the Certificates shall be nonassessable for any reason
      whatsoever, and that the Certificates, upon due authentication thereof by the
      Securities Administrator pursuant to this Agreement, are and shall be deemed
      fully paid.

     

    
      	 	
              Section
                10.11

            	
              [Derivative
                Transactions

            

    

     

    At
      the
      discretion of the Seller, the Trustee, on behalf of the Trust Fund, shall enter
      into Passive Derivative contracts from time to time or Non-passive Derivative
      contracts at any time, so long as such action shall be for the benefit of the
      Certificateholders; provided,
      however,
      that any
      counterparty to any such derivative contract shall not be an Affiliate of the
      Depositor. Any acquisition of a derivative contract shall be accompanied by
      (i)
      an appropriate amendment to this Agreement, and (ii) any Opinion of Counsel
      required by Section [      ]. 

     

    All
      collections, proceeds and other amounts in respect of the derivative contracts
      payable by the derivative counterparty shall be distributed to the Certificates
      on the Distribution Date following receipt thereof by the Paying Agent.

     

    Any
      derivative contract that provides for any payment obligation on the part of
      the
      Trust Fund must (i) be without recourse to the assets of the Trust Fund, (ii)
      contain a non-petition covenant provision from the derivative counterparty,
      (iii) limit payment dates thereunder for payments, if any, by the Trust Fund
      to
      Distribution Dates (iv) contain a provision limiting any cash payments due
      to
      the derivative counterparty on any day under such derivative contract solely
      to
      funds available therefor in the Distribution Account available to make
      distributions to the Holders of the Certificates on such Distribution Date
      and
      (v) provide for copies of all notices and correspondence to be provided to
      the
      Paying Agent. 

     

    Each
      derivative contract must (i) provide for the direct payment of any amounts
      by
      the derivative counterparty thereunder to the Distribution Account at least
      one
      Business Day prior to the related Distribution Date, (ii) contain an assignment
      of all of the Trust Fund’ s rights (but none of its obligations) under such
      derivative contract to the Trustee on behalf the Certificateholders and shall
      include an express consent to the derivative counterparty to such assignment,
      (iii) provide that in the event of the occurrence of an Event of Default, such
      derivative contract shall terminate upon the direction of a majority Percentage
      Interest of the Certificates and (iv) prohibit the derivative counterparty
      from
“setting-off” or “netting” other obligations of the Trust Fund against such
      derivative counterparty’s payment obligations thereunder. 

     

    The
      Seller shall determine, in its sole discretion, whether any derivative contract
      conforms to the requirements of this Section 10.11.]

     

    
      
        
        

      

      
        155

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Section
                10.12

            	
              Limitations
                on Actions; No Proceedings.

            

    

     

    (a) Other
      than pursuant to this Agreement, or in connection with or incidental to the
      provisions or purposes of this Agreement, the trust created hereunder shall
      not
      (i) issue debt or otherwise borrow money, (ii) merge or consolidate with any
      other entity reorganize, liquidate or transfer all or substantially all of
      its
      assets to any other entity, or (iii) otherwise engage in any activity or
      exercise any power not provided for in this Agreement.

     

    (b) Notwithstanding
      any prior termination of this Agreement, the Trustee, the Securities
      Administrator, the Master Servicer, the Servicer, the Seller, [the Credit Risk
      Manager] and the Depositor shall not, prior to the date which is one year and
      one day after the termination of this Agreement, acquiesce, petition or
      otherwise invoke or cause any Person to invoke the process of any court or
      government authority for the purpose of commencing or sustaining a case against
      the Depositor or the Trust Fund under any federal or state bankruptcy,
      insolvency or other similar law or appointing a receiver, liquidator, assignee,
      trustee, custodian, sequestrator or other similar official of the Depositor
      or
      the Trust Fund or any substantial part of their respective property, or ordering
      the winding up or liquidation of the affairs of the Depositor or the Trust
      Fund.

     

    
      	 	
              Section
                10.13

            	
              Mortgage
                Data.

            

    

     

    The
      Depositor hereby represents to S&P that, to the Depositor’s knowledge, the
      information provided to such Rating Agency, including any loan level detail,
      is
      true and correct according to such Rating Agency’s requirements.

     

    
      	 	
              Section
                10.14

            	
              Benefits
                of Agreement; Additional Rights of NIMS
                Insurer.

            

    

     

    (a) The
      NIMS
      Insurer, if any, shall be deemed a third-party beneficiary of this Agreement
      to
      the same extent as if it were a party hereto, and shall have the right to
      enforce the provisions of this Agreement. Nothing in this Agreement or in the
      Certificates, express or implied, shall give to any Person, other than the
      parties to this Agreement, the parties designated in the Agreement as
      third-party beneficiaries and their successors hereunder, the Holders of the
      Certificates and the NIMS Insurer, if any, any benefit or any legal or equitable
      right, power, remedy or claim under this Agreement.

     

    (b) Each
      party to this Agreement and any agent thereof and any successor thereto shall
      furnish to the NIMS Insurer a copy of any notice, direction, demand, opinion,
      schedule, list, certificate, report, statement, filing, information, data or
      other communication provided by it or on its behalf to any other Person pursuant
      to this Agreement at the same time, in the same form and in the same manner
      as
      such communication is so provided and shall address or cause such communication
      to be addressed to the NIMS Insurer, if any, in addition to any other addressee
      thereof. The Servicer shall cause the NIMS Insurer, if any, to be an addressee
      of any report furnished pursuant to this Agreement.

     

    
      
        
        

      

      
        156

        
          

        

      

      
        
        

      

    

    

     

    (c) Wherever
      in this Agreement there shall be a requirement that there be no downgrade,
      reduction, withdrawal or qualification of or other effect on the rating of
      any
      Class of Certificates by any Rating Agency as of any date, there also shall
      be
      deemed to be a requirement that there be no such effect on any class of notes
      issued pursuant to the Indenture and guaranteed by the NIMS Insurer, if any,
      as
      of such date. In addition, unless there exists a continuance of any failure
      by
      the NIMS Insurer, if any, to make a required payment under the policy insuring
      the NIM Securities, if any (such event a “NIMS Insurer Default”), wherever in
      this Agreement there shall be a requirement that any Person or any
      communication, object or other matter be acceptable or satisfactory to or
      otherwise receive the consent or other approval of any other Person (whether
      as
      a condition to the eligibility of such Person to act in any capacity, as a
      condition to any circumstance or state of affairs related to such matter, or
      otherwise), there also shall be deemed to be a requirement that such Person
      or
      matte be approved in writing by the NIMS Insurer, if any, which approval shall
      not be unreasonably withheld or delayed.

     

    
      	 	
              Section
                10.15

            	
              Waiver
                of Jury Trial.

            

    

     

    EACH
      PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT
      PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY
      DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH
      DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

     

    
      	 	
              Section
                10.16

            	
              Limitation
                of Damages.

            

    

     

    NOTWITHSTANDING
      ANYTHING CONTAINED HEREIN TO THE CONTRARY, THE PARTIES AGREE THAT NO PARTY
      SHALL
      BE LIABLE TO ANY OTHER PARTY OR ANY CERTIFICATEHOLDER FOR ANY SPECIAL,
      CONSEQUENTIAL OR PUNITIVE DAMAGES WHATSOEVER, WHETHER IN CONTRACT, TORT
      (INCLUDING NEGLIGENCE AND STRICT LIABILITY), OR ANY OTHER LEGAL OR EQUITABLE
      PRINCIPLE.

     

    *
      *
      *

    

     

    
      
        
        

      

      
        157

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Seller, the Master Servicer, the Servicer,
      the Custodian, the Securities Administrator, [the Credit Risk Manager] and
      the
      Trustee have caused their names to be signed hereto by their respective officers
      thereunto duly authorized as of the day and year first above
      written.

     

    AEGIS
      ASSET BACKED SECURITIES CORPORATION,

    as
      Depositor

    

    

    By:
      __________________________________________

        Name:
      [           ]

    
          Time: 
        [           ]

    

     

     

    AEGIS
      MORTGAGE CORPORATION, 

    as
      Seller

    

    
      

      By:
        __________________________________________

          Name:
        [           ]

      
            Time: 
          [           ]

         

      

    

    [           ],

    as
      Master
      Servicer

    

    
      

      By:
        __________________________________________

          Name:
        [           ]

      
            Time: 
          [           ]

      

    

     

    

    [           ],

    as
      Securities Administrator

    

    
      

      By:
        __________________________________________

          Name:
        [           ]

      
            Time: 
          [           ]

      

    

    

    [           ],
      

    as
      Servicer

    
 

    
      By:
        __________________________________________

          Name:
        [           ]

      
            Time: 
          [           ]

         

         

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    [           ],

    as
      Custodian

    

    
      

      By:
        __________________________________________

          Name:
        [           ]

      
            Time: 
          [           ]

      

    

     

    [[           ],

     

    as
      Credit
      Risk Manager

     

    
      

      By:
        __________________________________________

          Name:
        [           ]

      
            Time: 
          [           ]

      

    

    [           ],

    not
      it
      its individual capacity but solely as Trustee 

    
       

       

      By:
        __________________________________________

          Name:
        [           ]

      
            Time: 
          [           ]

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      I

    

    [MORTGAGE
      LOAN SCHEDULE] [REVOLVING CREDIT LOAN SCHEDULE]

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    FORMS
      OF
      CERTIFICATES

    

    

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [Reserved]

     

    

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    FORM
      OF
      INITIAL CERTIFICATION OF CUSTODIAN

    

    _______________
      __,
      20[   ]

     

    Aegis
      Asset Backed Securities Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

     

    Aegis
      Mortgage Corporation, as Seller

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

     

    [           ]

    [           ]

    [           ],
      [           ]

    Attention:
      [Corporate Trust Services] (Aegis
      20[   ]-[   ])

     

    [           ]

    [           ]

    [           ],
      [           ]

    Attention:
      AEGIS 20[   ]-[   ]

    

    [NIMS
      Insurer, if any]

    

    AEGIS
      ASSET BACKED SECURITIES TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      20[   ]-[   ]

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.2 of the Pooling and Servicing Agreement dated as
      of[           ],
      20[   ], among Aegis Asset Backed Securities Corporation, as
      Depositor, Aegis Mortgage Corporation, as Seller,
      [           ], as Master
      Servicer, Securities Administrator and Custodian,
      [           ], as
      Servicer, [[           ],
      as Credit Risk Manager,]
      and[           ], as
      Trustee, the Custodian hereby certifies that it has received and is holding
      a
      Mortgage File with respect to each Mortgage Loan (other than any Mortgage Loan
      listed on the schedule of exceptions attached hereto) listed on Schedule I
      (a
      copy of which is attached hereto) to the Pooling and Servicing
      Agreement.

     

    In
      connection therewith, the Custodian has examined each Mortgage File to confirm
      that:

     

    (i) each
      Note
      (or, if applicable, a lost note affidavit) required to be included in the
      Mortgage File is in its possession; and

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    

     

    (ii) the
      name
      of the related borrower set forth on each Note (or, if applicable, a lost note
      affidavit) required to be included on the Mortgage File is identical to the
      name
      of the related borrower set forth on the Mortgage Loan Schedule.

     

    The
      Custodian further certifies that the Custodian’s initial review of each Mortgage
      File included each of the procedures relevant to an initial review set forth
      in
      Section 2.2 of the Pooling and Servicing Agreement.

     

    The
      Custodian has not (i) inspected, reviewed or examined any such documents,
      instruments, securities or other papers to determine that they or the signatures
      thereon are genuine, enforceable, or appropriate for the represented purpose,
      any such documents, instruments, securities or other papers have actually been
      recorded or that any document that appears to be an original is in fact an
      original, or (ii) determined whether any Mortgage File should include any surety
      or guaranty, Note Assumption Rider, buydown agreement, assumption agreement,
      modification agreement, written assurance or substitution
      agreement.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    [           ],

    as
      Custodian

     

    By:
                                                               

    Name:                                                             

    Title:
                                                                   

    

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      FINAL CERTIFICATION OF CUSTODIAN

     

    _____________
      __,
      20[   ]

     

    Aegis
      Asset Backed Securities Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

     

    Aegis
      Mortgage Corporation, as Seller

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing 

     

    [           ]

    [           ]

    [           ],
      [           ]

    Attention:
      [Corporate Trust Services] (Aegis
      20[   ]-[   ])

     

    [           ]

    [           ]

    [           ],
      [           ]

    Attention:
      AEGIS 20[   ]-[   ]

     

    [NIMS
      Insurer, if any]

     

    AEGIS
      ASSET BACKED SECURITIES TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES, 

    SERIES
      20[   ]-[   ]

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.2 of the Pooling and Servicing Agreement dated as
      of[           ],
      20[   ], among Aegis Asset Backed Securities Corporation, as
      Depositor, Aegis Mortgage Corporation, as Seller,
      [           ], as Master
      Servicer, Securities Administrator and Custodian,
      [           ], as
      Servicer, [[           ],
      as Credit Risk Manager,] and
      [           ], as
      Trustee, the Custodian hereby certifies that it has received and is holding
      a
      Mortgage File with respect to each Mortgage Loan (other than any Mortgage Loan
      listed on the schedule of exceptions attached hereto) listed on Schedule I
      (a
      copy of which is attached hereto) to the Pooling and Servicing
      Agreement.

     

    In
      connection therewith, the Custodian has examined each Mortgage File to confirm
      that:

     

    (i) each
      Note
      required to be included in the Mortgage File is in its possession; 

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    

     

    (ii) the
      name
      of the related borrower set forth on each Note (or, if applicable, a lost note
      affidavit) required to be included on the Mortgage File is identical to the
      name
      of the related borrower set forth on the Mortgage Loan Schedule;

     

    (iii) all
      documents required to be contained in the Mortgage File are in its
      possession;

     

    (iv) such
      documents have been reviewed by it and appear to relate to such Mortgage Loan
      and are not torn or mutilated; and

     

    (v) based
      on
      its examination and only as to the foregoing documents, the mortgage information
      set forth on the Mortgage Loan Schedule accurately reflects information set
      forth in the Mortgage File and each balance listed as the “Original Balance” on
      Schedule I to the Pooling and Servicing Agreement is identical to the original
      principal amount of the corresponding Note (or, if applicable, the amount set
      forth in a lost note affidavit).

     

    The
      Custodian further certifies that the Custodian’s final review of each Mortgage
      File included each of the procedures relevant to the final review set forth
      in
      Section 2.2 of the Pooling and Servicing Agreement.

     

    The
      Custodian has not (i) inspected, reviewed or examined any such documents,
      instruments, securities or other papers to determine that they or the signatures
      thereon are genuine, enforceable, or appropriate for the represented purpose,
      any such documents, instruments, securities or other papers have actually been
      recorded or that any document that appears to be an original is in fact an
      original, or (ii) determined whether any Mortgage File should include any surety
      or guaranty, Note Assumption Rider, buydown agreement, assumption agreement,
      modification agreement, written assurance or substitution
      agreement.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    [           ],

    as
      Custodian

     

    By:                                                                 

    Name:                                                             

    Title:
                                                                   

    

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E-1

     

    FORM
      OF
      RESIDUAL TRANSFER AFFIDAVIT (TRANSFEROR)

    PURSUANT
      TO SECTIONS 860D(a)(6)(A) and 860E(e)(4)

    OF
      THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED

    

    

    
      	 	
              Re:

            	
              Aegis
                Asset Backed Securities Trust

            

    

    Mortgage
      Pass-Through Certificates, Series 20[   ]-[   ],
      Class R

    

    
      
        	
                STATE
                  OF [_________]

              	
                )

              
	 	
                )ss:

              
	
                COUNTY/CITY
                  OF [_______]

              	
                )

              

      

    

     

    This
      letter is delivered to you in connection with the sale by______________(the
      “Seller”) to ___________(the “Purchaser”) of _______% Percentage Interest of
      Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, Series
      20[   ]-[   ], Class R (the “Certificate”),
      pursuant to Section 5.2(c) of the Pooling and Servicing Agreement (the “Pooling
      and Servicing Agreement”) dated as
      of[           ],
      20[   ], among Aegis Asset Backed Securities Corporation, as
      Depositor, Aegis Mortgage Corporation, as Seller,
      [           ], as Master
      Servicer, Securities Administrator and Custodian,
      [           ], as
      Servicer, [[           ],
      as Credit Risk Manager,] and
      [           ], as
      Trustee. All terms used herein and not otherwise defined shall have the meanings
      set forth in the Pooling and Servicing Agreement. The Seller hereby certifies,
      represents and warrants to, and covenants with the Depositor and the Trustee
      that:

     

    1. No
      purpose of the Seller relating to the sale of the Certificate by the Seller
      to
      the Purchaser is or will be to enable the Seller to impede the assessment or
      collection of tax.

     

    2. The
      Seller understands that the Purchaser has delivered to the Trustee and the
      Depositor a transferee affidavit and agreement in the form attached to the
      Pooling and Servicing Agreement as Exhibit E-2. The Seller does not know or
      believe that any representation contained therein is false.

     

    3. The
      Seller has no actual knowledge that the Purchaser is not a Permitted
      Transferee.

     

    4. The
      Seller has no actual knowledge that the Purchaser would be unwilling or unable
      to pay taxes due on its share of the taxable income attributable to the
      Certificates.

     

    
      
        
        

      

      
        E-1-1

        
          

        

      

      
        
        

      

    

    

     

    5. At
      the
      time of this transfer (I) the Seller has conducted a reasonable investigation
      of
      the financial condition of the Purchaser and, as a result of the investigation,
      found that the Purchaser has historically paid its debts as they came due,
      and
      found no significant evidence to indicate that the Purchaser will not continue
      to pay its debts as they come due in the future, (II) the Purchaser represents
      that it will not cause income from the Certificates to be attributable to a
      foreign permanent establishment or fixed base (within the meaning of an
      applicable income tax treaty) of the Purchaser or another U.S. Person and (III)
      either (A) the Seller both (1) has determined all of the following: (i) at
      the
      time of the transfer, and at the close of each of the Purchaser’s two fiscal
      years preceding the year of transfer, the Purchaser’s gross assets for financial
      reporting purposes exceed $100 million and its net assets for such purposes
      exceed $10 million (disregarding, for purposes of determining gross or net
      assets, the obligation of any person related to the Purchaser within the meaning
      of section 860L(g) of the Code or any other asset if a principal purpose for
      holding or acquiring that asset is to permit the Purchaser to satisfy this
      minimum gross asset or net asset requirement), (ii) the Purchaser is a domestic
      C corporation for United States federal income tax purposes that is not for
      such
      purposes an exempt corporation, a regulated investment company, a real estate
      investment trust, a REMIC, or a cooperative organization to which part I of
      subchapter T of the Code applies, (iii) there are no facts or circumstances
      on
      or before the date of transfer (or anticipated) which would reasonably indicate
      that the taxes associated with the Certificates will not be paid, (iv) the
      Purchaser is not a foreign branch of a domestic corporation, and (v) the
      transfer does not involve a transfer or assignment to a foreign branch of a
      domestic corporation (or any other arrangement by which any Certificate is
      at
      any time subject to net tax by a foreign country or U.S. possession) and the
      Purchaser will not hereafter engage in any such transfer or assignment (or
      any
      such arrangement), and (2) does not know or have reason to know that the
      Purchaser will not honor the restrictions on subsequent transfers of any Class
      R
      Certificate described in paragraph 12 of the Transferee Affidavit, or (B) the
      Seller has determined that the present value of the anticipated tax liabilities
      associated with the holding of the Certificates does not exceed the sum of
      (1)
      the present value of any consideration given to the Purchaser to acquire the
      Certificates, (2) the present value of the expected future distributions on
      the
      Certificates, and (3) the present value of the anticipated tax savings
      associated with holding the Certificates as the REMIC generates losses (having
      made such determination by (I) assuming that the Purchaser pays tax at a rate
      equal to the highest rate of tax specified in Section 11(b)(1) of the Code
      (provided
      that, if
      the Purchaser has been subject to the alternative minimum tax under Section
      55
      of the Code in the preceding two years and will compute its taxable income
      in
      the current taxable year using the alternative minimum tax rate, then the
      Purchaser may use the tax rate specified in Section 55(b)(1)(B) of the Code),
      and (II) utilizing a discount rate for present valuation purposes equal to
      the
      Federal short-term rate prescribed by Section 1274(d) of the Code.

     

    6. The
      Purchaser has represented to the Seller that, if the Certificates constitute
      a
      non-economic residual interest, it (i) understands that as holder of a
      non-economic residual interest it may incur tax liabilities in excess of any
      cash flows generated by the interest, and (ii) intends to pay taxes associated
      with its holding of the Certificates as they become due.

     

    The
      Seller understands that the transfer of the Certificates may not be respected
      for United States income tax purposes (and the Seller may continue to be liable
      for United States income taxes associated therewith) unless there is compliance
      with the standards of paragraph 5 above as to any transfer.

     

    
      
        
        

      

      
        E-1-2

        
          

        

      

      
        
        

      

    

    

     

    We
      agree
      to indemnify the Depositor, the Servicer the Master Servicer, the Securities
      Administrator and the Trustee against any liability that may result if we sell
      or transfer a Residual Certificate to a purchaser or transferee who does not
      comply with any conditions for transfer set forth in the Pooling and Servicing
      Agreement.

     

    
      
        
        

      

      
        E-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned has caused this instrument to be executed
      by
      its duly authorized representative as of the [__] day of
      [            ]
      200[  ]. 

     

    [NAME
      OF
      TRANSFEROR]

    

    By:
      ______________________

    

    Name:
      ____________________

    

    Title:
      _____________________

    

    Personally
      appeared before me [_____________________], known or proved to me to be the
      same
      person who executed the foregoing instrument and to be a [____________________]
      of the Seller, and acknowledged to me that he or she executed the same as his
      or
      her free act and deed and as the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this [__] day of
      [            ]
      200[  ]. 

     

    Notary
      Public

    

    

    My
      commission expires the [____] day of [________] 200[__].

    

    

     

    
      
        
        

      

      
        E-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E-2

     

    FORM
      OF
      RESIDUAL TRANSFER AFFIDAVIT (TRANSFEREE)

     

    
      
        	
                STATE
                  OF [_________]

              	
                )

              
	 	
                )ss:

              
	
                COUNTY/CITY
                  OF [_______]

              	
                )

              

      

    

     

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    1. That
      he
      [she] is [title of officer] ________________________ of [name of Purchaser]
      _________________________________________ (the “Purchaser”), a
      _______________________ [description of type of entity] duly organized and
      existing under the laws of the [State of __________] [United States], on behalf
      of which he [she] makes this affidavit.

     

    2. That
      the
      Purchaser’s Taxpayer Identification Number is
      [            ].

     

    3. That
      the
      Purchaser is not a “disqualified organization” within the meaning of Section
      860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”) and
      will not be a “disqualified organization” as of [date of transfer], and that the
      Purchaser is not acquiring a Residual Certificate (as defined in the Pooling
      and
      Servicing Agreement) for the account of, or as agent (including a broker,
      nominee, or other middleman) for, any person or entity from which it has not
      received an affidavit substantially in the form of this affidavit. For these
      purposes, a “disqualified organization” means the United States, any state or
      political subdivision thereof, any foreign government, any international
      organization, any agency or instrumentality of any of the foregoing (other
      than
      an instrumentality if all of its activities are subject to tax and a majority
      of
      its board of directors is not selected by such governmental entity), any
      cooperative organization furnishing electric energy or providing telephone
      service to persons in rural areas as described in Code Section 1381(a)(2)(C),
      any “electing large partnership” within the meaning of Section 775 of the Code,
      or any organization (other than a farmers’ cooperative described in Code Section
      521) that is exempt from federal income tax unless such organization is subject
      to the tax on unrelated business income imposed by Code Section
      511.

     

    4. The
      Purchaser either (a) is not, and on ___________ [date of transfer] will not
      be,
      an employee benefit plan or other retirement arrangement subject to Section
      406
      of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
      Section 4975 of the Code (collectively, a “Plan”) or a person acting on behalf
      of any such Plan or investing the assets of any such Plan to acquire the
      Residual Certificate; (b) if the Residual Certificate has been the subject
      of an ERISA-Qualifying Underwriting, is an insurance company that is purchasing
      the Certificate with funds contained in an “insurance company general account”
as defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
      95-60 and the purchase and holding of the Residual Certificate are covered
      under
      Section I and III of PTCE 95-60; or (c) herewith delivers to the Trustee an
      opinion of counsel satisfactory to the Trustee, to the effect that the purchase
      or holding of such Residual Certificate by the Investor will not constitute
      or
      result in any non-exempt prohibited transactions under Section 406 of ERISA
      or
      Section 4975 of the Code and will not subject the Trustee, the Depositor, the
      Seller, the Master Servicer, the Servicer, the Securities Administrator or
      the
      NIMS Insurer, if any, to any obligation in addition to those undertaken by
      such
      entities in the Pooling and Servicing Agreement, which opinion of counsel shall
      not be an expense of the Trust Fund or any of the above parties.

     

    
      
        
        

      

      
        E-2-1

        
          

        

      

      
        
        

      

    

    

     

    5. That
      the
      Purchaser hereby acknowledges that under the terms of the Pooling
      and Servicing Agreement dated as
      of[           ],
      20[   ] (the “Pooling and Servicing Agreement”), by and among
      Aegis Asset Backed Securities Corporation, as Depositor, Aegis Mortgage
      Corporation, as Seller,
      [           ], as Master
      Servicer, Securities Administrator and Custodian,
      [           ], as
      Servicer, [[           ],
      as Credit Risk Manager,] and
      [           ], as
      Trustee, with respect to Aegis Asset Backed Securities Trust Mortgage
      Pass-Through Certificates, Series 20[   ]-[   ]
no
      transfer of the Residual Certificates shall be permitted to be made to any
      person unless the Trustee has received a certificate from such transferee
      containing the representations in paragraphs 3 and 4 hereof.

     

    6. That
      the
      Purchaser does not hold REMIC residual securities as nominee to facilitate
      the
      clearance and settlement of such securities through electronic book-entry
      changes in accounts of participating organizations (such entity, a “Book-Entry
      Nominee”).

     

    7. That
      the
      Purchaser does not have the intention to impede the assessment or collection
      of
      any federal, state or local taxes legally required to be paid with respect
      to
      such Residual Certificate.

     

    8. That
      the
      Purchaser will not transfer a Residual Certificate to any person or entity
      (i)
      as to which the Purchaser has actual knowledge that the requirements set forth
      in paragraph 3, paragraph 6 or paragraph 10 hereof are not satisfied or that
      the
      Purchaser has reason to believe does not satisfy the requirements set forth
      in
      paragraph 7 hereof, and (ii) without obtaining from the prospective Purchaser
      an
      affidavit substantially in this form and providing to the Trustee a written
      statement substantially in the form of Exhibit C to the Pooling and Servicing
      Agreement.

     

    9. That
      the
      Purchaser understands that, as the holder of a Residual Certificate, the
      Purchaser may incur tax liabilities in excess of any cash flows generated by
      the
      interest and that it intends to pay taxes associated with holding such Residual
      Certificate as they become due.

     

    10. That
      (I)
      the Purchaser (i) is not a Non-U.S. Person, (ii) is a Non-U.S. Person that
      holds
      a Residual Certificate in connection with the conduct of a trade or business
      within the United States and has furnished the transferor and the Trustee with
      an effective Internal Revenue Service Form W-8ECI
      (Certificate of Foreign Person’s Claim for Exemption From Withholding on Income
      Effectively Connected With the Conduct of a Trade or Business in the United
      States)
      or
      successor form at the time and in the manner required by the Code or (iii)
      is a
      Non-U.S. Person that has delivered to the transferor, the Trustee an opinion
      of
      a nationally recognized tax counsel to the effect that the transfer of such
      Residual Certificate to it is in accordance with the requirements of the Code
      and the regulations promulgated thereunder and that such transfer of a Residual
      Certificate will not be disregarded for federal income tax purposes and (II)
      if
      Purchaser is a partnership for U.S. federal income tax purposes, each person
      or
      entity that holds an interest (directly, or indirectly through a pass-through
      entity) is a person or entity described in (I). “Non-U.S. Person” means any
      person other than a “United States person” within the meaning of Section
      7701(a)(30) of the Code.

     

    
      
        
        

      

      
        E-2-2

        
          

        

      

      
        
        

      

    

    

     

    11. The
      Purchaser will not cause income from the Residual Certificate to be attributable
      to a foreign permanent establishment or fixed base of the Purchaser or another
      U.S. taxpayer.

     

    12. The
      Purchaser will, in connection with any transfer that it makes of a Class R
      Certificate deliver to the Certificate Registrar a representation letter
      substantially in the form of Exhibit N to the Pooling and Servicing Agreement.
      [The Purchaser hereby agrees that it will not make any transfer of any Class
      R
      Certificate unless (i) the transfer is to an entity which is a domestic C
      corporation (other than an exempt corporation, a regulated investment company,
      a
      real estate investment trust, a REMIC, or a cooperative organization to which
      part I of Subchapter T of the Code applies) for federal income tax purposes,
      and
      (ii) the transfer is in compliance with the conditions set forth in paragraph
      5
      of Exhibit N of the Pooling and Servicing Agreement.]1 

     

    [13. The
      Purchaser hereby represents to and for the benefit of the transferor that (i)
      at
      the time of the transfer, and at the close of each of the Purchaser’s two fiscal
      years preceding the year of transfer, the Purchaser’s gross assets for financial
      reporting purposes exceed $100 million and its net assets for such purposes
      exceed $10 million (disregarding, for purposes of determining gross or net
      assets, the obligation of any person related to the Purchaser within the meaning
      of section 860L(g) of the Code or any other asset if a principal purpose for
      holding or acquiring that asset is to permit the Purchaser to satisfy this
      minimum gross asset or net asset requirement), (ii) the Purchaser is a domestic
      C corporation for United States federal income tax purposes that is not for
      such
      purposes an exempt corporation, a regulated investment company, a real estate
      investment trust, a REMIC, or a cooperative organization to which part I of
      subchapter T of the Code applies, (iii) there are no facts or circumstances
      on
      or before the date of transfer (or anticipated) which would reasonably indicate
      that the taxes associated with the Class R Certificates will not be paid, and
      (iv) the Purchaser is not a foreign branch of a domestic corporation, the
      transfer does not involve a transfer or assignment to a foreign branch of a
      domestic corporation (or any other arrangement by which any Class R Certificate
      is at any time subject to net tax by a foreign country or U.S. possession),
      and
      the Purchaser will not hereafter engage in any such transfer or assignment
      (or
      any such arrangement).]2 

     

    
      

    

    1
      Bracketed text to be included if the Purchaser is relying on the transferee’s
      compliance with the “Asset Test Safe Harbor” rather than the “Formula Test Safe
      Harbor.”

    2
      Bracketed text to be included if the Purchaser is relying on the transferee’s
      compliance with the “Asset Test Safe Harbor” rather than the “Formula Test Safe
      Harbor.”

    
      
        
        

      

      
        E-2-3

        
          

        

      

      
        
        

      

    

    

     

    14. That
      the
      Purchaser agrees to such amendments of the Pooling and Servicing Agreement
      as
      may be required to further effectuate the restrictions on transfer of any
      Residual Certificate to such a “disqualified organization,” an agent thereof, a
      Book-Entry Nominee, or a person that does not satisfy the requirements of
      paragraph 7 and paragraph 10 hereof.

     

    15. That
      the
      Purchaser consents to the designation of the Trustee to act as agent for the
      “tax matters person” of each REMIC created by the Trust Fund pursuant to the
      Pooling and Servicing Agreement.

     

    We
      agree
      to indemnify the Depositor, the Seller, the Master Servicer, the Servicer,
      the
      Securities Administrator and the Trustee against any liability that may result
      if we sell or transfer a Residual Certificate to a purchaser or transferee
      who
      does not comply with any conditions for transfer set forth in the Pooling and
      Servicing Agreement.

     

    

     

    
      
        
        

      

      
        E-2-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________ 20__.

     

    _________________________________

    [name
      of
      Purchaser]

     

    By:______________________________

    Name:
      

    Title:
      

     

    Personally
      appeared before me the above-named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________ 20__.

     

    NOTARY
      PUBLIC

     

    ______________________________

     

    COUNTY
      OF_____________________

     

    STATE
      OF______________________

     

    My
      commission expires the _____ day of __________ 20__.

     

      
        
          
          

        

        
          E-2-5

          
            

          

        

        
          
          

        

      

    EXHIBIT
      F

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    
      

        
          	 	
                  ___________________________

                  Date 

                

        

      

    

     

     

    Aegis
      Asset Backed Securities Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    

    [           ]

    [           ]

    [           ],
      [           ]

    Attn:
      [Corporate Trust Services] - Aegis
      20[   ]-[   ]

    

    
      	 	
              Re:
                

            	
              Aegis
                Asset Backed Securities Trust
Mortgage Pass-Through Certificates,
                Series
                20[   ]-[   ]

            

    

     

    Ladies
      and Gentlemen:

    

    In
      connection with our disposition of the above Certificates we certify that we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Securities
      Act of 1933, as amended.

     

    Very
      truly yours,

     

    [NAME
      OF
      TRANSFEROR]

     

    By:
      ______________________________

    

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-1

     

    FORM
      OF
      INVESTMENT LETTER (NON-RULE 144A)

     

    
      

        
          	 	
                  ___________________________

                  Date 

                

        

      

    

    

    

    Aegis
      Mortgage Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

    

    Aegis
      Asset Backed Securities Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

     

    [           ]

    [           ]

    [           ],
      [           ]

    Attention:
      Corporate Trust Services - Aegis
      20[   ]-[   ]

    

    
      	 	
              Re:
                

            	
              Aegis
                Asset Backed Securities Trust
Mortgage Pass-Through Certificates,
                Series
                20[   ]-[   ]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor” under Rule 501(a)(1), (2), (3) or (7) under the Act, or a
      Person in which all of the equity owners are such accredited investors, and
      have
      such knowledge and experience in financial and business matters that we are
      capable of evaluating the merits and risks of investments in the Certificates,
      (c) we have had the opportunity to ask questions of and receive answers from
      the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) we are acquiring the Certificates for investment
      for our own account and not with a view to any distribution of such Certificates
      (but without prejudice to our right at all times to sell or otherwise dispose
      of
      the Certificates in accordance with clause (f) below), (e) we have not offered
      or sold any Certificates to, or solicited offers to buy any Certificates from,
      any person, or otherwise approached or negotiated with any person with respect
      thereto, or taken any other action which would result in a violation of Section
      5 of the Act, and (f) we will not sell, transfer or otherwise dispose of any
      Certificates unless (i) such sale, transfer or other disposition is made
      pursuant to an effective registration statement under the Act or is exempt
      from
      such registration requirements, and if requested, we will at our expense provide
      an opinion of counsel satisfactory to the addressees of this Certificate that
      such sale, transfer or other disposition may be made pursuant to an exemption
      from the Act, (ii) the purchaser or transferee of such Certificate has executed
      and delivered to you a certificate to substantially the same effect as this
      certificate, and (iii) the purchaser or transferee has otherwise complied with
      any conditions for transfer set forth in the Pooling and Servicing
      Agreement.

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

    

     

    Very
      truly yours,

     

    [NAME
      OF
      TRANSFEREE]

     

    By:
               
                                            
  

    Authorized
      Officer

     

    

    

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-2

     

    FORM
      OF
      INVESTMENT LETTER (RULE 144A)

    
      

        
          	 	
                  ___________________________

                  Date 

                

        

      

    

     

    [           ]

    [           ]

    [           ],
      [           ]

    Attention:
      Corporate Trust Services - Aegis
      20[   ]-[   ]

     

    Aegis
      Mortgage Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

    

    Aegis
      Asset Backed Securities Corporation

    3250
      Briarpark, Suite 400

    Houston,
      Texas 77042

    Attention:
      Secondary Marketing

     

    
      	 	
              Re:
                

            	
              Aegis
                Asset Backed Securities Trust
Mortgage Pass-Through Certificates,
                Series
                20[   ]-[   ]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the purchase on the date hereof of the captioned Certificates
      (the “Purchased Certificates”), the undersigned (the “Transferee”) hereby
      certifies and covenants to the transferor, the Seller, the Trustee, the
      Certificate Registrar, the Trustee and the Trust Fund as follows:

     

    1. The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A (“Rule 144A”) promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), and has completed the form of certification to that effect
      attached hereto as Annex A. The Transferee is aware that the sale to it is
      being
      made in reliance on Rule 144A.

     

    2. The
      Transferee understands that the Purchased Certificates have not been registered
      under the Securities Act or registered or qualified under any state securities
      laws and that no transfer may be made unless the Purchased Certificates are
      registered under the Securities Act and under applicable state law or unless
      an
      exemption from such registration is available. The Transferee further
      understands that neither the Seller, the Trustee, the Certificate Registrar,
      the
      Paying Agent, the Trustee nor the Trust Fund is under any obligation to register
      the Purchased Certificates or make an exemption from such registration
      available.

     

    3. The
      Transferee is acquiring the Purchased Certificates for its own account or for
      the account of a “qualified institutional buyer,” and understands that such
      Purchased Certificates may be resold, pledged or transferred only (a) to a
      person reasonably believed to be such a qualified institutional buyer that
      purchases for its own account or for the account of a qualified institutional
      buyer to whom notice is given that the resale, pledge or transfer is being
      made
      in reliance on Rule 144A, or (b) pursuant to another exemption from registration
      under the Securities Act and under applicable state securities laws. In
      addition, such transfer may be subject to additional restrictions, as set forth
      in Section 5.2 of the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

    

     

    4. The
      Transferee has been furnished with all information that it requested regarding
      (a) the Purchased Certificates and distributions thereon and (b) the Pooling
      and
      Servicing Agreement referred to below.

     

    5. If
      applicable, the Transferee has complied or will comply in all material respects
      with applicable regulatory guidelines relating to the ownership of mortgage
      derivative products.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement dated as of
      [          ],
      20[   ], by and among Aegis Asset Backed Securities Corporation,
      as Depositor, Aegis Mortgage Corporation, as Seller,
      [          ], as Master
      Servicer, Securities Administrator and Custodian,
      [          ], as Servicer,
      [[          ], as Credit Risk
      Manager,] and [          ], as
      Trustee, pursuant to which the Purchased Certificates were issued.

     

    IN
      WITNESS WHEREOF, the undersigned has caused this Rule 144A Agreement—QIB
      Certification to be executed by a duly authorized representative this [__]
      day
      of [           ]
      200[    ].

     

    [NAME
      OF
      TRANSFEREE]

    

     

    By:
      ______________________________

    Title:
      ____________________________

     

    

    

    
      
        
        

      

      
        G-2-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    BENEFIT
      PLAN AFFIDAVIT

    

    
      	 	
              Re:

            	
              [Trust
                Information] ERISA-Restricted Certificates and ERISA-Restricted Swap
                Certificates

            

    

    

    
      

        
          	
                  STATE
                    OF [_________]

                	
                  )

                
	 	
                  )ss:

                
	
                  COUNTY/CITY
                    OF [_______]

                	
                  )

                

        

      

    

     

    
    

    Under
      penalties of perjury, I, the undersigned, declare that, to the best of my
      knowledge and belief, the following representations are true, correct and
      complete.

     

    1. That
      I am
      a duly authorized officer of [Organization], a [State] corporation (the
“Purchaser”), whose taxpayer identification number is [____________], and on
      behalf of which I have the authority to make this affidavit.

    

    2. In
      the
      case of an ERISA-Restricted Certificate, the Purchaser either: 

     

    
      	 	
              (i)

            	
              is
                not an employee benefit plan or other retirement arrangement subject
                to
                Section 406 of ERISA or Section 4975 of the Code (“Plan”), nor a person
                acting on behalf of any such Plan or using the assets of any such
                Plan to
                effect such transfer;

            

    

     

    
      	 	
              (ii)

            	
              if
                the Certificate has been the subject of an ERISA-Qualifying underwriting,
                is an insurance company and the purchaser is purchasing the Certificate
                with funds contained in an “insurance company general account” (as such
                term is defined in Section V(e) of Prohibited Transaction Class Exemption
                95-60 (“PTCE 95-60”)) and the acquisition and holding of such Certificate
                are covered under Sections I and III of PTCE 95-60;
                or

            

    

     

    
      	 	
              (iii)

            	
              has
                provided an Opinion of Counsel satisfactory to the Trustee and the
                Securities Administrator to the effect that the acquisition or holding
                of
                such Certificate will not result in prohibited transactions under
                Section
                406 of ERISA and Section 4975 of the Code and will not subject the
                Trustee, the Securities Administrator, the Depositor, the Seller,
                the
                Master Servicer, the Servicer or the NIMS Insurer, if any, to any
                obligation in addition to those expressly undertaken in this Agreement;
                such Opinion of Counsel will not be at the expense of any of the
                above
                parties or the Trust Fund.

            

    

     

    
      	 	
              3.

            	
              [In
                the case of an ERISA-Restricted Swap Certificate,
                either:

            

    

     

    
      	 	
              (iv)

            	
              the
                Purchaser is neither a Plan nor a person acting on behalf of any
                such Plan
                or using the assets of any such Plan to effect such transfer;
                or

            

    

     

    
      
        
        

      

      
        H-1-1

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (v)

            	
              the
                acquisition and holding of the ERISA- Restricted Swap Certificate
                are
                eligible for exemptive relief under Prohibited Transaction Class
                Exemption
                (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE
                96-23.]

            

    

     

    Capitalized
      terms used but not otherwise defined herein shall have the meanings assigned
      to
      such terms in the Pooling and Servicing Agreement dated as of
      [          ],
      20[   ], by and among Aegis Asset Backed Securities Corporation,
      as Depositor, Aegis Mortgage Corporation, as Seller,
      [          ], as Master
      Servicer, Securities Administrator and Custodian,
      [          ], as Servicer,
      [[          ], as Credit Risk
      Manager,] and [          ], as
      Trustee.

     

    [NAME
      OF
      PURCHASER]

     

    

     

    By:
      ________________________________

     

    [TITLE]

     

     

     

    

    
      
        
        

      

      
        H-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    [Reserved]

     

    

    

    

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    REQUEST
      FOR RELEASE OF DOCUMENTS

     

    

     

    
      	
              To:

            	
              [          ]
[          ]
[          ],
                [          ]
Attn:
                [Inventory Control]

            

    

     

    
      	
            	Re:	
              Pooling
                and Servicing Agreement dated as of
                [          ],
                20[   ], among Aegis Asset Backed Securities Corporation,
                as Depositor, Aegis Mortgage Corporation, as
                Seller, [          ],
                as Master Servicer, Securities Administrator and Custodian,
                [          ], as
                Servicer, [[          ],
                as Credit Risk Manager,] and
                [          ], as
                Trustee

            

    

    

    In
      connection with the administration of the Mortgage Loans held by you as
      Custodian for the Owner pursuant to the above-captioned Pooling and Servicing
      Agreement, we request the release, and hereby acknowledge receipt, of the
      Custodian’s Mortgage File for the Mortgage Loan described below, for the reason
      indicated.

    

    Mortgage
      Loan Number:

    

    Mortgagor
      Name, Address & Zip Code:

     

    Reason
      for Requesting Documents
      (check
      one):

    

    
      	
              ______

            	
              1.

            	
              Mortgage
                Paid in Full

            	 
	 	 	 	 
	
              ______

            	
              2.

            	
              Foreclosure

            	 
	
               

              ______

            	
               

              3.

            	
               

              Substitution

            	 
	 	 	 	 
	
              ______

            	
              4.

            	
              Other
                Liquidation (Repurchases, etc.)

            	 
	 	 	 	 
	
              ______

            	
              5.

            	
              Nonliquidation

            	
              Reason:_________________

            
	 	 	 	 
	
              Address
                to which Custodian should

              Deliver
                the Custodian’s Mortgage File

            	
              ____________________________________

              ____________________________________

              _____________________________________

            

    

     

    

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

     

    By:
      ________________________________

    (authorized
      signer)

    Issuer:
      ______________________________

    Address:
      ____________________________

     

    Date:
      _______________________________

    

    Custodian

    

    

    [          ]

    Please
      acknowledge the execution of the above request by your signature and date
      below:

    

    
      	
              _____________________________

            	
              _________________

            
	
              Signature

            	
              Date

            
	 	 
	
              Documents
                returned to Custodian:

            	 
	 	 
	
              ______________________________

            	
              _________________

            
	
              Custodian

            	
              Date

            

    

    

    
      
        
        

      

      
        J-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

    

    FORM
      OF
      CERTIFICATION TO BE 

    PROVIDED
      TO THE DEPOSITOR BY THE SERVICER

    

    Aegis
      Asset Backed Securities Corporation

    3250
      Briarpark, Suite 400

    Houston,
      TX 77042

    

    
      	
            	Re:	
              Aegis
                Asset Backed Securities Trust
Mortgage Pass-Through Certificates,
                Series
                20[   ]-[   ]

            

    

     

    Reference
      is made to the pooling and servicing agreement
      dated as
      of [          ],
      20[   ] (the “Pooling and Servicing Agreement”), among Aegis
      Asset Backed Securities Corporation, as Depositor, Aegis Mortgage Corporation,
      as Seller, [          ], as
      Master Servicer, Securities Administrator and Custodian,
      [          ], as Servicer,
      [[          ], as Credit Risk
      Manager,] and [          ], as
      Trustee. I, [identify the certifying individual], a [TITLE] of the Servicer,
      hereby certify to the Depositor and its officers,
      directors and affiliates, and with the knowledge and intent that they will
      rely
      upon this certification, that:

     

    
      	
              1.

            	
              I
                have reviewed the servicer compliance statement of the Servicer provided
                in accordance with Item 1123 of Regulation AB (the “Compliance
                Statement”), the report on assessment of the Servicer’s compliance with
                the servicing criteria set forth in Item 1122(d) of Regulation AB
                (the
                “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18
                under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and
                Item 1122 of Regulation AB (the “Servicing Assessment”), the registered
                public accounting firm’s attestation report provided in accordance with
                Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b)
                of
                Regulation AB (the “Attestation Report”), and all servicing reports,
                officer’s certificates and other information relating to the servicing of
                the Mortgage Loans by the Servicer during 200[  ] that were
                delivered by the Servicer pursuant to the Pooling and Servicing Agreement
                (collectively, the “Servicing
                Information”);

            

    

    

    
      	
              2.

            	
              Based
                on my knowledge, all of the Servicing Information required to be
                provided
                by the Servicer under the Pooling and Servicing Agreement has been
                provided to the Master Servicer when and as required under the Pooling
                and
                Servicing Agreement;

            

    

    

    
      	
              3.

            	
              Based
                on my knowledge, the Servicing Information does not contain any material
                untrue information or omit to state information necessary to make
                the
                Servicing Information, in light of the circumstances under which
                such
                information was provided, not misleading as of the date of this
                certification; and

            

    

    

    
      	
              4.

            	
              The
                Compliance Statement, the Servicing Assessment and the Attestation
                Report
                required to be included in the Annual Report on Form 10-K filed by
                the
                Depositor have been provided to the [Depositor] [Master Servicer].
                Any
                material instances of noncompliance described in such reports have
                been
                disclosed to the Depositor. Any material instance of noncompliance
                with
                the Servicing Criteria has been disclosed in such
                reports.

            

    

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    

    
      	
              5.

            	
              I
                am responsible for reviewing the activities performed by the Servicer
                under the Pooling and Servicing Agreement, and based upon my knowledge
                and
                the review required under the Pooling and Servicing Agreement, and
                except
                as disclosed in writing to you on or prior to the date of this
                certification either in the accountants’ report required under the Pooling
                and Servicing Agreement or in disclosure, a copy of which is attached
                hereto, the Servicer has, as of the last day of the period covered
                by such
                reports, fulfilled its obligations under the Pooling and Servicing
                Agreement.

            

    

    [          ],

    as
      Servicer

    

    _____________________________

    By:

    Title:

    Date:

    

     

    
      
        
        

      

      
        K-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    FORM
      OF
      CERTIFICATION TO BE PROVIDED 

    TO
      THE
      DEPOSITOR BY THE SECURITIES ADMINISTRATOR

    

    

    
      	
            	Re:	
              Aegis
                Asset Backed Securities Trust
Mortgage Pass-Through Certificates,
                Series
                20[   ]-[   ]

            

    

     

    

    I,
      [identify the certifying individual], a [title] of
      [          ], as Securities
      Administrator, hereby certify to Aegis Asset Backed Securities Corporation
      (the
“Depositor”), and its officers, directors and affiliates, and with the knowledge
      and intent that they will rely upon this certification that:

    

    1. [I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____], and all
      reports on Form 8-K containing distribution reports filed in respect of periods
      included in the year covered by that annual report, of the Depositor, relating
      to the above-referenced trust;]

     

    2. [Based
      on
      my actual knowledge, without independent investigation or inquiry, the
      information in these distribution reports prepared by the Securities
      Administrator, taken as a whole, does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made not
      misleading as of the last day of the period covered by that annual report;
      and]

     

    3. [Based
      on
      my knowledge, the distribution information required to be provided by the
      Securities Administrator under the pooling and servicing agreement is included
      in these distribution reports.]

     

    

    Date: _________________________________

     

    

    [          ],
      as Securities Administrator

     

    

    By:
      ____________________________________

    [Signature]

    [Title]

    

    

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

    

    FORM
      OF
      LIMITED POWER OF ATTORNEY TO BE 

    PROVIDED
      TO THE SERVICER BY THE TRUSTEE

     

    

      
        	
                WHEN
                  RECORDED MAIL TO:

              	
                PREPARED
                  BY:

              
	
                [SERVICER
                  AND/OR MASTER SERVICER]

              	
                [          ]

              
	 	
                ATTN:
                  [          ]

              
	 	
                [          ]

              
	 	
                [          ],
                  [          ]

              

      

    

    
      
        

      

    

    LIMITED
      POWER OF ATTORNEY

     

    [          ],
      a
      [national banking association], (the "Company") hereby irrevocably constitutes
      and appoints
      [           ],
      ("[      ]"), and any officer or agent thereof,
      with full power of substitution, as its true and lawful attorney-in-fact with
      full irrevocable power and authority in the place and stead of the Company
      and
      in the name of the Company or in its own name, from time to time in
      [      ]'s discretion, for the purpose of
      servicing mortgage loans, to take any and all appropriate action and to execute
      any and all documents and instruments which may be necessary or desirable to
      accomplish the purposes of servicing mortgage loans, and, without limiting
      the
      generality of the foregoing, the Company hereby gives
      [      ] the power and right, on behalf of the
      Company, without assent by the Company, to do the following, to the extent
      consistent with the terms and conditions of the Pooling and Servicing Agreements
      and Servicing Agreements attached hereto as Exhibit A :

     

    (A)
      to
      direct any party liable for any payment under any loans to make payment of
      any
      and all moneys due or to become due thereunder directly to
      [      ] or as
      [      ] shall direct and in the name of the
      Company or its own name, or otherwise, to take possession of and endorse and
      collect any checks, drafts, notes, acceptances, or other instruments for the
      payment of moneys due under any loans (including those related to mortgage
      insurance); (B) to execute substitutions of trustee, reconveyance documents,
      foreclosure documents, modifications, grant deeds and other instruments
      conveying real property,
      and such
      other documents as [      ] deems necessary to
      carry out its obligations to service the mortgage loans; (C) to ask or demand
      for, collect, receive payment of and receipt for, any and all moneys, claims,
      and other amounts due or to become due at any time in respect of or arising
      out
      of any loans; (D) to commence and prosecute any suits, actions, or proceedings
      at law or in equity in any court of competent jurisdiction to collect the loans
      or any thereof and to enforce any other right in respect of any loans; and
      (E) generally, to do, at [      ]'s option,
      at any time, and from time to time, all acts and things which
      [      ] deems necessary to protect, preserve or
      realize upon the loans and the liens thereon and to effect the intent of the
      Agreement, all as fully and effectively as the Company might do.

     

    DATED
      this ____ day of __________________ 200_.

    

    

    

    

    [          ],
      a
      [national banking association]

    

    By:
      _______________________________

    Its:
      _______________________________

    

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    
      

        
          	
                  STATE
                    OF [_________]

                	
                   

                
	 	
                   

                
	
                  COUNTY
                    [_______]

                	
                   

                

        

      

    

    

    On
      this 
      day of
                            
      20[   ], before me, the undersigned, a notary public, personally
      appeared                                    
      ,
      ________ of [          ],
      a
      [national banking association], who is personally known to me on the basis
      of
      satisfactory evidence to be the person whose name is subscribed to the within
      instrument and acknowledged to me that they executed the same in his/her
      authorized capacities and that by their signatures on the instrument the persons
      of the entry upon behalf of which the persons acted, executed the
      Instrument.

    

    WITNESS
      my hand and official seal.

    

    Signature __________________________________ 

    

    

    

    
      
        
        

      

      
        M-2

        
          

        

      

      
        
        

      

    

    

    

    Exhibit
      A [to Exhibit M]

    

    Pooling
      and Servicing Agreement

    Among

    

    Aegis
      Asset Backed Securities Corporation, Aegis Mortgage Corporation, [          ],
      [          ],
      [          ]
      and
[          ]

    

    Aegis
      Asset Backed Securities Trust

    Mortgage
      Pass-Through Certificates, Series
      20[   ]-[   ]

    

    

    

    

    

    
      
        
        

      

      
        M-3

        
          

        

      

      
        
        

      

    

    [EXHIBIT
      N

    

    CREDIT
      RISK MANAGEMENT AGREEMENTS]

    

    

    

    

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    [EXHIBIT
      O

    

    SWAP
      AGREEMENT]

    

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

    [EXHIBIT
      P

     

    

    FORM
      OF
      ADDITION NOTICE

     

    Pursuant
      to Section 2.1(a) of the Pooling and Servicing Agreement dated as of
      [           ], by and
      among Aegis Asset Backed Securities Corporation, as depositor (the “Depositor”),
      [Aegis Mortgage Corporation], as seller,
      [           ], as master
      servicer (in such capacity, the “Master Servicer”), securities administrator (in
      such capacity, the “Securities Administrator”) and custodian (in such capacity,
      the “Custodian”),
      [           ], as
      servicer, [           ],
      as credit risk manager, and
      [            ], as
      trustee (the “Trustee”), the Depositor hereby provides notice to the Trustee,
      the Master Servicer, the Custodian and the Rating Agencies that the Subsequent
      Mortgage Loans identified on Schedule I attached hereto will be sold to the
      Trustee on [_______] (the
      “Transfer Date”) pursuant to a Transfer Supplement. 

     

    Capitalized
      terms not otherwise defined herein shall have the meanings set forth in the
      Pooling and Servicing Agreement.

     

    

     

    AEGIS
      ASSET BACKED SECURITIES 
CORPORATION, as Depositor

     

    By:
            

    ______________________________________

    Name:

    ______________________________________

    Title:
      

     

    

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I TO

    ADDITION
      NOTICE]

     

    

    
      
        
        

      

      
        P-2

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