Document:

Unassociated Document

    ALLIANCE
      BANCORP.

     

    DEPOSITOR,

     

    [NAME
      OF
      MASTER SERVICER]

     

    MASTER
      SERVICER,

     

    AND

     

    [NAME
      OF
      TRUSTEE],

     

    TRUSTEE

     

    POOLING
      AND SERVICING AGREEMENT

     

    DATED
      AS
      OF ___________ 1, 200_

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES

     

    SERIES
      200_-_

     

    

    TABLE
      OF CONTENTS

     

     

    ARTICLE
      I

    DEFINITIONS

     

    
      	
              Section
                1.01.

            	
              Defined
                Terms.

            	 

    

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS ORIGINAL ISSUANCE OF CERTIFICATES

     

    
      	
              Section
                2.01.

            	
              Conveyance
                of Mortgage Loans.

            	 

    

    
      	
              Section
                2.02.

            	
              Acceptance
                of the Trust Fund by the Trustee.

            	 

    

    
      	
              Section
                2.03.

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

            	 

    

    
      	
              Section
                2.04.

            	
              Representations
                and Warranties of the Sponsor; Repurchase and
                Substitution.

            	 

    

    
      	
              Section
                2.05.

            	
              Issuance
                of Certificates Evidencing Interests in the Trust Fund.

            	 

    

    
      	
              Section
                2.06.

            	
              Purposes
                and Powers of the Trust.

            	 

    

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING OF THE TRUST FUND

     

    
      	
              Section
                3.01.

            	
              Master
                Servicer to Act as Master Servicer.

            	 

    

    
      	
              Section
                3.02.

            	
              Sub-Servicing
                Agreements Between Master Servicer and Sub-Servicers.

            	 

    

    
      	
              Section
                3.03.

            	
              Successor
                Sub-Servicers.

            	 

    

    
      	
              Section
                3.04.

            	
              Liability
                of the Master Servicer. Error! Bookmark not defined.

            	 

    

    
      	
              Section
                3.05.

            	
              No
                Contractual Relationship Between Sub-Servicers and Trustee or
                Certificateholders

            	 

    

    
      	
              Section
                3.06.

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee. Error! Bookmark
                not
                defined.

            	 

    

    
      	
              Section
                3.07.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	 

    

    
      	
              Section
                3.08.

            	
              Sub-Servicing
                Accounts.

            	 

    

    
      	
              Section
                3.09.

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

            	 

    

    
      	
              Section
                3.10.

            	
              Custodial
                Account.

            	 

    

    
      	
              Section
                3.11.

            	
              Permitted
                Withdrawals From the Custodial Account.

            	 

    

    
      	
              Section
                3.12.

            	
              Permitted
                Instruments.

            	 

    

    
      	
              Section
                3.13.

            	
              Maintenance
                of the Letter of Credit, Primary Mortgage Insurance and Primary Hazard
                Insurance.

            	 

    

    
      	
              Section
                3.14.

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

            	 

    

    
      	
              Section
                3.15.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	 

    

    
      	
              Section
                3.16.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	 

    

    
      	
              Section
                3.17.

            	
              Servicing
                Compensation.

            	 

    

    
      	
              Section
                3.18.

            	
              Maintenance
                of Certain Servicing Policies.

            	 

    

    
      	
              Section
                3.19.

            	
              Annual
                Statement as to Compliance.

            	 

    

    
      	
              Section
                3.20.

            	
              Assessments
                of Compliance and Attestation Reports.

            	 

    

    
      	
              Section
                3.21.

            	
              Reports
                Filed with Securities and Exchange Commission.

            	 

    

    
      	
              Section
                3.22.

            	
              Intention
                of the Parties and Interpretation.

            	 

    

    
      	
              Section
                3.23.

            	
              Access
                to Certain Documentation.

            	 

    

    
      	
              Section
                3.24.

            	
              Title,
                Conservation and Disposition of REO Property.

            	 

    

    
      	
              Section
                3.25.

            	
              Additional
                Obligations of the Master Servicer.

            	 

    

    
      	
              Section
                3.26.

            	
              Additional
                Obligations of the Depositor.

            	 

    

    
      	
              Section
                3.27.

            	
              Converted
                Mortgage Loans; Purchase Obligations Upon Conversion; Administration
                by
                the Trustee.

            	 

    

     

    ARTICLE
      IV

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	
              Section
                4.01.

            	
              Certificate
                Account; Distributions.

            	 

    

    
      	
              Section
                4.02.

            	
              Statements
                to Certificateholders.

            	 

    

    
      	
              Section
                4.03.

            	
              Remittance
                Reports; Advances by the Master Servicer.

            	 

    

    
      	
              Section
                4.04.

            	
              Allocation
                of Realized Losses.

            	 

    

    
      	
              Section
                4.05.

            	
              Information
                Reports to be Filed by the Master Servicer.

            	 

    

    
      	
              Section
                4.06.

            	
              The
                Letter of Credit.

            	 

    

    
      	
              Section
                4.07.

            	
              Compliance
                with Withholding Requirements.

            	 

    

     

    ARTICLE
      V

    THE
      CERTIFICATES

     

    
      	
              Section
                5.01.

            	
              The
                Certificates.

            	 

    

    
      	
              Section
                5.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            	 

    

    
      	
              Section
                5.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	 

    

    
      	
              Section
                5.04.

            	
              Persons
                Deemed Owners.

            	 

    

     

    ARTICLE
      VI

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    
      	
              Section
                6.01.

            	
              Liability
                of the Depositor and the Master Servicer.

            	 

    

    
      	
              Section
                6.02.

            	
              Merger,
                Consolidation or Conversion of the Depositor or the Master
                Servicer.

            	 

    

    
      	
              Section
                6.03.

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

            	 

    

    
      	
              Section
                6.04.

            	
              Limitation
                on Resignation of the Master Servicer.

            	 

    

     

    ARTICLE
      VII

    DEFAULT

     

    
      	
              Section
                7.01.

            	
              Events
                of Default.

            	 

    

    
      	
              Section
                7.02.

            	
              Trustee
                to Act; Appointment of Successor.

            	 

    

    
      	
              Section
                7.03.

            	
              Notification
                to Certificateholders.

            	 

    

    
      	
              Section
                7.04.

            	
              Waiver
                of Events of Default.

            	 

    

     

    ARTICLE
      VIII

    CONCERNING
      THE TRUSTEE

     

    
      	
              Section
                8.01.

            	
              Duties
                of Trustee.

            	 

    

    
      	
              Section
                8.02.

            	
              Certain
                Matters Affecting the Trustee.

            	 

    

    
      	
              Section
                8.03.

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            	 

    

    
      	
              Section
                8.04.

            	
              Trustee
                May Own Certificates.

            	 

    

    
      	
              Section
                8.05.

            	
              Payment
                of Trustee’s Fees.

            	 

    

    
      	
              Section
                8.06.

            	
              Eligibility
                Requirements for Trustee.

            	 

    

    
      	
              Section
                8.07.

            	
              Resignation
                and Removal of the Trustee.

            	 

    

    
      	
              Section
                8.08.

            	
              Successor
                Trustee.

            	 

    

    
      	
              Section
                8.09.

            	
              Merger
                or Consolidation of Trustee.

            	 

    

    
      	
              Section
                8.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	 

    

    
      	
              Section
                8.11.

            	
              Information
                Reports and Tax Returns.

            	 

    

     

    ARTICLE
      IX

    TERMINATION

     

    
      	
              Section
                9.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans.

            	 

    

     

    ARTICLE
      X

    MISCELLANEOUS
      PROVISIONS

     

    
      	
              Section
                10.01.

            	
              Amendment.

            	 

    

    
      	
              Section
                10.02.

            	
              Recordation
                of Agreement; Counterparts.

            	 

    

    
      	
              Section
                10.03.

            	
              Limitation
                on Rights of Certificateholders.

            	 

    

    
      	
              Section
                10.04.

            	
              Governing
                Law.

            	 

    

    
      	
              Section
                10.05.

            	
              Notices.

            	 

    

    
      	
              Section
                10.06.

            	
              Severability
                of Provisions.

            	 

    

    
      	
              Section
                10.07.

            	
              Successors
                and Assigns; Third Party Beneficiary.

            	 

    

    
      	
              Section
                10.08.

            	
              Article
                and Section Headings.

            	 

      	
              Section
                10.09.

            	
              Notice
                to Rating Agencies and Certificateholder.

            	 

    

     

    Signatures

    Acknowledgments

     

    
      	Exhibit A	Form of A Certificate
	Exhibit B	Form
              of Irrevocable Letter of Credit
	Exhibit C 	Form of Trustee Initial
              Certification
	Exhibit D	Form
              of Trustee Final Certification
	Exhibit E	Form of Remittance Report
	Exhibit F-1	Request for Release
	Exhibit F-2	Request for Release for Mortgage Loans
              Paid
              in Full
	Exhibit G-1 	Form of Investor Representation
              Letter
	Exhibit G-2	Form of Transferor Representation
              Letter
	Exhibit G-3	Form of Investor Representation Letter
              for
              Insurance Companies
	Exhibit H	Mortgage Loan Schedule
	Exhibit I	
              Sponsor’s
                Warranty Certificate

            
	Exhibit J	Form of Notice Under Section
              3.24
	Exhibit K	Servicing
              Criteria to Be Addressed in Assessment of Compliance
	Exhibit L	Form 10-D, Form 8-K and Form 10-K Reporting
              Responsibility

    This
      Pooling and Servicing Agreement, effective as of ___________ 1, 200_, among
      ALLIANCE BANCORP., as the Depositor (together with its permitted successors
      and
      assigns, the “Depositor”), [NAME OF MASTER SERVICER], as master servicer
      (together with its permitted successors and assigns, the “Master Servicer”), and
      [NAME OF TRUSTEE], as trustee (together with its permitted successors and
      assigns, the “Trustee”),

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell mortgage pass-through certificates (the
“Certificates”), which will evidence the entire beneficial ownership interest in
      the Mortgage Loans (as defined herein). The Mortgage Loans have an aggregate
      Stated Principal Balance as of the Cut-off Date equal to $_____________. The
      Mortgage Loans are adjustable rate mortgage loans having terms to maturity
      at
      origination or modification of not more than 30 years.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Master Servicer and the Trustee agree as follows:

    

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01.  Defined
      Terms. 

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the meanings specified in this
      Article.

     

    “Accrued
      Certificate Interest”: With respect to each Distribution Date, one month’s
      interest accrued at the then applicable Pass-Through Rate on the Certificate
      Principal Balance of the Certificates immediately prior to such Distribution
      Date. Accrued Certificate Interest will be calculated on the basis of a 360-day
      year consisting of twelve 30-day months. In each case Accrued Certificate
      Interest on the Certificates will be reduced by the amount of (i) Prepayment
      Interest Shortfalls, if any, which are not covered by payments by the Master
      Servicer pursuant to Section 3.23 with respect to such Distribution Date, (ii)
      the interest portion (adjusted to the related Net Mortgage Rate) of any of
      Realized Losses (including Excess Special Hazard Losses, Excess Fraud Losses,
      Excess Bankruptcy Losses and Extraordinary Losses) not covered by draws on
      the
      Letter of Credit pursuant to Section 4.04, (iii) the interest portion of
      Advances previously made with respect to a Mortgage Loan or REO Property which
      remained unreimbursed following the Cash Liquidation or REO Disposition of
      such
      Mortgage Loan or REO Property that was made with respect to delinquencies that
      were ultimately determined to be Excess Special Hazard Losses, Excess Fraud
      Losses, Excess Bankruptcy Losses or Extraordinary Losses, and (iv) any other
      interest shortfalls, including interest that is not collectible from the
      Mortgagor pursuant to the Relief Act or similar legislation or regulations
      as in
      effect from time to time; with all such reductions allocated to the
      Certificates, in proportion to their respective amounts of Accrued Certificate
      Interest which would have resulted absent such reductions.

     

    “Adjustment
      Date”: With respect to each Mortgage Loan, the date set forth in the related
      Mortgage Note on which the Mortgage Rate may change and each semi-annual
      anniversary of such date. The first Adjustment Date as to each Mortgage Loan
      is
      set forth in the Mortgage Loan Schedule.

     

    “Advance”:
      As to any Mortgage Loan, any advance made by the Master Servicer on any
      Distribution Date pursuant to Section 4.03.

     

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof.

     

    “Anniversary”:
      Each anniversary of ___________ 1, 20__.

     

    “Annual
      Statement of Compliance”: As defined in Section 3.19.

     

    “Assessment
      of Compliance”: As defined in Section 3.20.

     

    “Attestation
      Report”: As defined in Section 3.20.

     

    “Attesting
      Party”: As defined in Section 3.20.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect of record the sale of
      the
      Mortgage, which assignment, notice of transfer or equivalent instrument may
      be
      in the form of one or more blanket assignments covering Mortgages secured by
      Mortgaged Properties located in the same county, if permitted by
      law.

     

    “Assignment
      Agreement”: The Assignment and Assumption Agreement, dated as of ____________,
      200_, between [Name of Sponsor] and the Depositor relating to the transfer
      and
      assignment of the Mortgage Loans.

     

    “Available
      Distribution Amount”: With respect to each Distribution Date, the Available
      Distribution Amount will be an amount equal to (a) the sum of (i) the balance
      on
      deposit in the Custodial Account as of the close of business on the related
      Determination Date and (ii) the aggregate amount of any Advances made, all
      required amounts pursuant to Section 3.22 and all amounts required to be paid
      by
      the Master Servicer pursuant to Sections 3.13 and 3.23 by deposits into the
      Certificate Account on the immediately preceding Certificate Account Deposit
      Date, reduced by (b) the sum, as of the close of business on the related
      Determination Date of (i) Monthly Payments collected but due during a Due Period
      subsequent to the Due Period ending on the first day of the month of the related
      Distribution Date, (ii) all interest or other income earned on deposits in
      the
      Custodial Account, (iii) any other amounts reimbursable or payable to the Master
      Servicer or any other Person pursuant to Section 3.11, (iv) Insurance Proceeds,
      Liquidation Proceeds, Principal Prepayments, REO Proceeds and the proceeds
      of
      Mortgage Loan purchases (or amounts received in connection with substitutions)
      made pursuant to Section 2.02, 2.04 and 3.25, in each case received or made
      in
      the month of such Distribution Date and (v) the Trustee’s Fee.

     

    “Bankruptcy
      Amount”: As of any date of determination, an amount, equal to the excess, if
      any, of (A) $______, over (B) the aggregate amount of draws made under the
      Letter of Credit with respect to Bankruptcy Losses since the Cut-off Date up
      to
      such date of determination in accordance with Section 4.04.

     

    The
      Bankruptcy Amount may be further reduced by the Master Servicer (including
      accelerating the manner in which such coverage is reduced) provided that prior
      to any such reduction, the Master Servicer shall (i) obtain written confirmation
      from each Rating Agency that such reduction shall not reduce the rating assigned
      to the Certificates by such Rating Agency below the lower of the then-current
      rating or the rating assigned to such Certificates as of the Closing Date by
      such Rating Agency and (ii) provide a copy of such written confirmation to
      the
      Trustee.

     

    “Bankruptcy
      Code”: The United States Bankruptcy Code of 1978, as amended.

     

    “Bankruptcy
      Loss”: With respect to any Mortgage Loan, a Deficient Valuation or Debt Service
      Reduction; provided, however, that a Deficient Valuation or a Debt Service
      Reduction shall not be deemed a Bankruptcy Loss hereunder so long as the Master
      Servicer has notified the Trustee in writing that the Master Servicer is
      diligently pursuing any remedies that may exist in connection with the related
      Mortgage Loan and either (A) the related Mortgage Loan is not in default with
      regard to payments due thereunder or (B) delinquent payments of principal and
      interest under the related Mortgage Loan and any related escrow payments in
      respect of such Mortgage Loan are being advanced on a current basis by the
      Master Servicer, in either case without giving effect to any Deficient Valuation
      or Debt Service Reduction.

     

    “Business
      Day”: Any day other than (i) a Saturday or a Sunday or (ii) a day on which
      banking institutions in the State of or the State of (and such other state
      or
      states in which the Custodial Account, the Certificate Account or the office
      of
      the Letter of Credit Issuer at which draws under the Letter of Credit are to
      be
      made is at the time located) are required or authorized by law or executive
      order to be closed.

     

    “Cash
      Liquidation”: As to any defaulted Mortgage Loan other than a Mortgage Loan as to
      which an REO Acquisition occurred, the final receipt by or on behalf of the
      Master Servicer of all Insurance Proceeds, Liquidation Proceeds and other
      payments or cash recoveries which the Master Servicer reasonably and in good
      faith expects to be finally recoverable with respect to such Mortgage
      Loan.

     

    “Certificate”:
      Any one of the Certificates, executed by the Trustee and authenticated by the
      Certificate Registrar substantially in the form annexed hereto as Exhibit
      A.

     

    “Certificate
      Account”: The account or accounts created and maintained pursuant to Section
      4.01, which shall be entitled “_________________________________, as trustee, in
      trust for the registered holders of Alliance Bancorp., Mortgage Pass-Through
      Certificates, Series 200_-_” and which must be an Eligible Account.

     

    “Certificate
      Account Deposit Date”: The 20th day (or if such 20th day is not a Business Day,
      the Business Day immediately preceding such 20th day) of the month.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that any Certificate registered in the name of
      the
      Depositor or the Master Servicer or any affiliate thereof shall be deemed not
      to
      be outstanding and the Voting Rights to which it is entitled shall not be taken
      into account in determining whether the requisite percentage of Voting Rights
      necessary to effect any such consent has been obtained, except as otherwise
      provided in Section 10.01. The Trustee shall be entitled to rely upon a
      certification of the Depositor or the Master Servicer in determining if any
      Certificates are registered in the name of a respective affiliate.

     

    “Certificate
      Owner”: With respect to a Book-Entry Certificate, the Person who is the
      beneficial owner of such Certificate, as reflected on the books of an indirect
      participating brokerage firm for which a Depositor Participant acts as agent,
      if
      any, and otherwise on the books of a Depositor Participant, if any, and
      otherwise on the books of the Depositor.

     

    “Certificate
      Principal Balance”: With respect to each Certificate, on any date of
      determination, an amount equal to (i) the Initial Certificate Principal Balance
      of such Certificate as specified on the face thereof, minus (ii) the sum of
      (x)
      the aggregate of all amounts previously distributed with respect to such
      Certificate (or any predecessor Certificate) and applied to reduce the
      Certificate Principal Balance thereof pursuant to Section 4.02(b) and (y) the
      aggregate of all reductions in Certificate Principal Balance deemed to have
      occurred in connection with Realized Losses which were previously allocated
      to
      such Certificate (or any predecessor Certificate) pursuant to Section
      4.04.

     

    “Certificate
      Register”: The register maintained pursuant to Section 5.02.

     

    “Closing
      Date”: ___________ ___, 20__.

     

    “Code”:
      The Internal Revenue Code of 1986.

     

    “Collateral
      Value”: The appraised value of a Mortgaged Property based upon the lesser of (i)
      the appraisal made at the time of the origination of the related Mortgage Loan,
      or (ii) the sales price of such Mortgaged Property at such time of origination.
      With respect to a Mortgage Loan the proceeds of which were used to refinance
      an
      existing mortgage loan, the appraised value of the Mortgaged Property based
      upon
      the appraisal (as reviewed and approved by the Sponsor) obtained at the time
      of
      refinancing.

     

    “Converted
      Mortgage Loan”: Any Convertible Mortgage Loan with respect to which the interest
      rate borne by such Mortgage Loan has been converted from an adjustable interest
      rate to a fixed interest rate.

     

    “Convertible
      Mortgage Loan”: Any Mortgage Loan which by its terms grants to the related
      Mortgagor the option to convert the interest rate borne by such Mortgage Loan
      from an adjustable interest rate to a fixed interest rate.

     

    “Converting
      Mortgage Loan”: Any Convertible Mortgage Loan with respect to which the related
      Mortgagor has given notice of his intent to convert from an adjustable interest
      rate to a fixed interest rate and prior to the conversion of such Mortgage
      Loan.

     

    “Corporate
      Trust Office”: The principal office of the Trustee at which at any particular
      time its corporate trust business with respect to this Agreement shall be
      administered, which office at the date of the execution of this instrument
      is
      located at ________________________, Attention: _______________________ Series
      200_-_.

     

    “Current
      Report”: The Current Report pursuant to Section 13 or 15(d) of the Exchange
      Act.

     

    “Custodial
      Account”: The custodial account or accounts created and maintained pursuant to
      Section 3.10 in a depository institution, as custodian for the holders of the
      Certificates, for the holders of certain other interests in mortgage loans
      serviced or sold by the Master Servicer and for the Master Servicer, into which
      the amounts set forth in Section 3.10 shall be deposited directly. Any such
      account or accounts shall be an Eligible Account.

     

    “Cut-off
      Date”: ____________ 1, 200_.

     

    “Debt
      Service Reduction”: With respect to any Mortgage Loan, a reduction in the
      scheduled Monthly Payment for such Mortgage Loan by a court of competent
      jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
      constituting a Deficient Valuation or any reduction that results in a permanent
      forgiveness of principal.

     

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

     

    “Definitive
      Certificate”: Any definitive, fully registered Certificate.

     

    “Deleted
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced with a Qualified
      Substitute Mortgage Loan.

     

    “Depositor”:
      Alliance Bancorp., or its successor in interest.

     

    “Determination
      Date”: The 15th day (or if such 15th day is not a Business Day, the Business Day
      immediately preceding such 15th day) of the month of the related Distribution
      Date.

     

    “Distribution
      Date”: The 25th day of any month, or if such 25th day is not a Business Day, the
      Business Day immediately following such 25th day commencing on _________ 25,
      20__.

     

    “Distribution
      Report”: The Asset-Backed Issuer Distribution Report pursuant to Section 13 or
      15(d) of the Exchange Act.

     

    “Due
      Date”: The first day of the month of the related Distribution Date.

     

    “Due
      Period”: With respect to any Distribution Date, the period commencing on the
      second day of the month preceding the month of such Distribution Date (or,
      with
      respect to the first Due Period, the day following the Cut-off Date) and ending
      on the related Due Date.

     

    [“Duff
      & Phelps”: Duff & Phelps Credit Rating Company or its successor in
      interest.]

     

    “Eligible
      Account”: An account maintained with a federal or state chartered depository
      institution (i) the short-term obligations of which are rated by each of the
      Rating Agencies in its highest rating at the time of any deposit therein, or
      (ii) insured by the FDIC (to the limits established by such Corporation), the
      uninsured deposits in which account are otherwise secured such that, as
      evidenced by an Opinion of Counsel (obtained by and at the expense of the Person
      requesting that the account be held pursuant to this clause (ii)) delivered
      to
      the Trustee prior to the establishment of such account, the Certificateholders
      will have a claim with respect to the funds in such account and a perfected
      first priority security interest against any collateral (which shall be limited
      to Permitted Instruments, each of which shall mature not later than the Business
      Day immediately preceding the Distribution Date next following the date of
      investment in such collateral or the Distribution Date if such Permitted
      Instrument is an obligation of the institution that maintains the Certificate
      Account or Custodial Account) securing such funds that is superior to claims
      of
      any other depositors or general creditors of the depository institution with
      which such account is maintained or (iii) a trust account or accounts maintained
      with a federal or state chartered depository institution or trust company with
      trust powers acting in its fiduciary capacity or (iv) an account or accounts
      of
      a depository institution acceptable to the Rating Agencies (as evidenced in
      writing by the Rating Agencies that use of any such account as the Custodial
      Account or the Certificate Account will not have an adverse effect on the
      then-current ratings assigned to the Certificates). Eligible Accounts may bear
      interest.

     

    “Event
      of
      Default”: One or more of the events described in Section 7.01.

     

    “Excess
      Bankruptcy Loss”: Any Bankruptcy Loss, or portion thereof, which exceeds the
      then applicable Bankruptcy Amount.

     

    “Excess
      Fraud Loss”: Any Fraud Loss, or portion thereof, which exceeds the then
      applicable Fraud Loss Amount.

     

    “Excess
      Special Hazard Loss”: Any Special Hazard Loss, or portion thereof, that exceeds
      the then applicable Special Hazard Amount.

     

    “Exchange
      Act”: Securities Exchange Act of 1934, as amended.

     

    “Exchange
      Act Reports”: Any reports required to be filed pursuant to Sections 3.21 of this
      Agreement.

     

    “Extraordinary
      Events”: Any of the following conditions with respect to a Mortgaged Property or
      Mortgage Loan causing or resulting in a loss which causes the liquidation of
      such Mortgage Loan:

     

    (a) 
losses
      that are of a type that would be covered by the fidelity bond and the errors
      and
      omissions insurance policy required to be maintained pursuant to Section 3.18
      but are in excess of the coverage maintained thereunder;

     

    (b) 
nuclear
      reaction or nuclear radiation or radioactive contamination, all whether
      controlled or uncontrolled, and whether such loss be direct or indirect,
      proximate or remote or be in whole or in part caused by, contributed to or
      aggravated by a peril covered by the definition of the term “Special Hazard
      Loss”;

     

    (c) 
hostile
      or warlike action in time of peace or war, including action in hindering,
      combatting or defending against an actual, impending or expected
      attack:

     

    1. 
by
      any
      government or sovereign power, de jure or de facto, or by any authority
      maintaining or using military, naval or air forces; or

     

    2. 
by
      military, naval or air forces; or

     

    3. 
by
      an
      agent of any such government, power, authority or forces;

     

    (d) 
any
      weapon of war employing atomic fission or radioactive force whether in time
      of
      peace or war; or

     

    (e) 
insurrection,
      rebellion, revolution, civil war, usurped power or action taken by governmental
      authority in hindering, combatting or defending against such an occurrence,
      seizure or destruction under quarantine or customs regulations, confiscation
      by
      order of any government or public authority; or risks of contraband or illegal
      transportation or trade.

     

    “Extraordinary
      Losses”: Any loss incurred on a Mortgage Loan caused by or resulting from an
      Extraordinary Event.

     

    “FDIC”:
      Federal Deposit Insurance Corporation or any successor.

     

    “FHLMC”:
      Federal Home Loan Mortgage Corporation or any successor.

     

    [“Fitch”:
      Fitch Investors Service, Inc., or its successor in interest.]

     

    “FNMA”:
      Federal National Mortgage Association or any successor.

     

    “Fraud
      Losses”: Any Realized Loss sustained by reason of a default arising from fraud,
      dishonesty or misrepresentation in connection with the related Mortgage
      Loan.

     

    “Fraud
      Loss Amount”: As of any date of determination after the Cut-off Date, an amount
      equal to: (X) up to and including the [first] anniversary of the Cut-off Date
      an
      amount equal to ______% of the aggregate outstanding principal balance of all
      of
      the Mortgage Loans as of the Cut-off Date minus the aggregate amount of draws
      made under the Letter of Credit with respect to Fraud Losses since the Cut-off
      Date up to such date of determination, (Y) from the [first] to the fifth
      anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the
      Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and
      (b)
      ______% of the aggregate outstanding principal balance of all of the Mortgage
      Loans as of the most recent anniversary of the Cut-off Date minus (2) the
      aggregate amount of draws made under the Letter of Credit with respect to Fraud
      Losses since the most recent anniversary of the Cut-off Date up to such date
      of
      determination. On and after the fifth anniversary of the Cut-off Date the Fraud
      Loss Amount shall be zero.

     

    The
      Fraud
      Loss Amount may be further reduced by the Master Servicer (including
      accelerating the manner in which such coverage is reduced) provided that prior
      to any such reduction, the Master Servicer shall (i) obtain written confirmation
      from each Rating Agency that such reduction shall not reduce the rating assigned
      to the Certificates by such Rating Agency below the lower of the then-current
      rating or the rating assigned to such Certificates as of the Closing Date by
      such Rating Agency and (ii) provide a copy of such written confirmation to
      the
      Trustee.

     

    “Funding
      Date”: With respect to each Mortgage Loan, the date on which funds were advanced
      by or on behalf of the Sponsor and interest began to accrue
      thereunder.

     

    “Gross
      Margin”: As to each Mortgage Loan, the fixed percentage set forth in the related
      Mortgage Note and indicated in Exhibit H hereto which percentage is added to
      the
      Index on each Adjustment Date to determine (subject to rounding in accordance
      with the related Mortgage Note, Periodic Cap, Maximum Interest Rate and Minimum
      Interest Rate) the interest rate to be borne by such Mortgage Loan until the
      next Adjustment Date.

     

    “Index”:
      With respect to any Mortgage Loan, the Cost of Funds Index reflecting the
      monthly weighted average cost of funds of savings and loan associations and
      savings banks, the home offices of which are located in Arizona, California
      and
      Nevada, that are member institutions of the FHLB of San Francisco, as published
      in The Wall Street Journal, as most recently available as of the date ____
      days
      prior to the relevant Adjustment Date, or in the event that such index is no
      longer available, an index selected by the Master Servicer and reasonably
      acceptable to the Trustee that is based on comparable information.

     

    “Initial
      Certificate Principal Balance”: With respect to the Certificates,
      $_____________.

     

    “Insurance
      Policy”: With respect to any Mortgage Loan, any insurance policy which is
      required to be maintained from time to time under this Agreement in respect
      of
      such Mortgage Loan.

     

    “Insurance
      Proceeds”: Proceeds paid by any insurer pursuant to the Primary Mortgage
      Insurance Policy and any other insurance policy covering a Mortgage Loan to
      the
      extent such proceeds are not applied to the restoration of the related Mortgaged
      Property or released to the Mortgagor in accordance with the procedures that
      the
      Master Servicer would follow in servicing mortgage loans held for its own
      account.

     

    “Late
      Collections”: With respect to any Mortgage Loan, all amounts received during any
      Due Period, whether as late payments of Monthly Payments or as Insurance
      Proceeds, Liquidation Proceeds or otherwise, which represent late payments
      or
      collections of Monthly Payments due but delinquent for a previous Due Period
      and
      not previously recovered.

     

    “Letter
      of Credit”: The irrevocable letter of credit covering certain losses on the
      Mortgage Loans in all of the Mortgage Pools, in the form of Exhibit B hereto,
      issued by the letter of Credit Issuer, naming the Trustee as beneficiary for
      the
      benefit of the Certificateholders, as the same may be terminated, modified
      or
      reduced from time to time pursuant to its terms and Section 4.06, and any
      replacement letter of credit obtained pursuant to Section 4.06.

     

    “Letter
      of Credit Issuer”: ______________, or if a replacement Letter of Credit is
      issued in accordance with the terms hereof, the issuer of such replacement
      Letter of Credit.

     

    “Liquidation
      Proceeds”: Amounts (other than Insurance Proceeds) received by the Master
      Servicer in connection with the taking of an entire Mortgaged Property by
      exercise of the power of eminent domain or condemnation or in connection with
      the liquidation of a defaulted Mortgage Loan through trustee’s sale, foreclosure
      sale or otherwise, other than amounts received in respect of REO
      Property.

     

    “Loan-to-Value
      Ratio”: As of any date, the fraction, expressed as a percentage, the numerator
      of which is the current principal balance of the related Mortgage Loan at the
      date of determination and the denominator of which is the Collateral Value
      of
      the related Mortgaged Property.

     

    “Master
      Servicer”: [Name of Master Servicer], or any successor master servicer appointed
      as herein provided.

     

    “Maximum
      Interest Rate”: As to any Mortgage Loan, the maximum interest rate that may be
      borne by such Mortgage Loan as set forth in the related Mortgage Note and
      indicated in Exhibit H, which rate may be applicable to such Mortgage Loan
      at
      any time during the life of such Mortgage Loan.

     

    “Minimum
      Interest Rate”: As to any Mortgage Loan, the minimum interest rate that may be
      borne by such Mortgage Loan as set forth in the related Mortgage Note and
      indicated in Exhibit H hereto, which rate may be applicable to such Mortgage
      Loan at any time during the life of such Mortgage Loan.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by a Mortgagor
      from time to time under the related Mortgage Note as originally executed (after
      adjustment, if any, for Principal Prepayments and for Deficient Valuations
      occurring prior to such Due Date, and after any adjustment by reason of any
      bankruptcy or similar proceeding or any moratorium or similar waiver or grace
      period).

     

    [“Moody’s”:
      Moody’s Investors Service, Inc. or its successor in interest.]

     

    “Mortgage”:
      The mortgage, deed of trust or any other instrument securing the Mortgage
      Loan.

     

    “Mortgage
      File”: The mortgage documents listed in Section 2.01 pertaining to a particular
      Mortgage Loan and any additional documents required to be added to the Mortgage
      File pursuant to this Agreement; provided, that whenever the term “Mortgage
      File” is used to refer to documents actually received by the Trustee, such term
      shall not be deemed to include such additional documents required to be added
      unless they are actually so added.

     

    “Mortgage
      Loan”: Each of the mortgage loans, transferred and assigned to the Trustee
      pursuant to Section 2.01 or Section 2.03 and from time to time held in the
      Trust
      Fund, the Mortgage Loans originally so transferred, assigned and held being
      identified in the Mortgage Loan Schedule attached hereto as Exhibit H (and
      any
      Qualified Substitute Mortgage Loans). As used herein, the term “Mortgage Loan”
includes the related Mortgage Note and Mortgage.

     

    “Mortgage
      Loan Schedule”: As of any date of determination, the schedule of Mortgage Loans
      included in the Trust Fund. The initial schedule of Mortgage Loans with
      accompanying information transferred on the Closing Date to the Trustee as
      part
      of the Trust Fund for the Certificates, attached hereto as Exhibit H (as amended
      from time to time to reflect the addition of Qualified Substitute Mortgage
      Loans) (and, for purposes of the Trustee’s review of the Mortgage Files pursuant
      to Section 2.02, in computer-readable form as delivered to the Trustee), which
      list shall set forth the following information, if applicable, with respect
      to
      each Mortgage Loan:

     

    (i) 
the
      loan
      number and name of the Mortgagor;

     

    (ii) 
the
      street address, city, state and zip code of the Mortgaged Property;

     

    (iii) 
the
      Mortgage Rate;

     

    (iv) 
Maximum
      Interest Rate;

     

    (v) 
Minimum
      Interest Rate;

     

    (vi) 
Gross
      Margin;

     

    (vii) 
the
      first
      Adjustment Rate;

     

    (viii) 
the
      Periodic Cap;

     

    (ix) 
the
      maturity date;

     

    (x) 
the
      original principal balance;

     

    (xi) 
the
      first
      payment date;

     

    (xii) 
the
      type
      of Mortgaged Property;

     

    (xiii) 
the
      Monthly Payment in effect as of the Cut-off Date;

     

    (xiv) 
the
      principal balance as of the Cut-off Date;

     

    (xv) 
the
      occupancy status;

     

    (xvi) 
the
      purpose of the Mortgage Loan;

     

    (xvii) 
the
      Collateral Value of the Mortgaged Property;

     

    (xviii) 
the
      original term to maturity;

     

    (xix) 
the
      paid-through date of the Mortgage Loan;

     

    (xx) 
the
      Loan-to-Value Ratio; and

     

    (xxi) 
whether
      or not the Mortgage Loan was underwritten pursuant to a limited documentation
      program.

     

    The
      Mortgage Loan Schedule shall also set forth the total of the amounts described
      under (xiv) above for all of the Mortgage Loans. The Mortgage Loan Schedule
      may
      be in the form of more than one schedule, collectively setting forth all of
      the
      information required. With respect to any Qualified Substitute Mortgage Loan,
      the item described in clause (xiii) shall be set forth as the date of
      substitution.

     

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

     

    “Mortgage
      Rate”: With respect to any Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan.

     

    “Mortgagor”:
      The obligor or obligors on a Mortgage Note.

     

    “Net
      Mortgage Rate”: As to each Mortgage Loan, a per annum rate of interest equal to
      the related Mortgage Rate as in effect from time to time minus the Servicing
      Fee
      Rate.

     

    “Nonrecoverable
      Advance”: Any Advance previously made or proposed to be made in respect of a
      Mortgage Loan which, in the good faith judgment of the Master Servicer, will
      not
      or, in the case of a proposed Advance, would not be ultimately recoverable
      from
      related Late Collections, Insurance Proceeds, Liquidation Proceeds or REO
      Proceeds. The determination by the Master Servicer that it has made a
      Nonrecoverable Advance or that any proposed Advance would constitute a
      Nonrecoverable Advance, shall be evidenced by an Officers’ Certificate delivered
      to the Depositor and the Trustee.

     

    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president and by the Treasurer,
      the Secretary, or one of the assistant treasurers or assistant secretaries
      of
      the Master Servicer or of the Sub-Servicer and delivered to the Depositor and
      Trustee.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may be counsel for the Depositor
      or the Master Servicer, reasonably acceptable to the Trustee; except that any
      opinion of counsel relating to (a) the qualification of any account required
      to
      be maintained pursuant to this Agreement as an Eligible Account, or (b)
      resignation of the Master Servicer pursuant to Section 6.04 must be an opinion
      of counsel who (i) is in fact independent of the Depositor and the Master
      Servicer, (ii) does not have any direct financial interest or any material
      indirect financial interest in the Depositor or the Master Servicer or in an
      affiliate of either and (iii) is not connected with the Depositor or the Master
      Servicer as an officer, employee, director or person performing similar
      functions.

     

    “OTS”:
      Office of Thrift Supervision or any successor.

     

    “Outstanding
      Mortgage Loan”: As to any Due Date, a Mortgage Loan (including an REO Property)
      which was not the subject of a Principal Prepayment in full, Cash Liquidation
      or
      REO Disposition and which was not purchased or substituted for prior to such
      Due
      Date pursuant to Sections 2.02, 2.04 or 3.25.

     

    “Ownership
      Interest”: As to any Certificate, any ownership or security interest in such
      Certificate, including any interest in such Certificate as the Holder thereof
      and any other interest therein, whether direct or indirect, legal or beneficial,
      as owner or as pledgee.

     

    “Pass-Through
      Rate”: With respect to the Certificates and any Distribution Date, a rate equal
      to the weighted average, expressed as a percentage, of the Net Mortgage Rates
      of
      all Mortgage Loans in the Trust Fund as of the Due Date in the month immediately
      preceding the month in which such Distribution Date occurs, weighted on the
      basis of the respective Stated Principal Balances of such Mortgage Loans, which
      Stated Principal Balances shall be the Stated Principal Balances of such
      Mortgage Loans at the close of business on the immediately preceding
      Distribution Date after giving effect to the distributions thereon allocable
      to
      principal (or, in the case of the initial Distribution Date, at the close of
      business on the Cut-off Date).

     

    “Percentage
      Interest”: With respect to any Certificate, the undivided percentage ownership
      interest equal to the initial Certificate Principal Balance thereof divided
      by
      the aggregate Initial Certificate Principal Balance of all of the
      Certificates.

     

    “Periodic
      Cap”: With respect to the Mortgage Loans, the periodic rate cap which limits the
      increase or the decrease of the related Mortgage Rate on any Adjustment Date
      to
      _______%.

     

    “Permitted
      Instruments”: Any one or more of the following:

     

    (i) 
(a)
      direct obligations of, or obligations fully guaranteed as to principal and
      interest by, the United States or any agency or instrumentality thereof,
      provided such obligations are backed by the full faith and credit of the United
      States and (b) direct obligations of, and obligations guaranteed as to timely
      payment by FHLMC or FNMA if, at the time of investment, they are assigned the
      highest credit rating by the Rating Agencies;

     

    (ii) 
repurchase
      obligations (the collateral for which is held by a third party or the Trustee)
      with respect to any security described in clause (i) above, provided that the
      short-term unsecured obligations of the party agreeing to repurchase such
      obligations are at the time rated by each Rating Agency in one of its two
      highest long-term rating categories;

     

    (iii) 
certificates
      of deposit, time deposits, demand deposits and bankers’ acceptances of any bank
      or trust company incorporated under the laws of the United States or any state
      thereof or the District of Columbia, provided that the short-term commercial
      paper of such bank or trust company (or, in the case of the principal depository
      institution in a depository institution holding company, the long-term unsecured
      debt obligations of the depository institution holding company) at the date
      of
      acquisition thereof has been rated by each Rating Agency in its highest
      short-term rating;

     

    (iv) 
commercial
      paper (having original maturities of not more than nine months) of any
      corporation incorporated under the laws of the United States or any state
      thereof or the District of Columbia which on the date of acquisition has been
      rated by each Rating Agency in its highest short-term rating;

     

    (v) 
a
      money
      market fund or a qualified investment fund rated by each Rating Agency in its
      highest rating available; and

     

    (vi)             if
      previously confirmed in writing to the Trustee, any other obligation or security
      acceptable to each Rating Agency in respect of mortgage pass-through
      certificates rated in each Rating Agency’s highest rating category;

     

    provided,
      that no such instrument shall be a Permitted Instrument if such instrument
      evidences either (a) the right to receive interest only payments with respect
      to
      the obligations underlying such instrument or (b) both principal and interest
      payments derived from obligations underlying such instrument where the principal
      and interest payments with respect to such instrument provide a yield to
      maturity exceeding 120% of the yield to maturity at par of such underlying
      obligation.

     

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

     

    “Prepayment
      Assumption”: A prepayment assumption of ____% of the standard prepayment
      assumption, used for determining the accrual of original issue discount and
      market discount and premium on the Certificates for federal income tax purposes.
      The standard prepayment assumption assumes a constant rate of prepayment of
      mortgage loans of 0.2% per annum of the then outstanding principal balance
      of
      such mortgage loans in the first month of the life of the mortgage loans,
      increasing by an additional 0.2% per annum in each succeeding month until the
      thirtieth month, and a constant 6% per annum rate of prepayment thereafter
      for
      the life of such mortgage loans.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a partial Principal Prepayment, a Principal
      Prepayment in full, or of a Cash Liquidation or an REO Disposition during the
      related Prepayment Period, an amount equal to the amount of interest that would
      have accrued at the applicable Net Mortgage Rate (i) in the case of a Principal
      Prepayment in full, Cash Liquidation or REO Disposition on the principal balance
      of such Mortgage Loan immediately prior to such prepayment (or liquidation),
      commencing on the date of prepayment (or liquidation) and ending on the last
      day
      of the month of prepayment or liquidation or (ii) in the case of a partial
      Principal Prepayment, on the amount of such prepayment, commencing on the date
      as of which the prepayment is applied and ending on the last day of the month
      of
      prepayment.

     

    “Prepayment
      Period”: As to any Distribution Date, the calendar month preceding the month in
      which such Distribution Date occurs.

     

    “Primary
      Hazard Insurance Policy”: Each primary hazard insurance policy required to be
      maintained pursuant to Section 3.13.

     

    “Primary
      Mortgage Insurance Policy”: Each primary mortgage insurance policy required to
      be maintained pursuant to Section 3.13.

     

    “Principal
      Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
      which is received in advance of its scheduled Due Date and which is not
      accompanied by an amount of interest representing scheduled interest due on
      any
      date or dates in any month or months subsequent to the month of
      prepayment.

     

    “Purchase
      Price”: With respect to any Mortgage Loan (or REO Property) required to be
      purchased pursuant to Section 2.02, 2.04 or 3.25, an amount equal to the sum
      of
      (i) 100% of the Stated Principal Balance thereof, (ii) unpaid accrued interest
      (or REO Imputed Interest) at the sum of the applicable Net Mortgage Rate, the
      rate at which the Trustee’s Fee accrues on the Stated Principal Balance thereof
      outstanding during each Due Period that such interest was not paid or advanced,
      from the date through which interest was last paid by the Mortgagor or advanced
      and distributed to Certificateholders together with unpaid related Servicing
      Fees from the date through which interest was last paid by the Mortgagor, in
      each case to the first day of the month in which such Purchase Price is to
      be
      distributed, plus (iii) the aggregate of all Advances made in respect thereof
      that were not previously reimbursed.

     

    “Qualified
      Insurer”: An insurance company duly qualified as such under the laws of the
      state of its principal place of business and each state having jurisdiction
      over
      such insurer in connection with the insurance policy issued by such insurer,
      duly authorized and licensed in such states to transact business in such states
      and to write the insurance provided by the insurance policy issued by it,
      approved as an insurer by the Master Servicer, as a FNMA approved mortgage
      insurer and having a claims paying ability rating of at least “AA” by
      ____________________ and which is acceptable to _________________. Any
      replacement insurer with respect to a Mortgage Loan must have at least as high
      a
      claims paying ability rating by ____________ and _______________ as the insurer
      it replaces had on the Closing Date.

     

    “Qualified
      Substitute Mortgage Loan”: A Mortgage Loan substituted by the Depositor for a
      Deleted Mortgage Loan which must, on the date of such substitution, as confirmed
      in an Officers’ Certificate delivered to the Trustee, (i) have an outstanding
      principal balance, after deduction of the principal portion of the monthly
      payment due in the month of substitution (or in the case of a substitution
      of
      more than one Mortgage Loan for a Deleted Mortgage Loan, an aggregate
      outstanding principal balance, after such deduction), not in excess of the
      Stated Principal Balance of the Deleted Mortgage Loan (the amount of any
      shortfall to be deposited by the Master Servicer, in the Custodial Account
      in
      the month of substitution); (ii) have a Mortgage Rate and a Net Mortgage Rate
      no
      lower than and not more than 1% per annum higher than the Mortgage Rate and
      Net
      Mortgage Rate, respectively, of the Deleted Mortgage Loan as of the date of
      substitution; (iii) have a remaining term to stated maturity not greater than
      (and not more than one year less than) that of the Deleted Mortgage Loan; (iv)
      comply with each representation and warranty set forth in Section 2 of the
      Sponsor’s Warranty Certificate; (v) have 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; and (vi) be covered under a Primary Insurance
      Policy if such Qualified Substitute Mortgage Loan has a Loan-to-Value Ratio
      in
      excess of 80%. 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 principal balances, the Mortgage
      Rates described in clause (ii) hereof shall be determined on the basis of
      weighted average Mortgage Rates, the Net Mortgage Rates described in clause
      (ii)
      hereof shall be satisfied as to each such mortgage loan, the terms described
      in
      clause (iii) shall be determined on the basis of weighted average remaining
      terms to maturity, the Loan-to-Value Ratios described in clause (v) 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 (iv) hereof must be satisfied as to each Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.

     

    “Rating
      Agency”: [Standard & Poor’s] [Moody’s] [Fitch] [Duff & Phelps]. If
      either agency or a successor is no longer in existence, “Rating Agency” shall be
      such statistical credit rating agency, or other comparable Person, designated
      by
      the Depositor, notice of which designation shall be given to the Trustee and
      the
      Master Servicer. References herein to the two highest long term debt rating
      categories of a Rating Agency shall mean “AA” or better in the case of [Standard
& Poor’s] [Fitch] [Duff & Phelps] and “Aa2” or better in the case of
      Moody’s and references herein to the highest short-term debt rating of a Rating
      Agency shall mean “D-1” or better in the case of [Duff & Phelps] and “A-1”
in the case of [Standard & Poor’s, ] and in the case of any other Rating
      Agency such references shall mean such rating categories without regard to
      any
      plus or minus.

     

    “Realized
      Loss”: With respect to any Mortgage Loan or related REO Property as to which a
      Cash Liquidation or REO Disposition has occurred, an amount (not less than
      zero)
      equal to (i) the Stated Principal Balance of the Mortgage Loan as of the date
      of
      Cash Liquidation or REO Disposition, plus (ii) interest (and REO Imputed
      Interest, if any) at the related Net Mortgage Rate from the Due Date as to
      which
      interest was last paid or advanced to Certificateholders up to the date of
      the
      Cash Liquidation or REO Disposition on the Stated Principal Balance of such
      Mortgage Loan outstanding during each Due Period that such interest was not
      paid
      or advanced, minus (iii) the proceeds, if any, received during the month in
      which such Cash Liquidation or REO Disposition occurred, to the extent applied
      as recoveries of interest at the related Net Mortgage Rate and to principal
      of
      the Mortgage Loan, net of the portion thereof reimbursable to the Master
      Servicer or any Sub-Servicer with respect to related Advances not previously
      reimbursed. With respect to each Mortgage Loan which has become the subject
      of a
      Deficient Valuation, the difference between the principal balance of the
      Mortgage Loan outstanding immediately prior to such Deficient Valuation and
      the
      principal balance of the Mortgage Loan as reduced by the Deficient Valuation.
      With respect to each Mortgage Loan which has become the subject of a Debt
      Service Reduction, the amount of such Debt Service Reduction.

     

    “Record
      Date”: The last Business Day of the month immediately preceding the month of the
      related Distribution Date.

     

    “Regulation
      AB”: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time.

     

    “Relief
      Act”: The Soldiers’ and Sailors’ Civil Relief Act of 1940, as
      amended.

     

    “Remittance
      Report”: A report prepared by the Master Servicer providing the information set
      forth in Exhibit E attached hereto.

     

    “REO
      Acquisition”: The acquisition by the Master Servicer on behalf of the Trustee
      for the benefit of the Certificateholders of any REO Property pursuant to
      Section 3.15.

     

    “REO
      Disposition”: The receipt by the Master Servicer of Insurance Proceeds,
      Liquidation Proceeds and other payments and recoveries (including proceeds
      of a
      final sale) which the Master Servicer expects to be finally recoverable from
      the
      sale or other disposition of the REO Property.

     

    “REO
      Imputed Interest”: As to any REO Property, for any period, an amount equivalent
      to interest (at the Mortgage Rate that would have been applicable to the related
      Mortgage Loan had it been outstanding) on the unpaid principal balance of the
      Mortgage Loan as of the date of acquisition thereof (as such balance is reduced
      by any income from the REO Property treated as a recovery of principal pursuant
      to Section 3.15) .

     

    “REO
      Proceeds”: Proceeds, net of directly related expenses, received in respect of
      any REO Property (including, without limitation, proceeds from the rental of
      the
      related Mortgaged Property and of any REO Disposition), which proceeds are
      required to be deposited into the Custodial Account as and when
      received.

     

    “REO
      Property”: A Mortgaged Property acquired by the Master Servicer through
      foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
      Mortgage Loan.

     

    “Request
      for Release”: A release signed by a Servicing Officer, in the form of Exhibits
      F-1 or F-2 attached hereto.

     

    “Required
      Insurance Policy”: With respect to any Mortgage Loan, any Insurance Policy or
      any other insurance policy that is required to be maintained from time to time
      under this Agreement or pursuant to the provisions of a Mortgage
      Loan.

     

    “Responsible
      Officer”: When used with respect to the Trustee, the Chairman or Vice Chairman
      of the Board of Directors or Trustees, the Chairman or Vice Chairman of the
      Executive or Standing Committee of the Board of Directors or Trustees, the
      President, the Chairman of the Committee on Trust Matters, any vice president,
      any assistant vice president, the Secretary, any assistant secretary, the
      Treasurer, any assistant treasurer, the Cashier, any assistant cashier, any
      trust officer or assistant trust officer, the Controller and any assistant
      controller or any other officer of the Trustee customarily performing functions
      similar to those performed by any of the above designated officers and also,
      with respect to a particular matter, any other officer to whom such matter
      is
      referred because of such officer’s knowledge of and familiarity with the
      particular subject.

     

    “Servicing
      Criteria”: The “servicing criteria” set forth in Item 1122(d) of Regulation AB,
      as such may be amended from time to time, or those Servicing Criteria otherwise
      mutually agreed to by EMC and the applicable Servicer in response to evolving
      interpretations of Regulation AB and incorporated into a revised Exhibit
      K.

     

    “Sponsor”:
      [Name of Sponsor], and its successors and assigns.

     

    “Sponsor’s
      Warranty Certificate”: The Sponsor’s Warranty Certificate of the Sponsor, dated
      ________ __, 20__, in the form of Exhibit I attached hereto.

     

    “Servicing
      Account”: The account or accounts created and maintained pursuant to Section
      3.09.

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses incurred in connection with a default, delinquency or other
      unanticipated event by the Master Servicer in the performance of its servicing
      obligations, including, but not limited to, the cost of (i) the preservation,
      restoration and protection of a Mortgaged Property, (ii) any enforcement or
      judicial proceedings, including foreclosures, (iii) the management and
      liquidation of any REO Property and (iv) compliance with the obligations under
      the second paragraph of Section 3.01 and Section 3.09.

     

    “Servicing
      Fee”: As to each Mortgage Loan, an amount, payable out of any payment of
      interest on the Mortgage Loan, equal to interest at the related Servicing Fee
      Rate on the Stated Principal Balance of such Mortgage Loan for the calendar
      month preceding the month in which the payment is due (alternatively, in the
      event such payment of interest accompanies a Principal Prepayment in full made
      by the Mortgagor, interest for the number of days covered by such payment of
      interest).

     

    “Servicing
      Fee Rate”: With respect to each Mortgage Loan, the per annum rate of
      _______%.

     

    “Servicing
      Officer”: Any officer of the Master Servicer involved in, or responsible for,
      the administration and servicing of the Mortgage Loans, whose name appears
      on a
      list of servicing officers furnished to the Trustee by the Master Servicer,
      as
      such list may from time to time be amended.

     

    “Single
      Certificate”: A Certificate evidencing the minimum denomination of the
      Certificates as set forth in Section 5.01.

     

    “Special
      Hazard Amount”: As of any Distribution Date, an amount equal to $___________
      (the initial “Special Hazard Amount”) minus the sum of (i) the aggregate amount
      of draws made under the Letter of Credit in accordance with Section 4.04 since
      the Cut-off Date and (ii) the Adjustment Amount (as defined below) as most
      recently calculated. For each anniversary of the Cut-off Date, the Adjustment
      Amount shall be calculated and shall be equal to the amount, if any, by which
      the amount calculated in accordance with the preceding sentence (without giving
      effect to the deduction of the Adjustment Amount for such anniversary) exceeds
      the greater of (A) the product of the Special Hazard Percentage for such
      anniversary multiplied by the outstanding principal balance of all of the
      Mortgage Loans on such anniversary and (B) twice the outstanding principal
      balance of the Mortgage Loan which has the largest outstanding principal balance
      on such Anniversary.

     

    “Special
      Hazard Percentage”: As of each anniversary of the Cut-off Date, the greater of
      (i) 1% and (ii) the largest percentage obtained by dividing the aggregate
      outstanding principal balance on such anniversary of the Mortgage Loans secured
      by Mortgaged Properties located in a single, five-digit zip code area in the
      State of California by the outstanding principal balance of all the Mortgage
      Loans on such anniversary.

     

    “[Standard
      & Poor’s”: Standard & Poor’s Ratings Group, a division of McGraw Hill,
      Inc. or its successor in interest.]

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan or related REO Property at
      any given time, (i) the principal balance of the Mortgage Loan outstanding
      as of
      the Cut-off Date, after application of principal payments due on or before
      such
      date, whether or not received, minus (ii) the sum of (a) the principal portion
      of the Monthly Payments due with respect to such Mortgage Loan or REO Property
      during each Due Period ending prior to the most recent Distribution Date which
      were received or with respect to which an Advance was made, (b) all Principal
      Prepayments with respect to such Mortgage Loan or REO Property, and all
      Insurance Proceeds, Liquidation Proceeds and net income from a REO Property
      to
      the extent applied by the Master Servicer as recoveries of principal in
      accordance with Section 3.15 with respect to such Mortgage Loan or REO Property,
      which were distributed pursuant to Section 4.01 on any previous Distribution
      Date and (c) any Realized Loss with respect thereto allocated pursuant to
      Section 4.04 for any previous Distribution Date.

     

    “Sub-Servicer”:
      Any Person with which the Master Servicer has entered into a Sub-Servicing
      Agreement and which meets the qualifications of a Sub-Servicer pursuant to
      Section 3.02.

     

    “Sub-Servicer
      Remittance Date”: The 18th day of each month, or if such day is not a Business
      Day, the immediately preceding Business Day.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 3.08 and is otherwise acceptable to the Master
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Master Servicer and a Sub-Servicer
      and any successor Sub-Servicer relating to servicing and administration of
      certain Mortgage Loans as provided in Section 3.02.

     

    [“Tax
      Returns”: [To be provided.]]

     

    “Transfer”:
      Any direct or indirect transfer, sale, pledge, hypothecation or other form
      of
      assignment of any Ownership Interest in a Certificate.

     

    “Transferor”:
      Any Person who is disposing by Transfer of any Ownership Interest in a
      Certificate.

     

    “Trust
      Fund”: The corpus of the trust created by this Agreement, to the extent
      described herein, consisting of the Mortgage Loans, such assets as shall from
      time to time be identified as deposited in respect of the Mortgage Loans in
      the
      Custodial Account and in the Certificate Account, property which secured a
      Mortgage Loan and which has been acquired by foreclosure or deed in lieu of
      foreclosure, proceeds of any Primary Hazard Insurance Policies, if any, and
      the
      Letter of Credit (or any alternate form of credit support substituted therefor)
      and all proceeds thereof.

     

    “Trustee”:
      [Name of Trustee], or its successor in interest, or any successor trustee
      appointed as herein provided.

     

    “Trustee’s
      Fee”: As to each Mortgage Loan and as the Distribution Date, an amount, payable
      out of any payment of interest on the Mortgage Loan, equal to interest at _____%
      per annum on the Stated Principal Balance of such Mortgage Loan as of the Due
      Date immediately preceding the month in which such Distribution Date
      occurs.

     

    “Uninsured
      Cause”: Any cause of damage to property subject to a Mortgage such that the
      complete restoration of such property is not fully reimbursable by the hazard
      insurance policies or flood insurance policies required to be maintained
      pursuant to Section 3.13.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. The Voting Rights shall be allocated among Holders
      of the Certificates, in proportion to the outstanding Certificate Principal
      Balances of their respective Certificates.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    Section
      2.01.  Conveyance
      of Mortgage Loans. 

     

    The
      Depositor, as of the Closing Date, and concurrently with the execution and
      delivery hereof, does hereby assign, transfer, sell, set over and otherwise
      convey to the Trustee without recourse all the right, title and interest of
      the
      Depositor in and to the Mortgage Loans identified on the Mortgage Loan Schedule
      and all other assets included or to be included in the Trust Fund for the
      benefit of the Certificateholders. Such assignment includes all principal and
      interest received by the Master Servicer on or with respect to the Mortgage
      Loans (other than payment of principal and interest due on or before the Cut-off
      Date).

     

    In
      connection with such transfer and assignment, the Depositor has requested the
      Sponsor to deliver to, and deposit with the Trustee, the following documents
      or
      instruments:

     

    (i)           the
      original Mortgage Note, endorsed by the Sponsor “Pay to the order of [Name of
      Trustee], as trustee without recourse” or to “Pay to the order of [Name of
      Trustee], as trustee for holders of Alliance Bancorp., Mortgage Pass-Through
      Certificates, Series 200_-_, without recourse” with all intervening endorsements
      showing a complete chain of endorsements from the originator to the Person
      endorsing it to the Trustee;

     

    (ii)         
      the
      original recorded Mortgage or, if the original Mortgage has not been returned
      from the applicable public recording office, a copy of the Mortgage certified
      by
      the Sponsor to be a true and complete copy of the original Mortgage submitted
      to
      the title insurance company for recording;

     

    (iii)       
       a
      duly
      executed original Assignment of the Mortgage endorsed by the Sponsor, without
      recourse, to “[Name of Trustee], as trustee” or to “[Name of Trustee], as
      trustee for holders of Alliance Bancorp., Mortgage Pass-Through Certificates,
      Series 200_-_”, with evidence of recording thereon;

     

    (iv)       
       the
      original recorded Assignment or Assignments of the Mortgage showing a complete
      chain of assignment from the originator thereof to the Person assigning it
      to
      the Trustee or, if any such Assignment has not been returned from the applicable
      public recording office, a copy of such Assignment certified by the Sponsor
      to
      be a true and complete copy of the original Assignment submitted to the title
      insurance company for recording;

     

    (v)           the
      original lender’s title insurance policy, or, if such policy has not been
      issued, any one of an original or a copy of the preliminary title report, title
      binder or title commitment on the Mortgaged Property with the original policy
      of
      the insurance to be delivered promptly following the receipt
      thereof;

     

    (vi)          the
      original of any assumption, modification, extension or guaranty
      agreement;

     

    (vii)         the
      original or a copy of the private mortgage insurance policy or original
      certificate of private mortgage insurance, if applicable; and

     

    (viii)        if
      any of
      the documents or instruments referred to above were executed on behalf of the
      Mortgagor by another Person, the original power of attorney or other instrument
      that authorized and empowered such Person to sign, or a copy thereof certified
      by the Sponsor (or by an officer of the applicable title insurance or escrow
      company) to be a true and correct copy of the original.

     

    The
      Sponsor is obligated pursuant to the Sponsor’s Warranty Certificate to deliver
      to the Trustee: (a) either the original recorded Mortgage, or in the event
      such
      original cannot be delivered by the Sponsor, a copy of such Mortgage certified
      as true and complete by the appropriate recording office, in those instances
      where a copy thereof certified by the Sponsor was delivered to the Trustee
      pursuant to clause (ii) above; and (b) either the original Assignment or
      Assignments of the Mortgage, with evidence of recording thereon, showing a
      complete chain of assignment from the originator to the Sponsor, or in the
      event
      such original cannot be delivered by the Sponsor, a copy of such Assignment
      or
      Assignments certified as true and complete by the appropriate recording office,
      in those instances where copies thereof certified by the Sponsor were delivered
      to the Trustee pursuant to clause (iv) above. Notwithstanding anything to the
      contrary contained in this Section 2.01, in those instances where the public
      recording office retains the original Mortgage after it has been recorded,
      the
      Sponsor shall be deemed to have satisfied its obligations hereunder upon
      delivery to the Trustee of a copy of such Mortgage certified by the public
      recording office to be a true and complete copy of the recorded original
      thereof.

     

    If
      any
      Assignment is lost or returned unrecorded to the Trustee because of any defect
      therein, the Sponsor is required to prepare a substitute Assignment or cure
      such
      defect, as the case may be, and the Trustee shall cause such Assignment to
      be
      recorded in accordance with this paragraph.

     

    The
      Sponsor is required, as described in the Sponsor’s Warranty Certificate, to
      deliver to the Trustee the original of any documents assigned to the Trustee
      pursuant to this Section 2.01 not later than 120 days after the Closing
      Date.

     

    All
      original documents relating to the Mortgage Loans which are not delivered to
      the
      Trustee, to the extent delivered by the Sponsor to the Master Servicer, are
      and
      shall be held by the Master Servicer in trust for the benefit of the Trustee
      on
      behalf of the Certificateholders.

     

    Except
      as
      may otherwise expressly be provided herein, neither the Depositor, the Master
      Servicer nor the Trustee shall (and the Master Servicer shall ensure that no
      Sub-Servicer shall) assign, sell, dispose of or transfer any interest in the
      Trust Fund or any portion thereof, or permit the Trust Fund or any portion
      thereof to be subject to any lien, claim, mortgage, security interest, pledge
      or
      other encumbrance of, any other Person.

     

    It
      is
      intended that the conveyance of the Mortgage Loans by the Depositor to the
      Trustee as provided in this Section be, and be construed as, a sale of the
      Mortgage Loans by the Depositor to the Trustee for the benefit of the
      Certificateholders. It is, further, not intended that such conveyance be deemed
      a pledge of the Mortgage Loans by the Depositor to the Trustee to secure a
      debt
      or other obligation of the Depositor. However, in the event that the Mortgage
      Loans are held to be property of the Depositor, or if for any reason this
      Agreement is held or deemed to create a security interest in the Mortgage Loans,
      then it is intended that, (a) this Agreement shall also be deemed to be a
      security agreement within the meaning of Articles 8 and 9 of the New York
      Uniform Commercial Code and the Uniform Commercial Code of any other applicable
      jurisdiction; (b) the conveyance provided for in this Section shall be deemed
      to
      be (1) a grant by the Depositor to the Trustee of a security interest in all
      of
      the Depositor’s right (including the power to convey title thereto), title and
      interest, whether now owned or hereafter acquired, in and to (A) the Mortgage
      Loans, including the Mortgage Notes, the Mortgages, any related insurance
      policies and all other documents in the related Mortgage Files, (B) all amounts
      payable to the holders of the Mortgage Loans in accordance with the terms
      thereof and (C) all proceeds of the conversion, voluntary or involuntary, of
      the
      foregoing into cash, instruments, securities or other property, including
      without limitation all amounts from time to time held or invested in the
      Certificate Account or the Custodial Account, whether in the form of cash,
      instruments, securities or other property and (2) an assignment by the Depositor
      to the Trustee of any security interest in any and all of the Sponsor’s right
      (including the power to convey title thereto), title and interest, whether
      now
      owned or hereafter acquired, in and to the property described in the foregoing
      clauses (1)(A) through (C) granted by [Name of Sponsor] to the Depositor
      pursuant to the Assignment Agreement; (c) the possession by the Trustee or
      its
      agent of Mortgage Notes and such other items of property as constitute
      instruments, money, negotiable documents or chattel paper shall be deemed to
      be
“possession by the secured party” or possession by a purchaser or a person
      designated by such secured party, for purposes of perfecting the security
      interest pursuant to the New York Uniform Commercial Code and the Uniform
      Commercial Code of any other applicable jurisdiction (including, without
      limitation, Sections 9-305, 8-313 or 8-321 thereof); and (d) notifications
      to
      persons holding such property, and acknowledgments, receipts or confirmations
      from persons holding such property, shall be deemed notifications to, or
      acknowledgments, receipts or confirmations from, financial intermediaries,
      bailees or agents (as applicable) of the Trustee for the purpose of perfecting
      such security interest under applicable law. The Depositor and the Trustee
      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 Mortgage Loans, 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.

     

    Section
      2.02.  Acceptance
      of the Trust Fund by the Trustee. 

     

    The
      Trustee acknowledges receipt (subject to any exceptions noted in the Initial
      Certification described below) of the documents referred to in Section 2.01
      above and all other assets included in the Trust Fund and declares that it
      holds
      and will hold such documents and the other documents delivered to it
      constituting the Mortgage Files, and that it holds or will hold such other
      assets included in the Trust Fund (to the extent delivered or assigned to the
      Trustee), in trust for the exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees, for the benefit of the Certificateholders, to review each
      Mortgage File on or before the Closing Date to ascertain that all documents
      required to be delivered to it are in its possession, and the Trustee agrees
      to
      execute and deliver to the Depositor and the Master Servicer on the Closing
      Date
      an Initial Certification in the form annexed hereto as Exhibit C to the effect
      that, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other
      than
      any Mortgage Loan paid in full or any Mortgage Loan specifically identified
      in
      such certification as not covered by such certification), (i) all documents
      required to be delivered to it pursuant to this Agreement with respect to such
      Mortgage Loan are in its possession, (ii) such documents have been reviewed
      by
      it and appear regular on their face and relate to such Mortgage Loan and (iii)
      based on its examination and only as to the foregoing documents, the information
      set forth in items (i) - (vi) and (xiii) of the definition of the “Mortgage Loan
      Schedule” accurately reflects information set forth in the Mortgage File.
      Neither the Trustee nor the Master Servicer shall be under any duty to determine
      whether any Mortgage File should include any of the documents specified in
      clause (vi) of Section 2.01. Neither the Trustee nor the Master Servicer 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 or that they are other than what they purport to
      be
      on their face.

     

    Within
      90
      days of the Closing Date the Trustee shall deliver to the Depositor and the
      Master Servicer a Final Certification in the form annexed hereto as Exhibit
      D
      evidencing the completeness of the Mortgage Files, with any applicable
      exceptions noted thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and preparing the certifications
      referred to above the Trustee finds any document or documents constituting
      a
      part of a Mortgage File to be missing or defective in any material respect,
      the
      Trustee shall promptly notify the Sponsor, the Master Servicer and the
      Depositor. The Trustee shall promptly notify the Sponsor of such defect and
      request that the Sponsor cure any such defect within 60 days from the date
      on
      which the Sponsor was notified of such defect, and if the Sponsor does not
      cure
      such defect in all material respects during such period, request that the
      Sponsor purchase such Mortgage Loan from the Trust Fund on behalf of the
      Certificateholders at the Purchase Price within 90 days after the date on which
      the Sponsor was notified of such defect. It is understood and agreed that the
      obligation of the Sponsor to cure a material defect in, or purchase any Mortgage
      Loan as to which a material defect in a constituent document exists shall
      constitute the sole remedy respecting such defect available to
      Certificateholders or the Trustee on behalf of Certificateholders. The Purchase
      Price for the purchased Mortgage Loan shall be deposited or caused to be
      deposited upon receipt by the Master Servicer in the Custodial Account and,
      upon
      receipt by the Trustee of written notification of such deposit signed by a
      Servicing Officer, the Trustee shall release or cause to be released to the
      Sponsor the related Mortgage File and shall execute and deliver such instruments
      of transfer or assignment, in each case without recourse, as the Sponsor shall
      require as necessary to vest in the Sponsor ownership of any Mortgage Loan
      released pursuant hereto and at such time the Trustee shall have no further
      responsibility with respect to the related Mortgage File.

     

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

     

    (a)     
      The
      Master Servicer hereby represents and warrants to and covenants with the
      Depositor and the Trustee for the benefit of Certificateholders
      that:

     

    (i)  The
      Master Servicer is, and throughout the term hereof shall remain, a duly
      organized, validly existing and in good standing under the laws of the State
      of
      (except as otherwise permitted pursuant to Section 6.02), the Master Servicer
      is, and shall remain, in compliance with the laws of each state in which any
      Mortgaged Property is located to the extent necessary to perform its obligations
      under this Agreement, and the Master Servicer is, and shall remain, approved
      to
      sell mortgage loans to and service mortgage loans for FNMA and
      FHLMC;

     

    (ii)  The
      execution and delivery of this Agreement by the Master Servicer, and the
      performance and compliance with the terms of this Agreement by the Master
      Servicer, will not violate the Master Servicer’s articles of incorporation or
      bylaws 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 of, any
      material agreement or other instrument to which it is a party or which is
      applicable to it or any of its assets;

     

    (iii)  The
      Master Servicer has the full power and authority to enter into and consummate
      all transactions contemplated by this Agreement, has duly authorized the
      execution, delivery and performance of this Agreement, and has duly executed
      and
      delivered this Agreement;

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the Depositor
      and the Trustee, constitutes a valid, legal and binding obligation of the Master
      Servicer, enforceable against the Master Servicer in accordance with the terms
      hereof, subject to (A) applicable bankruptcy, insolvency, reorganization,
      moratorium and other laws affecting the enforcement of creditors’ rights
      generally, and (B) general principles of equity, regardless of whether such
      enforcement is considered in a proceeding in equity or at law;

     

    (v)  The
      Master Servicer is not in violation of, and its execution and delivery of this
      Agreement and its performance and compliance with the terms of this Agreement
      will not constitute a violation of, any law, any order or decree of any court
      or
      arbiter, or any order, regulation or demand of any federal, state or local
      governmental or regulatory authority, which violation is likely to affect
      materially and adversely either the ability of the Master Servicer to perform
      its obligations under this Agreement or the financial condition of the Master
      Servicer;

     

    (vi)  No
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement or is likely
      to affect materially and adversely either the ability of the Master Servicer
      to
      perform its obligations under this Agreement or the financial condition of
      the
      Master Servicer;

     

    (vii)  The
      Master Servicer will comply in all material respects in the performance of
      this
      Agreement and with all reasonable rules and requirements of each insurer under
      each Insurance Instrument;

     

    (viii)  The
      execution of this Agreement and the performance of the Master Servicer’s
      obligations hereunder do not require any license, consent or approval of any
      state or federal court, agency, regulatory authority or other governmental
      body
      having jurisdiction over the Master Servicer, other than such as have been
      obtained; and

     

    (ix)  No
      information, certificate of an officer, statement furnished in writing or report
      delivered to the Depositor, any affiliate of the Depositor or the Trustee by
      the
      Master Servicer will, to the knowledge of the Master Servicer, contain any
      untrue statement of a material fact or omit a material fact necessary to make
      the information, certificate, statement or report not misleading;
      and

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.03(a) shall survive the execution and delivery of this
      Agreement, and shall inure to the benefit of the Depositor, the Trustee and
      the
      Certificateholders. Upon discovery by the Depositor, the Trustee or the Master
      Servicer of a breach of any of the foregoing representations, warranties and
      covenants that materially and adversely affects the interests of the Depositor
      or the Trustee, the party discovering such breach shall give prompt written
      notice to the other parties.

     

    (b)  The
      Depositor hereby represents and warrants to the Master Servicer and the Trustee
      for the benefit of Certificateholders that as of the Closing Date (or, if
      otherwise specified below, as of the date so specified):

     

    (i)  Immediately
      prior to the assignment of the Mortgage Loans to the Trustee, the Depositor
      had
      good title to, and was the sole owner of, each Mortgage Loan free and clear
      of
      any pledge, lien, encumbrance or security interest (other than rights to
      servicing and related compensation) and such assignment validly transfers
      ownership of the Mortgage Loans to the Trustee free and clear of any pledge,
      lien, encumbrance or security interest;

     

    (ii)  No
      Mortgage Loan is one month or more delinquent in payment of principal and
      interest as of the Cut-off Date and no Mortgage Loan has been so delinquent
      more
      than once in the 12-month period prior to the Cut-off Date;

     

    (iii)  The
      information set forth in the Mortgage Loan Schedule with respect to each
      Mortgage Loan or the Mortgage Loans, as the case may be, is true and correct
      in
      all material respects at the date or dates respecting which such information
      is
      furnished;

     

    (iv)  The
      Mortgage Loans are fully-amortizing, adjustable-rate mortgage loans with Monthly
      Payments due on the first day of each month and terms to maturity at origination
      or modification of not more than 30 years;

     

    (v)  Each
      Mortgage Loan secured by a Mortgaged Property with a Loan-to-Value Ratio at
      origination in excess of 80% is the subject of a Primary Mortgage Insurance
      Policy that insures that portion of the principal balance thereof that exceeds
      the amount equal to 75% of the appraised value of the related Mortgaged
      Property. Each such Primary Mortgage Insurance Policy is in full force and
      effect and the Trustee is entitled to the benefits thereunder; and

     

    (vi)  The
      representations and warranties of the Sponsor with respect to the Mortgage
      Loans
      and the remedies therefor are as set forth in the Sponsor’s Warranty
      Certificate.

     

    [Other
      representations and warranties as applicable.]

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.03(b) shall survive delivery of the respective Mortgage Files to
      the
      Trustee.

     

    Upon
      discovery by either the Depositor, the Master Servicer or the Trustee of a
      breach of any representation or warranty set forth in this Section 2.03 which
      materially and adversely affects the interests of the Certificateholders in
      any
      Mortgage Loan, the party discovering such breach shall give prompt written
      notice to the other parties.

     

    Section
      2.04.  Representations
      and Warranties of the Sponsor; Repurchase and Substitution. 

     

    The
      Depositor hereby assigns to the Trustee for the benefit of Certificateholders
      its interest in respect of the representations and warranties made by the
      Sponsor in the Sponsor’s Warranty Certificate or the exhibits thereto. Insofar
      as the Sponsor’s Warranty Certificate relates to such representations and
      warranties and any remedies provided thereunder for any breach of such
      representations and warranties, such right, title and interest may be enforced
      by the Trustee on behalf of the Certificateholders. Upon the discovery by the
      Depositor, the Master Servicer or the Trustee of a breach of any of the
      representations and warranties made in the Sponsor’s Warranty Certificate in
      respect of any Mortgage Loan which materially and adversely affects the
      interests of the Certificateholders in such Mortgage Loan, the party discovering
      such breach shall give prompt written notice to the other parties. The Trustee
      shall promptly notify the Sponsor of such breach and request that such Sponsor
      shall, within 90 days from the date that the Depositor, the Sponsor or the
      Trustee was notified of such breach, either (i) cure such breach in all material
      respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
      Price and in the manner set forth in Section 2.02; provided that in the case
      of
      such breach, the Sponsor shall have the option to substitute a Qualified
      Substitute Mortgage Loan or Loans for such Mortgage Loan if such substitution
      occurs within 90 days following the Closing Date. Any such substitution must
      occur within 90 days from the date the Sponsor was notified of the breach if
      such 90 day period expires before two years following the Closing Date. In
      the
      event that the Sponsor elects to substitute a Qualified Substitute Mortgage
      Loan
      or Loans for a Deleted Mortgage Loan pursuant to this Section 2.04, the Sponsor
      shall deliver to the Trustee for the benefit of the Certificateholders with
      respect to such Qualified Substitute Mortgage Loan or Loans, the original
      Mortgage Note, the Mortgage, an Assignment of the Mortgage in recordable form,
      and such other documents and agreements as are required by Section 2.01, with
      the Mortgage Note endorsed as required by Section 2.01. No substitution will
      be
      made in any calendar month after the Determination Date for such month. Monthly
      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
      Master Servicer and remitted by the Master Servicer to the Sponsor on the next
      succeeding Distribution Date. For the month of substitution, distributions
      to
      Certificateholders will include the Monthly Payment due on a Deleted Mortgage
      Loan for such month and thereafter the Sponsor shall be entitled to retain
      all
      amounts received in respect of such Deleted Mortgage Loan. The Depositor shall
      amend or cause to be amended 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
      Depositor shall deliver the amended Mortgage Loan Schedule, to the Trustee.
      Upon
      such substitution, the Qualified Substitute Mortgage Loan or Loans shall be
      subject to the terms of this Agreement in all respects, the Sponsor shall be
      deemed to have made the representations and warranties with respect to the
      Qualified Substitute Mortgage Loan contained in the Sponsor’s Warranty
      Certificate as of the date of substitution, and the Depositor shall be deemed
      to
      have made with respect to any Qualified Substitute Mortgage Loan or Loans,
      as of
      the date of substitution, the representations and warranties set forth in
      Section 2.03 hereof, and the Sponsor shall be obligated to repurchase or
      substitute for any Qualified Substitute Mortgage Loan as to which a repurchase
      or substitution obligation has occurred pursuant to Section 3 of the Sponsor’s
      Warranty Certificate.

     

    In
      connection with the substitution of one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Master 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 Stated Principal Balance of all such Deleted Mortgage Loans (in
      each case after application of the principal portion of the Monthly Payments
      due
      in the month of substitution that are to be distributed to Certificateholders
      in
      the month of substitution). The Sponsor shall provide the Master Servicer on
      the
      day of substitution for immediate deposit in to the Custodial Account the amount
      of such shortfall, without any reimbursement therefor. The Sponsor shall give
      notice in writing to the Trustee of such event, which notice shall be
      accompanied by an Officers’ Certificate as to the calculation of such shortfall.
      The costs of any substitution as described above, including any related
      assignments, opinions or other documentation in connection therewith shall
      be
      borne by the Sponsor.

     

    Except
      as
      expressly set forth herein neither the Trustee nor the Master Servicer is under
      any obligation to discover any breach of the above mentioned representations
      and
      warranties. It is understood and agreed that the obligation of the Sponsor
      to
      cure such breach or to so purchase or substitute for any Mortgage Loan as to
      which such a breach has occurred and is continuing shall constitute the sole
      remedy respecting such breach available to Certificateholders or the Trustee
      on
      behalf of Certificateholders. In addition, if the first scheduled Monthly
      Payment is due during the first month after its closing date (as such term
      is
      used in the Sponsor’s Warranties Certificate) and such Monthly Payment is not
      received by the Master Servicer within 30 days of the due date in accordance
      with the terms of the related Mortgage Note, the Master Servicer shall promptly
      notify the Sponsor and the Trustee and the Sponsor shall purchase such Mortgage
      Loan from the Trust Fund at the Purchase Price or substitute a Qualified
      Substitute Mortgage Loan therefor within 15 days from the date that the Sponsor
      was notified.

     

    Section
      2.05.  Issuance
      of Certificates Evidencing Interests in the Trust Fund. 

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      of the Mortgage Files to it together with the assignment to it of all other
      assets included in the Trust Fund, receipt of which is hereby acknowledged.
      Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
      to the written request of the Depositor executed by an officer of the Depositor,
      has executed and caused to be authenticated, and delivered to or upon the order
      of the Depositor, the Certificates in authorized denominations which evidence
      ownership of the entire Trust Fund.

     

    Section
      2.06.  Purposes
      and Powers of the Trust. 

     

    The
      purpose of the common law trust, as created hereunder, is to engage in the
      following activities:

     

    (a) 
acquire
      and hold the Mortgage Loans and the other assets of the Trust Fund and the
      proceeds therefrom;

     

    (b) 
to
      issue
      the Certificates sold to the Depositor in exchange for the Mortgage
      Loans;

     

    (c) 
to
      make
      payments on the Certificates;

     

    (d) 
to
      engage
      in those activities that are necessary, suitable or convenient to accomplish
      the
      foregoing or are incidental thereto or connected therewith; and

     

    (e) 
subject
      to compliance with this Agreement, to engage in such other activities as may
      be
      required in connection with conservation of the Trust Fund and the making of
      distributions to the Certificateholders.

     

    The
      trust
      is hereby authorized to engage in the foregoing activities. The Trustee shall
      not cause the trust to engage in any activity other than in connection with
      the
      foregoing or other than as required or authorized by the terms of this Agreement
      while any Certificate is outstanding, and this Section 2.06 may not be amended,
      without the consent of the Certificateholders evidencing 51% or more of the
      aggregate voting rights of the Certificates.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF THE TRUST FUND

     

    Section
      3.01.  Master
      Servicer to Act as Master Servicer. 

     

    The
      Master Servicer shall service and administer the Mortgage Loans for the benefit
      of the Certificateholders, in accordance with this Agreement and the customary
      and usual standards of practice of prudent institutional mortgage lenders
      servicing comparable mortgage loans for their own account in the respective
      states in which the Mortgaged Properties are located. Subject to the foregoing,
      the Master Servicer shall have full power and authority, acting alone and/or
      through Sub-Servicers as provided in Section 3.02, to do or cause to be done
      any
      and all things in connection with such servicing and administration that it
      may
      deem necessary or desirable. Without limiting the generality of the foregoing,
      the Master Servicer in its own name or in the name of a Sub-Servicer is hereby
      authorized and empowered by the Trustee when the Master Servicer believes it
      appropriate in its best judgment, to (i) execute and deliver, on behalf of
      the
      Certificateholders and the Trustee 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 the
      Mortgaged Properties, (ii) institute foreclosure proceedings or obtain a
      deed-in-lieu of foreclosure so as to convert the ownership of such properties,
      and (iii) hold or cause to be held title to such properties, on behalf of the
      Trustee and Certificateholders. The Master Servicer shall service and administer
      the Mortgage Loans in accordance with applicable state and federal law and
      shall
      provide to the Mortgagors any reports required to be provided to them thereby.
      Subject to Section 3.16, the Trustee shall furnish to the Master Servicer and
      any Sub-Servicer any powers of attorney and other documents necessary or
      appropriate to enable the Master Servicer and any Sub-Servicer to carry out
      their servicing and administrative duties hereunder. The Trustee shall not
      be
      responsible for any action taken by the Master Servicer or any Sub-Servicer
      pursuant to the application of such powers of attorney.

     

    In
      accordance with the standards of the preceding paragraph, the Master Servicer
      shall advance or cause to be advanced funds as necessary for the purpose of
      effecting the payment of taxes and assessments on the Mortgaged Properties,
      which advances shall be reimbursable in the first instance from related
      collections from the Mortgagors pursuant to Section 3.09, and further as
      provided in Section 3.11. No costs incurred by the Master Servicer or by
      Sub-Servicers in effecting the payment of taxes and assessments on the Mortgaged
      Properties shall, for the purpose of calculating distributions to
      Certificateholders, be added to the amount owing under the related Mortgage
      Loans, notwithstanding that the terms of such Mortgage Loans so
      permit.

     

    The
      Master Servicer may approve a request for a partial release of the Mortgaged
      Property, easement, consent to alteration or demolition and other similar
      matters if it has determined, exercising its good faith business judgement
      in
      the same manner as it would if it were the owner of the related Mortgage Loan,
      that such approval will not adversely affect the security for, or the timely
      and
      full collectability of, the related Mortgage Loan. Any fee collected by the
      Master Servicer for processing such request will be retained by the Master
      Servicer as additional servicing compensation.

     

    The
      relationship of the Master Servicer (and of any successor to the Master Servicer
      under this Agreement) to the Trustee under this Agreement is intended by the
      parties to be that of an independent contractor and not that of a joint
      venturer, partner or agent.

     

    Section
      3.02.  Sub-Servicing
      Agreements Between Master Servicer and Sub-Servicers. 

     

    (a)  The
      Master Servicer may enter into Sub-Servicing Agreements with Sub-Servicers
      for
      the servicing and administration of the Mortgage Loans and for the performance
      of any and all other activities of the Master Servicer hereunder. Each
      Sub-Servicer shall be either (i) an institution the accounts of which are
      insured by the FDIC or (ii) another entity that engages in the business of
      originating or servicing mortgage loans, and in either case shall be authorized
      to transact business in the state or states in which the related Mortgaged
      Properties it is to service are situated, if and to the extent required by
      applicable law to enable the Sub-Servicer to perform its obligations hereunder
      and under the Sub-Servicing Agreement, and in either case shall be a FHLMC
      or
      FNMA approved mortgage servicer. Each Sub-Servicing Agreement must impose on
      the
      Sub-Servicer requirements conforming to the provisions set forth in Section
      3.08
      and provide for servicing of the Mortgage Loans consistent with the terms of
      this Agreement. With the consent of the Trustee, which consent shall not be
      unreasonably withheld, the Master Servicer and the Sub-Servicers may enter
      into
      Sub-Servicing Agreements and make amendments to the Sub-Servicing Agreements
      or
      enter into different forms of Sub-Servicing Agreements; provided, however,
      that
      any such amendments or different forms shall be consistent with and not violate
      the provisions of this Agreement.

     

    (b)  As
      part
      of its servicing activities hereunder, the Master Servicer, for the benefit
      of
      the Trustee and the Certificateholders, shall enforce the obligations of each
      Sub-Servicer under the related Sub-Servicing Agreement, including, without
      limitation, any obligation to make advances in respect of delinquent payments
      as
      required by a Sub-Servicing Agreement, or to purchase a Mortgage Loan on account
      of defective documentation or on account of a breach of a representation or
      warranty, as described in Section 2.02. Such enforcement, including, without
      limitation, the legal prosecution of claims, termination of Sub-Servicing
      Agreements 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, but shall be reimbursed therefor only (i) from a general
      recovery resulting from such enforcement only to the extent, if any, that such
      recovery exceeds all amounts due in respect of the related Mortgage Loans or
      (ii) from a specific recovery of costs, expenses or attorneys’ fees against the
      party against whom such enforcement is directed.

     

    Section
      3.03.  Successor
      Sub-Servicers. 

     

    The
      Master Servicer shall be entitled to terminate any Sub-Servicing Agreement
      and
      the rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
      Agreement in accordance with the terms and conditions of such Sub-Servicing
      Agreement. In the event of termination of any Sub-Servicer, all servicing
      obligations of such Sub-Servicer shall be assumed simultaneously by the Master
      Servicer without any act or deed on the part of such Sub-Servicer or the Master
      Servicer, and the Master Servicer either shall service directly the related
      Mortgage Loans or shall enter into a Sub-Servicing Agreement with a successor
      Sub-Servicer which qualifies under Section 3.02.

     

    Section
      3.04.  Liability
      of the Master Servicer.
      

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Master Servicer and a Sub-Servicer or
      reference to actions taken through a Sub-Servicer or otherwise, the Master
      Servicer shall remain obligated and primarily liable to the Trustee and
      Certificateholders for the servicing and administering of the Mortgage Loans
      in
      accordance with the provisions of Section 3.01 without diminution of such
      obligation or liability by virtue of such Sub-Servicing Agreements or
      arrangements or by virtue of indemnification from the Sub-Servicer and to the
      same extent and under the same terms and conditions as if the Master Servicer
      alone were servicing and administering the Mortgage Loans. For purposes of
      this
      Agreement, the Master Servicer shall be deemed to have received payments on
      Mortgage Loans when the Sub-Servicer has received such payments. The Master
      Servicer shall be entitled to enter into any agreement with a Sub-Servicer
      for
      indemnification of the Master Servicer by such Sub-Servicer and nothing
      contained in this Agreement shall be deemed to limit or modify such
      indemnification.

     

    Section
      3.05.  No
      Contractual Relationship Between Sub-Servicers and Trustee or
      Certificateholders 

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such and not as an originator shall be deemed to be between the Sub-Servicer
      and the Master Servicer alone, and the Trustee and Certificateholders shall
      not
      be deemed parties thereto and shall have no claims, rights, obligations, duties
      or liabilities with respect to the Sub-Servicer except as set forth in Section
      3.06.

     

    Section
      3.06.  Assumption or
      Termination of Sub-Servicing Agreements by Trustee.

     

    In
      the
      event the Master Servicer shall for any reason no longer be the master servicer
      (including by reason of an Event of Default), the Trustee or its designee shall
      thereupon assume all of the rights and obligations of the Master Servicer under
      each Sub-Servicing Agreement that the Master Servicer may have entered into,
      unless the Trustee is then permitted and elects to terminate any Sub-Servicing
      Agreement in accordance with its terms. The Trustee, its designee or the
      successor servicer for the Trustee shall be deemed to have assumed all of the
      Master Servicer’s interest therein and to have replaced the Master Servicer as a
      party to each Sub-Servicing Agreement to the same extent as if the Sub-Servicing
      Agreements had been assigned to the assuming party, except that the Master
      Servicer shall not thereby be relieved of any liability or obligations under
      the
      Sub-Servicing Agreements, and the Master Servicer shall continue to be entitled
      to any rights or benefits which arose prior to its termination as master
      servicer.

     

    The
      Master Servicer at its expense shall, upon request of the Trustee, deliver
      to
      the assuming party all documents and records relating to each Sub-Servicing
      Agreement and the Mortgage Loans then being serviced and an accounting of
      amounts collected and held by it and otherwise use its best efforts to effect
      the orderly and efficient transfer of the Sub-Servicing Agreements to the
      assuming party.

     

    Section
      3.07.  Collection
      of Certain Mortgage Loan Payments. 

     

    The
      Master Servicer shall make reasonable efforts to collect all payments called
      for
      under the terms and provisions of the Mortgage Loans, and shall, to the extent
      such procedures shall be consistent with this Agreement and the terms and
      provisions of any related Insurance Policy, follow such collection procedures
      as
      it would follow with respect to mortgage loans comparable to the Mortgage Loans
      and held for its own account. The Master Servicer shall not be required to
      institute or join in litigation with respect to collection of any payment
      (whether under a Mortgage, Mortgage Note, Primary Hazard Insurance Policy,
      Primary Mortgage Insurance Policy or otherwise or against any public or
      governmental authority with respect to a taking or condemnation) if it
      reasonably believes that it is prohibited by applicable law from enforcing
      the
      provision of the Mortgage or other instrument pursuant to which such payment
      is
      required. Consistent with the foregoing, the Master Servicer may in its
      discretion waive any prepayment fees, late payment charge or other charge,
      except as otherwise required under applicable law. The Master Servicer shall
      be
      responsible for preparing and distributing all information statements relating
      to payments on the Mortgage Loans, in accordance with all applicable federal
      and
      state tax laws and regulations.

     

    Section
      3.08.  Sub-Servicing
      Accounts. 

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall otherwise be
      acceptable to the Master Servicer. All amounts held in a Sub-Servicing Account
      shall be held in trust for the Trustee for the benefit of the
      Certificateholders. The Sub-Servicer will be required to deposit into the
      Sub-Servicing Account no later than the first Business Day after receipt all
      proceeds of Mortgage Loans received by the Sub-Servicer, less its servicing
      compensation and any unreimbursed expenses and advances, to the extent permitted
      by the Sub-Servicing Agreement. On each Sub-Servicer Remittance Date the
      Sub-Servicer will be required to remit to the Master Servicer for deposit into
      the Custodial Account all funds held in the Sub-Servicing Account with respect
      to any Mortgage Loan as of the Sub-Servicer Remittance Date, after deducting
      from such remittance an amount equal to the servicing compensation and
      unreimbursed expenses and advances to which it is then entitled pursuant to
      the
      related Sub-Servicing Agreement, to the extent not previously paid to or
      retained by it. In addition, on each Sub-Servicer Remittance Date the
      Sub-Servicer will be required to remit to the Master Servicer any amounts
      required to be advanced pursuant to the related Sub-Servicing Agreement. The
      Sub-Servicer will also be required to remit to the Master Servicer, within
      one
      Business Day of receipt, the proceeds of any Principal Prepayment made by the
      Mortgagor and any Insurance Proceeds or Liquidation Proceeds.

     

    Section
      3.09.  Collection
      of Taxes, Assessments and Similar Items; Servicing Accounts. 

     

    The
      Master Servicer and the Sub-Servicers shall establish and maintain one or more
      accounts (the “Servicing Accounts”), and shall deposit and retain therein all
      collections from the Mortgagors (or related advances from Sub-Servicers) for
      the
      payment of taxes, assessments, Primary Hazard Insurance Policy premiums, and
      comparable items for the account of the Mortgagors, to the extent that the
      Master Servicer customarily escrows for such amounts. Withdrawals of amounts
      so
      collected from a Servicing Account may be made only to (i) effect payment of
      taxes, assessments, Primary Hazard Insurance Policy premiums and comparable
      items; (ii) reimburse the Master Servicer (or a Sub-Servicer to the extent
      provided in the related Sub-Servicing Agreement) out of related collections
      for
      any payments made pursuant to Sections 3.01 (with respect to taxes and
      assessments) and 3.13 (with respect to Primary Hazard Insurance Policies);
      (iii)
      refund to Mortgagors any sums as may be determined to be overages; or (iv)
      clear
      and terminate the Servicing Account at the termination of this Agreement
      pursuant to Section 9.01. As part of its servicing duties, the Master Servicer
      or Sub-Servicers shall, if and to the extent required by law, pay to the
      Mortgagors interest on funds in Servicing Accounts from its or their own funds,
      without any reimbursement therefor.

     

    Section
      3.10.  Custodial
      Account. 

     

    (a)  The
      Master Servicer shall establish and maintain one or more accounts (collectively,
      the “Custodial Account”) in which the Master Servicer shall deposit or cause to
      be deposited no later than the first Business Day after receipt or as and when
      received from the Sub-Servicers, the following payments and collections received
      or made by or on behalf of it subsequent to the Cut-off Date, or received by
      it
      prior to the Cut-off Date but allocable to a period subsequent thereto (other
      than in respect of principal and interest on the Mortgage Loans due on or before
      the Cut-off Date):

     

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

     

    (ii)  all
      payments on account of interest on the Mortgage Loans, not including any portion
      thereof representing interest on account of the related Servicing Fee
      Rate;

     

    (iii)  all
      Insurance Proceeds, other than proceeds that represent reimbursement of costs
      and expenses incurred by the Master Servicer in connection with presenting
      claims under the related Insurance Policies, Liquidation Proceeds and REO
      Proceeds;

     

    (iv)  all
      proceeds of any Mortgage Loan or REO Property repurchased or purchased in
      accordance with Sections 2.02, 2.04, 3.25 or 9.01 and all amounts required
      to be
      deposited in connection with the substitution of a Qualified Substitute Mortgage
      Loan pursuant to Section 2.04;

     

    (v)  any
      amounts required to be deposited in the Custodial Account pursuant to Section
      3.12, 3.13 or 3.22; and

     

    (vi)  all
      amounts required to be deposited pursuant to Section 3.25.

     

    For
      purposes of the immediately preceding sentence, the Cut-off Date with respect
      to
      any Qualified Substitute Mortgage Loan shall be deemed to be the date of
      substitution.

     

    The
      foregoing requirements for deposit in the Custodial Account shall be exclusive.
      In the event the Master Servicer shall deposit in the Custodial Account any
      amount not required to be deposited therein, it may withdraw such amount from
      the Custodial Account, any provision herein to the contrary notwithstanding.
      The
      Custodial Account shall be maintained as a segregated account, separate and
      apart from trust funds created for mortgage pass-through certificates of other
      series, and the other accounts of the Master Servicer.

     

    (b)  Funds
      in
      the Custodial Account may be invested in Permitted Instruments in accordance
      with the provisions set forth in Section 3.12. The Master Servicer shall give
      notice to the Trustee and the Depositor of the location of the Custodial Account
      after any change thereof.

     

    (c)  Payments
      in the nature of late payment charges, prepayment fees, assumption fees and
      reconveyance fees received on the Mortgage Loans shall not be deposited in
      the
      Custodial Account, but rather shall be received and held by the Master Servicer
      as additional servicing compensation.

     

    Section
      3.11.  Permitted
      Withdrawals From the Custodial Account. 

     

    The
      Master Servicer may, from time to time as provided herein, make withdrawals
      from
      the Custodial Account of amounts on deposit therein pursuant to Section 3.10
      that are attributable to the Mortgage Loans for the following
      purposes:

     

    (i)  to
      make
      deposits into the Certificate Account in the amounts and in the manner provided
      for in Section 4.01, such deposit to include interest collections on the
      Mortgage Loans at the Net Mortgage Rate [and net of amounts reimbursed
      therefrom];

     

    (ii)  to
      pay to
      itself, the Depositor, the Sponsor or any other appropriate person, as the
      case
      may be, with respect to each Mortgage Loan that has previously been purchased,
      repurchased or replaced pursuant to Sections 2.02, 2.04 or 9.01 all amounts
      received thereon and not yet distributed as of the date of purchase, repurchase
      or substitution;

     

    (iii)  to
      reimburse itself or any Sub-Servicer for Advances not previously reimbursed,
      the
      Master Servicer’s or any Sub-Servicer’s right to reimbursement pursuant to this
      clause (iii) being limited to amounts received which represent Late Collections
      (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with
      respect to which such Advances were made and as further provided in Section
      3.15;

     

    (iv)  to
      reimburse or pay itself, the Trustee or the Depositor for expenses incurred
      by
      or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant
      to
      Sections 3.22, 6.03, 8.05, 10.01(c) or 10.01(g), except as otherwise provided
      in
      such Sections;

     

    (v)  to
      reimburse itself or any Sub-Servicer for costs and expenses incurred by or
      reimbursable to it relating to the prosecution of any claims pursuant to Section
      3.13 that are in excess of the amounts so recovered;

     

    (vi)  to
      reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed
      Servicing Advances, the Master Servicer’s or any Sub-Servicer’s right to
      reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan
      being limited to late recoveries of the payments for which such advances were
      made pursuant to Section 3.01 or Section 3.09 and any other related Late
      Collections;

     

    (vii)  to
      pay
      itself as servicing compensation (in addition to the Servicing Fee), on or
      after
      each Distribution Date, any interest or investment income earned on funds
      deposited in the Custodial Account for the period ending on such Distribution
      Date, subject to Section 8.05;

     

    (viii)  to
      reimburse itself or any Sub-Servicer for any Advance previously made which
      itself has determined to be a Nonrecoverable Advance, provided that such Advance
      was made with respect to a delinquency that ultimately constituted an Excess
      Special Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary
      Loss; and to clear and terminate the Custodial Account at the termination of
      this Agreement pursuant to Section 9.01.

     

    The
      Master Servicer shall keep and maintain separate accounting records on a
      Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
      withdrawal from the Custodial Account pursuant to such clauses (ii), (iii),
      (iv), (v), (vi), (vii) and (viii).

     

    Section
      3.12.  Permitted
      Instruments. 

     

    Any
      institution maintaining the Custodial Account shall at the direction of the
      Master Servicer invest the funds in such account in Permitted Instruments,
      each
      of which shall mature not later than the Business Day immediately preceding
      the
      Distribution Date next following the date of such investment (except that if
      such Permitted Instrument is an obligation of the institution that maintains
      such account, then such Permitted Instrument shall mature not later than such
      Distribution Date) and shall not be sold or disposed of prior to its maturity.
      All income and gain realized from any such investment as well as any interest
      earned on deposits in the Custodial Account shall be for the benefit of the
      Master Servicer. The Master Servicer shall deposit in the Custodial Account
      (with respect to investments made hereunder of funds held therein) an amount
      equal to the amount of any loss incurred in respect of any such investment
      immediately upon realization of such loss without right of
      reimbursement.

     

    Section
      3.13.  Maintenance
      of the Letter of Credit, Primary Mortgage Insurance and Primary Hazard
      Insurance. 

     

    (a)  The
      Master Servicer covenants and agrees to exercise its best reasonable efforts
      to
      maintain and keep the Letter of Credit in full force and effect in accordance
      with Section 4.06 until the termination of the Trust Fund created hereby, unless
      the amount available to be drawn thereunder has been exhausted or unless the
      Letter of Credit has been terminated pursuant to the terms thereof or hereof.
      As
      to any Distribution Date, with respect to any Mortgage Loan as to which
      liquidation has been completed (which shall be deemed to have occurred when
      the
      Master Servicer determines that it has received all Insurance Proceeds (other
      than proceeds from a drawing under the Letter of Credit), Liquidation Proceeds
      and other recoveries which the Master Servicer deems to be recoverable) during
      the preceding calendar month or was deemed to have occurred during such
      preceding calendar month in accordance with Section 3.07 (other than any
      Mortgage Loan relating to a Mortgaged Property which has suffered an
      Extraordinary Loss), by 12:00 Noon, New York City time, on the related
      Certificate Account Deposit Date, the Trustee shall draw on the Letter of
      Credit, after receipt of the written statement of the Master Servicer delivered
      pursuant to Section 4.04, pursuant to the terms thereof. In lieu of a draw
      under
      the Letter of Credit as provided above, Alliance Bancorp., at its sole option,
      may, on the Certificate Account Deposit Date upon which such draw could
      otherwise be made, deposit an amount equal to such draw into the Certificate
      Account. After any drawing under the Letter of Credit or payment by Alliance
      Bancorp. pursuant to this Section 3.13(a), the Trustee shall assign to Alliance
      Bancorp. any rights in or to the related Mortgage Loan and such Mortgage Loan
      will thereafter no longer be part of the Trust Fund. Upon receipt by Alliance
      Bancorp. of any amounts in connection with a Mortgage Loan so assigned to it,
      Alliance Bancorp. shall supply the Trustee with an Officers’ Certificate which
      sets forth such amount, and (except in the case of a payment made by Alliance
      Bancorp. in lieu of a draw on the Letter of Credit) Alliance Bancorp. shall
      cause the Letter of Credit Issuer to be reimbursed to the extent required for
      reinstatement of the available amount under the Letter of Credit. Upon receipt
      by the Trustee of such an Officers’ Certificate, if the Letter of Credit remains
      outstanding, the Trustee shall request the reinstatement of the amount remaining
      under the Letter of Credit in an amount equal to such recovered amount by
      delivering a certificate to the Letter of Credit Issuer substantially in the
      form of Annex B to the Letter of Credit.

     

    Notwithstanding
      the foregoing, draws on the Letter of Credit, or payments in lieu thereof,
      in
      connection with Fraud Losses shall not exceed in the aggregate Fraud Loss
      Amount.

     

    (b)  The
      Master Servicer may terminate the Letter of Credit or reduce the amount thereof
      (pursuant to Section 4.06(d)) or substitute an alternative form of credit
      enhancement therefor, provided that prior to any such reduction, termination
      or
      substitution, the Master Servicer shall obtain written confirmation from the
      Rating Agency that such reduction, termination or substitution would not
      adversely affect the then-current rating assigned to the Certificates by such
      Rating Agency and provide a copy of such confirmation to the Trustee and,
      provided that the Master Servicer obtains on Opinion of Counsel to the effect
      that obtaining any such alternative form of credit support will not adversely
      affect the classification of the Trust Fund as a grantor trust for federal
      income tax purposes.

     

    (c)  The
      Master Servicer shall not take, or permit any Sub-servicer to 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 Master Servicer
      or Sub-servicer, would have been covered thereunder. To the extent coverage
      is
      available, the Master Servicer shall keep or cause to be kept in full force
      and
      effect each such Primary Mortgage Insurance Policy until the principal balance
      of the related Mortgage Loan secured by a Mortgaged Property is reduced to
      75%
      or less of the Collateral Value in the case of such a Mortgage Loan having
      a
      Loan-to-Value Ratio at origination in excess of 80%. The Master Servicer shall
      not cancel or refuse to renew any such Primary Mortgage Insurance Policy, or
      consent to any Sub-servicer canceling or refusing to renew any such Primary
      Mortgage Insurance Policy applicable to a Mortgage Loan subserviced by it,
      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.

     

    (d)  In
      connection with its activities as administrator and servicer of the Mortgage
      Loans, the Master Servicer agrees to present or to cause the related
      Sub-Servicer to present, on behalf of the Master Servicer, the Sub-Servicer,
      if
      any, the Trustee and Certificateholders, claims to the insurer under any Primary
      Mortgage Insurance Policies, in a timely manner in accordance with such
      policies, and, in this regard, to take or cause to be taken such reasonable
      action as shall be necessary to permit recovery under any Primary Mortgage
      Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section
      3.10, any Insurance Proceeds collected by or remitted to the Master Servicer
      under any Primary Mortgage Insurance Policies shall be deposited in the
      Custodial Account, subject to withdrawal pursuant to Section 3.11.

     

    (e)  The
      Master Servicer shall cause to be maintained for each Mortgage Loan primary
      hazard insurance with extended coverage on the related Mortgaged Property in
      an
      amount equal to the lesser of 100% of the replacement value of the improvements,
      as determined by the insurance company, on such Mortgaged Property or the unpaid
      principal balance of the Mortgage Loan. The Master Servicer shall also cause
      to
      be maintained on property acquired upon foreclosure, or deed in lieu of
      foreclosure, of any Mortgage Loan, fire insurance with extended coverage in
      an
      amount equal to the replacement value of the improvements thereon. Pursuant
      to
      Section 3.10, any amounts collected by the Master Servicer under any such
      policies (other than amounts to be applied to the restoration or repair of
      the
      related Mortgaged Property or property thus acquired or amounts released to
      the
      Mortgagor in accordance with the Master Servicer’s normal servicing procedures)
      shall be deposited in the Custodial Account, subject to withdrawal pursuant
      to
      Section 3.11. Any cost incurred by the Master Servicer in maintaining any such
      insurance shall not, for the purpose of calculating monthly distributions to
      Certificateholders, be added to the amount owing under the Mortgage Loan,
      notwithstanding that the terms of the Mortgage Loan so permit. 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 Loan
      other than pursuant to such applicable laws and regulations as shall at any
      time
      be in force and as shall require such additional insurance. When the
      improvements securing a Mortgage Loan are located at the time of origination
      of
      such Mortgage Loan in a federally designated special flood hazard area, the
      Master Servicer shall cause flood insurance (to the extent available) to be
      maintained in respect thereof. Such flood insurance shall be in an amount equal
      to the lesser of (i) the replacement value of the improvements, which are part
      of such Mortgaged Property on a replacement cost basis and (ii) the maximum
      amount of such insurance available for the related Mortgaged Property under
      the
      national flood insurance program (assuming that the area in which such Mortgaged
      Property is located is participating in such program).

     

    In
      the
      event that the Master Servicer shall obtain and maintain a blanket fire
      insurance policy with extended coverage insuring against hazard losses on all
      of
      the Mortgage Loans, it shall conclusively be deemed to have satisfied its
      obligations as set forth in the first two sentences of this Section 3.13, it
      being understood and agreed that such policy may contain a deductible clause,
      in
      which case the Master Servicer shall, in the event that there shall not have
      been maintained on the related Mortgaged Property a policy complying with the
      first two sentences of this Section 3.13 and there shall have been a loss which
      would have been covered by such policy, deposit in the Certificate Account
      the
      amount not otherwise payable under the blanket policy because of such deductible
      clause. Any such deposit by the Master Servicer shall be made on the Certificate
      Account Deposit Date next preceding the Distribution Date which occurs in the
      month following the month in which payments under any such policy would have
      been deposited in the Custodial Account. In connection with its activities
      as
      administrator and servicer of the Mortgage Loans, the Master Servicer agrees
      to
      present, on behalf of itself, the Trustee and Certificateholders, claims under
      any such blanket policy.

     

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

     

    The
      Master Servicer will, to the extent it has knowledge of any conveyance or
      prospective conveyance by any Mortgagor of the Mortgaged Property (whether
      by
      absolute conveyance or by contract of sale, and whether or not the Mortgagor
      remains or is to remain liable under the Mortgage Note or the Mortgage),
      exercise or cause to be exercised its rights to accelerate the maturity of
      such
      Mortgage Loan under any “due-on-sale” clause applicable thereto; provided,
      however, that the Master Servicer shall not exercise any such rights if it
      reasonably believes that it is prohibited by law from doing so or if such
      enforcement will adversely affect or jeopardize required coverage under the
      Insurance Instruments. If the Master Servicer is unable to enforce such
“due-on-sale” clause (as provided in the previous sentence) or if no
“due-on-sale” clause is applicable, the Master Servicer or the Sub-Servicer will
      enter into an assumption and modification agreement with the Person to whom
      such
      property has been conveyed or is proposed to be conveyed, pursuant to which
      such
      Person becomes liable under the Mortgage Note and, to the extent permitted
      by
      applicable state law, the Mortgagor remains liable thereon; provided, however,
      that the Master Servicer shall not enter into any assumption and modification
      agreement if the coverage provided under the Primary Insurance Policy, if any,
      would be impaired by doing so. The Master Servicer is also authorized 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 the Mortgagor and becomes liable under the Mortgage Note, if the Master
      Servicer shall have determined in good faith that such substitution will not
      adversely affect the collectability of the Mortgage Loan. Any fee collected
      by
      or on behalf of the Master Servicer for entering into an assumption or
      substitution of liability agreement will be retained by or on behalf of the
      Master Servicer as additional servicing compensation. In connection with any
      such assumption, no material term of the Mortgage Note (including but not
      limited to the Mortgage Rate, the amount of the Monthly Payment and any other
      term affecting the amount or timing of payment on the Mortgage Loan) may be
      changed. The Master Servicer shall notify the Trustee that any such substitution
      or assumption agreement has been completed by forwarding to the Trustee the
      original copy of such substitution or assumption agreement, which copy 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.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Master
      Servicer shall not be deemed to be in default, breach or any other violation
      of
      its obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or any assumption that the Master Servicer may be restricted
      by
      law from preventing, for any reason whatsoever. For purposes of this Section
      3.14, the term “assumption” is deemed to also include a sale of a Mortgaged
      Property that is not accompanied by an assumption or substitution of liability
      agreement.

     

    Section
      3.15.  Realization
      Upon Defaulted Mortgage Loans. 

     

    The
      Master Servicer shall exercise reasonable efforts, consistent with the
      procedures that the Master Servicer would use in servicing loans for its own
      account, to foreclose upon or otherwise comparably convert (which may include
      an
      REO Acquisition) 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 pursuant to
      Section 3.07, and which are not released from the Trust Fund pursuant to any
      other provision hereof. The Master Servicer shall use reasonable efforts to
      realize upon such defaulted Mortgage Loans in such manner as will maximize
      the
      receipt of principal and interest by Certificateholders, taking into account,
      among other things, the timing of foreclosure proceedings. The foregoing is
      subject to the provisions that, in any case in which Mortgaged Property shall
      have suffered damage from an Uninsured Cause, the Master Servicer shall not
      be
      required to expend its own funds toward the restoration of such property unless
      it shall determine in (i) that such restoration will increase the net proceeds
      of liquidation of the related Mortgage Loan to Certificateholders after
      reimbursement to itself for such expenses, and (ii) that such expenses will
      be
      recoverable by the Master Servicer through Insurance Proceeds or Liquidation
      Proceeds from the related Mortgaged Property, as contemplated in Section 3.11.
      The Master 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 related Mortgaged Property, as
      contemplated in Section 3.11.

     

    The
      proceeds of any Cash Liquidation or REO Disposition, as well as any recovery
      resulting from a partial collection of Insurance Proceeds or Liquidation
      Proceeds or any income from an REO Property, will be applied in the following
      order of priority: first, to reimburse the Master Servicer or any Sub-Servicer
      for any related unreimbursed Servicing Advances, pursuant to Section 3.11(vi)
      or
      3.22; second, to accrued and unpaid interest on the Mortgage Loan or REO Imputed
      Interest, at the Mortgage Rate, to the date of the Cash Liquidation or REO
      Disposition, or to the Due Date prior to the Distribution Date on which such
      amounts are to be distributed if not in connection with a Cash Liquidation
      or
      REO Disposition; and third, as a recovery of principal of the Mortgage Loan.
      If
      the amount of the recovery so allocated to interest is less than a full recovery
      thereof, that amount will be allocated as follows: first, on a pro rata basis,
      to unpaid Servicing Fees; and second, to interest at the related Net Mortgage
      Rate. The portion of the recovery so allocated to unpaid Servicing Fees shall
      be
      reimbursed to the Master Servicer or any Sub-Servicer pursuant to Section
      3.11(vi). The portions of the recovery so allocated to interest at the related
      Net Mortgage Rate and to principal of the Mortgage Loan shall be applied as
      follows: first, to reimburse the Trustee for any unpaid Trustee’s Fees, second,
      to reimburse the Master Servicer or any Sub-Servicer for any related
      unreimbursed Advances in accordance with Section 3.11 (iii) or 3.22, and third,
      for distribution in accordance with the provisions of Section
      4.01(b).

     

    Section
      3.16.  Trustee
      to Cooperate; Release of Mortgage Files. 

     

    Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Master Servicer
      of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Master Servicer will immediately notify the Trustee by a
      certification (which certification shall include a statement to the effect
      that
      all amounts received or to be received in connection with such payment which
      are
      required to be deposited in the Custodial Account pursuant to Section 3.10
      have
      been or will be so deposited) of a Servicing Officer and shall request delivery
      to it of the Mortgage File in the form of the Request for Release attached
      hereto as Exhibit F-2. Upon receipt of such certification and request, the
      Trustee shall promptly release the related Mortgage File to the Master Servicer.
      Subject to the receipt by the Master Servicer of the proceeds of such payment
      in
      full and the payment of all related fees and expenses, the Master Servicer
      shall
      arrange for the release to the Mortgagor of the original cancelled Mortgage
      Note. The Master Servicer shall provide for preparation of the appropriate
      instrument of satisfaction covering any Mortgage Loan which pays in full and
      the
      Trustee shall cooperate in the execution and return of such instrument to
      provide for its delivery or recording as may be required. All other documents
      in
      the Mortgage File shall be retained by the Master Servicer to the extent
      required by applicable law. No expenses incurred in connection with any
      instrument of satisfaction or deed of reconveyance shall be chargeable to the
      Custodial Account or the Certificate Account.

     

    From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under the Insurance Instruments
      or
      any other insurance policy relating to the Mortgage Loan, the Trustee shall,
      upon request of the Master Servicer and delivery to the Trustee of a Request
      for
      Release in the form attached hereto as Exhibit F-1, release the related Mortgage
      File to the Master Servicer, and the Trustee shall execute such documents as
      the
      Master Servicer shall prepare and request as being necessary to the prosecution
      of any such proceedings. Such Request for Release shall obligate the Master
      Servicer to return each document previously requested from the Mortgage File
      to
      the Trustee when the need therefor by the Master Servicer no longer exists,
      unless the Mortgage Loan has been liquidated and the Liquidation Proceeds
      relating to the Mortgage Loan have been deposited in the Custodial Account
      or
      the Mortgage File or such document has been delivered to an attorney, or to
      a
      public trustee or other public official as required by law, for purposes of
      initiating or pursuing legal action or other proceedings for the foreclosure
      of
      the Mortgaged Property either judicially or non-judicially, and the Master
      Servicer has delivered to the Trustee a certificate of a Servicing Officer
      certifying as to the name and address of the Person to which such Mortgage
      File
      or such document was delivered and the purpose or purposes of such delivery.
      Upon receipt of a certificate of a Servicing Officer stating that such Mortgage
      Loan was liquidated and that all amounts received or to be received in
      connection with such liquidation which are required to be deposited into the
      Custodial Account have been or will be so deposited, or that such Mortgage
      Loan
      has become an REO Property, the servicing receipt shall be released by the
      Trustee to the Master Servicer.

     

    Upon
      written request of a Servicing Officer, the Trustee shall execute and deliver
      to
      the Master Servicer any court pleadings, requests for trustee’s sale or other
      documents prepared by the Master Servicer that are necessary to the foreclosure
      or trustee’s sale in respect of a Mortgaged Property or to any legal action
      brought to obtain judgment against any Mortgagor on the Mortgage Note or
      Mortgage or to obtain a deficiency judgment, or to enforce any other remedies
      or
      rights provided by the Mortgage Note or Mortgage or otherwise available at
      law
      or in equity. Each such request that such pleadings or documents be executed
      by
      the Trustee shall include a certification as to the reason such documents or
      pleadings are required and that the execution and delivery thereof by the
      Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
      for the termination of such a lien upon completion of the foreclosure or
      trustee’s sale.

     

    Section
      3.17.  Servicing
      Compensation. 

     

    As
      compensation for its activities hereunder, the Master Servicer shall be entitled
      to retain, from deposits to the Custodial Account of amounts representing
      payments or recoveries of interest, the Servicing Fees with respect to each
      Mortgage Loan (less any portion of such amounts retained by any Sub-Servicer).
      In addition, the Master Servicer shall be entitled to recover unpaid Servicing
      Fees out of related Late Collections to the extent permitted in Section
      3.11.

     

    The
      Master Servicer also shall be entitled pursuant to Section 3.11 to receive
      from
      the Custodial Account, as additional servicing compensation interest or other
      income earned on deposits therein, as well as any prepayment fees, assumption
      fees, late payment fees and reconveyance fees. The Master Servicer shall be
      required to pay all expenses incurred by it in connection with its servicing
      activities hereunder (including payment of fees and commissions for the Letter
      of Credit, payment of the premiums for any Primary Mortgage Insurance Policy
      or
      blanket policy insuring against hazard losses pursuant to Section 3.13, payment
      of the servicing compensation of the Sub-Servicer to the extent not retained
      by
      it), and shall not be entitled to reimbursement therefor except as specifically
      provided in Section 3.11. The Servicing Fee may not be transferred in whole
      or
      in part except in connection with the transfer of all of the Master Servicer’s
      responsibilities and obligations under this Agreement.

     

    Section
      3.18.  Maintenance
      of Certain Servicing Policies. 

     

    During
      the term of its service as Master Servicer, the Master Servicer shall maintain
      in force (i) a policy or policies of insurance covering errors and omissions
      in
      the performance of its obligations as servicer hereunder and (ii) a fidelity
      bond in respect of its officers, employees or agents. Each such policy or
      policies and bond shall, together, comply with the requirements from time to
      time of FNMA or FHLMC for persons performing servicing for mortgage loans
      purchased by such corporation. The Master Servicer shall prepare and present,
      on
      behalf of itself, the Trustee and Certificateholders, claims under any such
      errors and omissions policy or policies or fidelity bond in a timely fashion
      in
      accordance with the terms of such policy or bond, and upon the filing of any
      claim on any policy or bond described in this Section, the Master Servicer
      shall
      promptly notify the Trustee of any such claims and the Trustee shall notify
      the
      Rating Agency of such claim.

     

    Section
      3.19.  Annual
      Statement as to Compliance. 

     

    The
      Master Servicer and each Sub-Servicer shall deliver to the Master Servicer,
      the
      Depositor and the Trustee, not later than March 1st of each calendar year
      beginning in 2007, an Officer’s Certificate (an “Annual Statement of
      Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of the Master Servicer or the related Sub-Servicer (as the case
      may
      be) during the preceding calendar year and of its performance under this
      Agreement or other applicable servicing agreement (including, but not limited
      to
      the related Servicing Agreement) has been made under such officer’s supervision
      and (ii) to the best of such officers’ knowledge, based on such review, the
      Master Servicer or the related Sub-Servicer (as the case may be) has fulfilled
      all of its obligations under this Agreement or other applicable servicing
      agreement (including, but not limited to the related Servicing Agreement) in
      all
      material respects throughout such year, or, if there has been a failure to
      fulfill any such obligation in any material respect, specifying each such
      failure known to such officer and the nature and status of cure provisions
      thereof. Such Annual Statement of Compliance shall contain no restrictions
      or
      limitations on its use. In the event that the Master Servicer or the related
      Sub-Servicer (as the case may be) has delegated any servicing responsibilities
      with respect to the Mortgage Loans to a Sub-Servicer, the Master Servicer or
      the
      related Servicer (as the case may be)shall deliver a similar Annual Statement
      of
      Compliance by that subservicer to the Trustee as described above as and when
      required with respect to the Master Servicer or the related Sub-Servicer (as
      the
      case may be).

     

    If
      the
      Master Servicer or the related Servicer (as the case may be) cannot deliver
      the
      related Annual Statement of Compliance by March 1st of such year, the Trustee,
      at its sole option, may permit a cure period for the Master Servicer or the
      related Servicer (as the case may be) to deliver such Annual Statement of
      Compliance, but in no event later than March 10th of such year.

     

    Failure
      of the Master Servicer to timely comply with this Section 3.19 shall be deemed
      an Event of Default, and the Trustee may, in addition to whatever rights the
      Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, upon notice immediately
      terminate all the rights and obligations of the Master Servicer under this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Master Servicer for the same. This paragraph shall supercede
      any other provision in this Agreement or any other agreement to the
      contrary.

     

    Section
      3.20.  Assessments
      of Compliance and Attestation Reports. 

     

    On
      and
      after January 1, 2006, the Master Servicer shall service and administer the
      Mortgage Loans in accordance with all applicable requirements of the Servicing
      Criteria. Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item
      1123
      of Regulation AB, the Master Servicer and the Custodian (the “Attesting Party”)
      shall deliver to theTrustee on or before March 1 of each calendar year beginning
      in 2007, a report regarding the Master Servicer’s assessment of compliance (an
“Assessment of Compliance”) with the Servicing Criteria during the preceding
      calendar year. The Assessment of Compliance, as set forth in Regulation AB,
      must
      contain the following:

     

    (a)  A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the related Attesting Party;

     

    (b)  A
      statement by such officer that such Attesting Party used the Servicing Criteria
      attached as Exhibit K hereto, and which will also be attached to the Assement
      of
      Compliance, to assess compliance with the Servicing Criteria applicable to
      the
      related Attesting Party;

     

    (c)  An
      assessment by such officer of the related Attesting Party’s compliance with the
      applicable Servicing Criteria for the period consisting of the preceding
      calendar year, including disclosure of any material instance of noncompliance
      with respect thereto during such period, which assessment shall be based on
      the
      activities such Attesting Party performs with respect to asset-backed securities
      transactions taken as a whole involving the Master Servicer, that are backed
      by
      the same asset type as the Mortgage Loans;

     

    (d)  A
      statement that a registered public accounting firm has issued an attestation
      report on the related Attesting Party’s Assessment of Compliance for the period
      consisting of the preceding calendar year; and

     

    (e)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      such Attesting Party, which statement shall be based on the activities such
      Attesting Party performs with respect to asset-backed securities transactions
      taken as a whole involving such Attesting Party, that are backed by the same
      asset type as the Mortgage Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit K hereto which are indicated as applicable to the related Attesting
      Party.

     

    On
      or
      before March 1st of each calendar year beginning in 2007, each Attesting Party
      shall furnish to the Master Servicer, the Depositor and the Trustee a report
      (an
“Attestation Report”) by a registered public accounting firm that attests to,
      and reports on, the Assessment of Compliance made by the Company, as required
      by
      Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation
      AB,
      which Attestation Report must be made in accordance with standards for
      attestation reports issued or adopted by the Public Company Accounting Oversight
      Board. 

     

    The
      Master Servicer shall cause any subservicer, and each subcontractor determined
      by the Master Servicer to be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB, to deliver to the Trustee and the
      Depositor an Assessment of Compliance and Attestation Report as and when
      provided above.

     

    Such
      Assessment of Compliance, as to any subservicer, shall at a minimum address
      each
      of the Servicing Criteria specified on Exhibit K hereto which are indicated
      as
      applicable to any “primary servicer.” Notwithstanding the foregoing, as to any
      subcontractor (as defined in the related servicing agreement), an Assessment
      of
      Compliance is not required to be delivered unless it is required as part of
      a
      Form 10-K with respect to the Trust Fund.

     

    If
      the
      Master Servicer cannot deliver any Assessment of Compliance or Attestation
      Report by March 1st of such year, the Trustee, at its sole option, may permit
      a
      cure period for the Master Servicer to deliver such Assessment of Compliance
      or
      Attestation Report, but in no event later than March 10th of such
      year.

     

    Failure
      of the Master Servicer to timely comply with this Section 3.20 shall be deemed
      an Event of Default, and the Trustee may, in addition to whatever rights the
      Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, upon notice immediately
      terminate all the rights and obligations of the Master Servicer under this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Master Servicer for the same. This paragraph shall supercede
      any other provision in this Agreement or any other agreement to the
      contrary.

     

    The
      Trustee shall also provide an Assessment of Compliance and Attestation Report,
      as and when provided above, which shall at a minimum address each of the
      Servicing Criteria specified on Exhibit K hereto which are indicated as
      applicable to the “trustee.” In addition, the Trustee shall cause the Custodian
      to deliver to the Trustee and the Depositor an Assessment of Compliance and
      Attestation Report, as and when provided above, which shall at a minimum address
      each of the Servicing Criteria specified on Exhibit K hereto which are indicated
      as applicable to a “custodian.” Notwithstanding the foregoing, as to any
      Custodian, an Assessment of Compliance is not required to be delivered unless
      it
      is required as part of a Form 10-K with respect to the Trust Fund.

     

    Each
      Attesting Party shall indemnify and hold harmless the Trustee and each of its
      directors, officers, employees, agents, and affiliates from and against any
      and
      all claims, losses, damages, penalties, fines, forfeitures, reasonable legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (a) any breach by such Attesting Party of any if its obligations
      under hereunder, including particularly its obligations to provide any
      Assessment of Compliance, Attestation Report, Compliance Statement or any
      information, data or materials required to be included in any Exchange Act
      Report, (b) any misstatement or omission in any information, data or materials
      provided by such Attesting Party, or (c) the negligence, bad faith or willful
      misconduct of such Attesting Party in connection with its performance hereunder.
      If the indemnification provided for herein is unavailable or insufficient to
      hold harmless the Trustee, then each Attesting Party agrees that it shall
      contribute to the amount paid or payable by the Trustee as a result of any
      claims, losses, damages or liabilities incurred by the Trustee in such
      proportion as is appropriate to reflect the relative fault of the Trustee on
      the
      one hand and such Attesting Party on the other. This indemnification shall
      survive the termination of this Agreement or the termination of any party to
      this Agreement.

     

    Section
      3.21.  Reports
      Filed with Securities and Exchange Commission.

     

    (a)(i)
      Within 15 days after each Distribution Date, the Trustee shall, in accordance
      with industry standards, file with the Commission via the Electronic Data
      Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form 10-D,
      signed by the Master Servicer, with a copy of the monthly statement to be
      furnished by the Trustee to the Certificateholders for such Distribution Date
      and detailing all data elements specified in Item 1121(a) of Regulation AB
      as
      part of the monthly statement; provided that the Trustee shall have received
      no
      later than [5] days prior to the date such Distribution Report on Form 10-D
      is
      required to be filed, all information required to be provided to the Trustee
      as
      described in clause (a)(iv) below.

     

    (ii)
      The
      Trustee will prepare and file Current Reports on Form 8-K in respect of the
      Trust, signed by the Master Servicer, as and when required; provided, that,
      the
      Trustee shall have received no later than one Business Day prior to the filing
      deadline for such Current Report, all information, data, and exhibits required
      to be provided or filed with such Current Report and required to be provided
      to
      the Trustee as described in clause (a)(iv) below.

     

    (iii)
      Prior to January 30 in each year commencing in 2007, the Trustee shall, in
      accordance with industry standards, file a Form 15 Suspension Notice with
      respect to the Trust Fund, if applicable. Prior to (x) March 15, 2007 and (y)
      unless and until a Form 15 Suspension Notice shall have been filed, prior to
      March 15 of each year thereafter, the Master Servicer shall provide the Trustee
      with an Annual Compliance Statement, together with a copy of the Assessment
      of
      Compliance and Attestation Report to be delivered by each Attesting Party
      (including without limitation the Master Servicer) pursuant to Sections 3.19
      and
      3.20 (including with respect to any subservicer or subcontractor, if required
      to
      be filed). Prior to (x) March 31, 2007 and (y) unless and until a Form 15
      Suspension Notice shall have been filed, March 31 of each year thereafter,
      the
      Trustee shall, subject to subSection (d) below, file a Form 10-K, in substance
      conforming to industry standards, with respect to the Trust Fund. Such Form
      10-K
      shall include the Assessment of Compliance, Attestation Report, Annual
      Compliance Statements and other documentation provided by each Attesting Party
      (including without limitation the Master Servicer) pursuant to Sections 3.19
      and
      3.20 (including with respect to any subservicer or subcontractor, if required
      to
      be filed) and with respect to the Trustee and the Custodian, and the Form 10-K
      certification signed by the Master Servicer; provided that the Trustee shall
      have received no later than March 15 of each calendar year prior to the filing
      deadline for the Form 10-K all information, data and exhibits required to be
      provided or filed with such Form 10-K and required to be provided to the Trustee
      as described in clause (a)(iv) below.

     

    (iv)
      As
      to each item of information required to be included in any Form 10-D, Form
      8-K
      or Form 10-K relating to the Trust Fund, the related Attesting Party’s
      obligation to include the information in the applicable report is subject to
      receipt from the entity that is indicated in Exhibit L as the responsible party
      for providing that information, if other than the Trustee, as and when required
      as described above. Each of the Master Servicer, Sponsor and Depositor hereby
      agree to notify and provide to the Trustee all information that is required
      to
      be included in any Form 10-D, Form 8-K or Form 10-K relating to the Trust Fund,
      with respect to which the related Attesting Party is indicated in Exhibit L
      as
      the responsible party for providing that information. The Swap Provider will
      be
      obligated pursuant to the Swap Agreement to provide to the Trustee any
      information that may be required to be included in any Form 10-D, Form 8-K
      or
      Form 10-K. The Trustee shall be responsible for determining the significance
      percentage (as defined in Item 1115 of Regulation AB) of the Swap Provider
      at
      any time. The Master Servicer shall be responsible for determining the pool
      concentration applicable to any subservicer or originator at any time, for
      purposes of disclosure as required by Items 1117 and 1119 of Regulation
      AB.

     

    The
      Depositor agrees to promptly furnish to the Trustee, from time to time upon
      request, such further information, reports and financial statements within
      its
      control related to this Agreement, the Mortgage Loans as the Trustee reasonably
      deems appropriate to prepare and file all necessary reports with the Commission.
      The Trustee shall have no responsibility to file any items other than those
      specified in this Section 3.21; provided, however, the Trustee will cooperate
      with the Depositor in connection with any additional filings with respect to
      the
      Trust Fund as the Depositor deems necessary under the Securities Exchange Act
      of
      1934, as amended (the “Exchange Act”). Copies of all reports filed by the
      Trustee under the Exchange Act shall be sent to: the Depositor c/o [__________].
      Fees and expenses incurred by the Trustee in connection with this Section 3.21
      shall not be reimbursable from the Trust Fund.

     

    (b)
      In
      connection with the filing of any 10-K hereunder, the Trustee shall sign a
      certification (a “Form of Back-Up Certification for Form 10-K Certificate,”
substantially in the form attached hereto as Exhibit K) for the Depositor
      regarding certain aspects of the Form 10-K certification signed by the
      Depositor, provided, however, that the Trustee shall not be required to
      undertake an analysis of any accountant’s report attached as an exhibit to the
      Form 10-K.

     

    (c)
      The
      Depositor agrees to furnish promptly to the Trustee, from time to time upon
      request, such additional information, data, reports, documents, and financial
      statements within the Depositor’s possession or control as the Trustee
      reasonably requests as necessary or appropriate to prepare and file the
      foregoing reports. The Trustee shall make available to the Depositor copies
      of
      all Exchange Act Reports filed hereunder.

     

    (d)
      Other
      than the Exchange Act Reports specified above, the Trustee shall have no
      responsibility to file any items or reports with the SEC under the 1934 Act
      or
      otherwise; provided, however, the Trustee will cooperate with the Depositor
      in
      connection with any additional filings with respect to the Trust as the
      Depositor deems necessary under the 1934 Act.

     

    (e)
      The
      Trustee shall indemnify and hold harmless the Depositor and its officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon a breach of the
      Trustee’s obligations under this Section 3.21 or the Trustee’s negligence, bad
      faith or willful misconduct in connection therewith.

     

    (f)
      [The
      Sponsor shall pay all costs and expenses of the Trustee related to the
      preparation and filing of any Current Report on Form 8-K, any Distribution
      Report on Form 10-D (other than the costs and expense of the Trustee associated
      with the preparation and filing of the Statement to Certificateholders), or
      any
      amendment to any Exchange Act Report. Except as otherwise provided herein,
      all
      expenses incurred by the Trustee in connection with its preparation and filing
      of Exchange Act Report s hereunder shall not be reimbursable from the
      Trust.]

     

    (g)
      Any
      party that signs any Exchange Act Report that the Trustee is required to file
      shall provide to the Trustee prompt notice of the execution of such Exchange
      Act
      Report along with the name and contact information for the person signing such
      report and shall promptly deliver to the Trustee the original executed signature
      page for such report. In addition, each of the parties agrees to provide to
      the
      Trustee such additional information related to such party as the Trustee may
      reasonably request, including evidence of the authorization of the person
      signing any certification or statement, financial information and reports,
      and
      such other information related to such party or its performance
      hereunder.

     

    The
      Depositor shall indemnify and hold harmless the Trustee and its officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon a breach of the
      obligations of the Depositor under this Section 3.21 or the Depositor’s
      negligence, bad faith or willful misconduct in connection
      therewith.

     

    The
      Master Servicer shall indemnify and hold harmless the Trustee and the Depositor
      and their respective officers, directors and affiliates from and against any
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon a breach of the obligations of the Master Servicer under this Section
      3.21 or the Master Servicer’s negligence, bad faith or willful misconduct in
      connection therewith.

     

    [The
      Trustee shall not be responsible or liable in any respect for any failure to
      file timely any Exchange Act Report in respect of the Trust or for any
      incomplete or deficient filing of any Exchange Act Report in respect of the
      Trust resulting from any failure of the Depositor, any Servicer or any other
      transaction party to comply fully and timely with any of its obligations to
      provide any information or data to the Trustee. In addition, if the Trustee
      determines, in its reasonable judgment, that any Exchange Act Report proposed
      to
      be filed in respect of the Trust contains any material misstatement or omission,
      the Trustee shall thenceforth be relieved of any and all obligations hereunder
      to provide any certification in respect of the Trust (including, particularly,
      the certification specified in Item 601(b)(31)(ii) of Regulation S-K) or to
      execute and file any Exchange Act Report in respect of the Trust.] 

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor or the Trustee, as applicable, then the defaulting party,
      in connection with a breach of its respective obligations under this Section
      3.21 or its respective negligence, bad faith or willful misconduct in connection
      therewith, agrees that it shall contribute to the amount paid or payable by
      the
      other parties as a result of the losses, claims, damages or liabilities of
      the
      other party in such proportion as is appropriate to reflect the relative fault
      and the relative benefit of the Depositor on the one hand and the Trustee on
      the
      other.

     

    (h)
      Nothing shall be construed from the foregoing subSections (a), (b) and (c)
      to
      require the Trustee or any officer, director or Affiliate thereof to sign any
      Form 10-K or any certification contained therein. Furthermore, the inability
      of
      the Trustee to file a Form 10-K as a result of the lack of required information
      as set forth in Section 3.21(a) or required signatures on such Form 10-K or
      any
      certification contained therein shall not be regarded as a breach by the Trustee
      of any obligation under this Agreement.

     

    (i)
      Notwithstanding the provisions of Section 10.01, this Section 3.21 may be
      amended without the consent of the Certificateholders.

     

    Section
      3.22.  Intention
      of the Parties and Interpretation. 

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.19, 3.20
      and
      3.21 of this Agreement is to facilitate compliance by the Sponsor and the
      Depositor with the provisions of Regulation AB. Therefore, each of the parties
      agrees that (a) the obligations of the parties hereunder shall be interpreted
      in
      such a manner as to accomplish that purpose, (b) the parties’ obligations
      hereunder will be supplemented and modified as necessary to be consistent with
      any such amendments, interpretive advice or guidance, convention or consensus
      among active participants in the asset-backed securities markets, advice of
      counsel, or otherwise in respect of the requirements of Regulation AB, (c)
      the
      parties shall comply with reasonable requests made by the Sponsor or the
      Depositor for delivery of additional or different information as the Sponsor
      or
      the Depositor may determine in good faith is necessary to comply with the
      provisions of Regulation AB, and (d) no amendment of this Agreement shall be
      required to effect any such changes in the parties’ obligations as are necessary
      to accommodate evolving interpretations of the provisions of Regulation
      AB.

     

    Section
      3.23.  Access
      to Certain Documentation. 

     

    (a)  The
      Master Servicer shall provide to the OTS, the FDIC and other federal banking
      regulatory agencies, and their respective examiners, access to the documentation
      regarding the Mortgage Loans required by applicable regulations of the OTS,
      the
      FDIC and such other agencies. Such access shall be afforded without charge,
      but
      only upon reasonable and prior written request and during normal business hours
      at the offices of the Master Servicer designated by it. Nothing in this Section
      shall derogate from the obligation of the Master Servicer to observe any
      applicable law prohibiting disclosure of information regarding the Mortgagors
      and the failure of the Master Servicer to provide access as provided in this
      Section as a result of such obligation shall not constitute a breach of this
      Section.

     

    (b)  The
      Master Servicer shall afford the Depositor and the Trustee, upon reasonable
      notice, during normal business hours access to all records maintained by the
      Master Servicer in respect of its rights and obligations hereunder and access
      to
      officers of the Master Servicer responsible for such obligations. Upon request,
      the Master Servicer shall furnish the Depositor and the Trustee with its most
      recent financial statements and such other information as the Master Servicer
      possesses regarding its business, affairs, property and condition, financial
      or
      otherwise to the extent related to the servicing of the Mortgage Loans. The
      Depositor may, but is not obligated to, enforce the obligations of the Master
      Servicer hereunder and may, but is not obligated to, perform, or cause a
      designee to perform, any defaulted obligation of the Master Servicer hereunder
      or exercise the rights of the Master Servicer hereunder; provided that the
      Master Servicer shall not be relieved of any of its obligations hereunder by
      virtue of such performance by the Depositor or its designee. The Depositor
      shall
      not have any responsibility or liability for any action or failure to act by
      the
      Master Servicer and is not obligated to supervise the performance of the Master
      Servicer under this Agreement or otherwise.

     

    Section
      3.24.  Title,
      Conservation and Disposition of REO Property. 

     

    This
      Section shall apply only to REO Properties acquired for the account of the
      Trust
      Fund, and shall not apply to any REO Property relating to a Mortgage Loan which
      was purchased or repurchased from the Trust Fund pursuant to any provision
      hereof. In the event that title to any such REO Property is acquired, the deed
      or certificate of sale shall be issued to the Trustee, or to its nominee, on
      behalf of the Certificateholders. Pursuant to its efforts to sell such REO
      Property, the Master Servicer shall either itself or through an agent selected
      by the Master 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, rent the same, or any part thereof, as the Master
      Servicer deems to be in the best interest of the Certificateholders for the
      period prior to the sale of such REO Property.

     

    The
      Master Servicer shall segregate and hold all funds collected and received in
      connection with the operation of any REO Property separate and apart from its
      own funds and general assets. The Master Servicer shall deposit, or cause to
      be
      deposited, on a daily basis in the Custodial Account all revenues received
      with
      respect to the REO Properties, net of any directly related expenses incurred
      or
      withdraw therefrom funds necessary for the proper operation, management and
      maintenance of the REO Property.

     

    If
      as of
      the date of acquisition of title to any REO Property there remain outstanding
      unreimbursed Servicing Advances with respect to such REO Property or any
      outstanding Advances allocated thereto the Master Servicer, upon an REO
      Disposition, shall be entitled to reimbursement for any related unreimbursed
      Servicing Advances and any unreimbursed related Advances as well as any unpaid
      Servicing Fees from proceeds received in connection with the REO Disposition,
      as
      further provided in Section 3.15.

     

    Subject
      to the first paragraph of this Section 3.22, the REO Disposition shall be
      carried out by the Master Servicer at such price and upon such terms and
      conditions as it shall determine to be in the best economic interest of the
      Trust Fund.

     

    The
      Master Servicer shall deposit the proceeds from the REO Disposition, net of
      any
      payment to it as provided above, in the Custodial Account upon receipt thereof
      for distribution in accordance with Section 4.01, including any such net
      proceeds which are in excess of the applicable Stated Principal Balance plus
      all
      unpaid REO Imputed Interest thereon through the date of the REO
      Disposition.

     

    Notwithstanding
      the foregoing provisions of this Section 3.22, with respect to any Mortgage
      Loan
      as to which the Master Servicer has received notice of, or has actual knowledge
      of, the presence of any toxic or hazardous substance on the Mortgaged Property,
      the Master Servicer shall promptly request the Trustee and the Depositor to
      provide directions and instructions with respect to such Mortgage Loan and
      shall
      act in accordance with any such directions and instructions jointly provided
      by
      the Trustee and the Depositor. Notwithstanding the preceding sentence of this
      Section 3.22, with respect to any Mortgage Loan described by such sentence,
      the
      Master Servicer shall not, on behalf of the Trustee, either (i) obtain title
      to
      the related Mortgaged Property as a result of or in lieu of foreclosure or
      otherwise, or (ii) otherwise acquire possession of, the related Mortgaged
      Property, unless (i) the Depositor and the Trustee jointly direct the Master
      Servicer to take such action and (ii) either (A) the Master Servicer has, at
      least 30 days prior to taking such action, obtained and delivered to the
      Depositor an environmental audit report prepared by a Person who regularly
      conducts environmental audits using customary industry standards or (B) the
      Depositor has directed the Master Servicer not to obtain an environmental audit
      report. If the Trustee and the Depositor have not jointly provided directions
      and instructions to the Master Servicer in connection with any such Mortgage
      Loan within 30 days of a request by the Master Servicer for such directions
      and
      instructions, then the Master Servicer shall take such action as it deems to
      be
      in the best economic interest of the Trust Fund (other than proceeding against
      the Mortgaged Property) and is hereby authorized at such time as it deems
      appropriate to release such Mortgaged Property from the lien of the related
      Mortgage.

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.22 shall be
      advanced by the Master Servicer as an expense of the Trust Fund, and the Master
      Servicer shall be reimbursed therefor from the Custodial Account as provided
      in
      Section 3.11, any such right of reimbursement being prior to the rights of
      the
      Certificateholders to receive any amount in the Custodial Account.

     

    If
      the
      Master Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property in compliance with applicable environmental laws, or
      to
      take such action with respect to the containment, clean-up or remediation of
      hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
      materials affecting any such Mortgaged Property, then the Master Servicer shall
      take such action as it deems to be in the best economic interest of the Trust
      Fund. The cost of any such compliance, containment, clean-up or remediation
      shall be advanced by the Master Servicer as an expense of the Trust Fund, and
      the Master Servicer shall be entitled to be reimbursed therefor from the
      Custodial Account as provided in Section 3.11, any such right of reimbursement
      being prior to the rights of the Certificateholders to receive any amount in
      the
      Custodial Account.

     

    Section
      3.25.  Additional
      Obligations of the Master Servicer. 

     

    On
      each
      Certificate Account Deposit Date, the Master Servicer shall deliver to the
      Trustee for deposit in the Certificate Account from its own funds and without
      any right of reimbursement therefor, a total amount equal to the aggregate
      of
      the Prepayment Interest Shortfalls for such Distribution Date; provided that
      the
      Master Servicer’s obligations under this subSection on any Distribution Date
      shall not be more than the total amount of its master servicing compensation
      payable in such month.

     

    Section
      3.26.  Additional
      Obligations of the Depositor. 

     

    The
      Depositor agrees that on or prior to the tenth day after the Closing Date,
      the
      Depositor shall provide the Trustee with a written notification, substantially
      in the form of Exhibit J attached hereto, relating to the Certificates, setting
      forth (i)(a) if less than 10% of the aggregate Certificate Principal Balance
      of
      the Certificates has been sold as of such date, the value calculated pursuant
      to
      clause (b)(iii) of Exhibit J hereto, or, (b) if 10% or more of the Certificates
      has been sold as of such date but no single price is paid for at least 10%
      of
      the aggregate Certificate Principal Balance of the Certificates, then the
      weighted average price at which the Certificates were sold and the aggregate
      percentage of Certificates sold, (c) the first single price at which at least
      10% of the aggregate Certificate Principal Balance of such class of Certificates
      was sold or, (d) if any Certificates are retained by the Depositor or an
      affiliated corporation, or are delivered to the Sponsor, the fair market value
      thereof as of the Closing Date, (ii) the prepayment assumption used in pricing
      the Certificates, and (iii) such other information as to matters of fact as
      the
      Trustee may reasonably request to enable it to comply with its reporting
      requirements with respect to such Certificates to the extent such information
      can in the good faith judgment of the Depositor be determined by
      it.

     

    Section
      3.27.  Converted
      Mortgage Loans; Purchase Obligations Upon Conversion; Administration by the
      Trustee. 

     

    (a)  The
      Trustee, as Noteholder (as defined in the Mortgage Notes for the Mortgage
      Loans), hereby authorizes and directs the Master Servicer, on behalf of the
      Noteholder, to determine fixed interest rates into which Mortgagors under
      Convertible Mortgage Loans may convert the adjustable interest rates on their
      Mortgage Notes in accordance with the fixed formula set forth in such Mortgage
      Notes. The Master Servicer agrees to make such determinations and otherwise
      administer the Convertible Mortgage Loans as contemplated in the Mortgage Notes
      until the later to occur of (i) the date on which all the Convertible Mortgage
      Loans have become Converted Mortgage Loans, and (ii) the last date on which
      Mortgagors have the option to convert the adjustable interest rates on their
      Mortgage Notes to fixed interest rates.

     

    (b)  Upon
      becoming aware of the intent to convert any Convertible Mortgage Loan the Master
      Servicer will promptly notify the Trustee (if it holds the related Mortgage
      File) and (if the Sponsor is not then the Master Servicer) the Sponsor. Prior
      to
      the day on which a Convertible Mortgage Loan has become a Converted Mortgage
      Loan, the Sponsor shall be obligated pursuant to the terms of the Sponsor’s
      Warranty Certificate to purchase a Converting Mortgage Loan at the Purchase
      Price. All amounts paid by the Sponsor in connection with the purchase of a
      Converting Mortgage Loan will be deposited in the Custodial Account. A failure
      by the Sponsor to purchase a Converting Mortgage Loan will constitute an Event
      of Default for the Sponsor in its capacity as Master Servicer under this
      Agreement pursuant to Section 7.01.

     

    (c)  A
      Converting Mortgage Loan or a Converted Mortgage Loan shall remain in the Trust
      Fund and all payments in respect thereof shall remain in the Trust Fund unless
      and until such Converting Mortgage Loan or Converted Mortgage Loan is purchased
      by the Sponsor pursuant to Section 3.25(b).

     

    (d)  Upon
      any
      purchase of a Converting Mortgage Loan by the Sponsor pursuant to Section
      3.25(b) and the deposit in the Custodial Account of the Purchase Price, the
      Trustee shall give the Master Servicer written notice thereof, and the Trustee
      shall release, or cause to be released, the related Mortgage File, shall execute
      and deliver such instruments of transfer or assignment (which shall be prepared
      by, and be at the expense of the Sponsor), in each case without recourse, as
      the
      Sponsor, a third party, or the Trustee, as purchaser thereof, shall require
      as
      necessary to vest in the Sponsor ownership of any Mortgage Loan released
      pursuant hereto and at such time the Trustee shall have no further
      responsibility with respect to the related Mortgage File and whereupon such
      Converted Mortgage Loan shall cease to be a part of the Trust Fund.

     

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    Section
      4.01.  Certificate
      Account; Distributions. 

     

    (a)  The
      Trustee shall establish and maintain a Certificate Account, in which the Master
      Servicer shall cause to be deposited on behalf of the Trustee on or before
      3:00
      P.M. New York time on each Certificate Account Deposit Date by wire transfer
      of
      immediately available funds an amount equal to the sum of (i) any Advance for
      the immediately succeeding Distribution Date, (ii) any amount required to be
      deposited in the Certificate Account pursuant to Sections 3.11, 3.13, 3.23
      or
      4.03(b) and (iii) all other amounts constituting or, if not otherwise applicable
      to the payment of the Trustee’s Fee, that would constitute the Available
      Distribution Amount for the immediately succeeding Distribution Date. The
      Trustee shall transfer from the Certificate Account to itself, the Trustee’s Fee
      on each Certificate Account Deposit Date. Such amounts do not constitute part
      of
      the Available Distribution Amount.

     

    (b)  On
      each
      Distribution Date the Trustee shall distribute to each Certificateholder of
      record on the next preceding Record Date (other than as provided in Section
      9.01
      respecting the final distribution) either in immediately available funds (by
      wire transfer or otherwise) to the account of such Certificateholder at a bank
      or other entity having appropriate facilities therefor, if such
      Certificateholder has so notified the Trustee at least 5 Business Days prior
      to
      the related Record Date and such Certificateholder is the registered owner
      of
      Certificates the aggregate Initial Certificate Principal Balance of which is
      not
      less than $2,500,000, or otherwise by check mailed to such Certificateholder
      at
      the address of such Holder appearing in the Certificate Register, such
      Certificateholder’s share (based on the aggregate of the Percentage Interests
      represented by Certificates held by such Holder) of the Available Distribution
      Amount.

     

    (c)  The
      Trustee shall, upon written request from the Master Servicer, invest or cause
      the institution maintaining the Certificate Account to invest the funds in
      the
      Certificate Account in Permitted Instruments designated in the name of the
      Trustee for the benefit of the Certificateholders, which shall mature not later
      than the Business Day next preceding the Distribution Date next following the
      date of such investment (except that (i) any investment in obligations of the
      institution with which the Certificate Account is maintained may mature on
      such
      Distribution Date and (ii) any other investment may mature on such Distribution
      Date if the Trustee shall agree to advance funds on such Distribution Date
      to
      the Certificate Account in the amount payable on such investment on such
      Distribution Date, pending receipt thereof to the extent necessary to make
      distributions on the Certificates) and shall not be sold or disposed of prior
      to
      maturity. All income and gain realized from any such investment shall be for
      the
      benefit of the Master Servicer and shall be subject to its withdrawal or order
      from time to time. The amount of any losses incurred in respect of any such
      investments shall be deposited in the Certificate Account by the Master Servicer
      out of its own funds immediately as realized without right of
      reimbursement.

     

    Section
      4.02.  Statements
      to Certificateholders. 

     

    On
      each
      Distribution Date the Trustee shall forward or cause to be forwarded by mail
      to
      each Holder of a Certificate and to the Depositor and the Master Servicer a
      statement as to such distribution setting forth the following information as
      to
      the Certificates to the extent applicable:

     

    (i)  the
      applicable record dates, accrual periods, determination dates for calculating
      distributions and general distribution dates;

     

    (ii)  with
      respect to each Loan Group, the total cash flows received and the general
      sources thereof;

     

    (iii)  the
      amount, if any, of fees or expenses accrued and paid, with an identification
      of
      the payee and the general purpose of such fees including the related amount
      of
      the Servicing Fees paid to or retained by the Master Servicer for the related
      Due Period;

     

    (iv)  with
      respect to each Loan Group, the amount of any Net Swap Payment payable to the
      trust with respect to the related Loan Group, any related Net Swap Payment
      payable to the related Swap Provider, any Swap Termination Payment payable
      to
      the trust with respect to the related Loan Group and any Swap Termination
      Payment payable to the Swap Provider;

     

    (v)  with
      respect to each Loan Group, the amount of the related distribution to Holders
      of
      each Class allocable to principal, separately identifying (A) the aggregate
      amount of any Principal Prepayments included therein, (B) the aggregate of
      all
      scheduled payments of principal included therein and (C) the Extra Principal
      Distribution Amount (if any);

     

    (vi)  with
      respect to each Loan Group, the amount of such distribution to Holders of each
      Class allocable to interest and the portion thereof, if any, provided by the
      related Interest Rate Swap Agreement and the related Yield Maintenance Agreement
      and the amount of coverage remaining under either credit enhancement with
      respect to each Loan Group;

     

    (vii)  with
      respect to each Loan Group, the Interest Carry Forward Amounts and any Basis
      Risk Shortfall Carry Forward Amounts for each Class of Certificates (if
      any);

     

    (viii)  the
      Pass-Through Rate for each Class of Certificates with respect to the current
      Accrual Period, and, if applicable, whether such Pass-Through Rate was limited
      by the Net Rate Cap;

     

    (ix)  with
      respect to each Loan Group, the number and the aggregate of the Stated Principal
      Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage
      Loans, for the following Distribution Date, together with updated pool
      composition information;

     

    (x)  the
      Certificate Principal Balance or Certificate Notional Amount, as applicable,
      of
      each Class before and after giving effect (i) to all distributions allocable
      to
      principal on such Distribution Date and (ii) the allocation of any Applied
      Realized Loss Amounts for such Distribution Date;

     

    (xi)  the
      number and aggregate Stated Principal Balance of the Mortgage Loans in each
      Loan
      Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy)
      (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days or more
      Delinquent, (B) in foreclosure and delinquent (1) 30 days Delinquent, (2) 60
      days Delinquent and (3) 90 days or more Delinquent and (C) in bankruptcy and
      delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days or
      more Delinquent, in each case as of the close of business on the last day of
      the
      calendar month preceding such Distribution Date and separately identifying
      such
      information for the (1) first lien Mortgage Loans, (2) second lien Mortgage
      Loans, and (3) Adjustable Rate Mortgage Loans, in each such Loan
      Group;

     

    (xii)  with
      respect to each Loan Group, the amount of, if any, of excess cashflow or excess
      spread and the application of such excess cashflow;

     

    (xiii)  with
      respect to each Loan Group, the aggregate amount of Advances included in the
      distribution on such Distribution Date (including the general purpose of such
      Advances), the aggregate amount of unreimbursed Advances at the close of
      business on the Distribution Date, and the general source of funds for
      reimbursements;

     

    (xiv)  with
      respect to each Loan Group, the cumulative amount of Applied Realized Loss
      Amounts through the end of the preceding month;

     

    (xv)  with
      respect to each Loan Group and if applicable, material modifications, extensions
      or waivers to Mortgage Loan terms, fees, penalties or payments during the
      preceding calendar month or that have become material over time;

     

    (xvi)  with
      respect to any Mortgage Loan that was liquidated during the preceding calendar
      month, the loan number and Stated Principal Balance of, and Realized Loss on,
      such Mortgage Loan as of the close of business on the Determination Date
      preceding such Distribution Date;

     

    (xvii)  with
      respect to each Loan Group, the aggregate Stated Principal Balance of, and
      Realized Loss on, such Mortgage Loans as of the end of the related Prepayment
      Period;

     

    (xviii)  with
      respect to each Loan Group, the total number and principal balance of any real
      estate owned or REO Properties as of the end of the related Prepayment
      Period;

     

    (xix)  with
      respect to each Loan Group, the three month rolling average of the percent
      equivalent of a fraction, the numerator of which is the aggregate Stated
      Principal Balance of the Mortgage Loans in such Loan Group that are 60 days
      or
      more delinquent or are in bankruptcy or foreclosure or are REO Properties,
      and
      the denominator of which is the aggregate Stated Principal Balance of all of
      the
      Mortgage Loans in such Loan Group, in each case as of the close of business
      on
      the last day of the calendar month preceding such Distribution Date and
      separately identifying such information for the (1) first lien Mortgage Loans,
      and (2) Adjustable Rate Mortgage Loans;

     

    (xx)  the
      Realized Losses during the related Prepayment Period and the cumulative Realized
      Losses through the end of the preceding month;

     

    (xxi)  with
      respect to each Loan Group, information on loss, delinquency or other tests
      used
      for determining early amortization, liquidation, stepdowns or other performance
      triggers as more completely described in the prospectus supplement and whether
      the trigger was met; 

     

    (xxii)  with
      respect to each Loan Group, the amount of the Prepayment Charges remitted by
      the
      Master Servicer and the amount on deposit in the Reserve Fund;

     

    (xxiii)  updated
      pool composition data including the following with respect to each Loan Group:
      average loan balance, weighted average mortgage rate, weighted average
      loan-to-value ratio at origination, weighted average FICO at originationweighted
      average remaining term; 

     

    (xxiv)  with
      respect to each Loan Group, information regarding any new issuance of securities
      backed by the same asset pool, any pool asset changes, such as additions or
      removals of Mortgage Loans from the Trust Fund, if applicable;

     

    (xxv)  any
      material changes in the solicitation, credit-granting, underwriting,
      origination, acquisition or Mortgage Loan selection criteria or procedures,
      as
      applicable, used to originate, acquire or select Mortgage Loans for the Trust
      Fund;

     

    (xxvi)  with
      respect to each Loan Group, material breaches of Mortgage Loan representations
      or warranties or transaction covenants; and

     

    (xxvii)  the
      special hazard amount, fraud loss amount and bankruptcy amount, if applicable,
      as of the close of business on the applicable distribution date and a
      description of any change in the calculation of these amounts. 

     

    The
      Depositor agrees that there will be no material changes in the solicitation,
      credit-granting, underwriting, origination, acquisition or Mortgage Loan
      selection criteria or procedures, as applicable, used to originate, acquire
      or
      select Mortgage Loans for the Trust Fund and (xxv) above may be omitted. The
      Depositor agrees with the Trustee that there will be no new issuance of
      securities backed by the same asset pool, so the Trustee will only be
      responsible in (xxiv) above for reporting any pool asset changes, such as
      additions or removals of Mortgage Loans from the Trust Fund.

     

    Section
      4.03.  Remittance
      Reports; Advances by the Master Servicer. 

     

    (a)  By
      11:00
      A.M. New York time the Business Day following each Determination Date, the
      Master Servicer shall deliver to the Trustee a report, prepared as of the close
      of business on the Determination Date (the “Determination Date Report”), by
      telecopy or in a mutually agreeable electronic format. The Determination Date
      Report and any written information supplemental thereto shall include such
      information with respect to the Mortgage Loans that is reasonably available
      to
      the Master Servicer and that is required by the Trustee for purposes of making
      the calculations referred to in the following paragraph, as set forth in written
      specifications or guidelines issued by the Trustee from time to time. Not later
      than 2:00 P.M. New York time on the Certificate Account Deposit Date, the
      Trustee shall furnish by telecopy to the Master Servicer a statement (the
      information in such statement to be made available to Certificateholders or
      the
      Depositor by the Master Servicer on request) setting forth (i) the Available
      Distribution Amount, (ii) the amounts required to be withdrawn from the
      Custodial Account and deposited into the Certificate Account on the immediately
      succeeding Certificate Account Deposit Date pursuant to clause (iii) of Section
      4.01 (a); and (iii) such other information with respect to the Mortgage Loans
      as
      the Trustee may reasonably require to perform the calculations necessary to
      make
      the distributions contemplated by Section 4.01 and to prepare the statements
      to
      Certificateholders contemplated by Section 4.02. The determination by the
      Trustee of such amounts shall, in the absence of obvious error, be presumptively
      deemed to be correct for all purposes hereunder.

     

    (b)  Not
      later
      than 2:00 P.M. New York time on the Certificate Account Deposit Date, the
      Trustee shall notify the Master Servicer of the aggregate amount of Advances
      required to be made for the related Distribution Date, which shall be the
      aggregate amount of Monthly Payments (with each interest portion thereof
      adjusted to be net of the related Servicing Fee Rate), less the amount of any
      related Debt Service Reductions or reductions in the amount of interest
      collectable from the Mortgagor pursuant to the Relief Act, on the Outstanding
      Mortgage Loans as of the related Due Date, which Monthly Payments were
      delinquent as of the close of business as of the related Determination Date.
      On
      or before 3:00 P.M. New York time on each Certificate Account Deposit Date,
      the
      Master Servicer shall either (i) deposit in the Certificate Account from its
      own
      funds, or funds received therefor from the Sub-Servicers, an amount equal to
      the
      Advances to be made by the Master Servicer in respect of the related
      Distribution Date, (ii) withdraw from amounts on deposit in the Custodial
      Account and deposit in the Certificate Account all or a portion of the amounts
      held for future distribution in discharge of any such Advance, or (iii) make
      advances in the form of any combination of (i) and (ii) aggregating the amount
      of such Advance. Any portion of the amounts held for future distribution so
      used
      shall be replaced by the Master Servicer by deposit in the Custodial Account
      on
      or before 12:00 P.M. New York time on any future Certificate Account Deposit
      Date to the extent that funds attributable to the Mortgage Loans that are
      available in the Custodial Account for deposit in the Certificate Account on
      such Certificate Account Deposit Date shall be less than payments to
      Certificateholders required to be made on the following Distribution Date.
      Such
      allocations shall be conclusive for purposes of reimbursement to the Master
      Servicer from recoveries on the Mortgage Loans pursuant to Section 3.11. The
      determination by the Master Servicer that it has made a Nonrecoverable Advance
      or that any proposed Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by a certificate of a Servicing Officer delivered
      to
      the Sponsor and the Trustee. The Trustee shall deposit all funds it receives
      pursuant to this Section 4.03 into the Certificate Account.

     

    (c)  In
      the
      event that the Master Servicer determines on the Certificate Account Deposit
      Date that it will be unable to deposit in the Certificate Account an amount
      equal to the Advance required to be made for the immediately succeeding
      Distribution Date in the amount determined by the Trustee pursuant to paragraph
      (b) above, it shall give notice to the Trustee of its inability to advance
      (such
      notice may be given by telecopy), not later than 3:00 P.M., New York time,
      on
      such Business Day, specifying the portion of such amount that it will be unable
      to deposit. If the Master Servicer shall have determined that it is not
      obligated to make the entire Advance because all or a lesser portion of such
      Advance would not be recoverable from Insurance Proceeds, Liquidation Proceeds
      or otherwise, the Master Servicer shall promptly deliver to the Trustee for
      the
      benefit of the Certificateholders an Officer’s Certificate setting forth the
      reasons for the Master Servicer’s determination. Not later than 5:00 P.M., New
      York time, on the Certificate Account Deposit Date, unless by such time the
      Master Servicer shall have directly or indirectly deposited in the Certificate
      Account the entire amount of the Advances required to be made for the related
      Distribution Date, pursuant to Section 7.01, the Trustee shall (a) terminate
      all
      of the rights and obligations of the Master Servicer under this Agreement in
      accordance with Section 7.01 and (b) assume the rights and obligations of the
      Master Servicer hereunder, including the obligation to deposit in the
      Certificate Account an amount equal to the Advance for the immediately
      succeeding Distribution Date.

     

    Section
      4.04.  Allocation
      of Realized Losses. 

     

    Prior
      to
      each Distribution Date, the Master Servicer shall determine the total amount
      of
      Realized Losses, if any, that resulted from any Cash Liquidation, Debt Service
      Reduction, Deficient Valuation or REO Disposition that occurred during the
      related Prepayment Period. The amount of each Realized Loss shall be evidenced
      by an Officers’ Certificate by the Master Servicer. Realized Losses shall be
      allocated to the Letter of Credit and to the Certificates as determined by
      the
      Trustee in accordance with the following provisions. All Realized Losses, other
      than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
      or Extraordinary Losses shall first be covered by draws on the Letter of Credit
      by the Master Servicer pursuant to Section 4.06 and then allocated to the
      Certificates, in reduction of the Certificate Principal Balance thereof. Any
      Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
      and
      Extraordinary Losses on the Mortgage Loans will be allocated to the
      Certificates. Any allocation of the principal portion of Realized Losses to
      a
      Certificate shall be made by reducing the Certificate Principal Balance thereof
      by the amount so allocated, which allocation shall be deemed to have occurred
      at
      the close of business on such Distribution Date. Allocations of the interest
      portions of Realized Losses shall be made by operation of the definition of
      “Accrued Certificate Interest”. All Realized Losses and all other losses
      allocated to the Certificates under this Section 4.04 will be allocated among
      the Certificates in proportion to the Percentage Interests evidenced
      thereby.

     

    Section
      4.05.  Information
      Reports to be Filed by the Master Servicer. 

     

    The
      Master Servicer or the Sub-Servicers shall file the information returns with
      respect to the receipt of mortgage interest received in a trade or business,
      reports of foreclosures and abandonments of any Mortgaged Property and the
      information returns relating to cancellation of indebtedness income with respect
      to any Mortgaged Property required by Sections 6050H, 6050J and 6050P of the
      Code, respectively, and deliver to the Trustee an Officers’ Certificate stating
      that such reports have been filed. Such reports shall be in form and substance
      sufficient to meet the reporting requirements imposed by such Sections 6050H,
      6050J and 6050P of the Code.

     

    Section
      4.06.  The
      Letter of Credit. 

     

    (a)  Except
      as
      otherwise set forth herein, the Master Servicer hereby covenants and agrees
      to
      exercise its best reasonable efforts to maintain or cause the Letter of Credit
      (or substitute credit enhancement), to be maintained to the extent and in the
      form and amount and for the purposes set forth in this Agreement. The Trustee
      shall draw on the Letter of Credit at the times and in the manner set forth
      herein and therein.

     

    (b)  In
      the
      event that at any time the Letter of Credit remains outstanding the short-term
      unsecured debt obligations of the Letter of Credit Issuer are downgraded to
      “A-1” by Standard & Poor’s, then, the Master Servicer shall promptly notify
      the Trustee of such downgrade and, within 60 days of such event, either (i)
      the
      Master Servicer shall obtain a replacement letter of credit or other form of
      credit enhancement in accordance with this Section 4.06(b).

     

    Prior
      to
      delivering any replacement letter of credit or other form of credit enhancement
      to the Trustee pursuant to this Section 4.06(b), the Master Servicer shall
      (i)
      obtain an Opinion of Counsel to the effect that such replacement letter of
      credit or alternative form of credit support will not adversely affect the
      classification of the Trust Fund as a grantor trust for federal income tax
      purposes and (ii) written confirmation from the Rating Agency that such
      replacement letter of credit or alternative form of credit enhancement would
      not
      have adversely affected the then-current rating assigned to the Certificates
      by
      such Rating Agency and deliver to the Trustee an Opinion of Counsel to the
      effect that such replacement letter of credit or alternative form of credit
      enhancement is a valid and legally binding obligation of the related letter
      of
      credit issuer or issuer of such alternate form of credit enhancement in
      accordance with its terms. Any replacement letter of credit shall be in
      generally the same form as the form of Letter of Credit attached as Exhibit
      B
      hereto, shall be issued by a Qualified Bank and the initial amount available
      to
      be drawn thereunder shall equal the amount remaining under the previous Letter
      of Credit. The cost of obtaining and maintaining any replacement letter of
      credit or alternative form of credit enhancement shall be borne by the Master
      Servicer.

     

    The
      Trustee acknowledges such grant and accepts the trusts under this Section 4.06
      in accordance with the provisions hereof.

     

    (c)  Upon
      receipt of a certificate of a Servicing Officer of the Master Servicer or the
      Depositor instructing the Trustee to reduce, modify or terminate the amounts
      available under the Letter of Credit in accordance with Section 3.13 and (i)
      in
      the case of a modification (but not a reduction or termination of the Letter
      of
      Credit), an Opinion of Counsel to the effect that any such modification of
      the
      Letter of Credit will not adversely affect the classification of the Trust
      Fund
      as a grantor trust for federal income tax purposes, and (ii) written
      confirmation from the Rating Agency to the effect that the then-current rating
      assigned to the Certificates by such Rating Agency will not be adversely
      affected by any such reduction, modification or termination, the Trustee shall
      reduce, modify or terminate the Letter of Credit pursuant to such instructions
      and Section 3.13 shall be deemed modified to the extent set forth in such
      instructions.

     

    On
      the
      Determination Date immediately following each anniversary of the Cut-off Date
      the Master Servicer shall provide the Trustee with a certificate of a Servicing
      Officer which sets forth the amounts, if any, by which the amount available
      under the Letter of Credit, the Bankruptcy Amount, the Fraud Loss Amount and
      the
      Special Hazard Amount are to be reduced in accordance with the definitions
      thereof. In addition, for purposes of reducing the amount available under the
      Letter of Credit, the Bankruptcy Amount, the Fraud Loss Amount and the Special
      Hazard Amount, as applicable, the Master Servicer shall notify the Trustee
      by
      means of a certificate of a Servicing Officer of any amounts deposited by the
      Master Servicer in the Certificate Account pursuant to Sections 3.11 (a),
      3.12(b) and 3.20(a). Upon receipt of each certificate of a Servicing Officer
      the
      Trustee will promptly notify the Letter of Credit Issuer of such reductions
      in
      the form of Annex C to the Letter of Credit.

     

    In
      addition, for purposes of reducing the amount available under the Letter of
      Credit, the Special Hazard Amount, the Fraud Loss Amount and the Bankruptcy
      Amount, as applicable, upon realization thereof, the Master Servicer shall
      notify the Trustee by means of an Officer’s Certificate of any losses incurred
      by the Master Servicer in connection with any Mortgage Loan purchased pursuant
      to Section 3.13, separately identifying any such losses which would have been
      either Special Hazard Losses, Fraud Losses or Bankruptcy Losses, had the
      Mortgage Loan not been so purchased. Upon receipt of such an Officers’
Certificate, the Trustee shall promptly notify the Letter of Credit Issuer
      of
      such reduction by delivering a certificate to the Letter of Credit Issuer
      substantially in the form of Annex C to the Letter of Credit. Upon receipt
      by
      the Trustee of such an Officers’ Certificate, if the Letter of Credit remains
      outstanding, the Trustee shall request the reinstatement of the amount available
      under the Letter of Credit (and the Fraud Loss Amount, Bankruptcy Amount or
      Special Hazard Amount, if applicable) under the Letter of Credit in an amount
      equal to such recovered amount be delivering a certificate to the Letter of
      Credit Issuer substantially in the form of Annex B to the Letter of
      Credit.

     

    (d)  Upon
      termination of the Trust Fund pursuant to Article IX or upon termination of
      the
      Letter of Credit pursuant to the terms of this Agreement (including a draw
      of
      the entire amount available under the Letter of Credit pursuant to Section
      4.06(b)), the Trustee shall provide the Letter of Credit Issuer with a
      certificate of termination pursuant to the provisions of the Letter of
      Credit.

     

    Section
      4.07.  Compliance
      with Withholding Requirements. 

     

    Notwithstanding
      any other provision of this Agreement, the Trustee shall comply with all federal
      withholding requirements respecting payments to Certificateholders of interest
      or original issue discount on the Mortgage Loans, and payments of interest
      or
      discount on amounts invested by the Trustee as agent for Certificateholders
      pursuant to an election made under Section 4.01 hereof, that the Trustee
      reasonably believes are applicable under the Code. The consent of
      Certificateholders shall not be required for such withholding. In the event
      the
      Trustee withholds any amount from interest or original issue discount payments
      or advances thereof to any Certificateholder pursuant to federal withholding
      requirements, the Trustee shall, together with its monthly report to such
      Certificateholders pursuant to Section 4.02 hereof, indicate such amount
      withheld.

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    Section
      5.01.  The
      Certificates. 

     

    The
      Certificates will be substantially in the form annexed hereto as Exhibits A.
      The
      Certificates will be issuable in registered form only. The Certificates shall
      be
      issuable in minimum dollar denominations of $1,000 and integral multiples of
      $1
      in excess thereof, except that one Certificate may be issued in an amount such
      that the denomination of such Certificate and the aggregate denomination of
      all
      other outstanding Certificates together equal the aggregate Certificate
      Principal Balance of the Certificates.

     

    Upon
      original issue, the Certificates shall, upon the written request of the
      Depositor executed by an officer of the Depositor, be executed and delivered
      by
      the Trustee, authenticated by the Trustee and delivered to or upon the order
      of
      the Depositor upon receipt by the Trustee of the documents specified in Section
      2.01. The Certificates shall be executed by manual or facsimile signature on
      behalf of the Trustee in its capacity as trustee hereunder by a Responsible
      Officer. Certificates bearing the manual or facsimile signatures of individuals
      who were at any time the proper officers of the Trustee shall bind the Trustee,
      notwithstanding that such individuals or any of them have ceased to hold such
      offices prior to the authentication and delivery of such Certificates or did
      not
      hold such offices at the date of such Certificates. No Certificate shall be
      entitled to any benefit under this Agreement, or be valid for any purpose,
      unless there appears on such Certificate a certificate of authentication
      substantially in the form provided for herein executed by the Trustee by manual
      signature, and such certificate upon any Certificate shall be conclusive
      evidence, and the only evidence, that such Certificate has been duly
      authenticated and delivered hereunder. All Certificates issued on the Closing
      Date shall be dated the Closing Date and any Certificates delivered thereafter
      shall be dated the date of their authentication.

     

    Section
      5.02.  Registration
      of Transfer and Exchange of Certificates. 

     

    The
      Trustee shall maintain a Certificate Register in which, subject to such
      reasonable regulations as it may prescribe, the Trustee 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 at the office of
      the
      Trustee maintained for such purpose, the Trustee shall execute and the Trustee
      or the Authenticating Agent shall authenticate and deliver, in the name of
      the
      designated transferee or transferees, one or more new Certificates of a like
      aggregate initial Certificate Principal Balance. Every Certificate surrendered
      for transfer shall be accompanied by notification of the account of the
      designated transferee or transferees for the purpose of receiving distributions
      pursuant to Section 4.01 by wire transfer, if any such transferee desires and
      is
      eligible for distribution by wire transfer.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates of authorized denominations of a like aggregate initial Certificate
      Principal Balance, upon surrender of the Certificates to be exchanged at the
      office of the Certificate Registrar. Whenever any Certificates are so
      surrendered for exchange the Trustee shall execute, authenticate and deliver
      the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for transfer or exchange
      shall (if so required by the Trustee or the Certificate Registrar) be duly
      endorsed by, or be accompanied by a written instrument of transfer in the form
      satisfactory to the Trustee or the Certificate Registrar duly executed by,
      the
      Holder thereof or his attorney duly authorized in writing.

     

    No
      service charge shall be made to the Certificateholders for any transfer or
      exchange of Certificates, but the Trustee may require 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.

     

    All
      Certificates surrendered for transfer and exchange shall be canceled and
      retained by the Trustee in accordance with the Trustee’s standard
      procedures.

     

    Section
      5.03.  Mutilated,
      Destroyed, Lost or Stolen Certificates. 

     

    If
      (i)
      any mutilated Certificate is surrendered to the Trustee and the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate, and (ii) there is delivered to the Trustee such security or
      indemnity as may be required by it to save it harmless, then, in the absence
      of
      notice to the Trustee that such Certificate has been acquired by a bona fide
      purchaser, the Trustee shall execute, authenticate and deliver, in exchange
      for
      or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
      new
      Certificate of the same initial Certificate Principal Balance. Upon the issuance
      of any new Certificate under this Section, the Trustee 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 Trustee) connected therewith. Any replacement Certificate issued
      pursuant to this Section shall constitute complete and indefeasible evidence
      of
      ownership in the Trust Fund, as if originally issued, whether or not the lost,
      stolen or destroyed Certificate shall be found at any time.

     

    Section
      5.04.  Persons
      Deemed Owners. 

     

    The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the person in whose name any Certificate is registered as the owner of
      such Certificate for the purpose of receiving distributions pursuant to Section
      4.01 and for all other purposes whatsoever, and neither the Depositor, the
      Master Servicer, the Trustee nor any agent of any of them shall be affected
      by
      notice to the contrary.

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    Section
      6.01.  Liability
      of the Depositor and the Master Servicer. 

     

    The
      Depositor and the Master Servicer each shall be liable in accordance herewith
      only to the extent of the obligations specifically imposed upon and undertaken
      by the Depositor and the Master Servicer herein.

     

    Section
      6.02.  Merger,
      Consolidation or Conversion of the Depositor or the Master
      Servicer. 

     

    The
      Depositor and the Master Servicer each will keep in full effect its existence,
      rights and franchises as a corporation under the laws of the state of its
      incorporation, and each will obtain and preserve its qualification to do
      business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its respective duties under this Agreement; and provided further
      that the Rating Agencies’ ratings of the Certificates immediately prior to such
      merger or consolidation will not be qualified, reduced or withdrawn as a result
      thereof (as evidenced by a letter to such effect from the Rating
      Agencies).

     

    Any
      Person into which the Depositor or the Master Servicer may be merged,
      consolidated or converted, or any corporation resulting from any merger or
      consolidation to which the Depositor or the Master Servicer shall be a party,
      or
      any Person succeeding to the business of the Depositor or the Master Servicer,
      shall be the successor of the Depositor or the Master Servicer, 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 Master Servicer shall be qualified to sell mortgage loans to and service
      mortgage loans for FNMA or FHLMC.

     

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

     

    Neither
      the Depositor, the Master Servicer nor any of the directors, officers, employees
      or agents of the Depositor or the Master Servicer shall be under any liability
      to the Trust Fund or the Certificateholders for any action taken or for
      remaining 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 or the Master Servicer (but this provision
      shall
      protect the above described persons) against any breach of warranties or
      representations made herein, or against any specific liability imposed on the
      Master Servicer pursuant to Section 3.01 or any other Section hereof; and
      provided further that this provision shall not protect the Depositor, the Master
      Servicer or any such person, against any liability which would otherwise be
      imposed by reason of willful misfeasance, bad faith or gross negligence in
      the
      performance of duties or by reason of reckless disregard of obligations and
      duties hereunder. The Depositor, the Master Servicer and any director, officer,
      employee or agent of the Depositor or the Master Servicer 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 and any director, officer, employee or agent of the Depositor or the
      Master Servicer shall be indemnified and held harmless by the Trust Fund against
      any loss, liability or expense incurred in connection with any legal action
      relating to this Agreement or the Certificates, other than any loss, liability
      or expense related to Master Servicer’s servicing obligations with respect to
      any specific Mortgage Loan or Mortgage Loans (except as any such loss, liability
      or expense shall be otherwise reimbursable pursuant to this Agreement) or
      related to the Master Servicer’s obligations under Section 3.01, or any loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      gross negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder.

     

    Neither
      the Depositor nor the Master Servicer shall be under any obligation to appear
      in, prosecute or defend any legal action which is not incidental to its
      respective duties under this Agreement and which in its opinion may involve
      it
      in any expense or liability; provided, however, that the Depositor or the Master
      Servicer may in its sole discretion undertake any such action which it may
      deem
      necessary or desirable with respect to this Agreement and the rights and duties
      of the parties hereto and the interests of the Certificateholders hereunder.
      In
      such event, the legal expenses and costs of such action and any liability
      resulting therefrom (except any action or liability related to the Master
      Servicer’s obligations under Section 3.01) shall be expenses, costs and
      liabilities of the Trust Fund, and the Depositor and the Master Servicer shall
      be entitled to be reimbursed therefor from the Certificate Account as provided
      in Section 3.11, any such right of reimbursement being prior to the rights
      of
      Certificateholders to receive any amount in the Certificate
      Account.

     

    Section
      6.04.  Limitation
      on Resignation of the Master Servicer. 

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except (a) upon appointment of a successor servicer reasonably acceptable
      to the Trustee and upon receipt by the Trustee of a letter from each Rating
      Agency that such a resignation and appointment will not, in and of itself,
      result in a downgrading of the Certificates or (b) upon determination that
      its
      duties hereunder are no longer permissible under applicable law (any such
      determination permitting the resignation of the Master Servicer to be evidenced
      by an Opinion of Counsel (at the expense of the resigning Master Servicer)
      to
      such effect delivered to the Trustee). No such resignation shall become
      effective until the Trustee or a successor servicer shall have assumed the
      Master Servicer’s responsibilities, duties, liabilities and obligations
      hereunder.

     

    ARTICLE
      VII

     

    DEFAULT

     

    Section
      7.01.  Events
      of Default. 

     

    “Event
      of
      Default”, wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure by the Master Servicer to remit to the Trustee for distribution to
      the
      Certificateholders any payment (other than an Advance) required to be made
      under
      the terms of the Certificates or this Agreement which continues unremedied
      for a
      period of one day after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      by the Depositor (with a copy to the Trustee) 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 Rights; 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 the Certificates or in this Agreement (including
      any breach of the Master Servicer’s representations and warranties pursuant to
      Section 2.03(a) which materially and adversely affects the interests of the
      Certificateholders) 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 (with a copy
      to
      the Trustee) 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
      Rights; or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      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 proceedings, 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
      60
      consecutive 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 the Master Servicer or
      of
      or relating to all or substantially all of its property; or

     

    (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 or otherwise
      voluntarily commence a case or proceeding under any applicable bankruptcy,
      insolvency, reorganization or other similar statute, make an assignment for
      the
      benefit of its creditors, or voluntarily suspend payment of its obligations;
      or

     

    (vi)  the
      Master Servicer shall fail to deposit in the Certificate Account on any
      Certificate Account Deposit Date an amount equal to any required
      Advance.

     

    If
      the
      Master Servicer shall fail to make any deposit in the Certificate Account as
      required by Section 4.01, the Trustee shall give the Master Servicer notice
      pursuant to clause (i) not later than the Business Day following the Certificate
      Account Deposit Date. If an Event of Default described in clauses (i) - (v)
      of
      this Section shall occur, then, and in each and every such case, so long as
      such
      Event of Default shall not have been remedied, the Depositor or the Trustee
      may,
      and at the direction of the Holders of Certificates entitled to at least 51%
      of
      the Voting Rights, the Trustee shall, by notice to the Master Servicer (and
      to
      the Depositor if given by the Trustee or to the Trustee if given by the
      Depositor) terminate all of the rights and obligations of the Master Servicer
      under this Agreement and in and to the Trust Fund, other than its rights as
      a
      Certificateholder hereunder. In addition, any failure of the Master Servicer
      to
      repurchase a Converting Mortgage Loan pursuant to Section 3.25 shall constitute
      an Event of Default, and in such event, all of the rights and obligations of
      the
      Master Servicer hereunder may be terminated in accordance with the preceding
      sentence. If an Event of Default described in clause (vi) hereof shall occur,
      the Trustee shall, by notice to the Master Servicer and the Depositor, terminate
      all of the rights and obligations of the Master Servicer under this Agreement
      and in and to the Trust Fund, other than its rights as a Certificateholder
      hereunder. On or after the receipt by the Master Servicer of such notice, all
      authority and power of the Master Servicer under this Agreement, whether with
      respect to the Certificates (other than as a holder thereof) or the Mortgage
      Loans or otherwise, 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 to execute and deliver, on behalf of the Master Servicer, as
      attorney-in-fact or otherwise, 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 to cooperate with the Trustee in effecting
      the termination of the Master Servicer’s responsibilities and rights hereunder,
      including, without limitation, the transfer to the Trustee or its appointed
      agent for administration by it of all cash amounts which shall at the time
      be
      deposited by the Master Servicer or should have been deposited to the Custodial
      or the Certificate Account or thereafter be received with respect to the
      Mortgage Loans. The Trustee shall not be deemed to have breached any obligation
      hereunder as a result of a failure to make or delay in making any distribution
      as and when required hereunder caused by the failure of the Master Servicer
      to
      remit any amounts received on it or to deliver any documents held by it with
      respect to the Mortgage Loans. For purposes of this Section 7.01, the Trustee
      shall not be deemed to have knowledge of an Event of Default unless a
      Responsible Officer of the Trustee assigned to and working in the Trustee’s
      Corporate Trust Division has actual knowledge thereof or unless notice of any
      event which is in fact such an Event of Default is received by the Trustee
      and
      such notice references the Certificates, the Trust Fund or this
      Agreement.

     

    [Notwithstanding
      any termination of the activities of [Name of Master Servicer] in its capacity
      as Master Servicer hereunder, [Name of Master Servicer] shall be entitled to
      receive, out of any Late Collection of a Monthly Payment on a Mortgage Loan
      which was due prior to the notice terminating [Name of Master Servicer]’s rights
      and obligations as Master Servicer hereunder and received after such notice,
      that portion to which [Name of Master Servicer] would have been entitled
      pursuant to Sections 3.11 (ii), (iii), (iv), (v) and (viii) as well as the
      portion of its related Servicing Fee in respect thereof, and any other amounts
      payable to [Name of Master Servicer] hereunder the entitlement to which arose
      prior to the termination of its activities hereunder.]

     

    Section
      7.02.  Trustee
      to Act; Appointment of Successor. 

     

    On
      and
      after the time the Master Servicer receives a notice of termination pursuant
      to
      Section 7.01, the Trustee or its appointed agent shall be the successor in
      all
      respects to the Master Servicer in its capacity as Master Servicer under this
      Agreement and the transactions set forth or provided for herein and shall be
      subject thereafter to all the responsibilities, duties and liabilities relating
      thereto placed on the Master Servicer including the obligation to make Advances
      which have been or will be required to be made (except for the responsibilities,
      duties and liabilities contained in Section 2.03 and its obligations to deposit
      amounts in respect of losses incurred prior to the date of succession pursuant
      to Section 3.12) by the terms and provisions hereof; and provided further,
      that
      any failure to perform such duties or responsibilities caused by the Master
      Servicer’s failure to provide information required by Section 4.03 shall not be
      considered a default by the Trustee hereunder. As compensation therefor, the
      Trustee shall be entitled to all funds relating to the Mortgage Loans which
      the
      Master Servicer would have been entitled to charge to the Custodial Account
      and
      the Certificate Account if the Master Servicer had continued to act hereunder.
      Notwithstanding the above, the Trustee may, if it shall be unwilling to so
      act,
      or shall, if it is unable to so act or if the Holders of Certificates entitled
      to at least 51% of the Voting Rights so request in writing to the Trustee,
      appoint, or petition a court of competent jurisdiction to appoint, any FNMA-
      or
      FHLMC-approved mortgage servicing institution having a net worth of not less
      than $10,000,000 as the successor to the Master Servicer hereunder in the
      assumption of all or any part of the responsibilities, duties or liabilities
      of
      the Master Servicer hereunder. Pending appointment of a successor to the Master
      Servicer hereunder, the Trustee shall act in such capacity as hereinabove
      provided. In connection with such appointment and assumption, the Trustee may
      make such arrangements for the compensation of such successor out of payments
      on
      Mortgage Loans as it and such successor shall agree; provided, however, that
      no
      such compensation shall be in excess of that permitted the Master Servicer
      hereunder. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession;
      provided, however, that such succession shall not reduce the ratings of the
      Certificates below the original ratings thereof.

     

    Any
      successor, including the Trustee, to the Master Servicer shall maintain in
      force
      during its term as master servicer hereunder the Insurance Policies and fidelity
      bonds to the same extent as the Master Servicer is so required pursuant to
      Sections 3.13 and 3.18.

     

    Section
      7.03.  Notification
      to Certificateholders. 

     

    (a)  Upon
      any
      such termination or appointment of a successor to the Master Servicer, the
      Trustee shall give prompt notice thereof to Certificateholders.

     

    (b)  Within
      60
      days after the occurrence of any Event of Default, the Trustee shall transmit
      by
      mail to all Holders of Certificates notice of each such Event of Default
      hereunder known to the Trustee, unless such Event of Default shall have been
      cured or waived.

     

    Section
      7.04.  Waiver
      of Events of Default. 

     

    The
      Holders representing at least 66% of the Voting Rights of Certificates affected
      by a default or Event of Default hereunder, may waive such default or Event
      of
      Default (other than an Event of Default set forth in Section 7.01(vi); provided,
      however, that no waiver pursuant to this Section 7.04 shall affect the Holders
      of Certificates in the manner set forth in the second paragraph of Section
      10.01
      or materially adversely affect any non-consenting Certificateholder. Upon any
      such waiver of a default or Event of Default by the Holders representing the
      requisite percentage of Voting Rights of Certificates affected by such default
      or Event of Default, such default or Event of Default shall cease to exist
      and
      shall be deemed to have been remedied for every purpose hereunder. No such
      waiver shall extend to any subsequent or other default or Event of Default
      or
      impair any right consequent thereon except to the extent expressly so
      waived.

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE

     

    Section
      8.01.  Duties
      of Trustee. 

     

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      of
      all Events of Default which may have occurred, undertakes to perform such duties
      and only such duties as are specifically set forth in this Agreement. If an
      Event of Default occurs and is continuing, 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 man would exercise or use under
      the circumstances in the conduct of his own affairs. Any permissive right of
      the
      Trustee enumerated in this Agreement shall not be construed as a
      duty.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement. If any such instrument is found not to conform
      to the requirements of this Agreement in a material manner, the Trustee shall
      take action as it deems appropriate to have the instrument
      corrected.

     

    The
      Trustee shall sign on behalf of the Trust Fund any tax return that the Trustee
      is required to sign pursuant to applicable federal, state or local tax
      laws.

     

    The
      Trustee covenants and agrees that it shall perform its obligations hereunder
      in
      a manner so as to maintain the status of the Trust Fund as a grantor trust
      and
      to prevent the imposition of any federal, state or local income, prohibited
      transaction, contribution or other tax on the Trust Fund to the extent that
      maintaining such status and avoiding such taxes are reasonably within the
      control of the Trustee and are reasonably within the scope of its duties under
      this Agreement.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided, however, that :

     

    (i)  Prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default which may have occurred, the duties and obligations of the Trustee
      shall be determined solely by the express provisions of this Agreement, the
      Trustee shall not 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
      and, in the absence of bad faith on the part of the Trustee, the Trustee 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 and conforming to the requirements of this Agreement;

     

    (ii)  The
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer or Responsible Officers of the Trustee, unless
      it
      shall be proved that the Trustee was negligent in ascertaining the pertinent
      facts;

     

    (iii)  The
      Trustee shall not be personally 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 entitled to at least 25% of the Voting
      Rights relating to the time, method and place of conducting any proceeding
      for
      any remedy available to the Trustee, or exercising any trust or power conferred
      upon the Trustee, under this Agreement.

     

    Section
      8.02.  Certain
      Matters Affecting the Trustee. 

     

    Except
      as
      otherwise provided in Section 8.01:

     

    (a)  The
      Trustee 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 reasonably
      believed by it to be genuine and to have been signed or presented by the proper
      party or parties;

     

    (b)  The
      Trustee may consult with counsel and any Opinion 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
      therewith;

     

    (c)  The
      Trustee shall be under no obligation to exercise any of the trusts or powers
      vested in it by this Agreement or to make any investigation of matters arising
      hereunder 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 against the costs, expenses and liabilities which may be incurred
      therein or thereby; nothing contained herein shall, however, relieve the Trustee
      of the obligation, upon the occurrence of an Event of Default (which has not
      been cured), to exercise such of the rights and powers vested in it by this
      Agreement, and to use the same degree of care and skill in their exercise as
      a
      prudent man would exercise or use under the circumstances in the conduct of
      his
      own affairs;

     

    (d)  The
      Trustee shall not be personally 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;

     

    (e)  Prior
      to
      the occurrence of an Event of Default hereunder and after the curing of all
      Events of Default which may have occurred, the Trustee shall not 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
      to
      do so by Holders of Certificates entitled to at least 25 % of the Voting Rights;
      provided, however, that if the payment within a reasonable time to the Trustee
      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, not reasonably assured
      to the Trustee by the security afforded to it by the terms of this Agreement,
      the Trustee may require reasonable indemnity against such expense or liability
      as a condition to taking any such action. The reasonable expense of every such
      reasonable examination shall be paid by the Master Servicer or, if paid by
      the
      Trustee, shall be repaid by the Master Servicer upon demand; and

     

    (f)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys.

     

    Section
      8.03.  Trustee
      Not Liable for Certificates or Mortgage Loans. 

     

    The
      recitals contained herein and in the Certificates, other than the signature
      of
      the Trustee on the Certificates and the certificate of authentication, shall
      be
      taken as the statements of the Depositor or the Master Servicer, as the case
      may
      be, and the Trustee assumes no responsibility for their correctness. The Trustee
      makes no representations or warranties as to the validity or sufficiency of
      this
      Agreement or of the Certificates or of any Mortgage Loan or related document,
      other than the signature of the Trustee on the Certificates and the Certificate
      of Authentication. The Trustee shall not be accountable for the use or
      application by the Depositor or the Master Servicer of any of the Certificates
      or of the proceeds of such Certificates, or for the use or application of any
      funds paid to the Sponsor in respect of the Mortgage Loans or deposited in
      or
      withdrawn from the Custodial Account or the Certificate Account or any other
      account by or on behalf of the Depositor or the Master Servicer, other than
      any
      funds held by or on behalf of the Trustee in accordance with Section
      4.01.

     

    Section
      8.04.  Trustee
      May Own Certificates. 

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights it would have if it were not
      Trustee.

     

    Section
      8.05.  Payment
      of Trustee’s Fees. 

     

    The
      Trustee shall withdraw from the Certificate Account on each Distribution Date
      and pay to itself the Trustee’s Fee. Except as otherwise provided in this
      Agreement, the Trustee and any director, officer, employee or agent of the
      Trustee shall be indemnified by the Trust Fund and held harmless against any
      loss, liability or “unanticipated out-of-pocket” expense incurred or paid to
      third parties (which expenses shall not include salaries paid to employees,
      or
      allocable overhead, of the Trustee) in connection with the acceptance or
      administration of its trusts hereunder or 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 all such amounts shall be payable
      from funds in the Custodial Account as provided in Section 3.11. The provisions
      of this Section 8.05 shall survive the termination of this
      Agreement.

     

    The
      Master Servicer shall indemnify the Trustee and any director, officer, employee
      or agent of the Trustee against any loss, liability or expense that may be
      sustained in connection with this Agreement related to the willful misfeasance,
      bad faith or negligence in the performance of its duties hereunder.

     

    Section
      8.06.  Eligibility
      Requirements for Trustee. 

     

    The
      Trustee hereunder shall at all times be a corporation or a national banking
      association organized and doing business under the laws of any state or the
      United States of America or the District of Columbia, authorized under such
      laws
      to exercise corporate trust powers, having a combined capital and surplus of
      at
      least $50,000,000 and subject to supervision or examination by federal or state
      authority. In addition, the Trustee shall at all times be acceptable to the
      Rating Agency rating the Certificates. If such corporation 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 the combined capital and surplus of such corporation 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 shall cease to be
      eligible in accordance with the provisions of this Section, the Trustee shall
      resign immediately in the manner and with the effect specified in Section 8.07.
      The corporation or national banking association serving as Trustee may have
      normal banking and trust relationships with the Sponsor and its affiliates
      or
      the Master Servicer and its affiliates; provided, however, that such corporation
      cannot be an affiliate of the Master Servicer other than the Trustee in its
      role
      as successor to the Master Servicer.

     

    Section
      8.07.  Resignation
      and Removal of the Trustee. 

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving notice thereof to the Depositor, the Master Servicer and to all
      Certificateholders; provided, that such resignation shall not be effective
      until
      a successor trustee is appointed and accepts appointment in accordance with
      the
      following provisions. Upon receiving such notice of resignation, the Depositor
      shall promptly appoint a successor trustee who meets the eligibility
      requirements of Section 8.06 by written instrument, in duplicate, which
      instrument shall be delivered to the resigning Trustee and to the successor
      trustee. A copy of such instrument shall be delivered to the Certificateholders
      and the Master Servicer by the Depositor. If no successor trustee shall have
      been so appointed and have accepted appointment within 60 days after the giving
      of such notice of resignation, the resigning Trustee may petition any court
      of
      competent jurisdiction for the appointment of a successor trustee; provided,
      however, that the resigning Trustee shall not resign and be discharged from
      the
      trusts hereby created until such time as the Rating Agency rating the
      Certificates approves the successor trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or the Master Servicer, or if at any time the Trustee shall become
      incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
      of the Trustee or of its property shall be appointed, or any public officer
      shall take charge or control of the Trustee or of its property or affairs for
      the purpose of rehabilitation, conservation or liquidation, or if the rating
      of
      the long-term debt obligations of the Trustee is not acceptable to the Rating
      Agency in respect of mortgage pass-through certificates having a rating equal
      to
      the then current rating on the Certificates, then the Depositor may remove
      the
      Trustee and appoint a successor trustee who meets the eligibility requirements
      of Section 8.06 by written instrument, in duplicate, which instrument shall
      be
      delivered to the Trustee so removed and to the successor trustee. A copy of
      such
      instrument shall be delivered to the Certificateholders and the Master Servicer
      by the Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee and appoint a successor trustee by written instrument
      or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Master Servicer, one complete set to the Trustee so removed and one complete
      set
      to the successor so appointed. A copy of such instrument shall be delivered
      to
      the Certificateholders and the Master Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor trustee as provided in Section
      8.08.

     

    Section
      8.08.  Successor
      Trustee. 

     

    Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Master Servicer and to its predecessor trustee
      an
      instrument accepting such appointment hereunder, and thereupon the resignation
      or removal of the predecessor trustee shall become effective and such successor
      trustee, 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 herein. The
      predecessor trustee shall deliver to the successor trustee all Mortgage Files
      and related documents and statements held by it hereunder, and the Master
      Servicer and the predecessor trustee 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 all such rights,
      powers, duties and obligations.

     

    No
      successor trustee shall accept appointment as provided in this Section unless
      at
      the time of such acceptance such successor trustee shall be eligible under
      the
      provisions of Section 8.06.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section,
      the Master Servicer shall mail notice of the succession of such trustee
      hereunder to all Holders of Certificates at their addresses as shown in the
      Certificate Register. If the Master Servicer fails to mail such notice within
      ten days after acceptance of appointment by the successor trustee, the successor
      trustee shall cause such notice to be mailed at the expense of the Master
      Servicer.

     

    Section
      8.09.  Merger
      or Consolidation of Trustee. 

     

    Any
      corporation into which the Trustee 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 shall be a party, or any corporation
      succeeding to the business of the Trustee, shall be the successor of the Trustee
      hereunder, provided such corporation shall be eligible under the provisions
      of
      Section 8.06, 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.

     

    Section
      8.10.  Appointment
      of Co-Trustee or Separate Trustee. 

     

    Notwithstanding
      any other provisions hereof, 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 the same may at the time be located, the Depositor 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, such title to the Trust Fund, or any part
      thereof, and, subject to the other provisions of this Section 8.10, such powers,
      duties, obligations, rights and trusts as the Depositor and the Trustee may
      consider necessary or desirable. If the Depositor shall not have joined in
      such
      appointment within 15 days after the receipt by it of a request so to do, or
      in
      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 8.06 hereunder and no notice to Holders of
      Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
      be
      required under Section 8.08 hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to 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 such separate trustee or co-trustee jointly, 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
      Master 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 Trust Fund or any portion
      thereof in any such jurisdiction) shall be exercised and performed by such
      separate trustee or co-trustee at the direction of the Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, 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.

     

    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.  Information
      Reports and Tax Returns. 

     

    The
      Trustee shall prepare, execute and timely file such information reports or
      returns as may be required from time to time under any applicable federal,
      state
      or local law with respect to the Trust Fund or the Certificateholders and shall
      timely provide Certificateholders of such Series with information as to the
      Master Servicer’s determination of monthly income accrued by the Trust Fund.
      [Unless there is a statutory or administrative clarification to the contrary,
      as
      evidenced by an Opinion of Counsel delivered to the Trustee, requiring such
      information reports or returns to be prepared based on a different method,
      the
      Trustee shall prepare such information returns or reports based on a constant
      yield method with respect to the Certificates of such Series, using the
      Prepayment Assumption and a representative initial offering price for
      Certificates in computing such constant yield.]

     

    ARTICLE
      IX

     

    TERMINATION

     

    Section
      9.01.  Termination
      Upon Repurchase or Liquidation of All Mortgage Loans. 

     

    The
      respective obligations and responsibilities of the Depositor, the Master
      Servicer and the Trustee created hereby (other than the obligations of the
      Master Servicer to provide for and the Trustee to make payments to
      Certificateholders as hereafter set forth) shall terminate upon payment to
      the
      Certificateholders of all amounts held by or on behalf of the Trustee and
      required to be paid to them hereunder following the earlier to occur of (i)
      the
      repurchase by the Master Servicer of all Mortgage Loans and each REO Property
      in
      respect thereof remaining in the Trust Fund at a price equal to (a) 100% of
      the
      unpaid principal balance of each Mortgage Loan (other than one as to which
      a REO
      Property was acquired) on the day of repurchase together with accrued interest
      on such unpaid principal balance at the related Net Mortgage Rate to the first
      day of the month in which the proceeds of such repurchase are to be distributed,
      plus (b) the appraised value of any REO Property less the good faith estimate
      of
      the Master Servicer of liquidation expenses to be incurred in connection with
      its disposal thereof, such appraisal to be conducted by an appraiser mutually
      agreed upon by the Master Servicer and the Trustee at the expense of the Master
      Servicer, (but not more than the unpaid principal balance of the related
      Mortgage Loan, together with accrued interest on that balance at the Net
      Mortgage Rate to the first day of the month of repurchase), and (ii) the final
      payment or other liquidation (or any Advance with respect thereto) of the last
      Mortgage Loan remaining in the Trust Fund (or the disposition of all REO
      Property in respect thereof); provided, however, that in no event shall the
      trust created hereby continue beyond expiration of 21 years from the death
      of
      the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
      of the United States to the Court of St. James, living on the date hereof.
      In
      the case of any repurchase by the Master Servicer pursuant to clause (i), the
      Master Servicer shall include in such repurchase price the amount of any
      Advances that will be reimbursed to the Master Servicer pursuant to Section
      3.11(iii) and the Master Servicer shall exercise reasonable efforts to cooperate
      fully with the Trustee in effecting such repurchase and the transfer of the
      Mortgage Loans and related Mortgage Files and related records to the Master
      Servicer.

     

    The
      right
      of the Master Servicer to repurchase all Mortgage Loans pursuant to (i) above
      shall be conditioned upon the aggregate Stated Principal Balance of such
      Mortgage Loans at the time of any such repurchase aggregating an amount equal
      to
      or less than __ % of the aggregate Stated Principal Balance of the Mortgage
      Loans at the Cut-off Date. If such right is exercised, the Master Servicer
      upon
      such repurchase shall provide to the Trustee, the certification required by
      Section 3.16.

     

    Notice
      of
      any termination, specifying the Distribution Date upon which the
      Certificateholders may surrender their Certificates to the Trustee for payment
      of the final distribution and cancellation, shall be given promptly by the
      Master Servicer by letter to the Trustee and shall be given promptly by the
      Trustee to the Certificateholders mailed (a) in the event such notice is given
      in connection with the Master Servicer’s election to repurchase, not earlier
      than the 15th day and not later than the 25th day of the month next preceding
      the month of such final distribution or (b) otherwise during the month of such
      final distribution on or before the Determination Date in such month, in each
      case specifying (i) the Distribution Date upon which final payment of the
      Certificates will be made upon presentation and surrender of Certificates at
      the
      office of the Certificate Registrar therein designated, (ii) the amount of
      any
      such final payment and (iii) that the Record Date otherwise applicable to such
      Distribution Date is not applicable, payments being made only upon presentation
      and surrender of the Certificates at the office of the Certificate Registrar
      therein specified. In the event such notice is given in connection with the
      Master Servicer’s election to repurchase, the Master Servicer shall deposit in
      the Custodial Account pursuant to Section 3.10 on the last day of the related
      Prepayment Period an amount equal to the above-described repurchase price
      payable out of its own funds. Upon presentation and surrender of the
      Certificates by the Certificateholders, the Trustee shall distribute to the
      Certificateholders (i) the amount otherwise distributable on such Distribution
      Date, if not in connection with the Master Servicer’s election to repurchase, or
      (ii) if the Master Servicer elected to so repurchase, an amount determined
      as
      follows: with respect to each Certificate, the outstanding Certificate Principal
      Balance thereof, plus one month’s interest thereon at the applicable
      Pass-Through Rate and any previously unpaid Accrued Certificate Interest. Upon
      certification to the Trustee by a Servicing Officer, following such final
      deposit, the Trustee shall promptly release the Mortgage Files as directed
      by
      the Master Servicer for the remaining Mortgage Loans, and the Trustee shall
      execute all assignments, endorsements and other instruments required by the
      Master Servicer as being necessary to effectuate such transfer.

     

    In
      the
      event that all of the Certificateholders shall not surrender their Certificates
      for cancellation within six months after the time specified in the
      above-mentioned notice, the Trustee shall give a second 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 of the Certificates shall not have been surrendered for
      cancellation, the Trustee shall take reasonable steps as directed by the
      Depositor, or appoint an agent to take reasonable 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
      subject hereto. If, within nine months after the second notice, all of the
      Certificates shall not have been surrendered for cancellation, the Trustee
      shall
      be entitled to all unclaimed funds and other assets which remain subject
      hereto.

     

    ARTICLE
      X

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      10.01.  Amendment. 

     

    This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee without the consent of any of the Certificateholders, (i) to
      cure any ambiguity, (ii) to correct or supplement any provisions herein which
      may be defective or inconsistent with any other provisions herein or to correct
      any error, (iii) to change the timing and/or nature of deposits in the
      Certificate Account, provided that (a) such change would not adversely affect
      in
      any material respect the interests of any Certificateholder, as evidenced by
      an
      Opinion of Counsel, and (b) such change would not adversely affect the
      then-current rating of any rated class of Certificates, as evidenced by a letter
      from each applicable Rating Agency, (iv) to make any other provisions with
      respect to matters or questions arising this Agreement which are not materially
      inconsistent with the provisions thereof, provided that such action will not
      adversely affect in any material respect the interests of any Certificateholder,
      or (v) to amend specified provisions that are not material to holders of any
      class of Certificates offered hereunder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer and the Trustee with the consent of the Holders of Certificates
      entitled to at least 66-2/3% of the Voting Rights 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 received on Mortgage
      Loans which are required to be distributed on any Certificate without the
      consent of the Holder of such Certificate, or (ii) reduce the aforesaid
      percentage of Certificates the Holders of which are required to consent to
      any
      such amendment, without the consent of the Holders of all Certificates then
      outstanding. Notwithstanding any other provision of this Agreement, for purposes
      of the giving or withholding of consents pursuant to this Section 10.01,
      Certificates registered in the name of the Sponsor or the Master Servicer or
      any
      affiliate thereof shall be entitled to Voting Rights with respect to matters
      described in clauses (i) and (ii) of this paragraph.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a statement
      describing the amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 10.01
      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.

     

    Prior
      to
      executing any amendment pursuant to this Section, the Trustee shall be entitled
      to receive an Opinion of Counsel (provided by the Person requesting such
      amendment) to the effect that such amendment is authorized or permitted by
      this
      Agreement. The cost of an Opinion of Counsel delivered pursuant to this Section
      10.01 shall be an expense of the party requesting such amendment, but in any
      case shall not be an expense of the Trustee.

     

    The
      Trustee may, but shall not be obligated to enter into any amendment pursuant
      to
      this Section that affects its rights, duties and immunities under this Agreement
      or otherwise.

     

    Section
      10.02.  Recordation
      of Agreement; Counterparts. 

     

    To
      the
      extent permitted by applicable law, 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 Master Servicer and at
      the
      expense of the Depositor on direction by the Trustee, but only upon direction
      accompanied by an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the
      Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed 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
      10.03.  Limitation
      on Rights of Certificateholders. 

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      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 expressly provided
      for
      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 of any provision 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 Trustee a notice of an Event of Default, or of a default
      by
      the Sponsor or the Trustee in the performance of any obligation hereunder,
      and
      of the continuance thereof, as hereinbefore provided, and unless also the
      Holders of Certificates entitled to at least 25% of the Voting Rights shall
      have
      made written request upon the Trustee to institute such action, suit or
      proceeding in its own name as Trustee hereunder and shall have offered to the
      Trustee such reasonable indemnity as it may require against the costs, expenses
      and liabilities to be incurred therein or thereby, and the Trustee, 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 is
      understood and intended, and expressly covenanted by each Certificateholder
      with
      every other Certificateholder and the Trustee, that no one or more Holders
      of
      Certificates shall have any right in any manner whatever by virtue of any
      provision of this Agreement to affect, disturb or prejudice the rights of the
      Holders of any other of such Certificates, or to obtain or seek to obtain
      priority over or preference to any other such Holder, or to enforce any right
      under this Agreement, except in the manner herein provided and for the equal,
      ratable and common benefit of all Certificateholders. For the protection and
      enforcement of the provisions of this Section, each and every Certificateholder
      and the Trustee shall be entitled to such relief as can be given either at
      law
      or in equity.

     

    Section
      10.04.  Governing
      Law. 

     

    This
      Agreement and the Certificates shall be construed in accordance with the laws
      of
      the State of New York and the obligations, rights and remedies of the parties
      hereunder shall be determined in accordance with such laws.

     

    Section
      10.05.  Notices. 

     

    All
      demands, notices and direction hereunder shall be in writing and shall be deemed
      effective upon receipt when delivered to (a) in the case of the Depositor,
      _______________, ______________________________, Attention:____________________,
      or such other address as may hereafter be furnished to the Trustee and the
      Master Servicer in writing by the Depositor, (b) in the case of the Trustee
      ________________________________, Attention:
      ______________________________________, or such other address as may hereafter
      be furnished to the Master Servicer and the Depositor in writing by the Trustee
      and (c) in the case of the Master Servicer, [Name of Master Servicer]
      ___________________________ _____________
      Attention: ________________ or such other address as may hereafter be furnished
      to the Depositor and the Trustee in writing. Any notice required or permitted
      to
      be mailed to a Certificateholder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Any
      notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have been duly given, whether or not the
      Certificateholder receives such notice.

     

    Section
      10.06.  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
      10.07.  Successors
      and Assigns; Third Party Beneficiary. 

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto, and all such
      provisions shall inure Depositor, (b) in the case of the Trustee, to the benefit
      of the Trustee and the Certificateholders. The parties hereto agree that the
      Sponsor is the intended third party beneficiary of Sections 3.07, 3.10 and
      3.22
      hereof, and that the Sponsor may enforce such provisions to the same extent
      as
      if the Sponsor were a party to this Agreement.

     

    Section
      10.08.  Article
      and Section Headings. 

     

    The
      article and Section headings herein are for convenience of reference only,
      and
      shall not limit or otherwise affect the meaning hereof.

     

    Section
      10.09.  Notice
      to Rating Agencies and Certificateholder. 

     

    The
      Trustee shall use its best efforts to promptly provide notice to the Rating
      Agencies referred to below and the Letter of Credit Issuer with respect to
      each
      of the following of which it has actual knowledge:

     

    1. 
Any
      material change or amendment to this Agreement;

     

    2. 
The
      occurrence of any Event of Default that has not been cured;

     

    3. 
The
      resignation or termination of the Master Servicer or the Trustee;

     

    4. 
The
      repurchase or substitution of Mortgage Loans pursuant to Section
      2.04;

     

    5. 
The
      final
      payment to Certificateholders; and

     

    6. 
Any
      change in the location of the Custodial Account or the Certificate
      Account.

     

    In
      addition, the Trustee shall promptly furnish to the Rating Agency copies of
      the
      following:

     

    1. 
Each
      report to Certificateholders described in Section 4.02;

     

    2. 
Each
      annual independent public accountants’ servicing report received as described in
      Section 3.20; and

     

    3. 
Each
      Master Servicer compliance report received as described in Section
      3.19.

     

    Any
      such
      notice pursuant to this Section 10.09 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) in the case of
      [_______________] ___________________________, Attention: _________________,
      and
      (ii) in the case of [___________________________________] or, in each case,
      such
      other address as such Rating Agency may designate in writing to the parties
      thereto.

     

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

     

     

    
      	 	 	 
	 	
              ALLIANCE
                BANCORP.,

              Depositor

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	 

    

     

    
      
        	 	 	 
	 	
                
                  [NAME
                    OF MASTER SERVICER],

                  Master
                    Servicer

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	 

      

       

      
        
          
            	 	 	 
	 	
                    
                      
                        [NAME
                          OF TRUSTEE],

                        Trustee

                      

                    

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    

                  
	 	 

          

           

        

      

    

     

    EXHIBIT
      A

     

    FORM
      OF CLASS [A-_] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    

    
      	
              Certificate
                No.__

              Class
                A-____

               

            	
              _____%
                Pass-Through Rate

               

            
	
              Date
                of Pooling and Servicing

              Agreement
                and Cut-off Date:

              _____________
                1, 20__

               

            	
              Percentage
                Interest:____%

               

            
	
              First
                Distribution Date:

              _____________,
                20__

               

            	
              Aggregate
                Initial [Certificate Principal Balance]

              [Notional
                Amount] of the Class A-__ Certificates:

              $______________

               

            
	
              Master
                Servicer:

              [Name
                of Master Servicer]

               

            	
              Initial
                [Certificate Principal

              Balance]
                [Notional Amount] of this Certificate:

              $______________

               

            
	
              Assumed
                Final

              Distribution
                Date:

              __________
                25, 20__

            	
              CUSIP:__________

               

            

    

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      200_-_

     

    evidencing
      a percentage interest in the distributions allocable to the Class A- ___
      Certificates with respect to a Trust Fund consisting primarily of a pool of
      conforming one- to four-family fixed-rate first lien mortgage loans formed
      and
      sold by ALLIANCE BANCORP.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Alliance Bancorp., the Master
      Servicer, the Trustee referred to below or any of their affiliates. Neither
      this
      Certificate nor the underlying Mortgage Loans are guaranteed or insured by
      any
      governmental agency or instrumentality or by Impac Secured Assets Corp., the
      Master Servicer, the Trustee or any of their affiliates. None of the Depositor,
      the Master Servicer or any of their affiliates will have any obligation with
      respect to any certificate or other obligation secured by or payable from
      payments on the Certificates.

     

    This
      certifies that [Cede & Co.] is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the Initial
      [Certificate Principal Balance] [Notional Amount] of this Certificate by the
      aggregate Initial [Certificate Principal Balance] [Notional Amount] of all
      Class
      A-____ Certificates, both as specified above) in certain distributions with
      respect to the Trust Fund consisting primarily of an interest in a pool of
      conventional one- to four-family fixed-rate first lien mortgage loans (the
      “Mortgage Loans”), formed and sold by Alliance Bancorp. (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement
      referred to below). The Trust Fund was created pursuant to a Pooling and
      Servicing Agreement dated as specified above (the “Agreement”) among the
      Depositor, the Master Servicer and [Name of Trustee], as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter. To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing as described in the
      Agreement, to the Person in whose name this Certificate is registered at the
      close of business on the last Business Day of the month immediately preceding
      the month of such Distribution Date (the “Record Date”), from the Available
      Distribution Amount in an amount equal to the product of the Percentage Interest
      evidenced by this Certificate and the amount of [interest and] [principal],
      if
      any, required to be distributed to Holders of Class A-____Certificates on such
      Distribution Date.

     

    Distributions
      on this Certificate will be made either by the Trustee or by a Paying Agent
      appointed by the Trustee either in immediately available funds (by wire transfer
      or otherwise) for the account of the Person entitled thereto if such Person
      shall have so notified the Trustee or such Paying Agent at least 5 Business
      Days
      prior to the related Record Date, or by check mailed to the address of the
      Person entitled thereto, as such name and address shall appear on the
      Certificate Register.

     

    Notwithstanding
      the above, the final distribution on this Certificate will be made after due
      notice of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the Trustee
      for that purpose in the City and State of New York. The Initial [Certificate
      Principal Balance] [Notional Amount] of this Certificate is set forth above.
      The
      [Certificate Principal Balance] [Notional Amount] hereof will be reduced to
      the
      extent of [distributions allocable to principal and] any Realized Losses
      allocable hereto.

     

    This
      Certificate is one of a duly authorized issue of Certificates issued in several
      Classes designated as Mortgage Pass-Through Certificates of the Series specified
      hereon (herein collectively called the “Certificates”).

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. In the event Master Servicer funds are advanced
      with respect to any Mortgage Loan, such advance is reimbursable to the Master
      Servicer, to the extent provided in the Agreement, from related recoveries
      on
      such Mortgage Loan or from other cash that would have been distributable to
      Certificateholders.

     

    As
      provided in the Agreement, withdrawals from the Custodial Account and/or the
      Certificate Account created for the benefit of Certificateholders may be made
      by
      the Master Servicer from time to time for purposes other than distributions
      to
      Certificateholders, such purposes including without limitation reimbursement
      to
      the Trustee, the Depositor and the Master Servicer of advances made, or certain
      expenses incurred, by either of them.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      of
      the Agreement and the modification of the rights and obligations of the
      Depositor, the Master Servicer and the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer and the Trustee with the consent of the Holders of Certificates
      evidencing in the aggregate not less than 66-2/3% of the Percentage Interests
      of
      each Class of Certificates affected thereby. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon the Certificate. The Agreement also permits the
      amendment thereof in certain circumstances without the consent of the Holders
      of
      any of the Certificates and, in certain additional circumstances, without the
      consent of the Holders of certain Classes of Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trustee, duly endorsed by, or accompanied by an
      assignment in the form below or other written instrument of transfer in form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      Holder hereof or such Holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same Class and aggregate Percentage Interest will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      Classes and in denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, Certificates
      are
      exchangeable for new Certificates of authorized denominations evidencing the
      same Class and aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Master Servicer, the Trustee and the Certificate Registrar and
      any agent of the Depositor, the Master Servicer, the Trustee or the Certificate
      Registrar may treat the Person in whose name this Certificate is registered
      as
      the owner hereof for all purposes, and neither the Depositor, the Master
      Servicer, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of New York.

     

    The
      obligations created by the Agreement in respect of the Certificates and the
      Trust Fund created thereby shall terminate upon the payment to
      Certificateholders of all amounts held by or on behalf of the Trustee and
      required to be paid to them pursuant to the Agreement following the earlier
      of
      (i) the maturity or other liquidation of the last Mortgage Loan subject thereto
      or the disposition of all property acquired upon foreclosure or deed in lieu
      of
      foreclosure of any Mortgage Loan and (ii) the purchase by the Class R
      Certificateholder from the Trust Fund of all remaining Mortgage Loans and all
      property acquired in respect of such Mortgage Loans, thereby effecting early
      retirement of the Certificates. The Agreement permits, but does not require,
      the
      Class R Certificateholder to (i) purchase at a price determined as provided
      in
      the Agreement all remaining Mortgage Loans and all property acquired in respect
      of any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
      Certificates from the Holders thereof; provided, that any such option may only
      be exercised if the Aggregate [Stated Principal Balance] [Notional Amount]
      of
      the Mortgage Loans as of the Distribution Date upon which the proceeds of any
      such purchase are distributed is less than one percent of the Aggregate [Stated
      Principal Balance] [Notional Amount] of the Mortgage Loans at the Cut-off
      Date.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee,
      by
      manual signature, this Certificate shall not be entitled to any benefit under
      the Agreement or be valid for any purpose.

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
       

      
        	 	 	 
	Dated: __________
                __, 200_	
                [NAME
                  OF TRUSTEE],

                as
                  Trustee

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Authorized
                Signatory
	 	 

      

      
 

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A-____ Certificates referred to in the within-mentioned
      Agreement.

     

     

    
      	 	 	 
	 	
              [NAME
                OF TRUSTEE],

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Signatory
	 	 

    

    

 

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _____________________________________ (Please print or typewrite name and
      address including postal zip code of assignee) a Percentage Interest evidenced
      by the within Mortgage Pass-Through Certificate and hereby authorizes the
      transfer of registration of such interest to assignee on the Certificate
      Register of the Trust Fund.

     

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:
      ____________________________________________________________________________________________________________________________________

     

    ___________________________________________________________________________________________________________________________________________

     

     

    
      	 	 	 
	Dated:  	 
	 	
               Signature
                by or on behalf of
                assignor

            
	 	 	 
	 	 	 
	 	 	Signature Guaranteed
	 	 	 
	 	 	 

    

                                               
      

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to
      ___________________________________for the account of __________________ account
      number _______________, or, if mailed by check, to ________________________.
      Applicable statements should be mailed
      to____________________________________________.

     

    This
      information is provided by __________________, the assignee named above, or
      ________________, as its agent.

     

    

    EXHIBIT
      B

     

    FORM
      OF
      IRREVOCABLE LETTER OF CREDIT

    

    EXHIBIT
      C

     

    FORM
      OF TRUSTEE’S INITIAL CERTIFICATION

     

    __________
      __, 200_

     

    [Name
      of
      Master Servicer]

    _____________________

    _____________________

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of __________ 1, 200_

              
                among
                  Alliance Bancorp., [Name of Master Servicer], and [Name 

                of
                  Trustee], Mortgage Pass-Through Certificates Series
                  200_-_

                                                                                                                
                  

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement, the undersigned, as Trustee, hereby certifies that as to each
      Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
      Loan
      paid in full or listed on the attachment hereto) it has reviewed the Mortgage
      File and the Mortgage Loan Schedule and has determined that: (i) all documents
      required to be included in the Mortgage File are in its possession; (ii) such
      documents have reviewed by it and appear regular on their face and relate to
      such Mortgage Loan; and (iii) base on examination by it, and only as to such
      documents, the information set forth in items (i), (ii), (iii) (iv) of the
      definition or description of “Mortgage Loan Schedule” is correct.

     

    The
      trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the above-referenced
      Pooling and Servicing Agreement. The Trustee makes no representation that any
      documents specified in clause (vi) of Section 2.01 should be included in any
      Mortgage File. The Trustee makes no representations as to and shall not be
      responsible to verify: (i) the validity, legality, sufficiency, enforceability,
      due authorization, recordability or genuineness of any of the documents
      contained in each Mortgage File of any of the Mortgage Loans identified on
      the
      Mortgage Loan Schedule, (ii) the collectability, insurability, effectiveness
      or
      suitability of any such Mortgage Loan, or (iii) the existence of any assumption,
      modification, written assurance or substitution agreement with respect to any
      Mortgage File if no such documents appear in the Mortgage File delivered to
      the
      Trustee.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Pooling and Servicing Agreement.

     

     

    
      
        	 	[NAME OF TRUSTEE]
	 	 
	 	By:                                                                               
                 
	 	Name:
	 	Title:

      

    

    
 

    EXHIBIT
      D

     

    FORM
      OF TRUSTEE FINAL CERTIFICATION

     

    __________
      __, 200_

     

    [Name
      of
      Master Servicer]

    _____________________

    _____________________

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of __________ 1, 200_

              
                among
                  Alliance Bancorp., [Name of Master Servicer], and [Name 

                of
                  Trustee], Mortgage Pass-Through Certificates Series
                  200_-_

                                                                                                                
                  

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement, the undersigned, as Trustee, hereby certifies that as to each
      Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
      Loan
      paid in full or listed on the attachment hereto) it has received the documents
      set forth in Section 2.01.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the above-referenced
      Pooling and Servicing Agreement. The Trustee makes no representation that any
      documents specified in clause (vi) of Section 2.01 should be included in any
      Mortgage File. The Trustee makes no representations as to and shall not be
      responsible to verify: (i) the validity, legality, sufficiency, enforceability,
      due authorization, recordability or genuineness of any of the documents
      contained in each Mortgage File of any of the Mortgage Loans identified on
      the
      Mortgage Loan Schedule, (ii) the collectability, insurability, effectiveness
      or
      suitability of any such Mortgage Loan or (iii) the existence of any assumption,
      modification, written assurance or substitution agreement with respect to any
      Mortgage File if no such documents appear in the Mortgage File delivered to
      the
      Trustee.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in, the above-captioned Pooling and Servicing Agreement.

    
       

       

      
        
          	 	[NAME OF TRUSTEE]
	 	 
	 	By:                                                                                 
	 	Name:
	 	Title:

        

      

      

    

    EXHIBIT
      E

     

    FORM
      OF REMITTANCE REPORT

     

    

     

    

     

    (PROVIDED
      UPON REQUEST)

     

    

    EXHIBIT
      F-1

     

    REQUEST
      FOR RELEASE

    (FOR
      TRUSTEE)

     

    Loan
      Information

     

    
      	 	Name
              of
              Mortgagor:	______________________________ 
	 	Master Servicer	 
	 	Loan
              No.:	______________________________
	 	 	 

    

     

    Trustee

    
       

      
        	 	Name:	______________________________ 
	 	 	 
	 	Address:	______________________________
	 	 	 
	 	 	 
	 	Trustee	 
	 	Mortgage File No.:	______________________________

      

       

    

            

     

    Request
      for Requesting Documents
      (check
      one):

     

    
      	
              1.

            	 	
              Mortgage
                Loan Liquidated.

            

    

    (The
      Master Servicer hereby certifies that all proceeds of foreclosure, insurance
      or
      other liquidation have been finally received and deposited into the Custodial
      Account to the extent required pursuant to the Pooling and Servicing
      Agreement.)

     

    
      	
              2.

            	 	
              Mortgage
                Loan in Foreclosure.

            

      	 	 	 

      	3.	 	Mortgage Loan Repurchased Pursuant to Section 9.01
              of the
              Pooling and Servicing Agreement.

      	 	 	 

    

     

    
      	
              4.

            	 	
              Mortgage
                Loan Repurchased Pursuant to Article II of the Pooling and Servicing
                Agreement.

            

    

    (The
      Master Servicer hereby certifies that the repurchase price has been deposited
      into the Custodial Account pursuant to the Pooling and Servicing
      Agreement.)

     

    
      	
              5.

            	 	
              Other
                (explain).

            

    

     

    
      	_______________________________________________________________________________________________	 
	_______________________________________________________________________________________________	 
	_______________________________________________________________________________________________	 
	_______________________________________________________________________________________________	 
	_______________________________________________________________________________________________	 
	_______________________________________________________________________________________________	 

    

     

     

    The
      undersigned Master Servicer hereby acknowledges that it has received from the
      Trustee for the Holders of Mortgage Pass-Through Certificates, Series 200_-_,
      the documents referred to below (the “Documents”). All capitalized terms not
      otherwise defined in this Request for Release shall have the meanings given
      them
      in the Pooling and Servicing Agreement, dated as of __________ 1, 200_ (the
      “Pooling and Servicing Agreement”), among Alliance Bancorp., [Name of Master
      Servicer] and the Trustee.

     

    
      	
              (
                )

            	 	
              Promissory
                Note dated _________________, 200_, in the original principal sum
                of
                $__________, made by __________________, payable to, or endorsed
                to the
                order of, the Trustee.

            

    

     

    
      	
              (
                )

            	 	
              Mortgage
                recorded on _________________________ as instrument no. ___________
                in the
                County Recorders Office of the County of ______________________,
                State of
                _____________________ in book/reel/docket of official records at
                page/image _______________.

            

    

     

    
      	
              (
                )

            	 	
              Deed
                of Trust recorded on ____________________ as instrument no._____________
                in the County Recorder’s Office of the County of ______________________,
                State of _____________________in book/reel/docket __________________
                of
                official records at page/image
                ________________.

            

    

     

    
      	
              (
                )

            	 	
              Assignment
                of Mortgage or Deed of Trust to the Trustee, recorded on _______________
                as instrument no. ______________ in the County Recorder’s Office of the
                County of ________________, State of ___________________ in
                book/reel/docket ____________ of official records at page/image
                ___________.

            

    

     

    
      	
              (
                )

            	 	
              Other
                documents, including any amendments, assignments or other assumptions
                of
                the Mortgage Note or Mortgage.

            

    

     

    
      	 	( ) 	_________________________________________________
	 	 	 
	 	( ) 	_________________________________________________ 
	 	 	 
	 	( ) 	_________________________________________________
	 	 	 
	 	( ) 	_________________________________________________

    

     

    The
      undersigned Master Servicer hereby acknowledges and agrees as
      follows:

     

    (1) The
      Master Servicer shall hold and retain possession of the Documents in trust
      for
      the benefit of the Trustee, solely for the purposes provided in the
      Agreement.

     

    (2) The
      Master Servicer shall not cause or knowingly permit the Documents to become
      subject to, or encumbered by, any claim, liens, security interest, charges,
      writs of attachment or other impositions nor shall the Master Servicer assert
      or
      seek to assert any claims or rights of setoff to or against the Documents or
      any
      proceeds thereof.

     

    (3) The
      Master Servicer shall return each and every Document previously requested from
      the Mortgage File to the Custodian when the need therefor no longer exists,
      unless the Mortgage Loan relating to the Documents has been liquidated and
      the
      proceeds thereof have been remitted to the Custodial Account and except as
      expressly provided in the Agreement.

     

    (4) The
      Documents and any proceeds thereof, including any proceeds of proceeds, coming
      into the possession or control of the Master Servicer shall at all times be
      earmarked for the account of the Trustee, and the Master Servicer shall keep
      the
      Documents and any proceeds separate and distinct from all other property in
      the
      Master Servicer’s possession, custody or control.

     

     

    
      	 	[NAME OF MASTER SERVICER]
	 	 
	 	By:_______________________________________
	 	 
	 	Title:______________________________________
	 	 
	Date: _________________, 200_	 

    

    

    EXHIBIT
      F-2

     

    REQUEST
      FOR RELEASE

    [MORTGAGE
      LOANS PAID IN FULL]

     

    OFFICER’S
      CERTIFICATE AND TRUST RECEIPT

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      200_-_

     

    _____________________________________
      HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE MASTER SERVICER, HOLDING
      THE
      OFFICE SET FORTH BENEATH HIS/HER SIGNATURE, AND HEREBY FURTHER CERTIFIES AS
      FOLLOWS:

     

    WITH
      RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
      SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

     

    ALL
      PAYMENTS OF PRINCIPAL, PREMIUM (IF ANY), AND INTEREST HAVE BEEN
      MADE.

     

    
      	
              LOAN
                NUMBER:_______________________

               

            	
              BORROWER’S
                NAME:_________________________

               

            
	 	 
	
              COUNTY:_____________________________

               

            	 

    

    

     

    WE
      HEREBY
      CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS, WHICH ARE
      REQUIRED TO BE DEPOSITED IN THE CUSTODIAL ACCOUNT PURSUANT TO SECTION 3.10
      OF
      THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

     

    

    
      	
              _________
                ____________

               

            	
              DATED:________________________________

               

            

    

    

    // VICE
      PRESIDENT

     

    // ASSISTANT
      VICE PRESIDENT

     

    
 

    EXHIBIT
      G-1

     

    FORM
      OF INVESTOR REPRESENTATION LETTER

     

    ___________,200__

     

    Alliance
      Bancorp.

    1000
      Marina Blvd., Suite 100

    Brisbane,
      CA 94005 

    

    [Name
      of
      Trustee]

    ______________________

    ______________________

     

    Attention:
      Alliance Bancorp., Series 200_-_

     

    Re:  Alliance
      Bancorp.,

    Mortgage
      Pass-Through Certificates, Series 200_-_, Class
      __       

     

    Ladies
      and Gentlemen:

     

    ______________
      (the “Purchaser”) intends to purchase from ______________ (the “Sponsor”)
      $_________ Initial Certificate Principal Balance of Mortgage Pass-Through
      Certificates, Series 200_-_, Class _____ (the “Certificates”), issued pursuant
      to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
      dated as of _________ 1, 200_ among Alliance Bancorp., as Depositor (the
“Depositor”), [Name of Master Servicer], as master servicer and [Name of
      Trustee], as trustee (the “Trustee”). All terms used herein and not otherwise
      defined shall have the meanings set forth in the Pooling and Servicing
      Agreement. The Purchaser hereby certifies, represents and warrants to, and
      covenants with, the Depositor and the Trustee that:

     

    1. The
      Purchaser understands that (a) the Certificates have not been and will not
      be
      registered or qualified under the Securities Act of 1933, as amended (the “Act”)
      or any state securities law, (b) the Depositor is not required to so register
      or
      qualify the Certificates, (c) the Certificates may be resold only if registered
      and qualified pursuant to the provisions of the Act or any state securities
      law,
      or if an exemption from such registration and qualification is available, (d)
      the Pooling and Servicing Agreement contains restrictions regarding the transfer
      of the Certificates and (e) the Certificates will bear a legend to the foregoing
      effect.

     

    2. The
      Purchaser is acquiring the Certificates for its own account for investment
      only
      and not with a view to or for sale in connection with any distribution thereof
      in any manner that would violate the Act or any applicable state securities
      laws.

     

    3. The
      Purchaser is (a) a substantial, sophisticated institutional investor having
      such
      knowledge and experience in financial and business matters, and, in particular,
      in such matters related to securities similar to the Certificates, such that
      it
      is capable of evaluating the merits and risks of investment in the Certificates,
      (b) able to bear the economic risks of such an investment and (c) an “accredited
      investor” within the meaning of Rule 501 (a) promulgated pursuant to the
      Act.

     

    4. The
      Purchaser has been furnished with, and has had an opportunity to review (a)
      [a
      copy of the Private Placement Memorandum, dated _________ __, 200_, relating
      to
      the Certificates (b)] a copy of the Pooling and Servicing Agreement and [(b)]
      [(c)] such other information concerning the Certificates, the Mortgage Loans
      and
      the Depositor as has been requested by the Purchaser from the Depositor or
      the
      Sponsor and is relevant to the Purchaser’s decision to purchase the
      Certificates. The Purchaser has had any questions arising from such review
      answered by the Depositor or the Sponsor to the satisfaction of the Purchaser.
      [If the Purchaser did not purchase the Certificates from the Sponsor in
      connection with the initial distribution of the Certificates and was provided
      with a copy of the Private Placement Memorandum (the “Memorandum”) relating to
      the original sale (the “Original Sale”) of the Certificates by the Depositor,
      the Purchaser acknowledges that such Memorandum was provided to it by the
      Sponsor, that the Memorandum was prepared by the Depositor solely for use in
      connection with the Original Sale and the Depositor did not participate in
      or
      facilitate in any way the purchase of the Certificates by the Purchaser from
      the
      Sponsor, and the Purchaser agrees that it will look solely to the Sponsor and
      not to the Depositor with respect to any damage, liability, claim or expense
      arising out of, resulting from or in connection with (a) error or omission,
      or
      alleged error or omission, contained in the Memorandum, or (b) any information,
      development or event arising after the date of the Memorandum.]

     

    5. The
      Purchaser has not and will not nor has it authorized or will it authorize any
      person to (a) offer, pledge, sell, dispose of or otherwise transfer any
      Certificate, any interest in any Certificate or any other similar security
      to
      any person in any manner, (b) solicit any offer to buy or to accept a pledge,
      disposition of other transfer of any Certificate, any interest in any
      Certificate or any other similar security from any person in any manner, (c)
      otherwise approach or negotiate with respect to any Certificate, any interest
      in
      any Certificate or any other similar security with any person in any manner,
      (d)
      make any general solicitation by means of general advertising or in any other
      manner or (e) take any other action, that (as to any of (a) through (e) above)
      would constitute a distribution of any Certificate under the Act, that would
      render the disposition of any Certificate a violation of Section 5 of the Act
      or
      any state securities law, or that would require registration or qualification
      pursuant thereto. The Purchaser will not sell or otherwise transfer any of
      the
      Certificates, except in compliance with the provisions of the Pooling and
      Servicing Agreement.

    

    
      	 	
              Very
                truly yours,

               

              _________________________________________________

            
	 	(Purchaser)
	 	 
	 	By:______________________________________________
	 	Name:____________________________________________
	 	
              Title:_____________________________________________

            

    

    

    EXHIBIT
      G-2

     

    FORM
      OF TRANSFEROR REPRESENTATION LETTER

     

    ______________,200___

     

    Alliance
      Bancorp.

    1000
      Marina Blvd., Suite 100

    Brisbane,
      CA 94005 

    

    [Name
      of
      Trustee]

    ______________________

    ______________________

     

    Attention:
      Alliance Bancorp., Series 200_-_

     

    Re:   
      Alliance
      Bancorp.,

     
Mortgage
      Pass-Through Certificates, Series 200_-_, Class
      __       

     

    Ladies
      and Gentlemen:

     

    In
      connection with the sale by ___________ (the “Sponsor”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Mortgage
      Pass-Through Certificates, Series 200_-_, Class _____ (the “Certificates”),
      issued pursuant to the Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”), dated as of __________ 1, 200_ among Alliance Bancorp.,
      as Depositor (the “Depositor”), [Name of Master Servicer], as master servicer
      and [Name of Trustee], as trustee (the “Trustee”). The Sponsor hereby certifies,
      represents and warrants to, a covenants with, the Depositor and the Trustee
      that:

     

    Neither
      the Sponsor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act”), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Sponsor will not act in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Sponsor has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing
      Agreement.

     

    
      

      
        	 	
                Very
                  truly yours,

                 

                _________________________________________________

              
	 	(Sponsor)
	 	 
	 	By:______________________________________________
	 	Name:____________________________________________
	 	
                Title:_____________________________________________

              

      

      
 

    

    EXHIBIT
      G-3

    FORM
      OF TRANSFER AFFIDAVIT AND AGREEMENT

     

    STATE
      OF   )

    :ss.:

    COUNTY
      OF                       
)

     

    ___________________,
      being first duly sworn, deposes, represents and warrants:

     

    1. 
That
      he/she is [Title of Officer] of [Name of Owner], a [savings institution]
      [corporation] duly organized and existing under the laws of [the State of
      __________] [the United States], (the “Owner”), (record or beneficial owner of
      the Class R Certificates (the “Class R Certificates”) on behalf of which he/she
      makes this affidavit and agreement). This Class R Certificates were issued
      pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing
      Agreement”) dated as of _________ 1, 200_ among Alliance Bancorp., as Depositor,
      [Name of Master Servicer], as master servicer (the “Master Servicer”), and [Name
      of Trustee], as trustee (the “Trustee”).

     

    2. 
That
      the
      Owner (i) is not and will not be a “disqualified organization” as of
      _____________ [date of transfer] within the meaning of Section 860E(e)(5) of
      the
      Internal Revenue Code of 1986, as amended (the “Code”), (ii) will endeavor to
      remain other than a disqualified organization for so long as it retains its
      ownership interest in the Class R Certificates, and (iii) is acquiring the
      Class
      R Certificates for its own account or for the account of another Owner from
      which it has received an affidavit and agreement in substantially the same
      form
      as this affidavit and agreement. (For this purpose, a “disqualified
      organization” means the United States, any state or political subdivision
      thereof, any agency or instrumentality of any of the foregoing (other than
      an
      instrumentality all of the activities of which are subject to tax and, except
      for Freddie Mac, a majority of whose board of directors is not selected by
      any
      such governmental entity) or any foreign government, international organization
      or any agency or instrumentality of such foreign government or organization,
      any
      rural electric or telephone cooperative, or any organization (other than certain
      farmers’ cooperatives) that is generally exempt from federal income tax unless
      such organization is subject to the tax on unrelated business taxable
      income).

     

    3. 
That
      the
      Owner is aware (i) of the tax that would be imposed on transfers of Class R
      Certificates to disqualified organizations under the Code, that applies to
      all
      transfers of Class R Certificates after March 31, 1988; (ii) that such tax
      would
      be on the transferor, or, if such transfer is through an agent (which person
      includes a broker, nominee or middleman) for a disqualified organization, on
      the
      agent; (iii) that the person otherwise liable for the tax shall be relieved
      of
      liability for the tax if the transferee furnishes to such person an affidavit
      that the transferee is not a disqualified organization and, at the time of
      transfer, such person does not have actual knowledge that the affidavit is
      false; and (iv) that the Class R Certificates may be “noneconomic residual
      interests” within the meaning of Treasury regulations promulgated pursuant to
      the Code and that the transferor of a noneconomic residual interest will remain
      liable for any taxes due with respect to the income on such residual interest,
      unless no significant purpose of the transfer was to impede the assessment
      or
      collection of tax.

     

    4. 
That
      the
      Owner is aware of the tax imposed on a “pass-through entity” holding Class R
      Certificates if at any time during the taxable year of the pass-through entity
      a
      disqualified organization is the record holder of an interest in such entity.
      (For this purpose, a “pass through entity” includes a regulated investment
      company, a real estate investment trust or common trust fund, a partnership,
      trust or estate, and certain cooperatives.)

     

    5. 
That
      the
      Owner is aware that the Trustee will not register the transfer of any Class
      R
      Certificates unless the transferee, or the transferee’s agent, delivers to it an
      affidavit and agreement, among other things, in substantially the same form
      as
      this affidavit and agreement. The Owner expressly agrees that it will not
      consummate any such transfer if it knows or believes that any of the
      representations contained in such affidavit and agreement are
      false.

     

    6. 
That
      the
      Owner has reviewed the restrictions set forth on the face of the Class R
      Certificates and the provisions of Section 5.02(f) of the Pooling and Servicing
      Agreement under which the Class R Certificates were issued (in particular,
      clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the Trustee
      to
      deliver payments to a person other than the Owner and negotiate a mandatory
      sale
      by the Trustee in the event the Owner holds such Certificates in violation
      of
      Section 5.02(f)). The Owner expressly agrees to be bound by and to comply with
      such restrictions and provisions.

     

    7. 
That
      the
      Owner consents to any additional restrictions or arrangements that shall be
      deemed necessary upon advice of counsel to constitute a reasonable arrangement
      to ensure that the Class R Certificates will only be owned, directly or
      indirectly, by an Owner that is not a disqualified organization.

     

    8. 
The
      Owner’s Taxpayer Identification Number is _____________________.

     

    9. 
This
      affidavit and agreement relates only to the Class R Certificates held by the
      owner and not to any other holder of the Class R Certificates. The Owner
      understands that the liabilities described herein relate only to the Class
      R
      Certificates.

     

    10. 
That
      no
      purpose of the Owner relating to the transfer of any of the Class R Certificates
      by the Owner is or will be to impede the assessment or collection of any
      tax.

     

    11. 
That
      the
      Owner has no present knowledge or expectation that it will be unable to pay
      any
      United States taxes owed by it so long as any of the Certificates remain
      outstanding. In this regard, the Owner hereby represents to and for the benefit
      of the person from whom it acquired the Class R Certificate that the Owner
      intends to pay taxes associated with holding such Class R Certificate as they
      become due, fully understanding that it may incur tax liabilities in excess
      of
      any cash flows generated by the Class R Certificate.

     

    12. 
That
      the
      Owner has no present knowledge or expectation that it will become insolvent
      or
      subject to a bankruptcy proceeding for so long as any of the Class R
      Certificates remain outstanding.

     

    13. 
The
      Owner
      is a citizen or resident of the United States, a corporation, partnership or
      other entity created or organized in, or under the laws of, the United States
      or
      any political subdivision thereof, provided that with respect to any partnership
      or other entity treated as a partnership for United States federal income tax
      purposes, all persons that own an interest in such partnership either directly
      or through any entity that is not a corporation for United States federal income
      tax purposes are required by the applicable operative agreement to be United
      States Persons, or an estate or trust whose income from sources without the
      United States is includible in gross income for United States federal income
      tax
      purposes regardless of its connection with the conduct of a trade or business
      within the United States.

     

    14. 
(a)
      The
      Certificates (i) are not being acquired by, and will not be transferred to,
      any
      employee benefit plan within the meaning of Section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”) or other retirement
      arrangement, including individual retirement accounts and annuities, Keogh
      plans
      and bank collective investment funds and insurance company general or separate
      accounts in which such plans, accounts or arrangements are invested, that is
      subject to Section 406 of ERISA or Section 4975 of the Internal Revenue Code
      of
      1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being acquired
      with “plan assets” of a Plan within the meaning of the Department of Labor
      (“DOL”) regulation, 29 C.F.R. § 2510.3-101 or otherwise under ERISA, and (iii)
      will not be transferred to any entity that is deemed to be investing in plan
      assets within the meaning of the DOL regulation, 29 C.F.R. § 2510.3-101 or
      otherwise under ERISA; or

     

       
      (b) The Owner will provide the Trustee, the Depositor and the Master Servicer
      with an opinion of counsel acceptable to and in form and substance satisfactory
      to the Trustee, the Depositor and the Master Servicer to the effect that the
      purchase of Certificates is permissible under applicable law, will not
      constitute or result in any non-exempt prohibited transaction under ERISA or
      Section 4975 of the Code and will not subject the Trustee, the Depositor or
      the
      Master Servicer to any obligation or liability (including obligations or
      liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Pooling and Servicing Agreement.

     

    In
      addition, the Owner hereby certifies, represents and warrants to, and covenants
      with, the Depositor, the Trustee and the Master Servicer that the Owner will
      not
      transfer such Certificates to any Plan or person unless either such Plan or
      person meets the requirements set forth in either (a) or (b) above.

     

    Capitalized
      terms used but not defined herein shall have the meanings assigned in the
      Pooling and Servicing Agreement.

     

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, by its [Title of Officer] and its corporate seal to be hereunto
      attached, attested by its [Assistant] Secretary, this ______ day of
      _____________, _____.

     

    

    
      	 	
              [NAME
                OF OWNER]

               

              By:__________________________________________      

              [Name
                of Officer]

              [Title
                of Officer]

               

            
	 	 
	
              [Corporate
                Seal]

               

              ATTEST:

               

              _____________________________________

              [Assistant]
                Secretary

               

            	 

    

    

    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 Owner, and acknowledged to me that such person executed the
      same
      as such person’s free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ____ day of ___________, 200__.

     

    
      	 	
               

              NOTARY
                PUBLIC

               

              COUNTY
                OF_________________________

              STATE
                OF___________________________

              My
                Commission expires the ____ day of __________
                ,200__.

            

    

    

     

    EXHIBIT
      H

     

    MORTGAGE
      LOAN SCHEDULE

     

     

     

    (PROVIDED
      UPON REQUEST)

     

    

    EXHIBIT
      I

     

    SPONSOR’S
      WARRANTY CERTIFICATE

    
 

    EXHIBIT
      J

     

    FORM
      OF NOTICE UNDER SECTION
      3.24 OF POOLING AND SERVICING AGREEMENT

     

    ___________
      __, 200_

     

    [NAME
      OF
      TRUSTEE]

    ______________________

    ______________________

     

    
      	 	
              Re:

            	
              Alliance
                Bancorp.,

              
                Mortgage
                  Pass-Through Certificates,

                Series
                  200_-_

              

            

    

       

     

    Pursuant
      to Section 3.25 of the Pooling and Servicing Agreement, dated as of _________
      1,
      200_, relating to the Certificates referenced above, the undersigned does hereby
      notify you that:

     

    (a) The
      prepayment assumption used in pricing the Certificates with respect to the
      Mortgage Loans in Series 200_-_ consisted of a Prepayment Assumption (the
“Prepayment Assumption”) of ___% per annum.

     

    (b) With
      respect to each Class of Certificates comprising the captioned series, set
      forth
      below is (i), the first price, as a percentage of the Certificate Principal
      Balance or Notional Amount of each Class of Certificates, at which 10% of the
      aggregate Certificate Principal Balance or Notional Amount of each such Class
      of
      Certificates was first sold at a single price, if applicable, or (ii) if more
      than 10% of a Class of Certificates have been sold but no single price is paid
      for at least 10% of the aggregate Certificate Principal Balance or Notional
      Amount of such Class of Certificates, then the weighted average price at which
      the Certificates of such Class were sold expressed as a percentage of the
      Certificate Principal Balance or Notional Amount of such Class of Certificates,
      (iii) if less than 10% of the aggregate Certificate Principal Balance or
      Notional Amount of a Class of Certificates has been sold, the purchase price
      for
      each such Class of Certificates paid by [Name of Underwriter] (the
“Underwriter”), expressed as a percentage of the Certificate Principal Balance
      or Notional Amount of such Class of Certificates calculated by: (1) estimating
      the fair market value of each such Class of Certificates as of March, 2002;
      (2)
      adding such estimated fair market value to the aggregate purchase prices of
      each
      Class of Certificates described in clause (i) or (ii) above; (3) dividing each
      of the fair market values determined in clause (1) by the sum obtained in clause
      (2); (4) multiplying the quotient obtained for each Class of Certificates in
      clause (3) by the purchase price paid by the Underwriter for all the
      Certificates purchased by it; and (5) for each Class of Certificates, dividing
      the product obtained from such Class of Certificates in clause (4) by the
      initial Certificate Principal Balance or Notional Amount of such Class of
      Certificates or (iv) the fair market value (but not less than zero) as of the
      Closing Date of each Certificate of each Class of Certificates retained by
      the
      Depositor or an affiliate corporation, or delivered to the Sponsor:

     

    Series
      200_-_

    Class
      A: ____%

    Class
      B: ____%

    Class
      R: ____%

     

    The
      prices and values set forth above do not include accrued interest with respect
      to periods before the closing.

     

    
      	 	
              ALLIANCE
                BANCORP.

               

            
	 	By:__________________________________
	 	Name:
	 	Title:

    

    
 

    EXHIBIT
      K

    

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    (RMBS
      unless otherwise noted)

    

    Key:

    X
      -
      obligation

    

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Custodian

            	
              Paying
                Agent

            	
              Trustee

            	
              Notes

            

    

    

    
      	 	
              General
                Servicing Considerations

            	 

    

    

    
      	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	
              X

            	
              X

            	 	 	
              X-1

               

            	
              1
                - attest to knowledge but not to process

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	
              X

            	 	 	 	 	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	 	 	 	 	 	 	
              NA

            
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	
              X

            	
              X

            	 	 	 	 	 
	
               Cash
                Collection and Administration

            
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	
              X

            	 	 	 	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              X

            	
              X

            	
              X

            	 	 	
              X

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
               Investor
                Remittances and Reporting

            
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	
              X

            	
              X

            	
              X

            	 	 	 	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
               
                Pool Asset Administration

            
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	
              X

            	 	 	
              X

            	 	 	 
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	
              X

            	 	 	
              X

            	 	 	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	
              X

            	 	 	 	 	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 	 	 	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	 	
              X

            	 	 	
              X

            	 

    

    

    EXHIBIT
      L

    

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 3.18(a)(iv). An asterisk indicates that the Responsible Party is
      responsible for aggregating the information it receives from other Responsible
      Parties.

    

    Under
      Item 1 of Form 10-D: a) items marked “monthly statement to securityholders” are
      required to be included in the periodic Distribution Date statement under
      Section 6.07, provided by the Securities Administrator based on information
      received from the Master Servicer; and b) items marked “Form 10-D report” are
      required to be in the Form 10-D report but not the monthly statement to
      securityholders, provided by the party indicated. Information under all other
      Items of Form 10-D is to be included in the Form 10-D report.

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Custodian

            	
              Trustee

            	
              Depositor

            	
              Sponsor

            
	
              10-D

            	
              Must
                be filed within 15 days of the distribution date for the asset-backed
                securities.

            	 	 	 	 
	
              1

            	
              Distribution
                and Pool Performance Information

            	 	 	 	 	 	 	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 	 	 	 	 	 	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average life, weighted average remaining term, pool
                factors and prepayment amounts.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	
              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            	 
	
              (9)
                Delinquency and loss information for the period.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool assets.
                (methodology)

            	 	
              X

            	 	 	 	 	 
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              X

            	
              X

            	
              X*

               

              (if
                agreed upon by the parties)

            	 	 	
              X

            	 
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, 

            	 	 	 	 	 	
              X

            	 
	
              [information
                regarding] any pool asset changes (other than in connection with
                a pool
                asset converting into cash in accordance with its terms), such as
                additions or removals in connection with a prefunding or revolving
                period
                and pool asset substitutions and repurchases (and purchase rates,
                if
                applicable), and cash flows available for future purchases, such
                as the
                balances of any prefunding or revolving accounts, if
                applicable.

            	 	
              X

            	 	 	
              [X]

            	 	 
	
              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	 	
              X

            	 	 	 	 	 
	
              Item
                1121(b) - Pre-Funding or Revolving Period Information

               

              Updated
                pool information as required under Item 1121(b).

            	 	 	 	 	 	
              X

            	 
	
              2

            	
              Legal
                Proceedings

            	 	 	 	 	 	 	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	
              X

               

              (monthly
                statement to securityholders)

            	 	 	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Certificate
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	 	
              X

            	 	 	 	
              [X]

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              3

            	
              Sales
                of Securities and Use of Proceeds

            	 	 	 	 	 	 	 
	
              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	 	 	 	 	 	
              X

            	 
	
              4

            	
              Defaults
                Upon Senior Securities

            	 	 	 	 	 	 	 
	
              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	 	 	
              X

            	 	
              X

            	 	 
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 	 	 	 	 	 	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	 	 	
              X

            	 	
              X

            	 	 
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 	 	 	 	 	 	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	 	
              X

            	 	 	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 	 	 	 	 	 	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 	 	 	 	 	 	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	
              X

            	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	
              X

            	 	 	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 	 	 	 	 	 	 
	
              8

            	
              Other
                Information

            	 	 	 	 	 	 	 
	
              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below.

            
	
              9

            	
              Exhibits

            	 	 	 	 	 	 	 
	
              Distribution
                report

            	 	 	
              X

            	 	 	 	 
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	 	 	 	 	 	
              X

            	 
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            	 	 	 	 
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

            	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	 	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	 	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

               

              Examples:
                servicing agreement, custodial agreement.

            	 	 	 	 	 	 	 
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Master Servicer, with respect to any of the following: 

               

              Sponsor
                (Seller), Depositor, Master Servicer, affiliated Servicer, other
                Servicer
                servicing 20% or more of pool assets at time of report, other material
                servicers, Certificate Administrator, Trustee, significant obligor,
                credit
                enhancer (10% or more), derivatives counterparty,
                Custodian

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              2.04

            	
              Triggering
                Events that Accelerate or Increase a Direct Financial Obligation
                or an
                Obligation under an Off-Balance Sheet Arrangement

            	 	 	 	 	 	 	 
	
              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the monthly statement to securityholders

            	 	
              X

            	 	 	 	 	 
	
              3.03

            	
              Material
                Modification to Rights of Security Holders

            	 	 	 	 	 	 	 
	
              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement

            	 	
              X

            	
              X

            	 	
              X

            	 	 
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 	 	 	 	 	 	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	 	 	 	 	 	
              X

            	 
	
              5.06

            	
              Change
                in Shell Company Status

            	 	 	 	 	 	 	 
	
              [Not
                applicable to ABS issuers]

            	 	 	 	 	 	
              X

            	 
	
              6.01

            	
              ABS
                Informational and Computational Material

            	 	 	 	 	 	 	 
	
              [Not
                included in reports to be filed under Section 3.18]

            	 	 	 	 	 	
              X

            	 
	
              6.02

            	
              Change
                of Servicer or Trustee

            	 	 	 	 	 	 	 
	
              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers, certificate
                administrator or trustee. Reg AB disclosure about any new servicer
                or
                trustee is also required.

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              6.03

            	
              Change
                in Credit Enhancement or Other External Support

            	 	 	 	 	 	 	 
	
              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                Reg AB disclosure about any new enhancement provider is also
                required.

            	 	 	
              X

            	 	 	
              X

            	 
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	 	 	
              X

            	 	
              X

            	 	 
	
              6.05

            	
              Securities
                Act Updating Disclosure

            	 	 	 	 	 	 	 
	
              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	 	 	 	 	 	
              X

            	
               

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	 	 	 	 	 	
              X

            	 
	
              7.01

            	
              Regulation
                FD Disclosure

            	 	 	 	 	 	
              X

            	 
	
              8.01

            	
              Other
                Events

            	 	 	 	 	 	 	 
	
              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to security
                holders.

            	 	 	 	 	 	
              X

            	 
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event.

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            	 	 	 	 
	
              9B

            	
              Other
                Information

            	 	 	 	 	 	 	 
	 	 	
              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              The
                Responsible Party for the applicable Form 80K as indicated
                above.

            
	 	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 	 	 	 	 	 	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	 	
              X

            	 	 	 	 	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	 	 	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Certificate
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              Item
                1119 - Affiliations and relationships between the following entities,
                or
                their respective affiliates, that are material to
                Certificateholders:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Certificate
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator

            	 	
              X

            	 	 	 	
              [X]

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              Credit
                Enhancer/Support Provider

            	 	
              X

            	 	 	 	
              X

            	 
	
              Significant
                Obligor

            	 	
              X

            	 	 	 	 	 
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	 	 
	
              Item
                1123 - Servicer Compliance Statement

            	
              X

            	
              XUnassociated Document

    EXHIBIT
      4.3

     

    [NAME
      OF
      SERVICER], as Servicer,

     

    and

     

    ALLIANCE
      SECURITIES CORP.

     

    as
      Company

     

    ___________________________

     

    SERVICING
      AGREEMENT

     

    Dated
      as
      of _______________

     

    ___________________________

     

    ________________Mortgage
      Loans

     

    Alliance
      Securities Corp. MBN Trust Series 200_-__

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    TABLE
      OF CONTENTS

     

    ARTICLE
      I

     

    Definitions

     

    
      	 	
              Section
                1.01

            	
              Definitions

            

    

    
      	 	
              Section
                1.02

            	
              Other
                Definitional Provisions

            

    

    
      	 	
              Section
                1.03

            	
              Interest
                Calculations

            

    

     

    ARTICLE
      II

     

    Representations
      and Warranties

     

    
      	 	
              Section
                2.01

            	
              Representations
                and Warranties Regarding the
                Servicer

            

    

    
      	 	
              Section
                2.02

            	
              Representations
                and Warranties of the Company

            

    

    
      	 	
              Section
                2.03

            	
              Enforcement
                of Representations and Warranties

            

    

     

    ARTICLE
      III

     

    Administration
      and Servicing of Mortgage Loans

     

    
      	 	
              Section
                3.01

            	
              The
                Servicer

            

    

    
      	 	
              Section
                3.02

            	
              Collection
                of Certain Mortgage Loan Payments

            

    

    
      	 	
              Section
                3.03

            	
              Withdrawals
                from the Collection Account

            

    

    
      	 	
              Section
                3.04

            	
              Maintenance
                of Hazard Insurance; Property Protection
                Expenses

            

    

    
      	 	
              Section
                3.05

            	
              Modification
                Agreements

            

    

    
      	 	
              Section
                3.06

            	
              Trust
                Estate; Related Documents

            

    

    
      	 	
              Section
                3.07

            	
              Realization
                upon Defaulted Mortgage Loans

            

    

    
      	 	
              Section
                3.08

            	
              Company
                and Indenture Trustee to Cooperate

            

    

    
      	 	
              Section
                3.09

            	
              Servicing
                Compensation; Payment of Certain Expenses by
                Servicer

            

    

    
      	 	
              Section
                3.10

            	
              Annual
                Statement as to Compliance

            

    

    
      	 	
              Section
                3.11

            	
              Access
                to Certain Documentation and Information Regarding the Mortgage
                Loans

            

    

    
      	 	
              Section
                3.12

            	
              Maintenance
                of Certain Servicing Insurance
                Policies

            

    

    
      	 	
              Section
                3.13

            	
              Information
                Required by the Internal Revenue Service Generally and Reports of
                Foreclosures and Abandonments of Mortgaged
                Property

            

    

    
      	 	
              Section
                3.14

            	
              Optional
                Repurchase of Defaulted Mortgage
                Loans

            

    

    
      	 	
              Section
                3.15

            	
              Intention
                of the Parties and Interpretation

            

    

     

    ARTICLE
      IV

     

    Servicing
      Certificate

     

    
      	 	
              Section
                4.01

            	
              Statements
                to Securityholders

            

    

     

    ARTICLE
      V

     

    Distribution
      and Payment Accounts

     

    
      	 	
              Section
                5.01

            	
              Distribution
                Account

            

    

    
      	 	
              Section
                5.02

            	
              Payment
                Account

            

    

     

    ARTICLE
      VI

     

    The
      Servicer

     

    
      	 	
              Section
                6.01

            	
              Liability
                of the Servicer

            

    

    
      	 	
              Section
                6.02

            	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the
                Servicer

            

    

    
      	 	
              Section
                6.03

            	
              Limitation
                on Liability of the Servicer and
                Others

            

    

    
      	 	
              Section
                6.04

            	
              Servicer
                Not to Resign

            

    

    
      	 	
              Section
                6.05

            	
              Delegation
                of Duties

            

    

    
      	 	
              Section
                6.06

            	
              Servicer
                to Pay Indenture Trustee’s and Owner Trustee’s Fees and Expenses;
                Indemnification

            

    

     

    ARTICLE
      VII

     

    Default

     

    
      	 	
              Section
                7.01

            	
              Servicing
                Default

            

    

    
      	 	
              Section
                7.02

            	
              Indenture
                Trustee to Act; Appointment of
                Successor

            

    

    
      	 	
              Section
                7.03

            	
              Notification
                to Securityholders

            

    

     

    ARTICLE
      VIII

     

    Miscellaneous
      Provisions

     

    
      	 	
              Section
                8.01

            	
              Amendment

            

    

    
      	 	
              Section
                8.02

            	
              Governing
                Law

            

    

    
      	 	
              Section
                8.03

            	
              Notices

            

    

    
      	 	
              Section
                8.04

            	
              Severability
                of Provisions

            

    

    
      	 	
              Section
                8.05

            	
              Third-Party
                Beneficiaries

            

    

    
      	 	
              Section
                8.06

            	
              Counterparts

            

    

    
      	 	
              Section
                8.07

            	
              Effect
                of Headings and Table of Contents

            

    

    
      	 	
              Section
                8.08

            	
              Termination
                upon Purchase by the Servicer or Liquidation of All Mortgage
                Loans

            

    

    
      	 	
              Section
                8.09

            	
              Certain
                Matters Affecting the Indenture
                Trustee

            

    

    

    
      
         

         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A
      - MORTGAGE LOAN SCHEDULEA-1

    EXHIBIT
      B
      - POWER OF ATTORNEYB-1

    EXHIBIT
      C
      - CERTIFICATE PURSUANT TO SECTION 3.08C-1

    EXHIBIT
      D
      - FORM OF REQUEST FOR RELEASED-1

     

    Schedule
      1 - Mortgage Insurance Component Schedule

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

        
        

      

    

    This
      Servicing Agreement, dated as of _______________, between [Name of Servicer],
      as
      Servicer (the “Servicer”) and Alliance Securities Corp., as Company (the
“Company”),

     

    W
      I T N E
      S S E T H T H A T:

     

    WHEREAS,
      Alliance Securities Corp., will create Alliance Securities Corp. MBN Trust
      Series 200_-__, an owner trust (the “Issuing Entity”) under Delaware law, and
      will transfer the Mortgage Loans and all of its rights under the Mortgage Loan
      Purchase Agreement to the Issuing Entity,;

     

    WHEREAS,
      pursuant to the terms of a Trust Agreement dated as of _______________ (the
      “Owner Trust Agreement”) between the Company, as depositor, and
      ______________________, as owner trustee (the “Owner Trustee”), the Company will
      sell the Mortgage Collateral to Issuing Entity in exchange for the cash proceeds
      of the Securities;

     

    WHEREAS,
      pursuant to the terms of the Trust Agreement between the Depositor and the
      Owner
      Trustee, the Issuing Entity will issue and transfer to or at the direction
      of
      the Depositor, the Mortgage-Backed Certificates, Series 200_-__ (the
“Certificates”);

     

    WHEREAS,
      pursuant to the terms of an Indenture dated as of _______________ (the
“Indenture”) between the Issuing Entity and the Indenture Trustee, the Issuing
      Entity will issue and transfer to or at the direction of the Purchaser the
      Mortgage-Backed Notes, Series 200_-__ (the “Notes”), consisting of the Notes and
      secured by the Mortgage Collateral;

     

    WHEREAS,
      pursuant to the terms of the Mortgage Loan Purchase Agreement, the Company
      will
      acquire the Initial Loans; and

     

    WHEREAS,
      pursuant to the terms of this Servicing Agreement, the Servicer will service
      the
      Mortgage Loans directly or through one or more Subservicers;

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained, the
      parties hereto agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Definitions.
      For all
      purposes of this Servicing Agreement, except as otherwise expressly provided
      herein or unless the context otherwise requires, capitalized terms not otherwise
      defined herein shall have the meanings assigned to such terms in the Definitions
      contained in Appendix A to the Indenture which is incorporated by reference
      herein. All other capitalized terms used herein shall have the meanings
      specified herein.

     

    Section
      1.02  Other
      Definitional Provisions.
      (a)
      All
      terms defined in this Servicing Agreement shall have the defined meanings when
      used in any certificate or other document made or delivered pursuant hereto
      unless otherwise defined therein.

     

    (b)  As
      used
      in this Servicing Agreement and in any certificate or other document made or
      delivered pursuant hereto or thereto, accounting terms not defined in this
      Servicing Agreement or in any such certificate or other document, and accounting
      terms partly defined in this Servicing Agreement or in any such certificate
      or
      other document, to the extent not defined, shall have the respective meanings
      given to them under generally accepted accounting principles. To the extent
      that
      the definitions of accounting terms in this Servicing Agreement or in any such
      certificate or other document are inconsistent with the meanings of such terms
      under generally accepted accounting principles, the definitions contained in
      this Servicing Agreement or in any such certificate or other document shall
      control.

     

    (c)  The
      words
“hereof,” “herein,” “hereunder” and words of similar import when used in this
      Servicing Agreement shall refer to this Servicing Agreement as a whole and
      not
      to any particular provision of this Servicing Agreement; Section and Exhibit
      references contained in this Servicing Agreement are references to Sections
      and
      Exhibits in or to this Servicing Agreement unless otherwise specified; and
      the
      term “including” shall mean “including without limitation”.

     

    (d)  The
      definitions contained in this Servicing Agreement are applicable to the singular
      as well as the plural forms of such terms and to the masculine as well as the
      feminine and neuter genders of such terms.

     

    (e)  Any
      agreement, instrument or statute defined or referred to herein or in any
      instrument or certificate delivered in connection herewith means such agreement,
      instrument or statute as from time to time amended, modified or supplemented
      and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein; references to a Person
      are also to its permitted successors and assigns.

     

    Section
      1.03  Interest
      Calculations.
      All
      calculations of interest hereunder that are made in respect of the Principal
      Balance of a Mortgage Loan shall be made on a daily basis using a 365- day
      year.
      All calculations of interest on the Securities shall be made on the basis of
      the
      actual number of days in an Interest Period and a year assumed to consist of
      360
      days. The calculation of the Servicing Fee shall be made on the basis of a
      360-day year consisting of twelve 30-day months. All dollar amounts calculated
      hereunder shall be rounded to the nearest penny with one-half of one penny
      being
      rounded down.

     

    ARTICLE
      II

     

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01  Representations
      and Warranties Regarding the Servicer.
      The
      Servicer represents and warrants to Company, the Issuing Entity and for the
      benefit of the Indenture Trustee, as pledgee of the Mortgage Collateral, and
      the
      Securityholders, as of the Cut-Off Date, [the date of the Servicing Agreement],
      the Closing Date [and any Deposit Date], that:

     

    (i)  The
      Servicer is a corporation duly organized, validly existing and in good standing
      under the laws of the State of [_______] and has the corporate power to own
      its
      assets and to transact the business in which it is currently engaged. The
      Servicer is duly qualified to do business as a foreign corporation and is in
      good standing in each jurisdiction in which the character of the business
      transacted by it or properties owned or leased by it requires such qualification
      and in which the failure to so qualify would have a material adverse effect
      on
      the business, properties, assets, or condition (financial or other) of the
      Servicer;

     

    (ii)  The
      Servicer has the power and authority to make, execute, deliver and perform
      this
      Servicing Agreement and all of the transactions contemplated under this
      Servicing Agreement, and has taken all necessary corporate action to authorize
      the execution, delivery and performance of this Servicing Agreement. When
      executed and delivered, this Servicing Agreement will constitute the legal,
      valid and binding obligation of the Servicer enforceable in accordance with
      its
      terms, except as enforcement of such terms may be limited by bankruptcy,
      insolvency or similar laws affecting the enforcement of creditors’ rights
      generally and by the availability of equitable remedies;

     

    (iii)  The
      Servicer is not required to obtain the consent of any other Person or any
      consent, license, approval or authorization from, or registration or declaration
      with, any governmental authority, bureau or agency in connection with the
      execution, delivery, performance, validity or enforceability of this Servicing
      Agreement, except for such consent, license, approval or authorization, or
      registration or declaration, as shall have been obtained or filed, as the case
      may be;

     

    (iv)  The
      execution and delivery of this Servicing Agreement and the performance of the
      transactions contemplated hereby by the Servicer will not violate any provision
      of any existing law or regulation or any order or decree of any court applicable
      to the Servicer or any provision of the Certificate of Incorporation or Bylaws
      of the Servicer, or constitute a material breach of any mortgage, indenture,
      contract or other agreement to which the Servicer is a party or by which the
      Servicer may be bound; and

     

    (v)  No
      litigation or administrative proceeding of or before any court, tribunal or
      governmental body is currently pending, or to the knowledge of the Servicer
      threatened, against the Servicer or any of its properties or with respect to
      this Servicing Agreement or the Notes or the Certificates which in the opinion
      of the Servicer has a reasonable likelihood of resulting in a material adverse
      effect on the transactions contemplated by this Servicing
      Agreement.

     

    The
      foregoing representations and warranties shall survive any termination of the
      Servicer hereunder.

     

    Section
      2.02  Representations
      and Warranties of the Company.
      The
      Company hereby represents and warrants to the Servicer for the benefit of the
      Indenture Trustee, as pledgee of the Mortgage Collateral, and the
      Securityholders, as of the Cut-Off Date, the Closing Date and any Deposit Date,
      that:

     

    (i)  The
      Company is a corporation in good standing under the laws of the State of
      Delaware;

     

    (ii)  The
      Company has full power, authority and legal right to execute and deliver this
      Servicing Agreement and to perform its obligations under this Servicing
      Agreement, and has taken all necessary action to authorize the execution,
      delivery and performance by it of this Servicing Agreement; and

     

    (iii)  The
      execution and delivery by the Company of this Servicing Agreement and the
      performance by the Company of its obligations under this Servicing Agreement
      will not violate any provision of any law or regulation governing the Company
      or
      any order, writ, judgment or decree of any court, arbitrator or governmental
      authority or agency applicable to the Company or any of its assets. Such
      execution, delivery, authentication and performance will not require the
      authorization, consent or approval of, the giving of notice to, the filing
      or
      registration with, or the taking of any other action with respect to, any
      governmental authority or agency regulating the activities of limited liability
      companies. Such execution, delivery, authentication and performance will not
      conflict with, or result in a breach or violation of, any mortgage, deed of
      trust, lease or other agreement or instrument to which the Company is
      bound.

     

    Section
      2.03  Enforcement
      of Representations and Warranties.
      The
      Servicer, on behalf of and subject to the direction of the Indenture Trustee,
      as
      pledgee of the Mortgage Collateral, or the Credit Enhancer, shall enforce the
      representations and warranties of the Seller pursuant to the Mortgage Loan
      Purchase Agreement. Upon the discovery by the Seller, the Servicer, the
      Indenture Trustee, the Credit Enhancer, the Company or any Custodian of a breach
      of any of the representations and warranties made in the Mortgage Loan Purchase
      Agreement, in respect of any Mortgage Loan which materially and adversely
      affects the interests of the Securityholders or the Credit Enhancer, the party
      discovering such breach shall give prompt written notice to the other parties
      (any Custodian being so obligated under a Custodial Agreement). The Servicer
      shall promptly notify the Seller of such breach and request that, pursuant
      to
      the terms of the Mortgage Loan Purchase Agreement, the Seller either (i) cure
      such breach in all material respects within 45 days (with respect to a breach
      of
      the representations and warranties contained in Section 3.1(a) of the Mortgage
      Loan Purchase Agreement) or 90 days (with respect to a breach of the
      representations and warranties contained in Section 3.1(b) of the Mortgage
      Loan
      Purchase Agreement) from the date the Seller was notified of such breach or
      (ii)
      purchase such Mortgage Loan from the Company at the price and in the manner
      set
      forth in Section 3.1(b) of the Mortgage Loan Purchase Agreement; provided
      that the
      Seller shall, subject to the conditions set forth in the Mortgage Loan Purchase
      Agreement, have the option to substitute an Eligible Substitute Mortgage Loan
      or
      Loans for such Mortgage Loan. In the event that the Seller elects to substitute
      one or more Eligible Substitute Mortgage Loans pursuant to Section 3.1(b) of
      the
      Mortgage Loan Purchase Agreement, the Seller shall deliver to the Company with
      respect to such Eligible Substitute Mortgage Loans, the original Mortgage Note,
      the Mortgage, and such other documents and agreements as are required by the
      Mortgage Loan Purchase Agreement. No substitution will be made in any calendar
      month after the Determination Date for such month. Payments due with respect
      to
      Eligible Substitute Mortgage Loans in the month of substitution shall not be
      transferred to the Company and will be retained by the Servicer and remitted
      by
      the Servicer to the Seller on the next succeeding Payment Date provided a
      payment has been received by the Company for such month in respect of the
      Mortgage Loan to be removed. The Servicer shall amend or cause to be amended
      the
      Mortgage Loan Schedule to reflect the removal of such Mortgage Loan and the
      substitution of the Eligible Substitute Mortgage Loans and the Servicer shall
      promptly deliver the amended Mortgage Loan Schedule to the Owner Trustee and
      Indenture Trustee.

     

    It
      is
      understood and agreed that the obligation of the Seller to cure such breach
      or
      purchase or substitute for such Mortgage Loan as to which such a breach has
      occurred and is continuing shall constitute the sole remedy respecting such
      breach available to the Company and the Indenture Trustee, as pledgee of the
      Mortgage Collateral, against the Seller. In connection with the purchase of
      or
      substitution for any such Mortgage Loan by the Seller, the Company shall assign
      to the Seller all of the right, title and interest in respect of the Mortgage
      Loan Purchase Agreement applicable to such Mortgage Loan. Upon receipt of the
      Repurchase Price, or upon completion of such substitution, the applicable
      Custodian shall deliver the Mortgage Files to the Servicer, together with all
      relevant endorsements and assignments.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF 

    MORTGAGE
      LOANS

     

    Section
      3.01  The
      Servicer.
      (a)
      The
      Servicer shall service and administer the Mortgage Loans in the same manner
      as
      would prudent institutional mortgage lenders servicing comparable mortgage
      loans
      for their own account in the jurisdictions where the related Mortgaged
      Properties are located and in a manner consistent with the terms of this
      Servicing Agreement and which shall be normal and usual in its general mortgage
      servicing activities and shall have full power and authority, acting alone
      or
      through a subservicer, to do any and all things in connection with such
      servicing and administration which it may deem necessary or desirable, it being
      understood, how ever, that the Servicer shall at all times remain responsible
      to
      the Company, the Indenture Trustee, as pledgee of the Mortgage Collateral,
      and
      the Securityholders for the performance of its duties and obligations hereunder
      in accordance with the terms hereof and the servicing standard set forth above.
      Without limiting the generality of the foregoing, the Servicer shall continue,
      and is hereby authorized and empowered by the Company and the Indenture Trustee,
      as pledgee of the Mortgage Collateral, to execute and deliver, on behalf of
      itself, the Company, the Securityholders and the Indenture Trustee 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. The Company,
      the Indenture Trustee and the Custodian, as applicable, shall furnish the
      Servicer with any powers of attorney and other documents necessary or
      appropriate to enable the Servicer to carry out its servicing and administrative
      duties hereunder. On the Closing Date, the Company shall deliver to the Servicer
      a power of attorney substantially in the form of Exhibit B hereto.

     

    If
      the
      Mortgage relating to a Mortgage Loan did not have a lien senior on the related
      Mortgaged Property as of the Cut-Off Date, then the Servicer, in such capacity,
      may not consent to the placing of a lien senior to that of the Mortgage on
      the
      related Mortgaged Property. If the Mortgage relating to a Mortgage Loan had
      a
      lien senior to the Mortgage Loan on the related Mort gaged Property as of the
      Cut-Off Date, then the Servicer, in such capacity, may consent to the
      refinancing of such senior lien; provided
      that (i)
      the resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher
      than the Combined Loan-to-Value Ratio prior to such refinancing and (ii) the
      interest rate for the loan evidencing the refinanced senior lien on the date
      of
      such refinancing is no higher than the interest rate on the loan evidencing
      the
      existing senior lien immediately prior to the date of such
      refinancing.

     

    The
      relationship of the Servicer (and of any successor to the Servicer as servicer
      under this Servicing Agreement) to the Company under this Servicing Agreement
      is
      intended by the parties to be that of an independent contractor and not that
      of
      a joint venturer, partner or agent.

     

    (b)  The
      Servicer has entered into Initial Subservicing Agreements with the Initial
      Subservicers for the servicing and administration of the Mortgage Loans and
      may
      enter into additional Sub servicing Agreements with Subservicers for the
      servicing and administration of certain of the Mortgage Loans. References in
      this Servicing 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 any amount received by such
      Subservicer in respect of a Mortgage Loan shall be deemed to have been received
      by the Servicer whether or not actually received by the Servicer. Each
      Subservicing Agreement will be upon such terms and conditions as are not
      inconsistent with this Servicing Agreement and as the Servicer and the
      Subservicer have agreed. With the approval of the Servicer, a Subservicer may
      delegate its servicing obligations to third-party servicers, but such
      Subservicers will remain obligated under the related Subservicing Agreements.
      The Servicer and the Subservicer may enter into amendments to the related
      Subservicing Agreements; provided,
      however,
      that
      any such amendments shall be consistent with and not violate the provisions
      of
      this Servicing Agreement. The Servicer shall be entitled to terminate any
      Subservicing Agreement in accordance with the terms and conditions thereof
      and
      without any limitation by virtue of this Servicing Agreement; provided,
      however,
      that in
      the event of termination of any Subservicing Agreement by the Servicer or the
      Subservicer, the Servicer shall either act as servicer of the related Mortgage
      Loan or enter into a Subservicing Agreement with a successor Subservicer which
      will be bound by the terms of the related Subservicing Agreement. The Servicer
      shall be entitled to enter into any agreement with a Subservicer for
      indemnification of the Servicer and nothing contained in this Servicing
      Agreement shall be deemed to limit or modify such indemnification.

     

    In
      the
      event that the rights, duties and obligations of the Servicer are terminated
      hereunder, any successor to the Servicer in its sole discretion may, to the
      extent permitted by applicable law, terminate the existing Subservicing
      Agreement with any Subservicer in accordance with the terms of the applicable
      Subservicing Agreement or assume the terminated Servicer’s rights and
      obligations under such subservicing arrangements which termination or assumption
      will not violate the terms of such arrangements.

     

    As
      part
      of its servicing activities hereunder, the Servicer, for the benefit of the
      Company, shall use reasonable efforts to enforce the obligations of each
      Subservicer under the related Subservicing Agreement, to the extent that the
      non-performance of any such obligation would have material and adverse effect
      on
      a Mortgage Loan. Such enforcement, including, without limitation, the legal
      prosecution of claims, termination of Subservicing Agreements 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 Servicer, in its good faith business judgment,
      would require were it the owner of the related Mortgage Loans. The Servicer
      shall pay the costs of such enforcement at its own expense, and shall be
      reimbursed therefor only (i) from a general recovery resulting from such
      enforcement to the extent, if any, that such recovery exceeds all amounts due
      in
      respect of the related Mortgage Loan or (ii) from a specific recovery of costs,
      expenses or attorneys fees against the party against whom such enforcement
      is
      directed.

     

    Section
      3.02  Collection
      of Certain Mortgage Loan Payments.
      (a)
      The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Servicing Agreement, follow such
      collection procedures as shall be normal and usual in its general mortgage
      servicing activities. Consistent with the foregoing, and without limiting the
      generality of the foregoing, the Servicer may in its discretion (i) waive any
      late payment charge, penalty interest or other fees which may be collected
      in
      the ordinary course of servicing such Mortgage Loan and (ii) arrange with a
      Mortgagor a schedule for the payment of principal and interest due and unpaid;
      provided
      such
      arrangement is consistent with the Servicer’s policies with respect to home
      equity mortgage loans; provided,
      further,
      that
      notwithstanding such arrangement such Mortgage Loans will be included in the
      information regarding delinquent Mortgage Loans set forth in the Servicing
      Certificate. The Servicer may also extend the Due Date for payment due on a
      Mortgage Loan, provided,
      however,
      that
      the Servicer shall first determine that any such waiver or extension will not
      adversely affect the lien of the related Mortgage. Consistent with the terms
      of
      this Servicing Agreement, the Servicer may also waive, modify or vary any term
      of any Mortgage 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 determination such waiver, modification, postponement or indulgence
      is not materially adverse to the interests of the Securityholders or the Credit
      Enhancer, provided,
      however,
      that
      the Servicer may not modify or permit any Subservicer to modify any Mortgage
      Loan (including without limitation any modification that would change the
      Mortgage Rate, forgive the payment of any principal or interest (unless in
      connection with the liquidation of the related Mortgage Loan) or extend the
      final maturity date of such Mortgage Loan) unless such Mortgage Loan is in
      default or, in the judgment of the Servicer, such default is reasonably
      foreseeable.

     

    (b)  The
      Servicer shall establish an account (the “Collection Account”) in which the
      Servicer shall deposit or cause to be deposited any amounts representing
      payments on and any collections in respect of the Mortgage Loans received by
      it
      subsequent to the Cut-off Date as to any Initial Loan or the related Deposit
      Date as to any Additional Loan (other than in respect of the payments referred
      to in the following paragraph) within __ Business Day[s] following receipt
      thereof (or otherwise on or prior to the Closing Date), including the following
      payments and collections received or made by it (without
      duplication):

     

    (i)  all
      payments of principal of or interest on the Mortgage Loans received by the
      Servicer from the respective Subservicer, net of any portion of the interest
      thereof retained by the Subservicer as Subservicing Fees;

     

    (ii)  the
      aggregate Repurchase Price of the Mortgage Loans purchased by the Servicer
      pursuant to Section 3.14;

     

    (iii)  Net
      Liquidation Proceeds net of any related Foreclosure Profit;

     

    (iv)  all
      proceeds of any Mortgage Loans repurchased by the Seller pursuant to the
      Mortgage Loan Purchase Agreement, and all Substitution Adjustment Amounts
      required to be deposited in connection with the substitution of an Eligible
      Substitute Mortgage Loan pursuant to the Mortgage Loan Purchase
      Agreement;

     

    (v)  insurance
      proceeds, other than Net Liquidation Proceeds, resulting from any insurance
      policy maintained on a Mortgaged Property; and

     

    (vi)  amounts
      required to be paid by the Servicer pursuant to Section 8.08.

     

    provided,
      however,
      that
      with respect to each Collection Period, the Servicer shall be permitted to
      retain from payments in respect of interest on the Mortgage Loans, the Servicing
      Fee for such Collection Period. The foregoing requirements respecting deposits
      to the Collection Account are exclusive, it being understood that, without
      limiting the generality of the foregoing, the Servicer need not deposit in
      the
      Collection Account amounts representing Foreclosure Profits, fees (including
      annual fees) or late charge penalties, payable by Mortgagors, or amounts
      received by the Servicer for the accounts of Mortgagors for application towards
      the payment of taxes, insurance premiums, assessments and similar items. In
      the
      event any amount not required to be deposited in the Collection Account is
      so
      deposited, the Servicer may at any time withdraw such amount from the Collection
      Account, any provision herein to the contrary notwithstanding. The Collection
      Account may contain funds that belong to one or more trust funds created for
      the
      notes or certificates of other series and may contain other funds respecting
      payments on mortgage loans belonging to the Servicer or serviced or serviced
      by
      it on behalf of others. Notwithstanding such commingling of funds, the Servicer
      shall keep records that accurately reflect the funds on deposit in the
      Collection Account that have been identified by it as being attributable to
      the
      Mortgage Loans and shall hold all collections in the Collection Account to
      the
      extent they represent collections on the Mortgage Loans for the benefit of
      the
      Company, the Indenture Trustee, the Securityholders and the Credit Enhancer,
      as
      their interests may appear. The Servicer shall remit all Foreclosure Profits
      to
      itself as additional servicing compensation.

     

    The
      Servicer may cause the institution maintaining the Collection Account to invest
      any funds in the Collection Account in Eligible Investments (including
      obligations of the Servicer or any of its Affiliates, if such obligations
      otherwise qualify as Eligible Investments), which shall mature not later than
      the Business Day next preceding the Payment Date and shall not be sold or
      disposed of prior to its maturity. Except as provided above, all income and
      gain
      realized from any such investment shall be for the benefit of the Servicer
      and
      shall be subject to its withdrawal or order from time to time. The amount of
      any
      losses incurred in respect of the principal amount of any such investments
      shall
      be deposited in the Collection Account by the Servicer out of its own funds
      immediately as realized.

     

    (c)  The
      Servicer will require each Subservicer to hold all funds constituting
      collections on the Mortgage Loans, pending remittance thereof to the Servicer,
      in one or more accounts meeting the requirements of an Eligible Account, and
      invested in Eligible Investments, unless, all such collections are remitted
      on a
      daily basis to the Servicer for deposit into the Collection
      Account.

     

    Section
      3.03  Withdrawals
      from the Collection Account.
      The
      Servicer shall, from time to time as provided herein, make withdrawals from
      the
      Collection Account of amounts on deposit therein pursuant to Section 3.02 that
      are attributable to the Mortgage Loans for the following purposes:

     

    (i)  to
      deposit in the Distribution Account, on the Business Day prior to each Payment
      Date, an amount equal to the Security Collections required to be distributed
      on
      such Payment Date;

     

    (ii)  to
      the
      extent deposited to the Collection Account, to reimburse itself or the related
      Subservicer for previously unreimbursed expenses incurred in maintaining
      individual insurance policies pursuant to Section 3.04, or Liquidation Expenses,
      paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms
      of
      this Servicing Agreement (to the extent not payable pursuant to Section 3.09),
      such withdrawal right being limited to amounts received on particular Mortgage
      Loans (other than any Repurchase Price in respect thereof) which represent
      late
      recoveries of the payments for which such advances were made, or from related
      Liquidation Proceeds or the proceeds of the purchase of such Mortgage
      Loan;

     

    (iii)  to
      pay to
      itself out of each payment received on account of interest on a Mortgage Loan
      as
      contemplated by Section 3.09, an amount equal to the related Servicing Fee
      (to
      the extent not retained pursuant to Section 3.02), and to pay to any Subservicer
      any Subservicing Fees not previously withheld by the Subservicer;

     

    (iv)  to
      the
      extent deposited in the Collection Account to pay to itself as additional
      servicing compensation any interest or investment income earned on funds
      deposited in the Collection Account and Payment Account that it is entitled
      to
      withdraw pursuant to Sections 3.02(b) and 5.01;

     

    (v)  to
      the
      extent deposited in the Collection Account, to pay to itself as additional
      servicing compensation any Foreclosure Profits;

     

    (vi)  to
      pay to
      itself or the Seller, with respect to any Mortgage Loan or property acquired
      in
      respect thereof that has been purchased or otherwise transferred to the Seller,
      the Servicer or other entity, all amounts received thereon and not required
      to
      be distributed to Securityholders as of the date on which the related Purchase
      Price or Repurchase Price is determined;

     

    (vii)  to
      withdraw any other amount deposited in the Collection Account that was not
      required to be deposited therein pursuant to Section 3.02;

     

    (viii)  to
      pay to
      the Seller the amount, if any, deposited in the Collection Account by the
      Indenture Trustee upon release thereof from the Funding Account representing
      payments for Additional Loans; and

     

    (ix)  after
      the
      occurrence of an Amortization Event, to pay to the Seller, the Excluded
      Amount.

     

    Since,
      in
      connection with withdrawals pursuant to clauses (iii), (iv), (vi) and (vii),
      the
      Servicer’s entitlement thereto is limited to collections or other recoveries on
      the related Mortgage Loan, 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 Collection Account pursuant to such clauses.
      Notwithstanding any other provision of this Servicing Agreement, the Servicer
      shall be entitled to reimburse itself for any previously unreimbursed expenses
      incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the
      terms of this Servicing Agreement that the Servicer determines to be otherwise
      nonrecoverable (except with respect to any Mortgage Loan as to which the
      Repurchase Price has been paid), by withdrawal from the Collection Account
      of
      amounts on deposit therein attributable to the Mortgage Loans on any Business
      Day prior to the Payment Date succeeding the date of such
      determination.

     

    Section
      3.04  Maintenance
      of Hazard Insurance; Property Protection Expenses.
      The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      naming the Servicer or related Subservicer as loss payee thereunder providing
      extended coverage in an amount which is at least equal to the lesser of (i)
      the
      maximum insurable value of the improvements securing such Mortgage Loan from
      time to time or (ii) the combined principal balance owing on such Mortgage
      Loan
      and any mortgage loan senior to such Mortgage Loan from time to time. The
      Servicer shall also cause to be maintained on property acquired upon
      foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan, fire
      insurance with extended coverage in an amount which is at least equal to the
      amount necessary to avoid the application of any co-insurance clause contained
      in the related hazard insurance policy. Amounts collected by the Servicer under
      any such policies (other than amounts to be applied to the restoration or repair
      of the related Mortgaged Property or property thus acquired or amounts released
      to the Mortgagor in accordance with the Servicer’s normal servicing procedures)
      shall be deposited in the Collection Account to the extent called for by Section
      3.02. In cases in which any Mortgaged Property is located at any time during
      the
      life of a Mortgage Loan in a federally designated flood area, the hazard
      insurance to be maintained for the related Mortgage Loan shall include flood
      insurance (to the extent available). All such flood insurance shall be in
      amounts equal to the lesser of (i) the amount required to compensate for any
      loss or damage to the Mortgaged Property on a replacement cost basis and (ii)
      the maximum amount of such insurance available for the related Mortgaged
      Property under the national flood insurance program (assuming that the area
      in
      which such Mortgaged Property is located is participating in such program).
      The
      Servicer shall be under no obligation to require that any Mortgagor maintain
      earthquake or other additional insurance and shall be under no obligation itself
      to maintain any such additional insurance on property acquired in respect of
      a
      Mortgage Loan, 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 Servicer shall obtain and maintain a blanket policy consistent with its
      general mortgage servicing activities insuring against hazard losses on 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 3.04, it being
      understood and agreed that such policy may contain a deductible clause, in
      which
      case 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 3.04 and there shall have been a loss which 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. Any such
      deposit by the Servicer shall be made on the last Business Day of the Collection
      Period in the month in which payments under any such policy would have been
      deposited in the Collection Account. In connection with its activities as
      administrator and servicer of the Mortgage Loans, the Servicer agrees to
      present, on behalf of itself, the Company, the Issuing Entity, the Indenture
      Trustee and the Securityholders, claims under any such blanket
      policy.

     

    Section
      3.05  Modification
      Agreements.
      The
      Servicer or the related Subservicer, as the case may be, shall be entitled
      to
      (A) execute assumption agreements, substitution agreements, and instruments
      of
      satisfaction or cancellation or of partial or full release or discharge, or
      any
      other document contemplated by this Servicing Agreement and other comparable
      instruments with respect to the Mortgage Loans and with respect to the Mortgaged
      Properties subject to the Mortgages (and the Company shall promptly execute
      any
      such documents on request of the Servicer) and (B) approve the granting of
      an
      easement thereon in favor of another Person, any alteration or demolition of
      the
      related Mortgaged Property or other similar matters, if it has determined,
      exercising its good faith business judgment in the same manner as it would
      if it
      were the owner of the related Mortgage Loan, that the security for, and the
      timely and full collectability of, such Mortgage Loan would not be adversely
      affected thereby. A partial release pursuant to this Section 3.05 shall be
      permitted only if the Combined Loan-to-Value Ratio for such Mortgage Loan after
      such partial release does not exceed the Combined Loan-to-Value Ratio for such
      Mortgage Loan as of the Cut-Off Date. Any fee collected by the Servicer or
      the
      related Subservicer for processing such request will be retained by the Servicer
      or such Subservicer as additional servicing compensation.

     

    Section
      3.06  Trust
      Estate; Related Documents.
      (a)
      When
      required by the provisions of this Servicing Agreement, the Company shall
      execute instruments to release property from the terms of this Servicing
      Agreement, or convey the Company’s interest in the same, in a manner and under
      circumstances which are not inconsistent with the provisions of this Servicing
      Agreement. No party relying upon an instrument executed by the Company as
      provided in this Article III shall be bound to ascertain the Company’s
      authority, inquire into the satisfaction of any conditions precedent or see
      to
      the application of any moneys.

     

    (b)  If
      from
      time to time the Servicer shall deliver to the Company or the related Custodian
      copies of any written assurance, assumption agreement or substitution agreement
      or other similar agreement pursuant to Section 3.05, the Company or the related
      Custodian shall check that each of such documents purports to be an original
      executed copy (or a copy of the original executed document if the original
      executed copy has been submitted for recording and has not yet been returned)
      and, if so, shall file such documents, and upon receipt of the original executed
      copy from the applicable recording office or receipt of a copy thereof certified
      by the applicable recording office shall file such originals or certified copies
      with the Related Documents. If any such documents submitted by the Servicer
      do
      not meet the above qualifications, such documents shall promptly be returned
      by
      the Company or the related Custodian to the Servicer, with a direction to the
      Servicer to forward the correct documentation.

     

    (c)  Upon
      Company Request accompanied by an Officers’ Certificate of the Servicer pursuant
      to Section 3.09 of this Servicing Agreement to the effect that a Mortgage Loan
      has been the subject of a final payment or a prepayment in full and the related
      Mortgage Loan has been terminated or that substantially all Liquidation Proceeds
      which have been determined by the Servicer in its reasonable judgment to be
      finally recoverable have been recovered, and upon deposit to the Collection
      Account of such final monthly payment, prepayment in full together with accrued
      and unpaid interest to the date of such payment with respect to such Mortgage
      Loan or, if applicable, Liquidation Proceeds, the Company shall promptly release
      the Related Documents to the Servicer, along with such documents as the Servicer
      or the Mortgagor may request as contemplated by the Servicing Agreement to
      evidence satisfaction and discharge of such Mortgage Loan. If from time to
      time
      and as appropriate for the servicing or foreclosure of any Mortgage Loan, the
      Servicer requests the Company or the related Custodian to release the Related
      Documents and delivers to the Company or the related Custodian a trust receipt
      reasonably satisfactory to the Company or the related Custodian and signed
      by a
      Responsible Officer of the Servicer, the Company or the related Custodian shall
      release the Related Documents to the Servicer. If such Mortgage Loans shall
      be
      liquidated and the Company or the related Custodian receives a certificate
      from
      the Servicer as provided above, then, upon request of the Company or the related
      Custodian shall release the trust receipt to the Servicer.

     

    Section
      3.07  Realization
      upon Defaulted Mortgage Loans.
      With
      respect to such of the Mortgage Loans as come into and continue in default,
      the
      Servicer will decide whether to foreclose upon the Mortgaged Properties securing
      such Mortgage Loans or write off the unpaid principal balance of the Mortgage
      Loans as bad debt; provided
      that if
      the Servicer has actual knowledge that any Mortgaged Property is affected by
      hazardous or toxic wastes or substances and that the acquisition of such
      Mortgaged Property would not be commercially reasonable, then the Servicer
      will
      not cause the Company to acquire title to such Mortgaged Property in a
      foreclosure or similar proceeding. In connection with such foreclosure or other
      conversion, the Servicer shall follow such practices (including, in the case
      of
      any default on a related senior mortgage loan, the advancing of funds to correct
      such default) and procedures as it shall deem necessary or advisable and as
      shall be normal and usual in its general mortgage servicing activities;
provided
      that the
      Servicer shall not be liable in any respect hereunder if the Servicer is acting
      in connection with any such foreclosure or attempted foreclosure which is not
      completed or other conversion in a manner that is consistent with the provisions
      of this Servicing Agreement. The foregoing is subject to the proviso that the
      Servicer shall not be required to expend its own funds in connection with any
      fore closure or attempted foreclosure which is not completed or towards the
      correction of any default on a related senior mortgage loan or restoration
      of
      any property unless it shall determine that such expenditure will increase
      Net
      Liquidation Proceeds. In the event of a determination by the Servicer that
      any
      such expenditure previously made pursuant to this Section 3.07 will not be
      reimbursable from Net Liquidation Proceeds, the Servicer shall be entitled
      to
      reimbursement of its funds so expended pursuant to Section 3.03.

     

    Notwithstanding
      any provision of this Servicing Agreement, a Mortgage Loan may be deemed to
      be
      finally liquidated if substantially all amounts expected by the Servicer to
      be
      received in connection with the related defaulted Mortgage Loan have been
      received; provided,
      however,
      any
      subsequent collections with respect to any such Mortgage Loan shall be deposited
      to the Collection Account. For purposes of determining the amount of any
      Liquidation Proceeds or Insurance Proceeds, or other unscheduled collections,
      the Servicer may take into account minimal amounts of additional receipts
      expected to be received or any estimated additional liquidation expenses
      expected to be incurred in connection with the related defaulted Mortgage
      Loan.

     

    In
      the
      event that title to any Mortgaged Property is acquired in foreclosure or by
      deed
      in lieu of foreclosure, the deed or certificate of sale shall be issued to
      the
      Company and the Indenture Trustee as their interests may appear, or to their
      respective nominee on behalf of Securityholders. Notwithstanding any such
      acquisition of title and cancellation of the related Mortgage Loan, such
      Mortgaged Property shall (except as otherwise expressly provided herein) be
      considered to be an outstanding Mortgage Loan held as an asset of the Company
      until such time as such property shall be sold. Consistent with the foregoing
      for purposes of all calculations hereunder, so long as such Mortgaged Property
      shall be considered to be an outstanding Mortgage Loan it shall be assumed
      that,
      notwithstanding that the indebtedness evidenced by the related Mortgage Note
      shall have been discharged, such Mortgage Note in effect at the time of any
      such
      acquisition of title before any adjustment thereto by reason of any bankruptcy
      or similar proceeding or any moratorium or similar waiver or grace period will
      remain in effect.

     

    Any
      proceeds from foreclosure proceedings or the purchase or repurchase of any
      Mortgage Loan pursuant to the terms of this Servicing Agreement, as well as
      any
      recovery resulting from a collection of Liquidation Proceeds or Insurance
      Proceeds, will be applied in the following order of priority: first, to
      reimburse the Servicer or the related Subservicer in accordance with Section
      3.07; second, to all Servicing Fees payable therefrom; third, to the extent
      of
      accrued and unpaid interest on the related Mortgage Loan, at the Net Mortgage
      Rate to the Due Date prior to the Payment Date on which such amounts are to
      be
      deposited in the Payment Account; fourth, as a recovery of principal on the
      Mortgage Loan; and fifth, to Foreclosure Profits.

     

    Section
      3.08  Company
      and Indenture Trustee to Cooperate.
      On or
      before each Payment Date, the Servicer will notify the Indenture Trustee or
      the
      relevant Custodian, with a copy to the Company, of the termination of or the
      payment in full and the termination of any Mortgage Loan during the preceding
      Collection Period, which notification shall be by a certification in
      substantially the form attached hereto as Exhibit C (which certification shall
      include a statement to the effect that all amounts received in connection with
      such payment which are required to be deposited in the Collection Account
      pursuant to Section 3.02 have been so deposited or credited) of a Servicing
      Officer. Upon receipt of payment in full, the Servicer is authorized to execute,
      pursuant to the authorization contained in Section 3.01, if the assignments
      of
      Mortgage have been recorded as required under the Mortgage Loan Purchase
      Agreement, an instrument of satisfaction regarding the related Mortgage, which
      instrument of satisfaction shall be recorded by the Servicer if required by
      applicable law and be delivered to the Person entitled thereto. It is understood
      and agreed that any expenses incurred in connection with such instrument of
      satisfaction or transfer shall be reimbursed from amounts deposited in the
      Collection Account. From time to time and as appropriate for the servicing
      or
      foreclosure of any Mortgage Loan, the Indenture Trustee or the relevant
      Custodian shall, upon request of the Servicer and delivery to the Indenture
      Trustee or relevant Custodian, with a copy to the Company, of a Request for
      Release, in the form annexed hereto as Exhibit D, signed by a Servicing Officer,
      release or cause to be released the related Mortgage File to the Servicer and
      the Company and Indenture Trustee shall promptly execute such documents, in
      the
      forms provided by the Servicer, as shall be necessary for the prosecution of
      any
      such proceedings or the taking of other servicing actions. Such trust receipt
      shall obligate the Servicer to return the Mortgage File to the Indenture Trustee
      or the related Custodian (as specified in such receipt) when the need therefor
      by the Servicer no longer exists unless the Mortgage Loan shall be liquidated,
      in which case, upon receipt of a certificate of a Servicing Officer similar
      to
      that hereinabove specified, the trust receipt shall be released to the
      Servicer.

     

    In
      order
      to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that
      is
      in default following recordation of the assignments of Mortgage in accordance
      with the provisions of the Mortgage Loan Purchase Agreement, the Company shall,
      if so requested in writing by the Servicer, promptly execute an appropriate
      assignment in the form provided by the Servicer to assign such Mortgage Loan
      for
      the purpose of collection to the Servicer (any such assignment shall
      unambiguously indicate that the assignment is for the purpose of collection
      only), and, upon such assignment, such assignee for collection will thereupon
      bring all required actions in its own name and otherwise enforce the terms
      of
      the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive
      of Foreclosure Profits, received with respect thereto in the Collection Account.
      In the event that all delinquent payments due under any such Mortgage Loan
      are
      paid by the Mortgagor and any other defaults are cured then the assignee for
      collection shall promptly reassign such Mortgage Loan to the Company and return
      all Related Documents to the place where the related Mortgage File was being
      maintained.

     

    In
      connection with the Company’s obligation to cooperate as provided in this
      Section 3.08 and all other provisions of this Servicing Agreement requiring
      the
      Company to authorize or permit any actions to be taken with respect to the
      Mortgage Loans, the Indenture Trustee, as pledgee of the Mortgage Collateral
      in
      the Company, expressly agrees, on behalf of the Company, to take all such
      actions on behalf of the Company and to promptly execute and return all
      instruments reasonably required by the Servicer in connection therewith;
provided
      that if
      the Servicer shall request a signature of the Indenture Trustee, on behalf
      of
      the Company, the Servicer will deliver to the Indenture Trustee an Officer’s
      Certificate stating that such signature is necessary or appropriate to enable
      the Servicer to carry out its servicing and administrative duties under this
      Servicing Agreement.

     

    Section
      3.09  Servicing
      Compensation; Payment of Certain Expenses by Servicer.
      The
      Servicer shall be entitled to receive the Servicing Fee in accordance with
      Section 3.03 as compensation for its services in connection with servicing
      the
      Mortgage Loans. Moreover, additional servicing compensation in the form of
      late
      payment charges and certain other receipts not required to be deposited in
      the
      Collection Account as specified in Section 3.02 shall be retained by the
      Servicer. The Servicer shall be required to pay all expenses incurred by it
      in
      connection with its activities hereunder (including payment of all other fees
      and expenses not expressly stated hereunder to be for the account of the
      Securityholders, including, without limitation, the fees and expenses of the
      Administrator, Owner Trustee, Indenture Trustee and any Custodian) and shall
      not
      be entitled to reimbursement therefor except as specifically provided
      herein.

     

    Section
      3.10  Annual
      Statement as to Compliance.
      The
      Servicer will deliver to the Depositor, the Issuing Entity and the Indenture
      Trustee, with a copy to the Credit Enhancer, not later than February 28 of
      each
      calendar year beginning in 2007, an Officer’s Certificate (an “Annual Statement
      of Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of the Servicer during the preceding calendar year and of performance
      under this Agreement or other applicable servicing agreement has been made
      under
      such officer’s supervision and (ii) to the best of such officers’ knowledge,
      based on such review, the Servicer has fulfilled all of its obligations under
      this Agreement or other applicable servicing agreement in all material respects
      throughout such year, or, if there has been a failure to fulfill any such
      obligation in any material respect, specifying each such failure known to such
      officer and the nature and status of cure provisions thereof. Such Annual
      Statement of Compliance shall contain no restrictions or limitations on its
      use.
      In the event that the Servicer has delegated any servicing responsibilities
      with
      respect to the Mortgage Loans to a subservicer, the Servicer shall deliver
      a
      similar Annual Statement of Compliance by that subservicer to the Indenture
      Trustee as described above as and when required with respect to the
      Servicer.

     

    If
      the
      Servicer cannot deliver the related Annual Statement of Compliance by February
      28th of such year, the Indenture Trustee, at its sole option, may permit a
      cure
      period for the Servicer to deliver such Annual Statement of Compliance, but
      in
      no event later than March 10th of such year.

     

    Failure
      of the Servicer to timely comply with this Section 3.10 shall be deemed a
      Servicing Default, and the Indenture Trustee may, in addition to whatever rights
      the Indenture Trustee may have under this Agreement and at law or equity or
      to
      damages, including injunctive relief and specific performance, upon notice
      immediately terminate all the rights and obligations of the Servicer under
      this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Servicer for the same. This paragraph shall supercede any
      other
      provision in this Agreement or any other agreement to the contrary.

     

    Assessments
      of Compliance and Attestation Reports. On and after January 1, 2006, the
      Servicer shall service and administer the Mortgage Loans in accordance with
      all
      applicable requirements of the Servicing Criteria. Pursuant to Rules 13a-18
      and
      15d-18 of the Exchange Act and Item 1123 of Regulation AB, the Servicer shall
      deliver to the Issuing Entity, the Indenture Trustee, the Depositor, the Credit
      Enhancer and each Rating Agency on or before February 28 of each calendar year
      beginning in 2007, a report regarding the Servicer’s assessment of compliance
      (an “Assessment of Compliance”) with the Servicing Criteria during the preceding
      calendar year. The Assessment of Compliance must be reasonably satisfactory
      to
      the Indenture Trustee, and as set forth in Regulation AB, the Assessment of
      Compliance must contain the following:

     

    (a)  A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Servicer;

     

    (b)  A
      statement by such officer that such officer used the Servicing Criteria attached
      as Exhibit E hereto, and which will also be attached to the Assement of
      Compliance, to assess compliance with the Servicing Criteria applicable to
      the
      Servicer;

     

    (c)  An
      assessment by such officer of the Servicer’s compliance with the applicable
      Servicing Criteria for the period consisting of the preceding calendar year,
      including disclosure of any material instance of noncompliance with respect
      thereto during such period, which assessment shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer, that are backed by the same asset type as the Mortgage
      Loans;

     

    (d)  A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s Assessment of Compliance for the period consisting of
      the preceding calendar year; and

     

    (e)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Servicer, which statement shall be based on the activities it performs
      with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Servicer, that are backed by the same asset type as the Mortgage
      Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit E hereto which are indicated as applicable to the Servicer.

     

    On
      or
      before February 28 of each calendar year beginning in 2007, the Servicer shall
      furnish to the Issuing Entity, the Indenture Trustee, the Depositor, the Credit
      Enhancer and each Rating Agency a report (an “Attestation Report”) by a
      registered public accounting firm that attests to, and reports on, the
      Assessment of Compliance made by the Depositor, as required by Rules 13a-18
      and
      15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation
      Report must be made in accordance with standards for attestation reports issued
      or adopted by the Public Company Accounting Oversight Board. 

     

    The
      Servicer shall cause any subservicer, and each subcontractor determined by
      the
      Servicer to be “participating in the servicing function” within the meaning of
      Item 1122 of Regulation AB, to deliver to the Issuing Entity, the Indenture
      Trustee, the Depositor, the Credit Enhancer and each Rating Agency an Assessment
      of Compliance and Attestation Report as and when provided above.

     

    Such
      Assessment of Compliance, as to any subservicer, shall at a minimum address
      each
      of the Servicing Criteria specified on Exhibit E hereto which are indicated
      as
      applicable to any “primary servicer.” Notwithstanding the foregoing, as to any
      subcontractor, an Assessment of Compliance is not required to be delivered
      unless it is required as part of a Form 10-K with respect to the Trust
      Fund.

     

    If
      the
      Servicer cannot deliver any Assessment of Compliance or Attestation Report
      by
      February 28th of such year, the Indenture Trustee, at its sole option, may
      permit a cure period for the Servicer to deliver such Assessment of Compliance
      or Attestation Report, but in no event later than March 10th of such
      year.

     

    Failure
      of the Master Servicer to timely comply with this Section 3.10 shall be deemed
      a
      Servicing Default, and the Indenture Trustee may, in addition to whatever rights
      the Indenture Trustee may have under this Agreement and at law or equity or
      to
      damages, including injunctive relief and specific performance, upon notice
      immediately terminate all the rights and obligations of the Servicer under
      this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Servicer for the same. This paragraph shall supercede any
      other
      provision in this Agreement or any other agreement to the contrary.

     

    The
      Indenture Trustee shall also provide an Assessment of Compliance and Attestation
      Report, as and when provided above, which shall at a minimum address each of
      the
      Servicing Criteria specified on Exhibit E hereto which are indicated as
      applicable to the “indenture trustee” or “securities administrator.” In
      addition, the Indenture Trustee shall cause the Custodian to deliver to the
      Indenture Trustee and the Depositor an Assessment of Compliance and Attestation
      Report, as and when provided above, which shall at a minimum address each of
      the
      Servicing Criteria specified on Exhibit E hereto which are indicated as
      applicable to a “custodian.” Notwithstanding the foregoing, as to any Custodian,
      an Assessment of Compliance is not required to be delivered unless it is
      required as part of a Form 10-K with respect to the Trust Fund.

     

    Section
      3.11  Access
      to Certain Documentation and Information Regarding the Mortgage
      Loans.
      Whenever required by statute or regulation, the Servicer shall provide to the
      Credit Enhancer, any Securityholder upon reasonable request (or a regulator
      for
      a Securityholder) or the Indenture Trustee, reasonable access to the
      documentation regarding the Mortgage Loans such access being afforded without
      charge but only upon reasonable request and during normal business hours at
      the
      offices of the Servicer. Nothing in this Section 3.11 shall derogate from 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 3.11 as a result of such obligation
      shall not constitute a breach of this Section 3.11.

     

    Section
      3.12  Maintenance
      of Certain Servicing Insurance Policies.
      The
      Servicer shall during the term of its service as servicer maintain in force
      (i)
      a policy or policies of insurance covering errors and omissions in the
      performance of its obligations as servicer hereunder and (ii) a fidelity bond
      in
      respect of its officers, employees or agents. Each such policy or policies
      and
      bond shall be at least equal to the coverage that would be required by FNMA
      or
      FHLMC, whichever is greater, for Persons performing servicing for mortgage
      loans
      purchased by such entity.

     

    Section
      3.13  Information
      Required by the Internal Revenue Service Generally and Reports of Foreclosures
      and Abandonments of Mortgaged Property.
      The
      Servicer shall prepare and deliver all federal and state information reports
      when and as required by all applicable state and federal income tax laws. In
      particular, with respect to the requirement under Section 6050J of the Code
      to
      the effect that the Servicer or Subservicer shall make reports of foreclosures
      and abandonments of any mortgaged property for each year beginning in ____,
      the
      Servicer or Subservicer shall file reports relating to each instance occurring
      during the previous calendar year in which the Servicer (i) on behalf of the
      Company, acquires an interest in any Mortgaged Property through foreclosure
      or
      other comparable conversion in full or partial satisfaction of a Mortgage Loan,
      or (ii) knows or has reason to know that any Mortgaged Property has been
      abandoned. The reports from the Servicer or Subservicer shall be in form and
      substance sufficient to meet the reporting requirements imposed by Section
      6050J
      and Section 6050H (reports relating to mortgage interest received) of the
      Code.

     

    Section
      3.14  Optional
      Repurchase of Defaulted Mortgage Loans.
      Notwithstanding any provision in Section 3.07 to the contrary, the Servicer
      may
      repurchase any Mortgage Loan delinquent in payment for a period of 60 days
      or
      longer for a price equal to the Repurchase Price.

     

    Section
      3.15  Intention
      of the Parties and Interpretation.
      Each of
      the parties acknowledges and agrees that the purpose of Section 3.10 of this
      Agreement is to facilitate compliance with the provisions of Regulation AB
      promulgated by the SEC under the 1934 Act (17 C.F.R. §§ 229.1100 - 229.1123), as
      such may be amended from time to time and subject to clarification and
      interpretive advice as may be issued by the staff of the SEC from time to time.
      Therefore, each of the parties agrees that (a) the obligations of the parties
      hereunder shall be interpreted in such a manner as to accomplish that purpose,
      (b) the parties’ obligations hereunder will be supplemented and modified as
      necessary to be consistent with any such amendments, interpretive advice or
      guidance, convention or consensus among active participants in the asset-backed
      securities markets, advice of counsel, or otherwise in respect of the
      requirements of Regulation AB, (c) the parties shall comply with requests made
      by the Indenture Trustee or the Depositor for delivery of additional or
      different information as the Indenture Trustee or the Depositor may determine
      in
      good faith is necessary to comply with the provisions of Regulation AB, and
      (d)
      no amendment of this Agreement shall be required to effect any such changes
      in
      the parties’ obligations as are necessary to accommodate evolving
      interpretations of the provisions of Regulation AB.

     

    ARTICLE
      IV

     

    SERVICING
      CERTIFICATE

     

    Section
      4.01  Statements
      to Securityholders.
      (a)
      With
      respect to each Payment Date, the Servicer shall forward to the Indenture
      Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture
      shall forward or cause to be forwarded by mail to each Certificateholder,
      Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the
      Certificate Paying Agent and each Rating Agency, a statement setting forth
      the
      following information as to the Notes and Certificates, to the extent
      applicable:

     

    (i)  the
      aggregate amount of (a) Security Interest Collections with respect to the Notes
      and the Certificates, (b) aggregate Security Principal Collections with respect
      to the Notes and the Certificates and (c) Security Collections for the related
      Collection Period with respect to the Notes and the Certificates;

     

    (ii)  the
      amount of such distribution to the Securityholders of the Notes and the
      Certificates applied to reduce the principal balance thereof and separately
      stating the portion thereof in respect of the Accelerated Principal Distribution
      Amount and the amount to be deposited in the Funding Account on such Payment
      Date;

     

    (iii)  the
      amount of such distribution to the Securityholders of the Notes and the
      Certificates allocable to interest and separately stating the portion thereof
      in
      respect of overdue accrued interest;

     

    (iv)  the
      Credit Enhancement Draw Amount, if any, for such Payment Date and the aggregate
      amount of prior draws thereunder not yet reimbursed;

     

    (v)  the
      aggregate Principal Balance of (a) the ________ Loans, (b) the ______ Loans,
      (c)
      the _________ Loans, as of the end of the preceding Collection Period and (d)
      all of the Mortgage Loans;

     

    (vi)  the
      Weighted Average Net Mortgage Rate for the related Collection Period and the
      Weighted Average Net Mortgage Rate for the aggregate of the Stated Principal
      Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage
      Loans, for the following Collection Period;;

     

    (vii)  the
      Special Capital Distribution Amount and the Required Special Capital
      Distribution Amount, in each case as the end of the related Collection Period;
      and

     

    (viii)  the
      aggregate amount of Additional Loans acquired during the previous Collection
      Period with amounts in respect of Net Principal Collections from the Funding
      Account;

     

    (ix)  the
      aggregate Liquidation Loss Amounts with respect to the related Collection
      Period, the amount of any remaining Carryover Loss Amount with respect to the
      Notes and Certificates, respectively, and the aggregate of the Liquidation
      Loss
      Amounts from all Collection Periods to date expressed as a percentage of the
      sum
      of (a) the Cut-Off Date Pool Balance and (b) the amount by which the Pool
      Balance as of the latest date that the Additional Loans have been transferred
      to
      the Company exceeds the Cut-Off Date Pool Balance;

     

    (x)  any
      unpaid interest on the Notes and Certificates, respectively, after such
      Distribution Date;

     

    (xi)  the
      aggregate Principal Balance of each Class of Notes and of the Certificates
      after
      giving effect to the distribution of principal on such Payment
      Date;

     

    (xii)  the
      respective Security Percentage applicable to the Notes and Certificates, after
      application of payments made on such Payment Date; and

     

    (xiii)  the
      amount distributed pursuant to Section 3.05(a)(xi) of the Indenture on such
      Payment Date.

     

    In
      the
      case of information furnished pursuant to clauses (ii) and (iii) above, the
      amounts shall be expressed as an aggregate dollar amount per Note or Certificate
      with a $1,000 denomination.

     

    the
      applicable record dates, accrual periods, determination dates for calculating
      distributions and general distribution dates;

     

    the
      total
      cash flows received and the general sources thereof;

     

    the
      related amount of the Servicing Fees paid to or retained by the Master Servicer
      for the related Due Period;

     

    the
      amount of any Net Swap Payment payable to the Derivative Administrator, any
      Net
      Swap Payment payable to the Swap Provider, any Swap Termination Payment payable
      to the Derivative Administrator and any Swap Termination Payment payable to
      the
      Swap Provider;

     

    the
      Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount
      for each Class of Certificates;

     

    the
      Certificate Principal Balance or Certificate Notional Amount, as applicable,
      of
      each Class after giving effect (i) to all distributions allocable to principal
      on such Distribution Date and (ii) the allocation of any Applied Realized Loss
      Amounts for such Distribution Date;

     

    the
      number and Stated Principal Balance of the Mortgage Loans in each Loan Group
      in
      respect of which (A) one Scheduled Payment is Delinquent, (B) two Scheduled
      Payments are Delinquent, (C) three or more Scheduled Payments are Delinquent
      and
      (D) foreclosure proceedings have been commenced, in each case as of the close
      of
      business on the last day of the calendar month preceding such Distribution
      Date
      and separately identifying such information for the (1) first lien Mortgage
      Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans,
      in each such Loan Group; provided, however, that such information will not
      be
      provided on the statements relating to the first Payment Date;

     

    the
      amount of Advances included in the distribution on such Distribution Date
      (including the general purpose of such Advances), the aggregate amount of
      unreimbursed Advances at the close of business on the Distribution Date, and
      the
      general source of funds for reimbursements;

     

    the
      cumulative amount of Applied Realized Loss Amounts to date;

     

    if
      applicable, material modifications, extensions or waivers to Mortgage Loan
      terms, fees, penalties or payments during the preceding calendar month or that
      have become material over time;

     

    with
      respect to any Mortgage Loan that was liquidated during the preceding calendar
      month, the loan number and Stated Principal Balance of, and Realized Loss on,
      such Mortgage Loan as of the close of business on the Determination Date
      preceding such Distribution Date;

     

    the
      total
      number and principal balance of any real estate owned or REO Properties as
      of
      the close of business on the Determination Date preceding such Distribution
      Date;

     

    the
      three
      month rolling average of the percent equivalent of a fraction, the numerator
      of
      which is the aggregate Stated Principal Balance of the Mortgage Loans that
      are
      60 days or more delinquent or are in bankruptcy or foreclosure or are REO
      Properties, and the denominator of which is the aggregate Stated Principal
      Balance of all of the Mortgage Loans in each case as of the close of business
      on
      the last day of the calendar month preceding such Distribution Date and
      separately identifying such information for the (1) first lien Mortgage Loans,
      and (2) Adjustable Rate Mortgage Loans;

     

    the
      Realized Losses during the related Prepayment Period and the cumulative Realized
      Losses through the end of the preceding month;

     

    whether
      a
      Trigger Event exists; 

     

    updated
      pool composition data including the following with respect to each Loan Group:
      average loan balance, weighted average mortgage rate, weighted average
      loan-to-value ratio at origination, weighted average FICO at origination
      weighted average remaining term; and [NOTE - Item 1121(a)(8) requires updated
      pool composition information, the foregoing is a suggestion of what to
      provide]

     

    information
      about any additions of, substitutions for or removal of any Mortgage Loans
      from
      the Trust Fund, and any changes in the underwriting, acquisition or selection
      criteria as to any Mortgage Loans added to the Trust Fund.

     

    Prior
      to
      the close of business on the Business Day next succeeding each Determination
      Date, the Servicer shall furnish a written statement to the Company, the Owner
      Trustee, the Depositor, the Certificate Paying Agent and the Indenture Trustee
      setting forth (i) all the foregoing information, (ii) the aggregate amounts
      required to be withdrawn from the Collection Account and deposited into the
      Payment Account on the Business Day preceding the Payment Date pursuant to
      Section 3.03 and (iii) the amounts (A) withdrawn from the Payment Account and
      deposited to the Funding Account pursuant to Section 8.02(b) of the Indenture
      and (B) withdrawn from the Funding Account and deposited to the Collection
      Account pursuant to Section 8.02(c)(i) of the Indenture. The determination
      by
      the Servicer of such amounts shall, in the absence of obvious error, be
      presumptively deemed to be correct for all purposes hereunder and the Owner
      Trustee and Indenture Trustee shall be protected in relying upon the same
      without any independent check or verification. In addition, upon the Company’s
      written request, the Servicer shall promptly furnish information reasonably
      requested by the Company that is reasonably available to the Servicer to enable
      the Company to perform its federal and state income tax reporting
      obligations.

     

    ARTICLE
      V

     

    DISTRIBUTION
      AND PAYMENT ACCOUNTS

     

    Section
      5.01  Distribution
      Account.
      The
      Servicer shall establish and maintain a separate trust account (the
“Distribution Account”) titled “Alliance Securities Corp. MBN Trust Series
      2000_-_, [for the benefit of the Noteholders, the Certificateholders and the
      Credit Enhancer pursuant to the Indenture, dated as of _______________, between
      Alliance Securities Corp. MBN Trust Series 200_-_ and [Name of Indenture
      Trustee]. The Distribution Account shall be an Eligible Account. On the Business
      Day prior to each Payment Date, (i) amounts deposited into the Distribution
      Account pursuant to Section 3.03(i) hereof will be distributed by the Servicer
      in accordance with Section ____ of the [Trust] Agreement, and (ii) the portion
      of such amounts then distributable with respect to the Mortgage Collateral
      shall
      be deposited into the Payment Account. [The Servicer shall invest or cause
      the
      institution maintaining the Distribution Account to invest the funds in the
      Distribution Account in Eligible Investments designated in the name of the
      [Servicer], which shall mature not later than the Business Day next preceding
      the Payment Date next following the date of such investment (except that (i)
      any
      investment in the institution with which the Distribution Account is maintained
      may mature on such Payment Date and (ii) any other investment may mature on
      such
      Payment Date if the Servicer shall advance funds on such Payment Date to the
      Payment Account in the amount payable on such investment on such Payment Date,
      pending receipt thereof to the extent necessary to make distributions on the
      Securities) and shall not be sold or disposed of prior to maturity. All income
      and gain realized from any such investment shall be for the benefit of the
      Servicer and shall be subject to its withdrawal or order from time to time.
      The
      amount of any losses incurred in respect of any such investments shall be
      deposited in the Distribution Account by the Servicer out of its own funds
      immediately as realized.]

     

    Section
      5.02  Payment
      Account.
      The
      Indenture Trustee shall establish and maintain a separate trust account (the
      “Payment Account”) titled “__________________________________, as Indenture
      Trustee, for the benefit of the Noteholders, the Certificate Paying Agent and
      the Credit Enhancer pursuant to the Indenture, dated as of _______________,
      between Alliance Securities Corp. MBN Trust Series 200_-__ and
      __________________________________”. The Payment Account shall be an Eligible
      Account. On each Payment Date, amounts on deposit in the Payment Account will
      be
      distributed by the Indenture Trustee in accordance with Section 3.05 of the
      Indenture. The Indenture Trustee shall, upon written request from the Servicer,
      invest or cause the institution maintaining the Payment Account to invest the
      funds in the Payment Account in Eligible Investments designated in the name
      of
      the Indenture Trustee, which shall mature not later than the Business Day next
      preceding the Payment Date next following the date of such investment (except
      that (i) any investment in the institution with which the Payment Account is
      maintained may mature on such Payment Date and (ii) any other investment may
      mature on such Payment Date if the Indenture Trustee shall advance funds on
      such
      Payment Date to the Payment Account in the amount payable on such investment
      on
      such Payment Date, pending receipt thereof to the extent necessary to make
      distributions on the Securities) and shall not be sold or disposed of prior
      to
      maturity. All income and gain realized from any such investment shall be for
      the
      benefit of the Servicer and shall be subject to its withdrawal or order from
      time to time. The amount of any losses incurred in respect of any such
      investments shall be deposited in the Payment Account by the Servicer out of
      its
      own funds immediately as realized.

     

    ARTICLE
      VI

     

    THE
      SERVICER

     

    Section
      6.01  Liability
      of the Servicer.
      The
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by the Servicer
      herein.

     

    Section
      6.02  Merger
      or Consolidation of, or Assumption of the Obligations of, the
      Servicer.
      Any
      corporation into which the Servicer 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 Servicer shall be a party, or any corporation
      succeeding to the business of the Servicer, shall be the successor of the
      Servicer, 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.

     

    The
      Servicer may assign its rights and delegate its duties and obligations under
      this Servicing Agreement; provided
      that the
      Person accepting such assignment or delegation shall be a Person which is
      qualified to service mortgage loans on behalf of FNMA or FHLMC, is reasonably
      satisfactory to the Indenture Trustee (as pledgee of the Mortgage Collateral),
      the Company and the Credit Enhancer, is willing to service the Mortgage Loans
      and executes and delivers to the Indenture Trustee and the Company an agreement,
      in form and substance reasonably satisfactory to the Credit Enhancer, the
      Indenture Trustee and the Company, which contains an assumption by such Person
      of the due and punctual performance and observance of each covenant and
      condition to be performed or observed by the Servicer under this Servicing
      Agreement; provided
      further
      that each Rating Agency’s rating of the Securities in effect immediately prior
      to such assignment and delegation will not be qualified, reduced, or withdrawn
      as a result of such assignment and delegation (as evidenced by a letter to
      such
      effect from each Rating Agency) or considered to be below investment grade
      without taking into account the Credit Enhancement Instrument.

     

    Section
      6.03  Limitation
      on Liability of the Servicer and Others.
      Neither
      the Servicer nor any of the directors or officers or employees or agents of
      the
      Servicer shall be under any liability to the Company, the Issuing Entity, the
      Owner Trustee, the Indenture Trustee or the Securityholders for any action
      taken
      or for refraining from the taking of any action in good faith pursuant to this
      Servicing Agreement, provided,
      however,
      that
      this provision shall not protect the Servicer or any such Person against any
      liability which would otherwise be imposed by reason of its willful misfeasance,
      bad faith or gross negligence in the performance of its duties hereunder or
      by
      reason of its reckless disregard of its obligations and duties hereunder. The
      Servicer and any director or officer or employee or agent of the Servicer 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 Servicer and any director or officer or employee or agent of the Servicer
      shall be indemnified by the Company and held harmless against any loss,
      liability or expense incurred in connection with any legal action relating
      to
      this Servicing Agreement or the Securities, including any amount paid to the
      Owner Trustee or the Indenture Trustee pursuant to Section 6.06(b), other than
      any loss, liability or expense related to any specific Mortgage Loan or Mortgage
      Loans (except as any such loss, liability or expense shall be otherwise
      reimbursable pursuant to this Servicing Agreement) and any loss, liability
      or
      expense incurred by reason of its willful misfeasance, bad faith or gross
      negligence in the performance of its duties hereunder or by reason of its
      reckless disregard of its obligations and duties hereunder. The Servicer shall
      not be under any obligation to appear in, prosecute or defend any legal action
      which is not incidental to its duties to service the Mortgage Loans in
      accordance with this Servicing Agreement, and which in its opinion may involve
      it in any expense or liability; provided,
      however,
      that
      the Servicer may in its sole discretion undertake any such action which it
      may
      deem necessary or desirable in respect of this Servicing Agreement, and the
      rights and duties of the parties hereto and the interests of the Securityholders
      hereunder. In such event, the reasonable legal expenses and costs of such action
      and any liability resulting therefrom shall be expenses, costs and liabilities
      of the Company, and the Servicer shall be entitled to be reimbursed therefor.
      The Servicer’s right to indemnity or reimbursement pursuant to this Section 6.03
      shall survive any resignation or termination of the Servicer pursuant to Section
      6.04 or 7.01 with respect to any losses, expenses, costs or liabilities arising
      prior to such resignation or termination (or arising from events that occurred
      prior to such resignation or termination).

     

    Section
      6.04  Servicer
      Not to Resign.
      Subject
      to the provisions of Section 6.02, the Servicer shall not resign from the
      obligations and duties hereby imposed on it except (i) upon determination that
      the performance of its obligations or duties hereunder are no longer permissible
      under applicable law or are in material conflict by reason of applicable law
      with any other activities carried on by it or its subsidiaries or Affiliates,
      the other activities of the Servicer so causing such a conflict being of a
      type
      and nature carried on by the Servicer or its subsidiaries or Affiliates at
      the
      date of this Servicing Agreement or (ii) upon satisfaction of the following
      conditions: (a) the Servicer has proposed a successor servicer to the Company,
      the Administrator and the Indenture Trustee in writing and such proposed
      successor servicer is reasonably acceptable to the Company, the Administrator,
      the Indenture Trustee and the Credit Enhancer; (b) each Rating Agency shall
      have
      delivered a letter to the Company, the Credit Enhancer and the Indenture Trustee
      prior to the appointment of the successor servicer stating that the proposed
      appointment of such successor servicer as Servicer hereunder will not result
      in
      the reduction or withdrawal of the then current rating of the Securities; and
      (c) such proposed successor servicer is reasonably acceptable to the Credit
      Enhancer, as evidenced by a letter to the Company and the Indenture Trustee;
      provided,
      however,
      that no
      such resignation by the Servicer shall become effective until such successor
      servicer or, in the case of (i) above, the Indenture Trustee, as pledgee of
      the
      Mortgage Collateral, shall have assumed the Servicer’s responsibilities and
      obligations hereunder or the Indenture Trustee, as pledgee of the Mortgage
      Collateral, shall have designated a successor servicer in accordance with
      Section 7.02. Any such resignation shall not relieve the Servicer of
      responsibility for any of the obligations specified in Sections 7.01 and 7.02
      as
      obligations that survive the resignation or termination of the Servicer. The
      Servicer shall have no claim (whether by subrogation or otherwise) or other
      action against any Securityholder or the Credit Enhancer for any amounts paid
      by
      the Servicer pursuant to any provision of this Servicing Agreement. Any such
      determination permitting the resignation of the Servicer shall be evidenced
      by
      an Opinion of Counsel to such effect delivered to the Indenture Trustee and
      the
      Credit Enhancer.

     

    Section
      6.05  Delegation
      of Duties.
      In the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those with which
      the Servicer complies pursuant to Section 3.01. Such delegation shall not
      relieve the Servicer of its liabilities and responsibilities with respect to
      such duties and shall not constitute a resignation within the meaning of Section
      6.04.

     

    Section
      6.06  Servicer
      to Pay Indenture Trustee’s and Owner Trustee’s Fees and Expenses;
      Indemnification.
      (a)
      The
      Servicer covenants and agrees to pay to the Owner Trustee, the Indenture Trustee
      and any co-trustee of the Indenture Trustee from time to time, and the Owner
      Trustee, the Indenture Trustee and any such co-trustee shall be entitled to,
      reasonable compensation (which shall not be limited by any provision of law
      in
      regard to the compensation of a trustee of an express trust) for all services
      rendered by each of them in the execution of the trusts created under the Trust
      Agreement and the Indenture and in the exercise and performance of any of the
      powers and duties under the Trust Agreement or the Indenture, as the case may
      be, of the Owner Trustee, the Indenture Trustee and any co-trustee, and the
      Servicer will pay or reimburse the Indenture Trustee and any co-trustee upon
      request for all reasonable expenses, disbursements and advances incurred or
      made
      by the Indenture Trustee or any co-trustee in accordance with any of the
      provisions of this Servicing Agreement except any such expense, disbursement
      or
      advance as may arise from its negligence or bad faith.

     

    (b)  The
      Servicer agrees to indemnify the Indenture Trustee and the Owner Trustee for,
      and to hold the Indenture Trustee and the Owner Trustee, as the case may be,
      harmless against, any loss, liability or expense incurred without negligence
      or
      willful misconduct on its part, arising out of, or in connection with, the
      acceptance and administration of the Company and the assets thereof, including
      the costs and expenses (including reasonable legal fees and expenses) of
      defending itself against any claim in connection with the exercise or
      performance of any of its powers or duties under any Basic Document, provided
      that:

     

    (i)  with
      respect to any such claim, the Indenture Trustee or Owner Trustee, as the case
      may be, shall have given the Servicer written notice thereof promptly after
      the
      Indenture Trustee or Owner Trustee, as the case may be, shall have actual
      knowledge thereof;

     

    (ii)  while
      maintaining control over its own defense, the Company, the Indenture Trustee
      or
      Owner Trustee, as the case may be, shall cooperate and consult fully with the
      Servicer in preparing such defense; and

     

    (iii)  notwithstanding
      anything in this Servicing Agreement to the contrary, the Servicer shall not
      be
      liable for settlement of any claim by the Indenture Trustee or the Owner
      Trustee, as the case may be, entered into without the prior consent of the
      Servicer, which consent shall not be unreasonably withheld.

     

    No
      termination of this Servicing Agreement shall affect the obligations created
      by
      this Section 6.06 of the Servicer to indemnify the Indenture Trustee and the
      Owner Trustee under the conditions and to the extent set forth
      herein.

     

    Notwithstanding
      the foregoing, the indemnification provided by the Servicer in this Section
      6.06(b) shall not pertain to any loss, liability or expense of the Indenture
      Trustee or the Owner Trustee, including the costs and expenses of defending
      itself against any claim, incurred in connection with any actions taken by
      the
      Indenture Trustee or the Owner Trustee at the direction of the Noteholders
      or
      Certificateholders, as the case may be, pursuant to the terms of this Servicing
      Agreement.

     

    ARTICLE
      VII

     

    DEFAULT

     

    Section
      7.01  Servicing
      Default.
      If any
      one of the following events (“Servicing Default”) shall occur and be
      continuing:

     

    (i)  Any
      failure by the Servicer to deposit in the Collection Account, the Funding
      Account or Payment Account any deposit required to be made under the terms
      of
      this Servicing Agreement which continues unremedied for a period of five
      Business Days after the date upon which written notice of such failure shall
      have been given to the Servicer by the Company, the Issuing Entity or the
      Indenture Trustee or to the Servicer, the Company, the Issuing Entity and the
      Indenture Trustee by the Credit Enhancer; or

     

    (ii)  Failure
      on the part of the Servicer duly to observe or perform in any material respect
      any other covenants or agreements of the Servicer set forth in the Securities
      or
      in this Servicing Agreement, which failure, in each case, materially and
      adversely affects the interests of Securityholders or the Credit Enhancer and
      which continues unremedied for a period of 45 days after the date on which
      written notice of such failure, requiring the same to be remedied, and stating
      that such notice is a “Notice of Default” hereunder, shall have been given to
      the Servicer by the Company, the Issuing Entity or the Indenture Trustee or
      to
      the Servicer, the Company, the Issuing Entity and the Indenture Trustee by
      the
      Credit Enhancer; or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 consecutive days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property, or a decree or order of a court, agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person 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, unbonded or unstayed for a period of 60 days; or the
      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; or

     

    (v)  Any
      failure by the Seller (so long as the Seller is the Servicer) or the Servicer,
      as the case may be, to pay when due any amount payable by it under the terms
      of
      the Insurance Agreement which continues unremedied for a period of three (3)
      Business Days after the date upon which written notice of such failure shall
      have been given to the Seller (so long as the Seller is the Servicer) or the
      Servicer, as the case may be; or

     

    (vi)  Failure
      on the part of the Seller or the Servicer to duly perform in any material
      respect any covenant or agreement set forth in the Insurance Agreement, which
      failure in each case materially and adversely affects the interests of the
      Credit Enhancer and continues unremedied for a period of 60 days after the
      date
      on which written notice of such failure, requiring the same to be remedied,
      shall have been given to the Depositor, the Indenture Trustee, the Seller or
      the
      Servicer, as the case may be, by the Credit Enhancer.

     

    then,
      and
      in every such case, other than that set forth in (vi) hereof, so long as a
      Servicing Default shall not have been remedied by the Servicer, either the
      Company, subject to the direction of the Indenture Trustee as pledgee of the
      Mortgage Collateral, with the consent of the Credit Enhancer, or the Credit
      Enhancer, by notice then given in writing to the Servicer (and to the Company
      and the Issuing Entity if given by the Credit Enhancer) and in the case of
      the
      event set forth in (vi) hereof, the Credit Enhancer with the consent of
      Securityholders at least 51% of the aggregate Principal Balance of the Notes
      and
      the Certificates may terminate all of the rights and obligations of the Servicer
      as servicer under this Servicing Agreement other than its right to receive
      servicing compensation and expenses for servicing the Mortgage Loans hereunder
      during any period prior to the date of such termination and the Company, subject
      to the direction of the Indenture Trustee as pledgee of the Mortgage Collateral,
      with the consent of the Credit Enhancer, or the Credit Enhancer may exercise
      any
      and all other remedies available at law or equity. Any such notice to the
      Servicer shall also be given to each Rating Agency, the Credit Enhancer, the
      Company and the Issuing Entity. On or after the receipt by the Servicer of
      such
      written notice, all authority and power of the Servicer under this Servicing
      Agreement, whether with respect to the Securities or the Mortgage Loans or
      otherwise, shall pass to and be vested in the Company, subject to the direction
      of the Indenture Trustee as pledgee of the Mortgage Collateral, pursuant to
      and
      under this Section 7.01; and, without limitation, the Company is hereby
      authorized and empowered to execute and deliver, on behalf of the Servicer,
      as
      attorney-in-fact or otherwise, 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 of each Mortgage Loan and related documents, or otherwise. The
      Servicer agrees to cooperate with the Company in effecting the termination
      of
      the responsibilities and rights of the Servicer hereunder, including, without
      limitation, the transfer to the Indenture Trustee for the administration by
      it
      of all cash amounts relating to the Mortgage Loans that shall at the time be
      held by the Servicer and to be deposited by it in the Collection Account, or
      that have been deposited by the Servicer in the Collection Account or thereafter
      received by the Servicer with respect to the Mortgage Loans. All reasonable
      costs and expenses (including, but not limited to, attorneys’ fees) incurred in
      connection with amending this Servicing Agreement to reflect such succession
      as
      Servicer pursuant to this Section 7.01 shall be paid by the predecessor Servicer
      (or if the predecessor Servicer is the Indenture Trustee, the initial Servicer)
      upon presentation of reasonable documentation of such costs and
      expenses.

     

    Notwithstanding
      any termination of the activities of the Servicer hereunder, the Servicer shall
      be entitled to receive, out of any late collection of a payment on a Mortgage
      Loan which was due prior to the notice terminating the Servicer’s rights and
      obligations hereunder and received after such notice, that portion to which
      the
      Servicer would have been entitled pursuant to Sections 3.03 and 3.09 as well
      as
      its Servicing Fee in respect thereof, and any other amounts payable to the
      Servicer hereunder the entitlement to which arose prior to the termination
      of
      its activities hereunder.

     

    Notwithstanding
      the foregoing, a delay in or failure of performance under Section 7.01(i) or
      under Section 7.01(ii) after the applicable grace periods specified in such
      Sections, shall not constitute a Servicer Default if such delay or failure
      could
      not be prevented by the exercise of reasonable diligence by the Servicer and
      such delay or failure was caused by an act of God or the public enemy, acts of
      declared or undeclared war, public disorder, rebellion or sabotage, epidemics,
      landslides, lightning, fire, hurricanes, earthquakes, floods or similar causes.
      The preceding sentence shall not relieve the Servicer from using reasonable
      efforts to perform its respective obligations in a timely manner in accordance
      with the terms of this Servicing Agreement and the Servicer shall provide the
      Indenture Trustee, the Credit Enhancer and the Securityholders with notice
      of
      such failure or delay by it, together with a description of its efforts to
      so
      perform its obligations. The Servicer shall immediately notify the Indenture
      Trustee, the Credit Enhancer and the Owner Trustee in writing of any Servicer
      Default.

     

    Section
      7.02  Indenture
      Trustee to Act; Appointment of Successor.
      (a)
      On and
      after the time the Servicer receives a notice of termination pursuant to Section
      7.01 or sends a notice pursuant to Section 6.04, the Indenture Trustee on behalf
      of the Noteholders shall be the successor in all respects to the Servicer in
      its
      capacity as servicer under this Servicing Agreement and the transactions set
      forth or provided for herein and shall be subject to all the responsibilities,
      duties and liabilities relating thereto placed on the Servicer by the terms
      and
      provisions hereof. Nothing in this Servicing Agreement or in the Trust Agreement
      shall be construed to permit or require the Indenture Trustee to (i) succeed
      to
      the responsibilities, duties and liabilities of the initial Servicer in its
      capacity as Seller under the Mortgage Loan Purchase Agreement, (ii) be
      responsible or accountable for any act or omission of the Servicer prior to
      the
      issuance of a notice of termination hereunder, (iii) require or obligate the
      Indenture Trustee, in its capacity as successor Servicer, to purchase,
      repurchase or substitute any Mortgage Loan, (iv) fund any losses on any Eligible
      Investment directed by any other Servicer, or (v) be responsible for the
      representations and warranties of the Servicer. As compensation therefor, the
      Indenture Trustee shall be entitled to such compensation as the Servicer would
      have been entitled to hereunder if no such notice of termination had been given.
      Notwithstanding the above, (i) if the Indenture Trustee is unwilling to act
      as
      successor Servicer, or (ii) if the Indenture Trustee is legally unable so to
      act, the Indenture Trustee on behalf of the Mortgage Collateral holders may
      (in
      the situation described in clause (i)) or shall (in the situation described
      in
      clause (ii)) appoint or petition a court of competent jurisdiction to appoint
      any established housing and home finance institution, bank or other mortgage
      loan or home equity loan servicer having a net worth of not less than
      $10,000,000 as the successor to the Servicer hereunder in the assumption of
      all
      or any part of the responsibilities, duties or liabilities of the Servicer
      hereunder; provided that any such successor Servicer shall be acceptable to
      the
      Credit Enhancer, as evidenced by the Credit Enhancer’s prior written consent
      which consent shall not be unreasonably withheld and provided further that
      the
      appointment of any such successor Servicer will not result in the qualification,
      reduction or withdrawal of the ratings assigned to the Securities by the Rating
      Agencies. Pending appointment of a successor to the Servicer hereunder, unless
      the Indenture Trustee is prohibited by law from so acting, the Indenture Trustee
      shall act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the successor shall be entitled to receive
      compensation out of payments on Mortgage Loans in an amount equal to the
      compensation which the Servicer would otherwise have received pursuant to
      Section 3.09 (or such lesser compensation as the Indenture Trustee and such
      successor shall agree). The appointment of a successor Servicer shall not affect
      any liability of the predecessor Servicer which may have arisen under this
      Servicing Agreement prior to its termination as Servicer (including, without
      limitation, the obligation to purchase Mortgage Loans pursuant to Section 3.01,
      to pay any deductible under an insurance policy pursuant to Section 3.04 or
      to
      indemnify the Indenture Trustee pursuant to Section 6.06), nor shall any
      successor Servicer be liable for any acts or omissions of the predecessor
      Servicer or for any breach by such Servicer of any of its representations or
      warranties contained herein or in any related document or agreement. The
      Indenture Trustee and such successor shall take such action, consistent with
      this Servicing Agreement, as shall be necessary to effectuate any such
      succession.

     

    (b)  Any
      successor, including the Indenture Trustee on behalf of the Noteholders, to
      the
      Servicer as servicer shall during the term of its service as servicer (i)
      continue to service and administer the Mortgage Loans for the benefit of the
      Securityholders, (ii) maintain in force a policy or policies of insurance
      covering errors and omissions in the performance of its obligations as Servicer
      hereunder and a fidelity bond in respect of its officers, employees and agents
      to the same extent as the Servicer is so required pursuant to Section
      3.12.

     

    (c)  Any
      successor Servicer, including the Indenture Trustee on behalf of the Mortgage
      Collateral holders, shall not be deemed in default or to have breached its
      duties hereunder if the predecessor Servicer shall fail to deliver any required
      deposit to the Collection Account or otherwise cooperate with any required
      servicing transfer or succession hereunder.

     

    Section
      7.03  Notification
      to Securityholders.
      Upon
      any termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Indenture Trustee shall give prompt written
      notice thereof to the Securityholders, the Credit Enhancer, the Company, the
      Issuing Entity and each Rating Agency.

     

    ARTICLE
      VIII

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      8.01  Amendment.
      This
      Servicing Agreement may be amended from time to time by the parties hereto,
      provided that any amendment be accompanied by a letter from the Rating Agencies
      that the amendment will not result in the downgrading or withdrawal of the
      rating then assigned to the Securities and the consent of the Credit Enhancer
      and the Indenture Trustee.

     

    Section
      8.02  Governing
      Law.
      THIS
      SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      8.03  Notices.
      All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if personally delivered at or mailed by certified
      mail, return receipt requested, to (a) in the case of the Servicer, [Name and
      Address of Servicer], (b) in the case of the Credit Enhancer, ________________,
      ________, ______________, Attention: _________________,
      ___________________________, (c) in the case of [Moody’s, ___________, 4th
      Floor, 99 Church Street, New York, New York 10007], (d) in the case of [Standard
      & Poor’s, 26 Broadway, 15th Floor, New York, New York 10004, Attention:
      Residential Mortgage Surveillance Group], (e) in the case of the Owner Trustee,
      the Corporate Trust Office, and (f) in the case of the Issuing Entity, to
      Alliance Securities Corp. MBN Trust Series 200_-__, c/o ______________________,
      __________________, __________, ______________, Attention:
      __________________________, with a copy to the Administrator at ______________
      or, as to each party, at such other address as shall be designated by such
      party
      in a written notice to each other party. [Any notice required or permitted
      to be
      mailed to a Securityholder shall be given by first class mail, postage prepaid,
      at the address of such Securityholder as shown in the Register. Any notice
      so
      mailed within the time prescribed in this Servicing Agreement shall be
      conclusively presumed to have been duly given, whether or not the Securityholder
      receives such notice. Any notice or other document required to be delivered
      or
      mailed by the Indenture Trustee to any Rating Agency shall be given on a
      reasonable efforts basis and only as a matter of courtesy and accommodation
      and
      the Indenture Trustee shall have no liability for failure to deliver such notice
      or document to any Rating Agency.]

     

    Section
      8.04  Severability
      of Provisions.
      If any
      one or more of the covenants, agreements, provisions or terms of this Servicing
      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 Servicing Agreement and
      shall
      in no way affect the validity or enforceability of the other provisions of
      this
      Servicing Agreement or of the Securities or the rights of the Securityholders
      thereof.

     

    Section
      8.05  Third-Party
      Beneficiaries.
      This
      Servicing Agreement will inure to the benefit of and be binding upon the parties
      hereto, the Securityholders, the Credit Enhancer, the Owner Trustee, the
      Indenture Trustee and their respective successors and permitted assigns. Except
      as otherwise provided in this Servicing Agreement, no other Person will have
      any
      right or obligation hereunder.

     

    Section
      8.06  Counterparts.
      This
      instrument may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    Section
      8.07  Effect
      of Headings and Table of Contents.
      The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction hereof.

     

    Section
      8.08  Termination
      upon Purchase by the Servicer or Liquidation of All Mortgage
      Loans.
      The
      respective obligations and responsibilities of the Servicer and the Company
      created hereby shall terminate upon the last action required to be taken by
      the
      Issuing Entity pursuant to the Trust Agreement and by the Indenture Trustee
      pursuant to the Indenture following the earlier of:

     

    (i)  the
      date
      on or before which the Indenture or Trust Agreement is terminated,
      or

     

    (ii)  the
      purchase by the Servicer from the Company of all Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price equal to the greater of
      (a)
      100% of the unpaid Principal Balance of each Mortgage Loan, plus accrued and
      unpaid interest thereon at the Weighted Average Net Mortgage Rate up to the
      day
      preceding the Payment Date on which such amounts are to be distributed to
      Securityholders, plus any amounts due and owing to the Credit Enhancer under
      the
      Insurance Agreement and (b) the fair market value of the Mortgage Loans as
      determined by two bids from competitive participants in the adjustable home
      equity loan market.

     

    The
      right
      of the Servicer to purchase the assets of the Company pursuant to clause (ii)
      above is conditioned upon the Pool Balance as of the Final Scheduled Payment
      Date being less than ten percent of the aggregate of the Cut-Off Date Principal
      Balances of the Mortgage Loans. If such right is exercised by the Servicer,
      the
      Servicer shall deposit the amount calculated pursuant to clause (ii) above
      with
      the Indenture Trustee pursuant to Section 4.10 of the Indenture and, upon the
      receipt of such deposit, the Indenture Trustee or relevant Custodian shall
      release to the Servicer, the files pertaining to the Mortgage Loans being
      purchased.

     

    The
      Servicer, at its expense, shall prepare and deliver to the Indenture Trustee
      and
      the Owner Trustee for execution, at the time the Mortgage Loans are to be
      released to the Servicer, appropriate documents assigning each such Mortgage
      Loan from the Company to the Servicer or the appropriate party.

     

    Section
      8.09  Certain
      Matters Affecting the Indenture Trustee.
      For all
      purposes of this Servicing Agreement, in the performance of any of its duties
      or
      in the exercise of any of its powers hereunder, the Indenture Trustee shall
      be
      subject to and entitled to the benefits of Article VI of the
      Indenture.

     

    [Authority
      of the Administrator.
      Each of
      the parties to this Agreement acknowledges that the Issuing Entity and the
      Owner
      Trustee have each appointed the Administrator to act as its agent to perform
      the
      duties and obligations of the Issuing Entity hereunder. Unless otherwise
      instructed by the Issuing Entity or the Owner Trustee, copies of all notices,
      requests, demands and other documents to be delivered to the Issuing Entity
      or
      the Owner Trustee pursuant to the terms hereof shall be delivered to the
      Administrator. Unless otherwise instructed by the Issuing Entity or the Owner
      Trustee, all notices, requests, demands and other documents to be executed
      or
      delivered, and any action to be taken, by the Issuing Entity or the Owner
      Trustee pursuant to the terms hereof may be executed, delivered and/or taken
      by
      the Administrator pursuant to the Administration Agreement.]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Servicer and the Company have caused this Servicing
      Agreement to be duly executed by their respective officers or representatives
      all as of the day and year first above written.

     

    [NAME
      OF
      SERVICER],

    as
      Servicer

     

    By:
      _________________________________

    Title:

     

    ALLIANCE
      SECURITIES CORP.

    as
      Company

     

    By:
      _________________________________

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    (Provided
      Upon Request)

     

    

    
      
        
          

        

         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    EXHIBIT
      B

     

    POWER
      OF
      ATTORNEY

     

    (Provided
      Upon Request)

     

    

    
      
         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    EXHIBIT
      C

     

    CERTIFICATE
      PURSUANT TO SECTION 3.08

     

    (Provided
      Upon Request)

     

    

    
      
         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      REQUEST FOR RELEASE

     

    DATE:

     

    TO:

     

    RE:  REQUEST
      FOR RELEASE OF DOCUMENTS

     

    In
      connection with your administration of the Mortgage Collateral, we request
      the
      release of the Mortgage File described below.

     

    Servicing
      Agreement Dated:

    Series
      #:

    Account
      #:

    Pool
      #:

    Loan
      #:

    Borrower
      Name(s):

    Reason
      for Document Request: (circle one)  

    Mortgage
      Loan

    Prepaid
      in Full

    Mortgage
      Loan Repurchased

     

    “We
      hereby certify that all amounts received or to be received in connection with
      such payments which are required to be deposited have been or will be so
      deposited as provided in the Servicing Agreement.”

     

    ____________________________________

    [Name
      of
      Servicer]

    Authorized
      Signature

     

    TO
      CUSTODIAN/INDENTURE TRUSTEE: Please acknowledge this request, and check off
      documents being enclosed with a copy of this form. You should retain this form
      for your files in accordance with the terms of the Servicing
      Agreement.

     

    Enclosed
      Documents:  

    [
      ] Promissory
      Note

    [
      ] Primary
      Insurance Policy

    [
      ] Mortgage
      or Deed of Trust

    [
      ] Assignment(s)
      of Mortgage or

    Deed
      of
      Trust

    [
      ]
 Title
      Insurance Policy

    [
      ]
 Other:
      ___________________________

     

    _________________________________

    Name

     

    _________________________________

    Title

     

    _________________________________

    Date

    
      
         

         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      E

    

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    (RMBS
      unless otherwise noted)

    

    Key:

    X
      -
      obligation

    

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Custodian

            	
              Paying
                Agent

            	
              Trustee

            	
              Notes

            

    

    
      	 	
              General
                Servicing Considerations

            	 

    

    
      	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	
              X

            	
              X

            	 	 	
              X-1

               

            	
              1
                - attest to knowledge but not to process

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	
              X

            	 	 	 	 	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	 	 	 	 	 	 	
              NA

            
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	
              X

            	
              X

            	 	 	 	 	 
	 	
              Cash
                Collection and Administration

            	 	 	 	 	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	
              X

            	 	 	 	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              X

            	
              X

            	
              X

            	 	 	
              X

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	 	
              Investor
                Remittances and Reporting

            	 	 	 	 	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	
              X

            	
              X

            	
              X

            	 	 	 	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	
              X

            	 	
              X

            	 	 
	 	
              Pool
                Asset Administration

            	 	 	 	 	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	
              X

            	 	 	
              X

            	 	 	 
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	
              X

            	 	 	
              X

            	 	 	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	
              X

            	 	 	 	 	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	
              X

            	 	 	 	 	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 	 	 	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	 	
              X

            	 	 	
              X

            	 

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    Schedule
      1

     

    Mortgage
      Insurance Component Schedule

     

    (Provided
      Upon Request)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]